Good Property Management basically boils down to 3 key components, and they all happen to start with the letter R. If you’re looking to hire a Property Management Company, these are what you will most certainly want to look for
Renting- The # 1 key R in good property management
This is usually the one that most property management companies are good at. Renting out a vacant apartment, townhouse, or single family home is absolutely critical, and most property managers have this one down to a science. This would include marketing the property, finding the tenants, and closing the deal. In tight markets such as Vancouver, this is relatively easy. Not so true when vacancy rates creep up above 5% as they have in Alberta recently.
Repairs- The # 2 key R in good property management
This one is really hit and miss with property management companies. You will want to find out what their processes are for tenants to report issues requiring maintenance, and what their maintenance staff looks like? Do they have their own maintenance people on staff, or are they private contractors that might take a week to get anything done? Does the property management company upcharge for maintenance, and is everything perfectly transparent? Are they going to ask you prior to moving ahead with repairs, or are you going to find out after the work has been done and your monthly disbursement is lower than was expected?
Reporting- The # 3 key R in good property management
For some reason, this seems to be where most property management companies falter. It seems like it should be the simplest of the 3 R’s, but for some reason it rarely is! Good reporting simply requires that you receive your monthly statement on time every month, and are able to clearly see what’s going on with your investment property. Was the rent paid on time? What maintenance expenses were incurred? Does the statement include a breakdown of any maintenance? Prior to hiring any property managenent company, ask them these questions;
Who does the accounting and monthly statements?
What type of software do they use (sophisticated property management software, or spreadsheets?)
Does the property manager look over the monthly statements and sign off on them prior to them being sent out?
Follow these 3 R’s, and you can ensure yourself success when it comes to having someone manage your rental property!
Chris Stepchuk, Feb 12 2017
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