Are you a landlord? Are you preparing to purchase an income property and become a landlord? Here are some of the most asked questions, and the answers. A guest blog from Peartree Property Management.
The Question We Get Most Often
1. "Should I self-manage or hire a property management company?"
Most investors/owners underestimate:
the time involved
the legal knowledge required
dealing with difficult conversations
maintenance coordination
documentation requirements
Landlord and Tenant Board (LTB) processes
Many owners don't realize that property management is largely about risk management, not simply collecting rent.
2. "Good property managers have systems for:"
income verification
employment verification
landlord references
credit analysis
identifying fraudulent applications
3. "Professional managers also look at:"
vacancy risk
tenant quality
turnover costs
neighbourhood trends
long-term return
communicating with tenants
scheduling showings properly
explaining everyone's rights
reducing conflict
coordinating maintenance
documenting everything
helping the transaction close smoothly
4. "Involve a Property Management Company Early!"
Why? A property manager can provide:
rental analysis
operating costs
tenant history
lease review
market rent opinion
investor projections
before the property even goes on the market.
"What are you doing today to reduce your risk tomorrow?"
Still have a question or just want more information. Contact the team at Peartree Property Management HERE
