SHANNON MURREE - Real Estate Representative
Shannon P. Murree REALTOR® RE/MAX Chay Realty Inc Brokerage
152 Bayfield Street
Barrie, ON L4M 3B5
Phone: 705-722-7100 Fax: 705-722-5246

Do You Need A Property Manager or Can You Do It Yourself?

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 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.

Barrie Property Management - Existing Investors

Already An Investor And Wondering If (And When) You Need To Outsource?

If you're at this point of contemplating "what to do". It's time to sit down and have a serious conversation with yourself and ask the following questions:

  • Are you tired of the amount of time it takes to keep up everything?
  • Are you starting to feel overwhelmed with the “hands-on” day-to-day and feels like another J.O.B
  • Do you have a lot of rental properties?
  • Do you live far from your investment properties? What is your time worth?
  • Are owning investment properties intended to be a business?
  • How much experience do you have and how many successes have you had in regularly paying tenants?
  • Do you regularly have "bad tenants"
  • Have you wanted to "give up" and "get out" of the real estate investment business?

One or two properties can usually manageable for a landlord.  Yet, once you start taking on multiple units and more properties, the work and the potential problems multiply right along with them.  While some people are good at juggling the responsibilities, others quickly find that the task list and time commitment is simply too much.  Delegating the day-to-day responsibilities to a professional real estate property manager or management firm gives the landlord the ability to focus on investments and additional revenue streams rather than complaints and fixer-uppers.

If you live far from your investments, long distance property management is almost always a recipe for disaster.  While not impossible, it certainly makes keeping a watchful eye on your investment, showing properties to prospective tenants that can sometimes be "no-shows", overseeing maintenance and repairs, and dealing with tenants can much more difficult, and sometimes impossible if not conducive to your already existing busy schedule. You really have to ask yourself, "what is my time worth?".

Is the intent of real estate investment being treated as a business? Some landlords like to be "hands on", maintaining  the property and enjoy keeping happy tenantsand interacting with them.  For others, it’s just about making the monthly payment and ensuring the value of the investment.  If you’re more the investor type, you’d probably best benefit from letting someone else take the reins for the everyday, every month property management.

What Experience And How Much Time Do You Have? Managing multiple properties in particular can be time consuming. It's not uncommon for your rental properties to be your “part time” job which could snowball into full time attention and needing to put out fires, being sloppy or rather, not doing your due diligence when finding new tenants and building your portfolio of properties.  If that’s the case, finding the right person or management company allows you the freedom to build your business, focus on the things you enjoy and help you steer clear of potential  issues you may or may not be qualified for that could end up costing you more time, money and legal entanglements