Business
One of the most significant decisions you will make when you decide to become a landlord is whether you should hire a property management company. Many landlords will choose to manage your properties on their own and hire out specifics jobs; however, depending on what type of properties you are buying and your current lifestyle, you may decide to hire a professional. If you are purchasing a brand new home or condo, it is typically very little work to self manage. The biggest key to any manager or self-manage is to properly screen your tenants and be very patient in waiting for the right one. The Wilson Team can assist you in this process. When should you hire a property manager? You have multiple units and properties You don't live near your property You are not interested in hands-on-management Your time is limited You can afford the cost There are many property management companies to choose from, and we believe its extremely important to do your due diligence when deciding to start this relationship. We truly feel it can be a massive asset to your business plan, but it comes with a cost. At the Wilson Team family, as real estate investors, we typically manage most of our single-family homes. However, anything over four units is managed by a property management company. Here is a quick list of items that your company management will handle on the day to day, besides the obvious of saving you time and money they will: Market your rentals Collect rent Handle maintenance and repair Respond to tenants complains Handle turnover Manage the leases Show the property Maintain excellent relationships with sub-trades Anne Burgoon BSc, RCM and Dean Burgoon P. Eng, RCM They are now managing 30 Condominiums Projects with just under 2000 Doors. They have grown their team to 17 staff. Their Head office is based out of Brockville and manages properties from Aurora to Cornwall and up to Ottawa. With their strong leadership, dedication, and management, all of their hard work in their business they have become experts in their field. Their track record is very impressive. They have worked with many Corporations that were not previously properly managed to tune around their prospects. They have professional networks and systems in place to continue to ensure success with all projects. If you are thinking of investing in condominiums, own one currently as an owner-occupier or looking at condominium conversions, you do not want to miss this episode. It is a great breakdown and understanding of the condo lifestyle and ownership structure. --- Send in a voice message: https://anchor.fm/what-the-wealth/message