More Canadian investors are realizing the value of utilizing the services of a property management company. Getting proven professionals on the team is really a no-brainer. And those investors who do make that decision more than recoup their initial outlay in the long run.
A well-managed and maintained property is key to preserving and growing real estate value, and leading property management companies have the experts in place to provide ongoing care and preservation of an investor’s most prized real estate assets.
“It gives investors a real peace of mind when they know an expert is protecting the value of their portfolio,” says Rob Kirby, President of Veranova Properties Limited. “It also saves the investor so much time and reduces the stress associated with managing property. Most investors are not contactors and do not know the mechanics of a house, how to get a tenant into a property, and the intricacies associated with buying and selling real estate.”
Entrusting a property management company enables an individual to achieve what any investor should be trying to do: turn an active investment into a passive one. “It means the investor can concentrate on their own areas of expertise, which in most cases is not real estate, and leave the real estate to generate income,” Kirby says. “Even the frustration of having to take tenant calls at all hours can be difficult to deal with for someone not used to that. Those tasks should be outsourced to an expert with years of experience.”
Kirby urges investors to partner with a property management firm that is willing to provide a customizable and tailored approach. Many companies don’t even view the property in question before asking for a fee. This, says Kirby, should be a red flag.
“The management company should go into the property and put together a package of services rather than offer a fixed set of solutions,” he says. “They should be hands-on in getting to know the property. The differentiator is skills, experience and knowledge. Investors need someone they can trust to look after every aspect of their real estate and not just cut the grass. It’s a big investment and you want someone who cares about it just as much as you do.”
Download this whitepaper to find out more about how specialized landlord services are enabling investors to make more from their portfolios.
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