Whether you have one or multiple rental properties, managing them by yourself can be tough and demanding. Especially if you have a day job with limited time left to maintain all the different aspects of owning a rental property.
In the article “What is a property manager?” we outline the role of a Property Manager as well as the importance of making.
No . . . no one is managing my rental property.
You are either highly educated on Property Management, experienced in Property Management or you dedicate a substantial amount of time towards your property to make it a successful investment. Or, you are not aware of the risks and downfalls involved; unsatisfied property investments, failing property investments or property investments that just never seem to become profitable.
I manage my rental property myself.
As mentioned above, taking it on yourself to manage your rental property could mean you are investing an enormous amount of time into it. Though it will definitely be worth it if it’s done right, but you can ha the same benefits of having a rental property when you rather have someone else manage your property. All the maintenance, the administration, the rental collections, all taken care of while you spend time on more important things.
There are also a lot of things you might be missing or not know of at all about rental properties. Do you do credit checks and get referrals of your potential tenants before agreeing to have them rent your property? Are you aware of the Residential Tenancies Act? Is your property compliant? And this is only a couple of things you need to know about renting out a property.
When you have tenants who pay their rental fee late, or don’t pay at all. Do you know how to handle this or how these issues are to be approached? Having a property managed by professionals can save you a whole bunch of head aches and stress. If you want to read a little more about why property management is very important, CLICK HERE.
If I let someone else manage my property, will it still be profitable?
Yes . . . if managed by the right team of professionals. The basic flow of successful property management is getting the property up to standard and marketable. Then to market the property, then screening potential tenants to get good tenants who will pay on time and not default on payments plus they are tenants who won’t damage your property. Setting up solid rental agreements to favour both parties. A good property will get this formula right setting your property up for success. The Rent Shop has excellent Property Managers! Take the step NOW to contact us and make a great decision and get a Professional Property Manager.
Get in touch – CLICK HERE
Is it too late for me to get a property manager?
Even if you have had properties for decades and have been managing them for just as long, it’s never too late to get a good property manager. You will save yourself a lot of frustration and headaches. You’ll have more time for your family, friends and hobbies. We’ll take care of your tenants for you and you’ll receive frequent reports so you’ll be in the loop without any hassle.
If you want to learn a bit more about Property Management, feel free to read the rest of the articles when have on our website’s blog. And if you still have questions, come visit our offices.