8 Ways to Know if you Should Hire a Property Manager 

by Dave Peniuk

When you first start shopping for a property manager you might be shocked to learn what many of them charge. We certainly were!
 
You'll usually pay between 5 - 10% of your monthly rental income to a property manager plus tenant placement fees which can be as much as one months rent. The price may seem astronomical at first. It certainly eats into your positive cash flow!
 
When you learn the cost, the desire to manage the property yourself and save money will be powerful. Saving a few hundred dollars each month may not be worth taking on the property management yourself though! Besides the fact that a professional property manager has extensive knowledge of the local laws and regulations, they also have access to the resources required to easily manage a property.
 
When we first bought our Toronto tri-plex, Julie was doing her MBA and thought she could handle managing the property while she was in school (Julie is shown in the picture above painting that Toronto Tri-plex - you can tell she is loving it!). We wanted to save money, and Julie had a flexible schedule with some free time so it seemed perfect.

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