Property Managers
What should you look for in your Property Manager?
The job of managing your investment property is a time consuming and often complex assignment. It is also one that can affect your investment not just in rental returns but also in terms of the long term value. A good manger will be experienced and in tune with your needs and have regard to the issues that affect your investment.
Experience is paramount. Understanding By-laws in strata buildings, understanding how to handle tenant issues, from selection through to eviction (should it be necessary) requires experience as well as other personal qualities. A good rent roll that has been in the manager’s hands for a period of time is a good reference point for starters.
The manager’s ability to assume the full management of the property is key. But you also need to clearly define the demarcation points. How much do you want to be involved? Do you wish to be informed of all tenant or property matters?
Bad tenants are BIG headaches. So the ability to screen tenants is a key attribute. The simple step of performing a tenant screen can save you 12 months of headaches – put an end to late rent payments, damaged property, upset neighbors and worse.
A good manager will also present you with their proposals or ideas for how to create a set of rules – “house rules” – for example, around issues such as disposal or storage of rubbish or trash. And rules surrounding behavior in respect to noise, parties, use of barbecue grills on balconies or patios and the like.
And as with all things in life, getting a referral from a satisfied customer is always a useful guide to selecting a Property Manager.
Filed Under: Property Investment
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