What are the important advantages of hiring a property manager?

We hope that this information will be useful to inform you about the six important advantages of a property manager, explaining what process or procedure a good new tenant is selected through.

First, we will show you how to set the right rental price.

The most important thing to determine the appropriate rental price is to collect, compare and analyze the market price, region, and houses that can be compared. A few months ago, the owner of a house called and said that he contacted me because the rental had not been rented for 2-3 months. As a result of our analysis, pricing and marketing were the issues. After adjusting the price and marketing well, the house was rented in 2 weeks.

Second, we will tell you about the importance of marketing and advertising and how to do it well.

I would like to explain how to get the maximum amount of rent depending on how you do marketing and advertising, and how not to leave an empty house for a long time. Enter the information of the house that will be placed in the advertisement as accurately, easily, and in as much detail as possible, with particular emphasis on the merits. It will be differentiated from other houses by taking advantage of the greatest strengths of the house. Also, you should know the advantages of the surrounding area. (Example: transportation, school district, amenities….) And, clean and organize the house as much as possible, take photos and videos, and post them. Advertise on as many websites as possible. Also update the advertisements on the websites frequently.

The third and most important are the methods and tips for selecting good new tenants.

It would be a waste of time if an email or phone call came in and you just showed them the house any time. When contacted, it is better to ask a few questions to decide whether to show or not.  It would be a good idea to do an open house once or twice and select a new tenant. The content of the question can be mainly asked about name, occupation, number of occupants, and expected move-in date. If the landlord is looking for a new tenant within a month, but the new tenant is planning to move in two months later, showing them may be a waste of time. If the new tenant shows interest after the viewing, you can have them fill out the lease application form, receive the information, and write the new tenant's credit and background check. Also, it would be a good idea to get accurate information from the current landlord and employer through e-mail or phone. (Example; whether the rent is paid on time or not, and he or she does not cause any problems…)

Fourth, we will inform how to write a rental contract and additional documents.

If you choose a good tenant, you will first draw up a rental agreement. As a property manager, I add 2-3 pages of detailed documents to the general agreement. (Example: penalty for late rent, penalty for house maintenance and damage, ….) Before the tenant moves in, we thoroughly inspect each one of them together. It's also a good idea to take photos and videos to avoid disputes later.

Fifth, one of the strengths of property managers is that they know the law.

How much do you know about the laws that apply to landlords? One of the biggest advantages of hiring a property manager is that you avoid legal issues. A property manager who understands all provincial and federal laws regarding discrimination in screening and selecting tenants avoids violating discrimination laws. Also, if the tenant does not pay or delays in paying the rent frequently, property managers take an action to evict a tenant and a good property manager knows how to handle it in the most efficient way possible within applicable laws. If you choose a good new tenant, you won't have to worry.

Finally, property managers act as a buffer between owners and tenants.

When using a property manager, homeowners can maintain a professional distance with their tenants. Getting too personally involved can result in being too tolerant of certain issues or too defensive about certain types of complaints. Renting real estate is a business and it is much easier for a property manager to keep the housekeeping at a strictly professional level. If a problem arises, the property manager is ready to deal with it effectively.

I hope it was useful information. For more information, if you are currently looking for a property manager, or if you have a problem with an existing tenant, please feel free to contact me.