Should you hire a professional property manager?

Managing a successful tenancy is certainly no walk in Stanley Park. A landlord has to wear many hats and often navigate legal, financial and technical scenarios to ensure quiet enjoyment is maintained. In keeping the investment property viable, any doubt or lack of understanding of the above frameworks can be damaging to an investors time, finances and more importantly, their peace of mind.

At Sycamore Property Management, our goal is to offer turn-key rental services that maintain strong tenancies and remove the stress of being a landlord.

Here are 5 reasons why hiring a professional property management team is the best decision for your investment property.

Bespoke fits better
Hands down, the enemy of a rental is a vacancy period. It is far too often that we see excellent properties sitting on the rental market unoccupied because they had the wrong rental listing strategy in place. In addition to location and marketing trends, there are several added elements that a professional property manager would include in their approach to finding exceptional tenants. This expertise, when combined with a custom strategy for your rental, could save you thousands of dollars brought on by an empty property.

Property managers are “show offs.”
A successful property manager requires to be a seasoned rental marketer. Knowing exactly where to list a property to ensure the highest amount of traction is vital. Additionally, a professional property manager will also be able to optimize a rental listing to appeal to the right demographic. Whether it is the use of captivating photography, video walk-throughs or 3D tours, a property management company will ensure that your listing is seen by as many people as possible.

When curiosity doesn’t kill
A bad tenant can be a nightmare that brings on property damage, unwarranted stress and potential lawsuits. An experienced property manager knows what to look for when interviewing and assessing prospective tenants and has had enough experience to spot the red flags. The professional approach is systematic and extensive. Employment, residential and financial history are screened so no stone is left unturned and your rental income is left more secure by placing qualified and reliable tenants in your home. Also, never discount the instinct of a professional who has been doing this for years! We’ve seen (and avoided) it all.

Been there, done that!
At best, the business of being a landlord is unpredictable and untimely. Emergency repairs, an everchanging legal landscape, life changes for tenants and inclement weather are only a few of the time-sensitive matters where if not addressed appropriately can cost you both a substantial amount of time and money. A professional property manager will have contingencies on hand based on their knowledge of the legal framework, familiarity with the rental market and access to industry resources. A wrong decision taken by an inexperienced landlord can prove to be very damaging. Ask anyone you know who has had a bad tenant experience. They are our best promoters!

Staying on top
Hiring a professional property management company will go a long way towards keeping your maintenance costs in line. An experienced manager will decide and prioritize what is needed to be done and their strong relationships with trade partners will keep price and service competitive. A qualified approach to preventative and emergent maintenance will increase overall savings and assist with property value. And don’t worry, you are involved along the way to approve costs so you aren’t surprised by your monthly financial statements.

The rent is due
We have all heard the saying “time is money” but have you ever thought about all the time you could save when you aren’t chasing your own money? A professional property management company would have systems in place that would ensure prompt rent collection each month and provide you with consistent cash-flow. It is clear that we are in uncertain times and rent may be challenging for a tenant on occasion. Even so, you can rest assured that an experienced property manager would have remedies in place to ensure all facets of rent collection were available to you as an owner and that it always remains paid.

In closing, when you make the decision to hire Sycamore Property Management you can rest assured that your investment and your tenants will be well taken care of. Our expertise and service level remains unmatched in the industry and is the reason our clients trust us with their rental homes. Connect with us today so we can discuss building and protecting your rental wealth!

7 Tips to lower your heating bill

Residents in Vancouver are often grateful for experiencing a milder version of the Canadian winter. Even so, an ambient home can prove to be a subjective topic. As we bid farewell to fall and temperatures across the province start to drop, it’s safe to assume that squabbles around the thermostat are to ensue. But what is not so subjective? You guessed it…heating bills!

With the current climate around COVID19, we expect less travel and a lot more time to be spent indoors during this season. Here are some easy to implement tips from the team at Sycamore Property Management that can help reduce and maintain heating costs for both landlords and tenants alike.

When one door closes.
Closing all the doors and windows in the house ensures that heat is trapped in your rooms, which would mean that less energy will be used in maintaining the warmth of your home. Simple steps that can be put into practice at your property are:

– Placing a mat at the bottom of doors to prevent heat from escaping or cold air from entering.
– When starting a conversation with someone, either invite them in or step outside closing the door behind you promptly.
– Use basic weather stripping available at your local hardware store around doors and windows to prevent further heat loss.

Getting fired Up.
A fireplace can add a cozy and inviting feel to any room. However, when lit, they can draw heat from any space right up through the chimney. An easy solution to this is, when your fireplace is operating, turn down your main thermostat and adjust the damper (if applicable) when not in use to slow the rate at which heated air escapes.

The winter wardrobe.
Did you know that setting your thermostat one degree lower can actually cut your energy bill by 3% and setting it 3 degrees lower can save you up to 10%? A cost-effective method of ensuring these savings are possible involves the simple act of putting on a pair of socks, pajamas or even that cable knit your aunt so thoughtfully made for you last Christmas.

Don’t get exhausted.
Bathroom fans and oven hoods are key sources of energy loss during the winter months. Using exhaust fans only when needed and shutting them off as soon as you are done can go a long way to reducing energy bills during those colder months. 

Is your refrigerator running? 
Did you know that the condenser coils at the back or bottom of your fridge are required to be cleaned regularly and can contribute to a higher energy bill? Dirt, food, pet hair, and all that other unwanted stuff that gets lodged under your fridge causes it to work harder to stay cool. A vacuum, coil brush, and some elbow grease are recommended to easily remedy this.

Adjust your temperature.
Ensuring that your thermostat is set to the lowest comfortable temperature across the home and is turned down at least 10 or 15 degrees when you away or asleep can save you a significant amount on your energy bills. A programmable or smart thermostat is recommended to make the process both convenient and efficient.

Out with the old and in with the LED.
Winter is a good time to switch over to LED lighting. They use at least 75% less energy than traditional bulbs and provide you with a massive saving on energy bills during the winter. This applies to all your holiday lights as well.

At Sycamore Property Management, we are always looking for ways to improve the lives of our clients and tenants. We hope that these easy to implement energy tips go a long way towards ensuring your comfort, saving you money and help us all be better friends to the planet. We wish you all a safe and healthy winter.