When you become a landlord, there’s good and bad to it, and sometimes it can get downright ugly. From selecting the right tenants to trying to manage property costs and maintenance, being a landlord in Etobicoke or anywhere in Toronto is not passive income per se. At least, not without hiring a property manager.

Why Being A Landlord Has Its Challenges

A lot of people buy homes in Etobicoke and the GTA, and hope to turn them into easy-to-manage rental properties.

To be a landlord in Etobicoke, however, it takes time to manage the property. You have to find and vet tenants, make sure rent is paid on time, complete necessary repairs, and be ready to handle emergencies, such as a fridge breaking down or a basement waterproofing leak.

A landlord is not hands-off work. While it can be simple at times, a landlord is still on the hook for a lot. They have to prepare and maintain the home, monitor rental rates and overall property costs, ensure they’re following the Residential Tenancy Act, and then there’s finding the tenant. A landlord has to do their due diligence, such as verifying they’re selecting a worthy tenant, checking references and employment, negotiating and then signing the lease, and more.

Unless you know what to look for, too, you may end up with a bad tenant. This could be someone who isn’t paying their rent on time or not paying their rent at all, causing issues for neighbors or the neighborhood, or who are actively damaging the property.

Needless to say, if you go it alone, being a landlord will have its challenges as you navigate the terrain of what it’s like to oversee a rental property.

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Advantages Of Hiring A Property Manager

When you hire a property manager or property management service to help with your Etobicoke rental, they provide many advantages.

You are paying them to handle all affairs relating to being a landlord which makes your job all hands-off.

A property manager acts as an intermediary between you and the tenant, ideal if you’re uncomfortable dealing with people or don’t have time to handle the affairs that you are legally responsible for.

If you are a landlord of multiple properties in Toronto or the GTA, a property manager looking after one or all still allows you to derive profit from your investment.

Alternatively, if you are looking to buy an investment property and this is your first, a property manager should already come with the experience to manage the role of landlord and to help you find the right tenant among other services they can provide.

No matter what, it is a lot easier to assign a property manager to your property than to be your own landlord in Etobicoke.

That said, if you’re suited to be a landlord, don’t mind the challenges, have planned for unexpected costs, and are informed about landlord-tenant laws in Ontario, and have the time for it, you may want to try your hand at being a landlord. It’s certainly not for everyone though and, as you may find, a property manager isn’t as expensive as a lot of people assume.

For simple, straightforward property management in Etobicoke, reach out to the team of Adrian + Andrea. As experienced realtors and property managers, we will ensure your rental property is appropriately managed. We’ll ensure you receive the cash flow you expect from your investment property while we take care of any hassles, issues, or tenant queries that come up. Contact us by email at info@adrianandrea.com or call (416) 319-6893 today to get set up with a professional property manager.