Hiring a property management company can save you the time and stress of managing rental and strata properties. Professional property managers are educated and experienced in the day-to-day operations and responsibilities of managing a property, as well as long-term capital planning.
Read on to learn more about the benefits to you of hiring someone to help you with your real estate investment.
Local Market Knowledge
The market is consistently changing. Experienced, local property managers can help obtain top-end rental rates and reduce your vacancy rates, to ensure your property performs at its greatest potential in terms of cash flow for you. Local management can be especially beneficial if you don’t live in the same location as your rental or investment property.
Obtaining Quality Tenants
One of the roles of the property manager is to find quality tenants through background checks and other screenings. Having seen hundreds of applications and meeting with potential tenants at all rental levels, a seasoned professional manager will apply their experience and skills in this area towards attracting quality tenants through proven marketing channels. Furthermore, retaining such tenants helps to reduce turnover costs, vacancy rates, and maintain a property’s value.
Property Management Software to Stay Connected
Well-established property management firms use software that offers an online portal tailored for access by both tenants and owners. By using online systems, owners and/or tenants are able to easily obtain information and real-time records of payments and other documents for any legal or tax purposes. The portal also makes for cost-effective, efficient, and timely communication to owners, tenants, and management.
Efficient Rental Collection Practices
Property Managers working for you will stay on top of collecting rent, and address any issues with tenants as they come up. This benefit can reduce your stress levels to know this is being taken care of.
Up-to-Date on Best Practices and Legal Changes
The best property managers continue to enhance their training and knowledge of property management. As a landlord, you may not have an interest in property management education, but a property management company with staff consistently learning will have advantages for you. They will efficiently manage the property while adapting to industry changes with only the most current knowledge to provide to owners.
Understanding and applying the latest changes in the legal system means fewer legal issues for owners. With connections and established relationships in the industry, property managers will adapt to necessary changes that will work for owners.
Additionally, a property management company will have staff trained in the various aspects of managing a property such as accounting or contracts. This benefit allows property owners access to specialized training and industry-compliant professionals on the team.
A property management company has a vast network of contacts and relationships with tradespeople that can provide services for your buildings, such as 24/7 emergency maintenance. This means you don’t have to get out of bed if something goes wrong in the middle of the night. Some emergency maintenance tasks are best dealt with right away to prevent further damage to a property such as flooding and water damage. Tasking a property manager with this saves you time and stress.
Established Relationships to Reduce Costs
As well as having tradespeople to contact in an emergency, a property management company can leverage their portfolio of business to bring you reduced rates on insurance and many other contracted service professionals.
Less Stress and More Time
The biggest benefit to owners who require property management is handing over the stress of managing a property and having more time. Having someone you trust to look after your property means that you can spend time focusing on other areas of your life.
If you’d like to find out more about our strata property and property management services in British Columbia, please contact us and we will provide you with a proposal for your property or properties. We have licensed, experienced property managers ready to assist you with your property management needs.