Choosing whether or not to hire a property management company is one of the most important decisions homeowners will make and should not be taken lightly. While some landlords might prefer a more passive approach to their rental operations, others might want more control over their property.
Throughout the rest of this article, we'll break down exactly what property managers offer, the pros and cons of using their services, and what you can expect if you choose to hire a management company. real estate.
Benefits of Hiring a Property Manager
Now let's see how landlords can benefit from hiring a property manager:
1. Better quality tenants
Selecting tenants takes a lot of time and effort. As a busy landlord who most likely has other commitments, establishing an effective and efficient tenant selection process can be difficult. Property managers have the time and resources to ensure vacancies are filled quickly with qualified tenants, saving you the stress of troublesome tenants.
2. More visibility
Property managers are dedicated to maximizing the visibility of your property on all platforms (facebook market, Kijiji, Zumper etc.), In addition Condo Management displays your property on Centris in collaboration with real estate agents.
This allows for total visitation and access to better quality tenants.
3. Hassle-free rent collection
In addition to ensuring that each tenant has a history of paying rent as expected, property managers have the knowledge and tools to ensure that you always receive rent payments in full and on time. Landlords may find it difficult or inconvenient to inquire about late or missed payments, while property managers are very aware of the legal process and their recourse for claiming unpaid rent.
4. Less maintenance
Property managers tend to come with a network of contractors and repairers to handle any issues that arise in your rental property. As the owner, you may want to attempt these repairs on your own, or at least organize and supervise the repairs, which takes up a lot of your schedule.
5. Fewer legal questions and disputes
Especially if you're new as a landlord, residential tenancy law can be quite confusing, with lots of complex rules and requirements that vary widely from province to province. Property management companies have extensive expertise in these areas and can help you avoid legal problems by following proper practices, and can help you resolve disputes if they arise.