Outsourcing Property Management

[Shaun Anderson]

My realtor has suggested possibly outsourcing the property management or properties, maybe larger ones.

Has anyone had experience with this and what are the pros/cons?

[Giovanni Isaksen]

@Shaun Anderson hiring professional property management is the difference between being in the property owning business and being a landlord. Having grown up in the landlord business I much prefer the property owning business. For a small portion of collected rents someone else will handle all the tenant issues from marketing vacant units to evicting them if necessary. The property manager will coordinate maintenance and repairs and prepare the financial reports for your review. It also means no middle of the night phone calls to you from tenants.

While the 'sticker rate' many property managers quote is in the 5-6% of Gross Operating Income range, figure all in with assorted fees and charges it will run 9-10% of GOI.

The key of course is to find a good property management company, one that is competent, honest and fair. The second key is that your job is to manage your property manager to make sure they are achieving your goals for the property.

A quick Google search on Regina property management brought up seven names. To find the good ones I recommend joining your rental housing or landlord's association. Attending their meetings will allow you to network with other property owners and get the straight story on who to hire and who not to.

Good hunting-