Pros and Cons of using property management
 

I want to know if anybody is using a property management to manage their property?

I don't mind doing my own interviews with the potential tenants and fill out some forms than paying a fee every month to the management (5% is the best i can find), but anything else worth paying that 5%?

I currently have a 5 years old condo i'm planning to rent out in sept, just not sure how i would approach it,

please share

Way less headache. Don't have to deal with minor repairs, noise complaints, move in and move out inspection, and collect rent for you. I manage property in Nanaimo and have someone manage my Condo in Maple Ridge.

IMO property management companies are only worth it if you've got multiple properties. for one condo, you are burning money.

Worth every penny. I haven't had to deal with any tenants ever despite some issues once in awhile. Management takes care of all issues; they just ask for your approval or what you like to do if there is a problem and they'll take care of it.

They also set up an account for you so they will get all the fees and taxes paid without you scrambling to get to the bank if you forgot.

Answer to your question: YES

I agree with Knight_KB.

Also, if you have a full time job and your tenant isn't paying rent, the eviction process can be a big pain in the ass for you to take time off to go to the RTB and submit your documents, serving the papers, attending hearing etc...

Selanne_200 is right and you should know how much your own time is worth. Being a landlord isn't as easy as some think it is by interviewing the right person and collecting rent from them. Pm me I'd you want more info, as I'm the business and can give you some leads.

Condo as in one building or as in one unit in a condo?

Having them manage is not worth it if it's just one unit, like Knight Kb said.

When we were renting out we had a company get it rented out. They were actually able to get us a better price than what we were asking for on top of the one year lease we had wanted as well.

The cost for that service was first months rent.