As a landlord, managing your own properties, do you obey all of the rules set down in the Residential Tenancy Act (RTA)?
Have you even read the RTA?
In a lot of cases, landlord’s time will be worth way more than the cost of a property manager.
I was talking to a neighbour recently and they proudly told me their son (a senior bank manager) had several rentals that he managed himself:
- Did he live in the same town? No
- Was he getting market rent? No
- Did he have problems? Yes
A great property manager is not expensive. Being a 24/7 role and if the rent was $400 per week, and the overall commission is 10%, the cost is:
Per week: $40
Per day: $5.69
Per hour: $0.24
Now do you earn more than 24 cents per hour?
Yes this is a bit over the top, however, it is better paying someone who knows all the RTA rules to take care of things than costing heaps when you stuff up.
Be a smart investor.