Are you thinking of investing in an income property ? Thinking it’s an easy way to make money.Have you done any research to make sure everything that is involved? Maybe you just want a new hobby or love real estate and helping others. No matter what the reason is you may want to consider a property manager.Read below to see why.
Here are some things you may want to consider or ask yourself:
- Do I know the tenancy act?
- Do I know how to properly maintain the rental home?
- Can I find the right tenant?
- Am I comfortable evicting someone?
- Can I arrange repairs quickly?
- Am I comfortable asking for rent when it’s late?
- What work is involved in managing a property?
- Most importantly do I have the time to manage a property?
If you are unsure about any of the above you will want to look into a Property Manager and see what they offer.
Certainly do your research and interview Property Management companies.
An investment property is a big investment and you want to make sure you protect it.
A good property manager will walk you through the whole process, so you understand what to expect and what they offer.
If you find the right manager they will have a list of trades people on hand, knowledge of the area, have a system in place to manage the inevitable issues that come up.
As a manager they will have a system on how to choose the right tenant. They collect rent and know what to do when renters don’t pay. They should be well versed of the tenancy act to protect you, this would include the rights of eviction and the proper steps to take.
What systems do they have in place?
There should be a policy in place for every tenant applicant: an application, credit check with reference checks. Plus the ultimate thing is a manager should listen to you and your wants and needs as a landlord and be able to tell you if your wants are reasonable in the renting world. Sometimes people have a preconceived notion that you can just choose whoever you rent to. For example: someone may say I am not renting to anyone with kids, boyfriends/husbands or animals narrowing things to just females. This is prejudice and against the law which is why a manager will help you understand why.
A manager will have a marketing and advertising method to get a place rented that is more effective then the average joe.
They are also there as a mediator, if there is a conflict with the tenant.
These are only the big things a manager can help with in protecting your investment. They help you sleep at night knowing you made the right decision to invest and protected.
So what are you waiting for?
If you want to know more about what we offer: Click here