Should I Outsource Landlording Responsibilities?

November 27, 2022

Acquiring an investment property is one thing and managing it requires a totally different skill set. Ask yourself the following questions before deciding whether or not to manage the property yourself:
1. Where is your rental property located? How much time does it take to drive out there averaging 1-2 times a month?
2. How busy is your schedule? Do you have time to take care of tenant’s requests?
3. Are you a handy person? Do you have the skill and interest to fix household related problems?
4. Do you handle stress well? Does it bother you if tenant calls you late at night for urgent matters?
5. Do you have a good supportive network — contractors, plumbers, HVAC technicians, roofers, electricians, attorneys, etc whom you can call upon should the need arise?
6. Are you familiar with the Landlord-Tenant Act that outlines the landlord and tenant rights and responsibilities?

All of the above are considerations when decising if you could manage the rental properties yourself. Having a property management firm to take care of your property is often worthwhile if you don’t have the expertise to handle tenant issues. It will save you money long term because the value of the property will be maintained and any repair or legal expenses could be kept to a minimum.

We offer a Landlording 101 seminar 1-2 times a year. Please contact us if you are interested to be on the seminar distribution list.

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