Investors
Real estate investors are faced with the hard decision of whether to use or not use the services of property management companies. A good number of investors will not close a deal without having secured the services of a property management firm. Another group of investors will still grapple with the do-it-yourself mindset which stops them from succeeding more.
Work with a Property Management Firm in Ottawa
The majority of investors are open to using the services of a property management company. Consider hiring us if:
You plan to acquire multiple rental properties. The need for property management services increases with the number of rental properties an individual has in their portfolio.
You happen to be far away from your asset. You should have a property manager that will handle the day-to-day tasks concerning the rental property.
You don’t want to actively manage the property. For the rental property to profitably generate a passive income, you need property management services to take care of daily operations and routine maintenance.
You don’t want to be an employer. Some of the added responsibilities of hiring employees are payroll and other legal requirements. Working with a property management company is akin to having independent contractors which save you from becoming an employer.
Affordability of the added costs – property managers charge a small percentage of rental fees. That small fee can save a landlord from lots of headaches and free up time to invest in other areas.
Limited time – some investors won’t mind managing their property but don’t have time on their hands to do daily tasks. Hiring a property management company will be the best way forward if you don’t have the time.
How Do Property Managers Help Investors?
There’s always an argument around the cost of property management. We consider it an investment rather than a cost. If anything, it adds to the bottom line rather than taking away from it. A good property manager will quickly return more than their initial cost.
Overall, the average property management company will bring added value to investors. Property managers will help:
Collect rent from your tenants.
Take maintenance requests and address the problems.
Deal with defaulting tenants who have rent arrears.
Market the property to limit vacancies.
Keep detailed records of everything about the property.
Simplify tax remittance and compliance.
Draft and execute new leases.
Conduct rental rate surveys to help choose ideal rent rates for your property.
Benefits of Working with a Property Management Company
Some of the benefits of hiring a property management company include: