Ads Google

The benefits of outsourcing core responsibilities

by Joe Rosengarten on 22 Mar 2018

While many investors think they can handle every property management related task on their own, in reality, not many people have the skills or time to fulfil every function needed to grow a portfolio of investment properties.

It’s impossible to predict when something is going to go wrong with a property or tenant. Juggling a family, job and portfolio of investment properties can sometimes feel impossible. Finding time to do the necessary daily and weekly tasks is often out of an investor’s reach, but that’s where a professional property management company shows their value.

“Landlords who do not utilize a property management company’s services face the risk of enduring a tenant nightmare,” says Teresa Casella, Senior Vice President, Business Development, Veranova Properties Limited. “The tenant may either not pay their rent, which many investors rely on to pay the mortgage, or they might destroy the property and reduce the value significantly. Having a property management company on-board mitigates all of those risks.”

A trusted property management company becomes an extension of the investor themselves. An investor should find someone they trust with the same ethics and core values; someone who can be in regular contact with the investor’s tenants.

“If you don’t interface with tenants regularly, you will have an issue related to the very reasons you made the investment – cash flow and real estate related income; they won’t be there,” Casella says.

Making the small investment in a property management company’s services can give an investor the opportunity to boost their income, both through portfolio expansion and increased operating efficiencies.

“Property management firms save investors time and money and enable them to concentrate on what they’re good at without worrying about things like maintenance, contractors and water damage,” Casella says. “When you consider the ways it can transform an investor’s business, the initial outlay for landlord support and services is a drop in the ocean.”

 

Download this whitepaper to find out more about how specialized landlord services are enabling investors to make more from their portfolios.

Most Trending News

GTA real estate market forecast for 2022 and beyond
News

For over a year now, markets in the GTA have continuously reported record-breaking months and record-high house prices.

Read More
The 5 myths and realities of U.S. home buying for Canadians
News

Buying property in the United States is well within reach, but only if you have the proper plans in place and help. Here's what you should consider.

Read More
Why diversification in Calgary is key to the city’s new era
News

Recent efforts towards diversification are making the city an increasingly attractive choice for families and investors.

Read More