9 Reasons To Hire A Property Manager
A property manager can provide expertise and save you time and stress. For many rental or investment property owners, hiring a qualified individual or company to help look after their property can make sense. Residential property managers have education and experience in managing a rental property. If you’re deciding if hiring a licensed property manager in BC is right for you, consider these points.
Compliance with BC Residential Tenancy Act
If you’re a new landlord, reading, understanding, and applying all of the applicable laws for landlords and tenants can take some time. Property managers and strata managers in British Columbia must be licensed. A licensed property manager in BC must follow regulations and guidelines giving you confidence and trust in their abilities for property management work. Following Residential Tenancy Act laws can limit any lawsuit exposure.
Setting the Rental Rates
If you don’t set the rent appropriately for your property you could be attracting the wrong tenants, not attracting quality tenants, not being able to rent it out for long periods of time, or leaving money on the table. Someone with experience in analyzing the market data will set the appropriate rent after conducting market research. Using their market knowledge, they will consider the type of property, age, size, and other factors to set an appropriate rate.
Marketing the Property
Finding tenants can take time and can be stressful. Property management companies will have established channels for marketing and advertising the property to attract tenants. They will have the experience to craft the advertisement to display your property’s best features. They will also show the property to potential tenants and answer questions.
Tenant Screening
Licensed property managers in BC are trained in screening tenants and accessing credit reports, background checks, verifying employment, and contacting references for potential tenants. They will have tenant applications and any other necessary forms ready and will collect the security deposit on your behalf. Placing the right tenants is critical to the success of your business.
Managing Tenants
Responding to tenants, taking care of requests, inspections, and collecting rent will be taken care of by the person overseeing your property. Keeping good tenants happy with prompt service and delivery will help to reduce vacancy rates.
Maintaining Property Values
Planning for routine repairs, maintenance and property upkeep and responding to emergency maintenance issues promptly will help to maintain your asset. Regular maintenance and repair also maintains tenant relations.
Capital Planning
Getting advice on which major repairs and upgrades to do for your property can help with budgeting and planning. This can help to avoid major disruptions and maintain the value of your investment.
Existing Relationships with Quality Tradespeople
When something does go wrong (and it will), knowing a plumber or electrician to call can prove invaluable. Most individuals that work in real estate will typically call on the same vendor across a number of properties, they will secure you the best rates for quality craftsmanship.
A Property Manager Gives You Time
Having someone take care of the day-to-day needs of your property frees up your time to focus on other things in your life. It can also help to reduce your stress and provides a buffer between yourself and tenants.
Who Should Hire a Property Manager?
Many landlords appreciate the convenience of having a property manager to manage their property. It might be especially helpful to hire someone if:
- You don’t live in the same geographic location as the property you rent out.
- You’re new to renting out properties and want to learn best practices.
- You have multiple properties requiring significant amounts of time.
- You don’t want to handle all of the details required for managing a property.
Licensed Property Managers in BC
If you’re looking for a local property manager in BC, we are the largest locally owned property management company. All of our property and strata managers are licensed and experienced in the local community they provide property management services. We provide services for investment properties, residential or rental properties, commercial properties, strata buildings, mixed-use buildings, hotels, office space, retail locations, and other types of properties. Fill out a proposal request, and we will contact you to discuss your property management needs.
