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Property management company for home owners?

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  • May 26th, 2021 10:36 pm
[OP]
Deal Addict
Oct 4, 2006
2362 posts
1058 upvotes
Toronto

Property management company for home owners?

I’m looking for a property management company that cater to home owners.

In other words, I own a single home (not a building apartment), but just a semi-detached which I’m looking to rent out in the coming year.
Search turns up companies that primarily do large rental units.
Any suggestions in the Toronto area would be appreciated.
7 replies
Deal Addict
Jun 16, 2009
3019 posts
1362 upvotes
Woodbridge
Any particular reason you are looking to hire a property management company for a single unit? Weighing pros and cons for someone in the same boat.
blindemboss wrote: I’m looking for a property management company that cater to home owners.

In other words, I own a single home (not a building apartment), but just a semi-detached which I’m looking to rent out in the coming year.
Search turns up companies that primarily do large rental units.
Any suggestions in the Toronto area would be appreciated.
HVAC Professional. Committed to customer, not brand.
Furnace & Central AC Group Buy 2021
[OP]
Deal Addict
Oct 4, 2006
2362 posts
1058 upvotes
Toronto
newlyborn wrote: Any particular reason you are looking to hire a property management company for a single unit? Weighing pros and cons for someone in the same boat.
I just don’t have the time (or desire) to do the maintenance and myself. Considered selling, but want to see how the market shapes up after the pandemic.
Sr. Member
Mar 11, 2004
692 posts
32 upvotes
As a former income property owner, I can say from experience that property management companies charge an additional 10% on repair costs (to "supervise the repairs"). I learned this the hard way when I had a $20,000 waterproofing foundation repair and was given an additional bill of $2000 from the property management firm. Make sure to read the fine print on any agreement you sign.
Deal Fanatic
User avatar
Dec 27, 2009
7559 posts
4898 upvotes
Victoria, BC
Property management companies take a pretty big chunk for one unit. We were paying 10% of our rental income to them. If I had it to redo, I'd have probably handled it myself.
[OP]
Deal Addict
Oct 4, 2006
2362 posts
1058 upvotes
Toronto
freddyprinze wrote: As a former income property owner, I can say from experience that property management companies charge an additional 10% on repair costs (to "supervise the repairs"). I learned this the hard way when I had a $20,000 waterproofing foundation repair and was given an additional bill of $2000 from the property management firm. Make sure to read the fine print on any agreement you sign.
Thanks, that’s unfortunate. Typically it’s 10% of rent for their services which should cover supervising repairs. But I guess it depends on what the contract says.
Deal Addict
Jun 16, 2009
3019 posts
1362 upvotes
Woodbridge
I also heard that Property Management prefers to hire their own contractors who not necessarily charge at the market reasonable rates.
freddyprinze wrote: As a former income property owner, I can say from experience that property management companies charge an additional 10% on repair costs (to "supervise the repairs"). I learned this the hard way when I had a $20,000 waterproofing foundation repair and was given an additional bill of $2000 from the property management firm. Make sure to read the fine print on any agreement you sign.
blindemboss wrote: Thanks, that’s unfortunate. Typically it’s 10% of rent for their services which should cover supervising repairs. But I guess it depends on what the contract says.
HVAC Professional. Committed to customer, not brand.
Furnace & Central AC Group Buy 2021

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