Are Property Management Companies Needed? Nathan Levinson Gets Real about His Industry and Royal York Property Management
Toronto, Ontario, 25th Feb 2022, ZEXPRWIRE, In this age of DIY-ness and passive income, more people are investing in real estate and renting out properties to diversify their income. It’s easy to understand why: to have tenants that pay you rent and make you rich is an attractive idea (witness Airbnb). However, while you may have been living in your own home for years and are well-versed in its upkeep and expenses, it’s another thing entirely to maintain another property, one that is sometimes in a different city or state. That raises a thorny issue: you know how to take care of a home, but do you really want to manage another one? Should you hire a property management company to do it for you? Nathan Levinson, the Founder and President of Royal York Property Management (Royal York), and of MATEEM, his best-selling software, agreed to give a no-holds barred analysis of the pros and cons of doing-it-yourself or passing the reins to a company like Royal York.
“First, I applaud anyone who has the entrepreneurial instinct and who wants to run a property on their own,” Nathan says. “That takes a lot of guts and shows that they have excellent leadership instincts. That said, if you are considering renting or leasing a property, I’d like to give some perspective that can help you decide whether Royal York is right for you.”
Nathan recommends that you first analyze how much extra time you truly have. “Your life is about to become a lot busier,” he believes. “You’re going to have to screen tenants, learn about the legal guidelines that you’ll be responsible for, run your accounting, perform maintenance – and that’s just the start. On the surface, you can do any of those things, of course. The question, though, is if you have the time to do all of that any day of the week, at any time. If you do, then you may not need Royal York, but if that’s making you feel a bit nervous, that’s where we might be a great solution for you. We offer a cloud-based platform that gives you one place where all of this and more can be performed at any time of the day or night.”
Nathan says that those who start out managing their own properties may reach a time when they would like to outsource the responsibility to Royal York. “Perhaps you’ve done well with this property but now want to grow your portfolio by investing in others. Now, you’ll have double or triple the responsibilities but will still only have 24 hours in each day. That’s when Royal York can come alongside you. We can take care of those mundane but crucial duties, freeing you up to focus on expanding your business.”
Nathan shares that he has seen many owners who have done well with maintaining their properties but who struggle with finding tenants and then getting them to pay on time each month. “It’s such a common issue, and, people being who they are, I doubt that will ever change,” he says. “The good news, though, is that you can avoid those hassles through Royal York.”
Nathan’s clients enjoy the freedom of allowing Royal York to find their tenants and even guarantee their rent. “It’s not hard to see the benefit here,” states Nathan. “We’ve already seen in this past year how vulnerable the housing market is, including rentals and leases. Finding tenants and then dealing with those who can’t pay will never be easy. When you are a Royal York client, we help you to screen your tenants more effectively. We also maintain your rent even if the tenant defaults. Does someone have to be evicted? We will pay for those legal services and then replace your tenant for free. If someone breaks their lease, you’re still covered – we will find a new one-year tenant for you. That is guaranteed rental income, a big load off your mind, I am sure.”
Nathan says half-jokingly that managing a property will be like raising a baby. “You’re going to get maintenance calls at all hours of the night. If you feel okay with handling a leaky faucet that’s flooding a bathroom at 3:00 a.m., then I salute your ability! However, if you’re like most people, you’re going to need help, which is why our 24/7/365 services can take that pressure off of you and let you sleep more easily.”
Nathan ultimately recommends that a potential property manager take their time and consider all of their options before deciding whether Royal York is right for them. “Our biggest value to you is that we save you time and money,” he believes. “I think if you sit down and make a list of all the pros and cons of working with Royal York, you’re going to see us come out on top. We can be a strong ally for you as you develop your property and increase your income.”
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