“Property Management Vs. Self Management of Rental Property”
Wednesday, March 18, 2015
@6:30 pm-10:00 pm
Cash Bar @ Baka Gallery Cafe, Bloor West Village (2256 Bloor St West, above the Bell Store) – FREE admission
6:30pm Doors Open ~ Networking & Mingling at the bar
7:15pm Laure Ampilhac, Landlord & Property Manager
7:30pm Maureen Tabuchi, Author, Speaker, Lawyer
8:00pm Lena Guirguis, Property Manager & Educator
8:45pm – 10:00pm ~ Networking at the bar
Event brought to you by Laure Ampilhac, Retire Early With Real Estate, Mortgage Agent and Property Manager
PS: Admission is on us. FREE event. Bring lots of business cards and good vibes! www.realestatemixer.ca
Real Estate Lawyer: All your questions answered
#3 Lena Guirguis
One of the big questions new real estate investors always ask is this:
“Should I manage my rental property myself or should I hire a property manager?”
The answer to this question could be…
“You should manage the property yourself”
After many years of buying rental properties, seasoned real estate investors’ answer to this question has changed, the answer is now…
“You should do both”
This is what we mean by, “You should do both”.
As real estate investors, you are a landlord. As such, you need to learn how to be a good landlord. The only way you can effectively learn how to do something properly (in my opinion), is by doing it yourself.
To be a landlord you have to wear many hats.
You have to be a:
Business minded individual
An extremely tactful person
…just to name a few.
Not everybody is good at everything. If you naturally do not have the proper skill set of being a good landlord, you should not be one.
If you are a bad landlord, you rental property will suffer. It may suffer in the following ways:
You are not good at building relationships with your tenants
You are not effectively collecting the rent that it owed to you, and the tenant is falling behind in payments more and more…
You do not keep track of your expenses properly and you do not keep track of the partial payments of rent that your tenants are paying you, as they are behind and are trying to get paid back up
You don’t have the vision of knowing what improvements to make to your property in order to attract a better tenant profile
You are moderately offensive and rub your tenants the wrong way, which reduces the amount of respect your tenants have for you and in turn reduces the amount of respect that they have for your rental property.
If you know that you will not be a good landlord, don’t become one. Hire a professional property manager who is an expert in dealing with all facets of property management.
If you are a new real estate investor and you are choosing to not manage your rental property because you are lazy or you are too afraid of doing it yourself, that is not the right decision. If you have the skill set, and if you live close enough to your property to manage it, at the beginning, you should manage it.
You should manage it so that you learn the ins and outs of management. One day if you become too tired of managing your properties or if your skill set changes and you become deficient in some areas, you should hire a professional property manager.
Investing in real estate is not easy. It is a long term game that you have to stick with.
Come and make up your mind on this topic on Wednesday March 18.
Text inspired from Neil NEIL R. UTTAMSINGH
Commercial Real Estate Agent | Award Winning Residential Realtor | Landlord and Income Property Consultant
Canadian Real Estate Wealth Magazine
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