As a landlord, you may have become accustomed to self-managing your rental property. Spending your time and energy ensuring your suite is maintaining its value and bringing you your hard earned returns is a part of the job. But, as an investor, you might be wishing you could spend more time building your portfolio, and less time responding to your tenants needs. So, is it time to trust a professional hire a property manager? Possibly. We’ve put together 10 straight forward signs that it’s time to hire professional property manager to take care of your investment property.
- Hire a Property Manager if You Have No Time
You probably already have a full-time job, family obligations, not to mention hobbies and a social life. As a busy professional in Toronto, you don’t have a lot of time already. Throw a rental property into the mix and you might find yourself with no time at all. A professional property management company, like LandLord, will be available to your tenants needs 24/7. That means you’re no longer taking calls at all hours of the day or night, waking up to full inboxes, or having to spend any free time you have fixing issues around your rental property.
- Hire a Property Manager if You Are Stressed
Stress is a life-saving, evolutionary response to danger. It’s triggered when you become aware that something could go very wrong, like realizing you are being tailed by a ferocious tiger. Your body feels stress to tighten your muscles and ready yourself for fight or flight. It was a very effective tool for our ancient ancestors. Now, we still greatly benefit from stress. A healthy amount of stress can help us stay focused at work or help athletes improve their performance.
However, stress can be problematic when it becomes chronic. Chronic stress can be hard to notice, as it builds over time without an obvious single incident as the cause.
Self-managing rental property can lead to chronic stress the same way a as a demanding job or a troubled relationship. For a landlord, the possibility of something going wrong is almost constant and almost inevitable. Always being directly involved in every aspect of your investment property is likely to bring about an unwanted, and possibly unhealthy amount of stress.
With a property management company like LandLord, you can remove yourself from the constant connection to your investment property while still being made aware of everything you need to know. Without worrying about the day-to-day, and the tenant calls, you can spend more time doing what you love. That’s the best remedy for stress for a landlord.
- Hire a Property Manager if You Are Burnt Out
Similarly to stress, burn out can sneak up on you. But stress comes from too much that can go terribly wrong. While burnout is more from not enough things going at all right.
Consider the disgruntled employee who is over worked, under valued, and hasn’t had a vacation in far too long. That daily grind builds over time and leads to severe burnout.
How can a landlord not relate to this common feeling of dread? it’s an exhausting job managing rental property that sometimes can be repetitive and unfulfilling.
The cure, of course, is outsourcing the management of your property to a professional property manager. The daily grind is off your hands, and you can go back to being a property investor.
- Hire a Property Manager if You Feel Lost
Some people buy property and hope to rent it out. Some people inherit their investment property. How ever you acquired your property, it’s common to feel lost. There are plenty of things to keep in mind.
At first glance the process of property investing is very straight forward; you buy property, you list it, you lease, and the rental income covers your costs and eventually makes your money.
In actuality, you need to consider what to buy, where to buy, what to charge, how to advertise, how to screen tenants, Landlord Tenant Law, Rental Income Tax, possible evictions, and so much more. It’s understandable to feel lost as a new landlord.
Our team has been helping property investors for over 25 years. We have experience in every aspect of the property investment process. Our knowledge and skill can keep you on track to make the best decisions and make the most R.O.I. on your investment rental.
- Hire a Property Manager if You’re Not Sure How to Screen Tenants
As mentioned above, properly screening tenants can be overlooked by landlords new or old. It is, by some measures, the single most important part of managing a rental property. It can be tempting to rush this stage in the hopes of making that rental income. However, bringing in the wrong tenant can end up costing you money in missed rent, damage, or legal fees.
Professional managers have a proven process and experience in tenant search and screening. With our years of experience we have developed a 7-Step Tenant Search & Screen that gives our clients a less-than 0.7% default rate.
- Hire a Property Manager if You Need a Financial Strategy
Investing in property is simple: You buy a place, rent it out, and make money. Right? Not really. Without an educated market forecast and sound financial strategy, you might not make as much money as fast as you hoped.
Our team at LandLord can help you plan for everything. Our in-house Real Estate Brokerage specializes in locating high potential properties for rental investments. We know exactly what to look for, including location, layout, price, and renovation potential.
- Hire a Property Manager if You Don’t Know the Law
A solid understanding of real estate law is essential in your success. It can be complicated, so it’s something best left to the professionals. Working with property managers will ensure you are abiding by the law, while not getting exploited.
LandLord property managers are well trained in abiding by Landlord Tenant Law.
- Hire a Property Manager if You Don’t Have the Right Insurance
Are you sure you are insured for everything that happens to your tenant? What about issues caused by your tenant? If you’re not confident you have the best insurance for your investment property, talk to a professional immediately. Be safe now and prevent unexpected costs in the future.
- Hire a Property Manager if You Are Doing Everything Yourself
There are so many tasks involved in successful property management. If you are performing everything from screening to banking to maintenance, it’s a full-time job. But, it’s not your full-time job.
Property management companies have multiple departments and professional networks for each part of the management process. So, instead of you spending all your time each task, you could let a professional handle it.
- Hire a Property Manager if You Are Making Money
Finally, a positive sign! Through all the hard work you put into your investment property you are seeing results. This looks like a sign you are doing it right, and you are doing something right. But, if you’re making money, it’s the best time to hand over the reigns and put your investment on cruise control. With your property in trusted hands you can spend your time on new initiatives worry free!
I hope this article offered some insight on the benefits of hiring a professional property management company. If you think it’s time to hire a property management company, please consider working with LandLord Property & Rental Management. Follow the link below to schedule a call with a member of our team.