Owning a rental property is, unarguably, a rewarding investment for anyone. Apart from giving you consistent rental income, your property can also appreciate in value, which means long-term financial security. However, as amazing as owning a property in Canada is, you need to understand that it also comes with many responsibilities. One of them is that you need to manage the property the right way. You can do this either by DIY or by working with a property management company.
On the surface, self-management seems like a cost-saving approach. But in reality, it often results in stress, unexpected expenses, and loss of income. In the rest of this post, you’ll discover the hidden costs of self-managing your rental property. Additionally, you’ll find out why hiring a Winnipeg property management firm like Canopy mgmt is worth it today.
1. Poor tenant screening
One big issue every landlord encounters today is finding the perfect tenants for their rental properties. Without a thorough screening process, you stand at risk of renting your property to tenants who pay late. You may even end up with destructive tenants or those who leave without notice. This can result in:
- Lost rental income during the vacancy periods
- Costly property repairs
- Expensive eviction proceedings
You certainly don’t want to experience these issues. This explains why hiring a professional property management company is crucial.
The best property managers in Winnipeg use proven tenant screening systems. For example, experts at Canopy mgmt employ different processes for tenant screening. These include:
- Background checks
- Income verification
- Reference checks
This level of screening allows experts at Canopy mgmt to find reliable tenants for your property. As a landlord, this means peace of mind for you.
2. Time & Stress
Self-managing your rental property doesn’t only cost money—it also requires time. Yes, the entire process requires 24/7 responsibility. Emergencies can occur anytime, and these don’t wait for business hours. You’ll have to contact different contractors to fix issues affecting your tenants. Besides, you also need to be ready to resolve tenant disputes from time to time. Apart from being time-consuming, the entire process can be stressful.
By self-managing your property, below are other things you need to do:
- Field maintenance calls
- Coordinate repairs and contractors
- Handle lease renewals
- Settle tenant disputes
- Communicate with tenants regularly
- Stay compliant with the city’s residential tenancy laws
The value of your time is the hidden cost associated with these responsibilities. If you’re the busy type, hiring a professional property management company certainly makes more sense. It allows you to focus your time on other profitable tasks. Besides, it reduces stress by giving you enough time to rest.
3. Maintenance and repair expenses
Self-managing your property means you need to handle the repairs yourself. Without the right expertise, this DIY approach can quickly escalate costs. Hiring contractors individually often comes with higher rates, which unnecessarily increases repair costs.
Experts at Canopy mgmt provide guidance on how to better manage the property. Working with this property management firm means:
- Quicker response time to tenants’ needs.
- Partnership with reliable skilled contractors at lower rates.
- Preventative maintenance that addresses small issues before they become extensive.
This level of service offered by property managers will give your tenants maximum satisfaction. It also helps you to extend the life of your property without spending unnecessarily.
4. Legal risks
Property management in Winnipeg is more than just attending to your tenant’s needs. It also involves complying with Manitoba’s strict landlord-tenant laws. Some common issues with self-managing your rental property include:
- Failure to provide proper notice for eviction or entry
- Mishandle security deposits
- Overlooked safety standards
- Errors in lease agreements
These issues can easily attract unnecessary legal fees. With experts at Canopy mgmt, you can rest assured that your property will be managed in compliance with the province’s law. This allows you to avoid the unnecessary legal fees.
Hiring a Property Management Company is More Cost-Effective
On the surface, self-managing your property may seem like a cheaper option. But the hidden costs can quickly outweigh these short-term cost savings. Factors like vacancy losses, unnecessarily high repair costs, and legal risks are issues you certainly don’t want to experience.
By working with a property management firm like Canopy mgmt, here are a few things you can expect:
- Reliable tenant placement
- Quick rent collection
- Affordable property maintenance
- Frequent property inspections
- Compliance with provincial laws
- Transparent financial reporting
With over 6 years of experience handling Winnipeg rental properties, you certainly won’t go wrong partnering with Canopy mgmt today. Visit the official website to better understand how we can protect your investment & keep your home in good condition.
