Guide to Choosing a Property Manager
Investing in assets is one way in which one can expand their wealth and secure their financial future. However, it is one thing to own property and another to manage it effectively enough to ensure high returns. Asset management companies these days, help you keep a bead on all the latest marketing trends in real estate. These companies provide property managers who ably oversee all the details involved with your property. However, choosing the best company for property management leads to stress among most property owners. To reduce this stress below is a guide that every asset owner should cover with a prospective property manager in a mission to get the best manager to take care of your property.
In doing your homework when aiming to choose the best property management company in Vancouver, research on the company’s reputation. You can do this by asking for recommendations from the firm and making an extra step to call these referees. Besides, when selecting among so many companies, you may prefer to check the company’s online reviews. These reviews can give you a picture of what other clients faced by engaging the organization of your choice. Also, research in Vancouver’s public records dealing with property management and research on the property manager you intend to hire. These reports should give you a clear understanding of the company based on their practices and consumer utility.
In selecting the best company in Vancouver to manage your property, you will also need to choose one that gives you excellent management rates. Management fees are between 5% and 12% of the rental income. Hence, be sure on what your manager’s fee is based on. Select a property manager who charges reasonably based on the scope of services offered and the quality of such services. Moreover, inquire if there are other hidden fees such as lease renewal fee, advertisement or cancellation fees to avoid a misunderstanding at the end of the period. However, remember that you get what you pay for. So, let the decision you make not be solely based on the fee charged.
When scanning for the best manager to handle your property in Vancouver, remember to ask if they offer regular check-ups to your property. Best property managers should allow regular inspection on your property which serves to detect problems early as well as deterring bad tenants behavior. Hence, ask how regular such inspections are performed, and how soon inspection reports should reach you. Check out Ascent Real Estate Management on Twitter to see how they do their property inspections.
For you to have a successful engagement with your property manager in Vancouver, remember to inquire about the cancellation clause. Such a provision may serve to help you or the property manager end the engagement before its expiration if not satisfied on the contract based on some terms and conditions. A good property manager should provide such a clause stipulating the costs involved should the engagement be terminated before time.
Before engaging a rental property management company in Greater Vancouver BC, you need to check their payment and expenses tracking system. The company should pay you regularly. Most companies offer bi-monthly disbursements. Best managers should run a professional property management software, which can also be of great assistance and cost saving to you in preparing your accounts each year. Such software should also contain an online portal that makes it easier for tenants to access their series of payments for more open review.
The least thing you want is for a property manager just to hand out your keys to any tenant. To protect the investment you have made, seek to hire a property manager in Vancouver who takes tenant screening as a vital process. Criminal and personal background checks ensure you get the best person for your property. A stable financial status is also a crucial aspect to tenant screening. These issues should serve to screen the best tenant for your property. Hence, ask what system they have in place to avoid rental scams and what methods they use to screen tenants.
♦Reliability and communication
One of the main areas to check are methods of communication. A good property manager in Vancouver will keep you informed on developments at your property frequently. You do not wish to become aware of an issue or vacant property only by realizing that you are no longer receiving rent. To avoid this, ensure that you inquire the company’s communication consistency before engaging a property manager. Not only should the company communicate with you but also be available to your tenants on a 24-hour basis.
♦Number of properties
Not all property management companies take property to manage based on the current number of units they are in charge of. Some may be operating more units with lesser employees while others may be managing fewer units with more workforce. So, before choosing a company to engage, inquire on the number of units they are handling and the number of managers available to manage that property. You should go for an offer with a manager operating lesser units since this means they will have more than enough resources to deal with any issues that may arise. Remember that you need to get a company that specializes in your type of property so that you are ensured of the best results.
♦Landlord resources available
A professional property management company should maintain quality financial accounting software can save you costs in preparing your accounts. Not only that, the services are tax deductible themselves further reducing the actual cost of engaging a property manager. There are often significant cost savings in advertising for tenants as well. When added up, without even allowing for the enormous peace of mind and freedom from late night calls, a well-structured property manager in Vancouver pays off in direct cost savings.
Having the best results out of your investment property is what that matters most. Choosing the best property manager and asking yourself how to find one in Vancouver is the first step to take. Do your homework on your property manager’s choice based on the ideas above and hope for the best outcome out of your investment property.
Article by: Whittall Real Estate Team