10 reasons to hire a property manager

Whether you’re a first-time rental property owner or a seasoned investor, one of the biggest decisions you need to make is whether or not to hire a property manager.

If you’re the type of person who likes to be hands-on with everything from screening tenants and keeping the books to taking care of those inevitable late-night plumbing mishaps, then a property manager may not be for you.

But if dealing with all the hassles, headaches and emergencies that come with being a landlord is just about the last way you want to spend your time, hiring a professional property manager could be a great way to let someone else take some of those stresses off your plate – and save you some time and money in the process.

If you’re still on the fence, here are our top 10 reasons to hire a property manager:

1. Marketing your property

Finding qualified tenants can be a stressful and time-consuming process. A property manager who has experience renting out properties like yours can set up a targeted advertising and marketing plan that will attract a broad range of tenants, field any applications or inquiries they receive, and show prospective tenants the property for you.

2. Setting the rent

Deciding how much rent to charge is a crucial decision for any landlord. If you set it too high, you’ll have trouble finding good tenants. But if you set a rent that’s too low, you could compromise your cashflow or even jeopardize your long-term financial stability.

An experienced property manager will be able to analyze the latest market data, compare your property to similar rentals in the area, and highlight any specific pluses or minuses about your property to help you select a rent that maximizes your revenue potential and minimizes your risk.

3. Screening potential tenants

When it comes to renting a property, nothing is more challenging – or makes landlords happier – than finding great tenants who will stick around for years, always pay their rent on time, and who will take care of your property like it’s their own.

Property managers are experts in finding and screening tenants. This includes everything from interviewing tenants to running background checks, viewing credit reports, verifying employment records, poring over financial statements, and personally contacting multiple references for every tenant who submits an application.

4. Managing your tenants for you

Once your tenants move in, a property manager can also take over virtually all of the ongoing administrative and management tasks for you. This includes everything from handling questions and requests from your tenants to collecting the rent, regularly inspecting the property, and complying with any strata bylaws.

In addition to acting as a buffer between you and your tenants, having a dedicated point of contact who’s always ready to respond promptly and professionally to any issues that arise will also help keep your tenants happy for as long as they call your property home.

5. Maintaining the property

A systematic program of preventative maintenance and repairs won’t just help to protect your investment. It will also keep your tenants happy and build your long-term equity. In addition to handling emergency or unexpected repairs, a good property manager will plan for and take care of all the ongoing maintenance to make sure any problems are dealt with at the least costly stage of the process: before they happen.

6. Managing trades and suppliers

Property managers also maintain close working relationships with extensive networks of professional contractors, plumbers, electricians, and other tradespeople and suppliers. This means they always know who to call when anything needs fixing. As an added bonus, because most property managers hire the same tradespeople to work on multiple properties, they can often save you money by negotiating the best rate for any job.

7. Keeping up with reporting and compliance

Keeping up with all the laws, bylaws and regulations that govern the rights and responsibilities of landlords and tenants in B.C. can be a full-time job in its own right. Licensed property managers know every word of the B.C. Residential Tenancy Act inside out, so they can make sure you follow all the guidelines, legal obligations and reporting requirements to the letter.

In most cases, they can also handle many of the accounting, bookkeeping, reporting and tax preparation duties for you, making tax season a relative breeze.

8. Capital planning and budgets

One of the biggest mistakes new and first-time landlords make is failing to properly plan for big repairs and upgrades, like replacing an aging roof or buying a new furnace or heat pump. A property manager will work with you on capital planning right from day one, to help you prepare and budget for all the long-term repairs and upgrades that may be needed to maintain the value of your property.

9. Maximizing your freedom and peace of mind

A well-known real estate investing maxim says that the biggest emergencies always seem to pop up right when you’re about to go away on important work trip, bucket-list vacation, or family gathering or celebration. When you hire a property manager, you’re hiring someone who will always be there to take care of your tenants and your property, even – or especially – when you can’t.

If you need to move but don’t want to sell your property (or if you don’t happen to live in the same city, province or country where your rental property is located), a property manager can also give you the freedom and peace of mind that comes from knowing you have someone local you can trust to take care of everything for you.

10. Saving you time

Perhaps most importantly, by taking care of all of these tasks (and more) for you, a professional property manager can free you to spend your time on whatever is most important to you, whether it’s focusing on your career or business, building your investment property portfolio – or simply spending more quality time with the people you love.

Find out more

Interested in finding out more about what a property manager can do for you? Contact us to schedule your free phone call or consultation today!