Benefits of Hiring a Property Management Company
Hiring a professional property management company has so many benefits, one of which is that it increases the value of your property investment. This is one of the reasons why most experienced real estate investors prefer working with an experienced management company.
Check out these key benefits which landlords who work with property management companies enjoy:
Tenant screening can be a very tough process. If you have little experience in the real estate industry, you may end up choosing the wrong tenant. The wrong tenant can bring a lot of unwanted issues and vacating them from your property can be very tough. Competent property management companies have a standard and proven screening process to aid them choosing a tenant who will:
• Rent long-term
• Pay Rent When Due
• Cause Fewer Troubles
• Reduce wear and tear on the Property
An experienced property management company understands how the business works. They can use their wealth of experience to find out facts about the potential tenants much faster, and also discover grey areas. By allowing a management company to handle the tenant screening, you will also avoid rental scams which target property owners. Furthermore, it also helps you avoid time-wasting discrimination lawsuits. Scams, lawsuits and avoiding wrong tenants are some of the gains from hiring a competent property manager.
Fewer Legal Issues
Most Landlords are conscious of the fact that just one troublesome tenant can bring plenty of financial and legal issues. A competent property management company is well equipped with the know how to cover you from potential legal issues and loopholes. Each Canadian province has their respective laws that can affect a landlord.
By hiring a specialist to avoid a lawsuit, the money saved will be enough to pay the fees for the property management company, and it will also save you time and energy.
Lesser Periods 0f Vacancy
A competent property manager will take care of the following tasks which reduce the likeliness of your properties being vacant for long period:
• Make the Properties Rent Ready
A property management company knows the exact cosmetic improvements needed to carry out in order to maximize revenue on the units.
• Find the Best Rental Rate
Making the rent very expensive might take time to find tenants, and when it’s too low, you might be losing money every month. Finding the right price is important, and it requires expertise of the local real estate market, data on similar units and access to efficient rental rate tools.
• Marketing Your Property Effectively
Property managers have written many ads throughout their career, and they know how and where to advertise in order to get many candidates quickly. As a result of handling many properties, they are good at negotiating cheaper rates for both offline and online ads. They are also good with sales and know how to close when they receive calls from prospects, and take on showings, as well as working with home rental agencies and companies.
Long Term Tenants
When your tenants rent your units for shorter periods of time, you will have to tackle issues like rent forfeiture, property renovation, locks replacements and even go through the tedious tenant screening process again. These things are very expensive and time-consuming, although it can be avoided by keeping your tenants satisfied.
A competent property manager possesses a proven tenant retention policy. These programs are important and need a regular and procedural approach, which is where an efficient property management company will perform. A satisfied tenant is more likely to rent long term than one who is unhappy with the landlord or the property.
More Efficient with Rent Collection
One important aspect of property management is handling the collection of rent and late fees. Rent has to be collected on time every month, and it’s important for tenants to know this.
Hiring a competent property manager puts a barrier between the landlord and tenants, enabling them to be the bad cop who has to listen to excuses from tenants, collect rent and oversee evictions when necessary.
Tenants tend to override permissive landlords. The importance of every clause in the lease should be clearly stated, as well as the consequences when breached. Eviction is another key aspect which a property manager can handle. There are rigid laws which regulate this process, so one has to be careful when doing it to avoid costly mistakes. A competent professional knows the process well enough to make the best out of tough situations. Simply put, property managers are best suited to handle the process of tenant eviction.
Reduced Repair & Maintenance Costs
Tenants tend to be happier if you offer them quality maintenance, this also shows how much you care about preserving the value of your assets. By hiring a property manager, you have access to expert maintenance and a network of certified, insured and bonded contractors who are trustworthy and known for good pricing and quality work. Compared to hiring someone from a quick Google search, this can save you a lot of money. Furthermore, a property management company will also ensure you get discounts on account of the vast number of properties they manage.
Improve & Maintain the Value of Your Rental Property
When you identify and fix any maintenance issues quickly, you avoid bigger and more costly problems. An experienced property manager will tell you that preventive maintenance is the key to maintaining and increasing your properties value. This entails routine maintenance checks and inspections, detailed documentation, and a written maintenance schedule. An agency may also offer you important feedback and tips on upgrades and modifications preferred by tenants.
• Stress Reduction
Hiring a specialist reduces the stress involved in managing properties such as evictions, emergencies, renovations and repair works and chasing down rent.
Hiring a property manager gives you the opportunity to travel anywhere you want without having to worry about your tenants or routine inspections. It also gives you the freedom to engage in other business pursuits.
• More Spare Time
Last but not least and without a doubt, time can be more valuable then money, and your time should be well spent doing something other than micromanaging a property. If you hire a management company, then you are working on nurturing your business. If you manage the properties yourself, then you are taking on another job. Most importantly, hiring a property management company creates more time for you to spend with your loved ones.
Calgary’s Property Management Company
If you are in the Calgary area and interested in hiring a Professional Management Company to manage your property contact Greenleaf Property Management. GreenLeaf strives to provide the best experience for both their owners and tenants.