Undeniably owning an investment property is a risk. Leaving the day to day management to someone else is also just as risky. Therefore, there are a few questions you need to ask yourself to ensure you’re getting the most out of your property management.
Is your property manager maximizing the return on your investment? It is important that you get value for money when it comes to your investment property. This means having reliable tenants who are paying market rent (or above). It is also important to evaluate that the fee percentage your property manager takes reflects the workload. Are you getting honest, reliable and top level communication from your property manager? Or do you find yourself doing more than you should for the fees you pay?
Is your property manager pro-active and easy to communicate with? You should be able to contact your property manager with any reasonable queries or commands. If you find yourself struggling to have this level of communication you may need to explore other options. It is also crucial for insurance purposes that you are provided thorough, detailed routine inspection reports. Any maintenance issues, unless urgent should be run past you first. This is the same for any other relevant information regarding your property or the tenants.
Is your property manager local to your property? This may not seem overly important but in the case of an emergency how easily can your property manager respond to the scene. For maintenance problems it is always beneficial for your property manager to overlook issues before consulting a professional, this is most efficient done locally.
Is your property manger willing to act in your best interest on your behalf? Your property manager is responsible for meeting your obligations under the Residential Tenancies Act. This means that for any tenancy issues effecting your property your property manager needs to keep your best interest in mind. Are they doing this or are you constantly having problems and butting heads?
To put it simply, time is money when it comes to rentals. The longer your property sits empty, keeping the rent below market rent, deterioration of the property, these are all key factors that will cost you money in the long run. All of these can be avoided by using a reputable property management company. Be sure to do your research and if you have any questions about our services get in touch so we can have a chat about your place!