Why hire a property manager?

As an investment, owning a rental property can be an excellent way to generate passive income. The process of managing a rental property can however be a time-consuming and stressful endeavour especially if you have multiple properties. This is where a property manager comes in. Here are some reasons why it is a good idea to hire a property manager for your investment property.

Time-Saving

Managing a rental property can be a full-time job especially if you have multiple properties. A property manager can take care of all the day-to-day tasks such as screening tenants, collecting rent and handling maintenance requests. This can save you a lot of valuable time that you can use to focus on other things such as finding new investment opportunities or simply enjoying the things that you love doing.

Better Tenant Screening

One of the most critical aspects of owning a rental property is finding good tenants. A property manager has the experience and expertise to screen potential tenants thoroughly. They have access to resources that can help them verify a tenant’s income, employment status, credit score, and rental history. This can help reduce the risk of renting to a tenant who may not pay rent on time or cause damage to your property.

Improved Tenant Retention

A good property manager knows how to keep tenants happy and satisfied. They can handle tenant complaints and maintenance requests promptly which can help improve tenant retention. Happy tenants are more likely to renew their lease and recommend your property to others, which can lead to a higher occupancy rate.

Legal Compliance

The province of British Columbia has a number of laws and regulations that landlords need to follow when renting out a property. These laws can vary from each property type and can be complex and confusing. A property manager can ensure that your property is compliant with all the relevant laws and regulations such as fair housing, eviction laws, building codes, notice periods and maintenance responsibilities that are critical to sustaining an unbiased and transparent tenancy.

Cost-Effective

Hiring a property manager may seem like an added expense but it can actually save you money in the long run. A property manager can help you avoid costly mistakes such as renting to a bad tenant or failing to comply with local laws and regulations resulting in damages due to the tenant. They can also negotiate better rates with contractors and vendors which can help you save money on maintenance and repairs.

In conclusion, hiring a property manager can be a smart decision for any investor who owns rental properties. They can help you save time, find good tenants, improve tenant retention, ensure legal compliance, and save you money in the long run. At Sycamore Property Management our detailed rental assessments, aggressive marketing, protective leasing and industry expertise is aimed to find you great renters, maintain excellent relationships and use all the resources in our tool kit to show you that your investments are our priority.