Property Management - To Hire Or Not to Hire? | Marketplace

Property Management - To Hire Or Not to Hire?

Are you ready to clean, make repairs, place ads in the paper, screen tenants and handle emergencies? If you aren't planning on hiring a property manager for your rental property then we hope your answer was YES! If you answered no, then here's some tips on finding the right property manager for your property.
Property Management - To Hire Or Not to Hire?

Property Management - To Hire Or Not to Hire?
By Julie A Broad

Here's a list of some of the things we've had to do when we've opted not to hire property management:

Clean the property of clutter and maintain the outdoor areas of the property while occupied. This includes snow removal in the winter and lawn maintenance in the summer. When vacant, you will likely have to get in there and clean it yourself (or hire someone) to make it more presentable.

Repairs and maintenance (from small things like changing a lightbulb or unclogging a toilet to bigger things like painting or electrical work). Even if you hire someone to do this work, you still have to do the work to hire someone.

Determine the market value of rent in order to advertise the units (check comparable houses/units in the area by checking online or local listings).

Determine best places to advertise and place the ads for your rental units (front lawn, local university, paper, online, etc.).

Show the property, take applications and screen potential tenants.

Collect rent - which can be a big pain if you don't live nearby.

Deal with problem tenants (giving notices, working with the local government tenancy office, evicting).

Handle the 2a.m. emergency call that the hot water is not working, or that the furnace pilot light has gone out, and so on!

There is a lot of work involved in property management. Often, the work involved (and any problems) are unexpected and happen at inconvenient times.

So, you're not up for it? Neither are we! It's a lot of work. But, before you rush out and hire any property manager you can find, take some steps to make sure you hire the right one.

A good, reputable, hands on property manager really is what makes property investing enjoyable. We haven't been so lucky with all of our property managers, but we're learning. Our best property manager oversees 4 properties, and we often forget we have them. He keeps our tenants happy, provides us with monthly statements, only contacts us when necessary and has earned our trust completely.

Before you choose your property manager, it's a good idea to take some precautionary steps, including:

1. Check the Better Business Bureau;

2. Contact associations like ROMSBC, GTAA etc. and ask for a recommendation, or if they know the property manager you are considering;

3. Ask if s/he is licensed, and with who (get details);

4. Ask for 2 or 3 references from your property manager and give them a call;

5. Drive by a couple of the properties currently managed by the property manager;

6. Ask friends and family for recommendations.

Do your homework. Hiring the wrong property manager can cause you a lot of grief. But hiring a good one, can save you time, money, and stress!

Free tips and information on investing in Real Estate in Canada at http://www.revnyou.com

* Three easy ways to make money in real estate (so easy you'll be making money while you sleep!)

* How to buy properties in Canada with limited cash

* Your property type