Taking on the responsibility of a rental property can be overwhelming, especially when you are new to investing or don't live close to your property.
Success comes from having the right knowledge and experience. Whether you're just starting out or have a few properties in your portfolio, hiring a property manager will free up your time, reduce your stress, and maximize your profit.
Still not sure what a property manager can do for you? Check out these benefits:
Property managers know renting rules and can help you avoid some nasty schemes and lawsuits. They will help you find the right tenant by using credit checks, personal interviews, and reference checks. Because they understand the Landlord Tenant Act, know which questions to ask, and are aware of all human rights requirements, they can help you avoid legal wrongdoing.
Property managers treat renting like a business and will not allow late rent payments with weak excuses. They know the legality behind missed or late payments and can issue the proper forms. A property manager also strives for long term tenants to gain stability in renting and can manage day to day operations with confidence. Great investments are everywhere, and an experienced property manager will be able to handle your properties even if they are in different cities.
Having a property manager can increase your profit by saving you on costly repairs and expensive marketing. They know which advertising websites can be trusted to offer the most for your money, and when it's appropriate to raise the rent. Additionally, their established relationships with tradespeople will make it easy for them to lower repair and maintenance costs and schedule repairs quickly, even on a Sunday.
Property managers have expert knowledge on city bylaws, fire safety rules, and other regulations to ensure your property remains compliant. They can also suggest small improvements and renovations that will increase your property value and produce the greatest return.
A property manager pays for itself with all the benefits they provide. If you think you're ready to hire a property manager, or have any questions, contact us today.