Owning a property in Vancouver that produces income is pretty much an ideal way to make a living. Let’s take a look at this from a homeowner’s perspective. If you own a house, you need to pay for maintenance, repairs, taxes, mortgage interest, landscaping, utilities, or a homeowner association fee that covers some of these expenses. Yes, you do have a roof over your head but it’s purely an expense generator. That is why many people are looking into buying rental properties like apartments.
Being a landlord is indeed a very suitable vocation. But, yes but! It can be extremely overwhelming. Just like with any business that has plenty of perks, running a rental property takes a whole lot of work.
There are, however, a number of solutions to this particular quandary. For many rental property owners, the most obvious is simply hiring a property management company. And many investors will attest to the fact that hiring a company that specializes in property management in Vancouver is worth their weight in gold.
Let’s take a look at how property management in Vancouver would make your life as an investor so much easier:
This is a no brainer. Just look at the traits of a good tenant: always pays on time, normally stays for the long run, respects their neighbors, and finally, they take care of their domain, so the landlord wouldn’t have to worry about damages. Companies in the field of property management in Vancouver know how to screen candidates for tenancy since they have seen thousands of applications. They know the workaround in digging into the candidates’ background and can identify early warning signs.
Having an effective strategy for acquiring rent payments on time is something of an art that is truly crafted by professionals. Acquiring your income on time is vital to your success as a rental property owner. The programs set by these companies are tried and tested plus these companies work as the buffer between you and a tenant that’s overdue with his payment so you wouldn’t have to be that evil landlord chasing down late rent by banging on their doors.
A Shorter Vacancy Timeframe
The length of vacancy can vary depending on how you perform the critical tasks. There are three critical things every rental property owner needs to accomplish after a tenant moves out: prepare the unit for rent, determine the best rate, and lastly, market the unit effectively. A good property management company has the understanding of what potential renters are looking for and they have the knowledge of the local market and can determine the optimal price by accessing data on recently sold comparables and utilizing rental rate tools.
Any business would want to keep their clients, not lose them. Especially if these clients are ideal tenants have been thoroughly screened by a residential property management company. It’s also easy to see how lost rent will have a significant effect on the owner’s pocket but the turnover process is potentially devastating. Any company that specializes in property management in Vancouver will have a strategic tenant retention policy in place.
You as a rental property owner might be away for quite a period of time or just simply live on the other side of Vancouver. Residential property management companies have routine inspections that provide reports in place with a rotation of at least every 180 days. This will keep you in the loop as to what is going on and what the condition is of your well-maintained money making machine. Another thing, faults in properties that are found quickly can be repaired before they turn into irreparable damages. Think of this a property management company’s routine preventive measure.
Local Law and Regulations
Any good property management company should be up to date with the property laws in any locality in Vancouver. That extensive knowledge also includes anything regarding federal regulations.
Assistance with Taxes
A property management company does not only focus on the property itself, they can also assist you in organizing all the mandatory form and documents as well as help you gain a better understanding on what deductibles you’ll be able to claim.
Property management companies have a roster of reliable contractors, suppliers, and marketers to name a few that provide excellent quality work and for far less than the price of when you have to hire them yourself. The partnerships that they have with their associates are also tried and tested just like the system of work the company has in place. So this gives you lower maintenance and repair costs as well as effective marketing for whenever there comes up a vacant unit.
Less or No Legal Problems
It can only take one tenant from hell to cause an onslaught of costly legal headaches. Property management companies are armed to the teeth with the most updated landlord-tenant laws and will protect you from becoming an open target to a potential lawsuit. The probability of a situation of such has already been decreased during the tenant screening process.
So there you have it! Just a few reasons that are more than enough for any investor to agree that hiring a company that specializes in property management in Vancouver is probably the most logical thing that they can do.
Also, just to add to these reasons, there are plenty of personal perks of hiring a company that specializes in property management in Vancouver. One of the biggest is having less stress. Less stress is the product of not having to get your hands dirty and too involved in the lousy aspects of being a landlord like dealing with miserable tenants, chasing down rent, or the other perks mentioned earlier. Another personal perk is more freedom. No need to be in or near your rental property 24 hours a day, 7 days a week so you can go about, have fun and enjoy the beauty that Vancouver has to offer.