The question now stands, however—should you go for the do-it-yourself route or enlist the services of a property management company? We discuss the differences of both solutions below!
Purchasing a real estate property is certainly an investment worth pursuing. Doing so allows you to build an impressive portfolio of your assets, especially if you choose to lease these properties out to tenants. If the market is strong, you’ll be able to pay for mortgages through the payments made by your tenants, but at the same time, gain a steady stream of profit.
The real challenge, however, comes with the question of managing the property. Many homeowners choose to do the management themselves, particularly when the costs are involved. Others opt for outsourcing the management to professionals, thereby allowing them access to the best people on the field.
The question now stands, however—should you go for the do-it-yourself route or enlist the services of a property management company? We discuss the differences of both solutions below:
The advantages of choosing to DIY your property management processes are clear—you avoid the added costs of outsourcing. Being a landlord can be a tough task, especially since managing a rental property means being handy. You need to learn how to handle simple maintenance tasks, as well as perform occasional heavy-duty tasks.
Doing so allows you to save more on costs, but keep in mind that you’ll also be handling beyond just repair and maintenance. You need to spearhead tenant associations, handle notices, screen potential tenants, and so on. You’ll essentially be overseeing every single aspect of your property, making it important to have strong business acumen.
You may be capable of handling consistent maintenance, screenings, and market updates, but you’ll need to ensure you have the time and energy to commit to everything. This is especially crucial when you’re handling multiple properties at once, which is why most property owners end up enlisting the help of professionals.
Although the services will definitely add to the costs, choosing the right property management company allows you to save in more ways than one. The value they offer to your business is undeniable, especially since you’ll have direct access to a wealth of networks—including contractors, maintenance companies, and other people needed to help your business thrive.
A property management company will also be tasked with dealing with tenants, which includes screening, complaints, and other issues that may arise. More importantly, however, they’ll keep you up to date with real estate regulations, ensuring that your assets remain in compliance with the law.
It can be rather easy to dismiss property management solutions as a mere expense, but the results can be rewarding. You’ll have more time to enjoy life, especially since you now have several real estate properties that generate income for you.
Having a property manager also ensures that you have access to all your properties, even if you deal with a variety of tenants. More importantly, however, they allow you to enjoy scalability and growth unlike any other. There will be no need to DIY, especially since the prospect can limit and cripple you in unimaginable ways.
For the best property management companies in Ottawa, Ontario, Fahel & Co has you covered. We are committed to providing you with only the highest quality of care and service, ensuring that you’re always represented properly as a landlord. Reach out today to learn more.