Q. I have self-managed my investment property for the past 6 months and want to know if it is worth spending extra money each month to hire a property manager? It makes sense to hire one if I had multiple properties, but I only have one investment at the moment.


A. There is not necessarily a right or wrong answer when it comes to managing your investment property; it just depends on what your goals are. If you want to be hands on with your investment and be a part of the decision making, you may prefer self-managing. Not only will being a landlord save you money on management fees, but you can play a bigger part in choosing a tenant, responding to enquiries and maintenance requests.

However, there are advantages to hiring a property manager, no matter how many investment properties you own.  A property manager can give you peace of mind knowing that the ongoing responsibilities such as choosing tenants and chasing rent are being handled by a professional. Also, if there are any problems with the tenant, such as missed payments or property damage, the property manager can handle it in a professional manner.

Choosing to hire a property manager or self-manage the property comes down to what you want to achieve. Would you rather be hands on or allow someone else to take the reins?
 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan