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.”
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As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
