Property management poll and interview
It has been proved that property management is a tough sell especially in Canada. A recent poll carried out by the Canadian Real Estate Magazine whereby the respondents were asked, “Kindly pinpoint at what stage in your portfolio development you would consider hiring a property manager?” The results are varied as the investors themselves! Sixty one percent (61%) of the respondents voted in favor of hiring a property manager but only after acquiring four properties or more. Eighteen percent (18%) voted to hire one manager per property, Thirteen percent (13%) were positive that they would hire one property manager but at three properties whereas the last segment of the respondents at nine percent (9%) said that they would hire a property manager but with two properties within their docket.A quick analysis of the poll data reveals quite a number of facts; it is quite evident that Real Estate owners will at least hire a property manager at one stage within their portfolio. With only 18% of Canadian property owners with a single property to their name willing to employ the services of a property management company, the business is truly a hard sell since a majority of the population own only one investment property if any. Consider the benefits of property management such as; higher quality tenants, lower vacancy rates thus high returns on investment and the quality time that it frees off your schedule to allow for other activities of economic value. A reputable property management company actually adds value to your investment especially to small scale investors. “Being a landlord is never easy; it actually requires some form of formal training and or experience”, says Jason McGuire of Real Property Management Service.A property manager has experience with all the aspects and requirements of property management. This gives them the ability to smoothly collect rent, prepare tenant agreements and papers for eviction, screen tenants and handle them with due diligence as his customers as well as understanding of the rules and regulations governing the investment property niche, says McGuire.