When you need someone to handle daily affairs for your investment property, you have two choices: you can hire a solo property manager, or you can hire a property management company. If you’ve never dealt with either before, you may not know which option is best for you. You’re most likely to notice the difference in seven key areas that we’ve broken down for you below.
- Availability
A solo property manager is just one person – and no matter how skilled or dedicated one person might be, they can only accomplish so much. All of the many duties of property management (finding new tenants, collecting rent payments, coordinating maintenance and repairs, and more) take time, and they may not always be relegated to normal business hours. That alone poses a problem, but on top of that, consider that you are likely not this person’s only client: most independent property managers juggle many properties between many clients, giving them less and less time to devote to each one.
A property management company is a team of individuals working together, and that means that those limitations no longer apply. There is always someone available to handle the work you need to be done; no task ever gets pushed off or forgotten about. Any emergencies that arise can be taken care of immediately, too, so you’ll never have to worry about the property damage or angry tenants that might ensue if the problem spirals out of control.
- Expertise
Whether it’s figuring out the right amount of rent to charge, resolving problems and complaints, or evicting a troublesome tenant, property managers are responsible for a massive variety of different tasks. All of these tasks take specific skills, and very few individuals have the knowledge and experience needed to do all of them well. They may excel in a few areas, but they might also be woefully deficient in others.
The team-based structure of property management companies also benefits us in this respect. With so many people available to work on each client’s case, we make sure that each task you need to be done is performed by a professional who is skilled in that particular area. Every single one will be completed to a high standard, setting the best possible stage for your success.
- Trades Network
Reliable, competent tradespeople are integral to keeping a property in good shape over time. If regular maintenance and repairs are done poorly, things will start to fall apart, your tenants will complain, and your property value will start to fall. However, independent property managers can easily become overwhelmed when faced with the prospect of calling in a tradesperson. They may not be sure how to decide which one to choose, or they may fear that it will cost too much. They may take far longer than necessary to resolve the situation, or worse – they may try to do the repairs themselves.
Property management companies know how important it is to know exactly who to call when the pipes burst or the living room window gets broken. We know the best tradespeople in your area and have formed lasting relationships with them over the years. We trust them to do an excellent job every time, no matter what needs to be done.
- Communication
From tenant troubles to expense reports, there is so much information about what is going on with your property that should be made available to you whenever you need it. However, solo property managers may not always be as responsive as you would like. Because they are only one person handling a multitude of tasks, it can take a long time to reach them. Many take a long time to get back to you and your tenants, forcing you to wait days, weeks, or even months before anything gets done.
Property management companies know the value of open communication, and we also have the resources and commitment needed to make it happen. We make sure to do everything we can to keep you in the loop with regular updates about our activities, projections, and next steps. Also, our clients can get in touch with us at any time via email, phone, text message, and other channels; both you and your tenants can expect prompt responses to your questions and requests.
- Licensing
Some clients might be surprised to hear that there are no formal licensing requirements for independent property managers. However, there are some property management duties that an unlicensed person cannot perform. Want to acquire new properties to build your portfolio? Your independent property manager probably cannot legally broker that purchase for you, or even advise you on which property would yield the best returns on your budget.
Property management companies understand that our clients’ needs are often complex, and we make sure that our teams are up to the task of meeting them. We employ licensed real estate personnel and renovations staff, as well as proper administrative support to keep things running smoothly. All of our staff have the proper credentials required to do their work to the highest standard, and all of that accumulated knowledge and ability is at your disposal whenever it is needed.
- Tenant Screening
Choosing the right tenants is a big part of good property management; if you allow the wrong ones to move in, you may end up with months of unpaid rent and a massive headache on your hands. Ideally, you want a tenant who stays in your building long-term, pays their rent on time each month, does not damage the property, and does not cause problems for the people around them. Unfortunately, an independent property manager may not be able to do things like run credit checks and review references in a timely fashion, and every month your property sits empty results in lost revenue for you.
A property management company has the time, experience, and resources to carefully select your new tenants each time you have a vacancy to fill. Not only will we find the best possible candidates each time, but we will make sure that it gets done as soon as possible so you can continue to turn a profit on the buildings you own.
- Accountability
When you hire an individual to do your property management for you, there’s often no telling what you’ll get. There are over three times as many independent property managers operating in Ontario as there are property management companies, and many have little to no online presence. This leaves you with no way to verify if they are trustworthy or reliable. They may assure you that they are more than capable of handling your property’s affairs, but without any outside sources to back up their claims, you’re taking a big risk by hiring them. They may not be able to get the results you need to see to justify paying their salary – and even worse, their mistakes could cost you thousands of dollars if they lead to property damage or severe cash flow issues.
An established property management company, on the other hand, is a known quantity. We have plenty of reviews and testimonials available for you to look at online, allowing you to gauge both the scope and quality of our work. If past clients speak well of us, you know you can trust us to get the job done right for you as well.
Whether you own a single tiny house or a sprawling residential complex, your property is an important investment that deserves the many benefits of professional management. Hiring a property management company is the most reliable way to make sure you get the high-quality service you need to get the best possible returns.
Contact ACCL Property Management today to hear more about how we can help you make the most of your Ontario property; we’d be happy to be part of your investment success.
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