A article I cam across by Sohine Ghali in the Toronto Sun reminded me of the days of when I started out in property management. Like most experienced property management professionals, I got my start managing my own properties, and the tenants within them. Unlike today I was very emotionally attached to the properties (given that I was living in some of them alongside the tenants!) and it did not always lead to the best decisions. I can see that now years later, and like most things, time and experience changes your perspective. At the time I felt, like most smaller or first time investors, that no one could manage or care for my properties like I did. After all who else had as much vested interest, as much “skin in the game” so to speak. At the time I would never have considered the option of experience property management. It would have seemed to me to be a luxury that would only eat into my slim profits (or truth be told my break-even status).
Some of the more salient points of the article were the reminder that you need to separate yourself from the home owner mindset into a landlord or a professional property manager mindset:
“You’ve decided to move, and rather than sell your place, you’re keeping it as a rental property. Congratulations, you’re a Real Estate Investor! Here’s my best advice to start out on the right track. Most problems first-time property investors see are connected to the emotional ties we all have to the place we used to call home…..you’ve got to treat that property like the business it’s become. Emotional thinking will hinder your decision-making and hamper your success as an investor.”
One of the big issues that the article does NOT address is the issue of time. Many people these days are busy to the point of distraction. And while it feels like sometimes your properties require very little attention, that is generally only the calm before the storm. If you are feeling overwhelmed and would like to find out just how much an experienced property manager can bring to the table, then contact us at Real Estate Management Toronto (a division of Northern Property Rentals) we can set up a service plan to fit virtually any budget.