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Poll: property management a tough sell

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Guest | 04 Oct 2012, 09:00 PM Agree 0

Some 61% of voters said they would only hire a property manager after acquiring a minimum of four properties. In contrast, 18% said they’d hire one to manage one property, 13% would hire one at three properties and only 9% of investors said they needed one with two properties in their pocket.
Still, the benefits of property management are many, say some industry veterans. They point to lower vacancy rates, higher quality of tenant and the ability to own property far from home or overseas.
Those points often fail to convince small investors.
“We find that in many cases investment property owners feel that being a landlord involves very little work and it is a cost they can avoid by managing the units themselves,” says Jason McGuire of Real Property Management Service. “The scary truth is that most landlords do not understand what it means to be a landlord in Ontario and have no formal training or experience.”
Between complying with regulations such as the OADA(Accessibility for Ontario with Disabilities Act), OHRC (Ontario Human Rights Commission), RTA (Residential Tenancy Act), LLTB (Land Lord and Tenant Board) as well as juggling things like tenant needs or eviction, investors can easily miss things, says McGuire.
“A property manager has experience with all these aspects and requirements, giving them the ability to smoothly facilitate repairs, rent collection, eviction notices and working with your tenants,” he said. “These procedures derived from experience will normally add up to savings the owner money with quicker turnaround and response times.”
  • Annette Falcone | 10 Oct 2012, 11:42 AM Agree 0
    So true, my husband and I bought our first duplex in Toronto with the intent to be investors and that I would be the one who took care of the place and find tenants.
    The acutal transition from investor to landlord was not an easy one and many situations pop up that any normal family would find exceptionally stressfull and personally demanding at the best of times.
    Since then we now have gained much insight into this business of being a landlord, and would suggest to anyone thinking about jumping in, plan to have a proffessional represent you and your interests. That way you can be assured that you life will not change but your investment will be taken care of!
    AFalcone
  • dvelecka | 25 Oct 2012, 07:58 PM Agree 0
    I found it very difficult to manage my property without a property manager, especially since it was so far away from where I was living. On the other hand, I think that investing in a property a close drive away would be feasible to manage without a property management company.
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