Reasons You Shouldn’t Manage Your Investment Property Yourself

After purchasing an investment property, you’re likely looking for ways to maximize your profits. One idea you may have is to manage your property yourself instead of hiring a commercial property manager. This is never a good idea for several reasons.

1. You Have No Experience in Condominium Management

Managing an investment property is far more complex than it appears on the surface. You’ll need to deal with repairs and maintenance, collect the rent, and resolve an array of tenant complaints. All this calls for experience and know-how.

2. Managing an Investment Property Is a Job

Managing an investment property is at least a part-time job. In fact, if you have more than one unit, it is likely a full-time job. You’ll need to be available at any time to handle problems. If you’d rather not dedicate so much time to condominium management, you’re better off hiring a commercial property manager.

3. It’s Inconvenient

Managing your property is particularly problematic if you live far away, such as in a different city. Closeness to you should not be a factor when you’re choosing a property to purchase — but if you want to manage the property yourself, it will need to be. Furthermore, you’ll never be able to leave town, even for just a weekend, as emergencies can happen at any time.

4. There Are Regulations to Learn

When managing your investment property, you could break the law without knowing it. This could result in large fines or even a lawsuit. As regulations differ across provinces and markets, it is difficult to even learn the rules in the first place.

Should you hire a property manager who is familiar with the area, however, you’ll be receiving legal expertise. This will ensure that everything related to your property is in order. In the case that a minor legal problem crops up, your property manager’s firm will have the resources and knowledge to handle the situation quickly and effectively with minimal costs. 

At the very least, hiring a property manager makes your life much easier. You are free to focus on your main business activities or whatever else matters in your life, knowing that someone is dedicated to the care of your property and will handle any situation at short notice. When you leave property management to the professionals, you maximize your income, avoid legal problems, and eliminate headaches that come from trying to manage your property alone.