Do You Need A Property Manager or Can You Do It Yourself?
Hire a REALTOR® with experience who is also an investor him/herself. It is NOT just putting your listing and placing a tenant - it is so much more than that!
(Already a real estate investor and tired of doing the Property Management yourself? Out of town? Skip below to the paragraphs highlighted in yellow)
Are you looking at being an investor and don't know a thing about Property Management? Want to do it and would like some guidance? Not to worry, you're not alone!
Yes, Landlording can be an overwhelming experience and there are a lot of horror stories out there but don't let it stop you or hold you back! This is why it's so important to have a real estate professional, network and team of professionals that know the ins and outs of Landlording, property management and maintenance with YEARS of experience not only by working for others, but also real estate investors themselves. This gives them the edge and personal know-how to help guide you towards your goal of financial wealth and success.
There are also many great stories, great tenants and potentially great rewards in being a real estate investor. We cannot stress enough that in order to attain this, it is extremely important to build a relationship with a professional Realtor® who's main focus and career is all about real estate investing and property management, doesn't carry "inventory" of residential listings or "dabbles" in renting a property "here and there" as a favour to you. Not doing so can and will cost you. Having a Real Estate Professional and Property Manager that works solely for your best interest to protect your investment ...is in your best interest. The Ontario Residential Tenancies Act can be very tricky, there can be "professional tenants" out there so why trust your real estate investment with just anyone?
So, when looking to "flip that property", purchasing as a "Rent To Own" investment, upgrading to or buying a "Multi-Unit/Apartment Building" or looking to "Buy And Hold" for the purposes of building long-term equity, build your real estate team and business with people who have an interest in protecting your equity to achieve your financial goals. You can have the peace of mind knowing that the relationship doesn't end at the signing of the lease and the tenant's are being filtered.
No one can really answer these questions but you. If you're a single investor, joint venture or partnered with someone, make sure to include property management fees in your expense column and most likely outsourcing would truly be in your best interest.