Pros and Cons of Hiring a Property Manager

If you own rental property in London, Ontario, you’ve probably asked yourself: should I manage this myself, or hire a property manager?

It’s a fair question — and there’s no one-size-fits-all answer. The right choice depends on your situation, your property, and what you value most. Here’s an honest look at both sides.

The Pros of Hiring a Property Manager

1. Time Freedom

This is the big one. Managing a rental property is a job — tenant inquiries, maintenance coordination, rent collection, lease administration, legal compliance. A good property manager handles all of this so you don’t have to. If you have a full-time career, multiple properties, or simply value your evenings and weekends, this alone can be worth the cost.

2. Professional Tenant Screening

Finding good tenants is both an art and a science. Professional managers screen dozens or hundreds of applicants per year. They know the red flags, run proper credit and background checks, verify employment, and call references. This experience translates directly into better tenants and fewer problems.

3. Legal Knowledge

Ontario’s rental laws are complex and the consequences of getting them wrong are real. From proper notice requirements to the Ontario Standard Lease to rent increase guidelines, a good property manager knows the Residential Tenancies Act inside and out — and keeps your property compliant.

4. Maintenance Networks

Property managers work with trusted contractors daily. They get better pricing, faster response times, and they know who does quality work. When your furnace dies at 11 p.m. in February, a property manager can have someone there that night — while a DIY landlord is Googling HVAC companies.

5. Reduced Stress

The 2 a.m. emergency calls, the difficult tenant conversations, the LTB hearings — someone else handles all of it. For many landlords, the peace of mind alone is worth the management fee.

The Cons of Hiring a Property Manager

1. Cost

Let’s be direct: property management isn’t free. Typical fees in London, Ontario range from 8–12% of monthly rent, plus possible additional charges for leasing, maintenance coordination, or lease renewals. For a property renting at $2,500/month, that’s $200–$300/month. You need to factor this into your investment math.

2. Less Direct Control

When you self-manage, you make every decision. With a property manager, you’re trusting someone else to make day-to-day calls on your behalf. For hands-on landlords who enjoy being involved, this can feel uncomfortable — especially early on.

3. Quality Varies Widely

This is the big caveat. The “pros” above assume you’ve hired a good property manager. A bad one can actually cost you more than managing yourself — through hidden fees, neglected maintenance, poor tenant selection, and damaged reputation. Choosing the right company matters enormously.

4. Distance from Your Tenants

Some landlords value the personal relationship with their tenants. A property manager adds a layer between you and the people living in your property. While this is usually a benefit (professional boundaries are good), it can feel impersonal if you prefer a hands-on approach.

When Does Hiring a Manager Make Sense?

Based on our experience with London landlords, hiring a property manager tends to make the most sense when:

• You own two or more rental units — the complexity scales fast
• You don’t live near your property — remote self-management is extremely difficult
• You have a full-time job or business — your time has a dollar value
• You’re not comfortable with Ontario rental law — the legal risk of mistakes is real
• You want to scale your portfolio — you can’t buy more properties if you’re drowning in management tasks

When Might Self-Management Work?

• You have one unit and live nearby (or in the same building)
• You’re handy and can handle basic maintenance yourself
• You have time and patience for tenant communication
• You’re knowledgeable about the Residential Tenancies Act
• You genuinely enjoy the day-to-day of landlording

Our Honest Advice

At Prospera Properties, we obviously believe in professional property management — it’s what we do. But we’d rather you make the right choice for your situation than pressure you into something that doesn’t fit.

If you’re on the fence, reach out for a no-obligation conversation. We’ll give you a straight answer about whether professional management makes sense for your specific property and goals. Sometimes the honest answer is “you’re better off managing it yourself for now” — and we’re okay saying that.

But if you’re ready for help, we’re here. Browse our current listings to see the standard we hold our managed properties to.