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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.

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5 Secrets to Maximizing Rental Potential

In a competitive rental market, experienced property management professionals will tell you that there are a number of ways to ensure that your rental is performing well. Below are 5 industry secret’s to ensure that you are getting the best out of your investment property.

Tip 1: Quality Advertising
In a competitive market, with thousands of ad’s that can be used to compare to your listing, taking measures to having your rental stand out is the first step to demonstrating ‘value’. Telling a story that includes all of the wow-factors of a particular property will peak greater interest in the home and most importantly, when a viewing appointment comes through, sell it…. don’t just show it.

Tip 2: Screen your Tenants
In our opinion, there is no better way towards protecting your rental and ensuring it gets the top market price than thoroughly vetting prospects. This is your most valuable investment and taking calculated steps towards placing great tenants who will rent respectfully and treat your home responsibly can save thousand’s …even, ten’s of thousands of dollars in repairs, arbitration and potential vacancy.

 Tip 3: Annual Rental Increases
The government of BC allows for a nominal increase to be applied to a rental every 12 months. The last few years have shown us that this can range from 1% to 4% on the monthly rental rate. Allowed increases such as this are aimed at keeping in line with inflation and/or rising costs for managing a rental property. This can, if communicated appropriately with tenants, be a relatively easy way to ensure that your property remains tenanted while increasing costs are supported.

Tip 4: Preventative Maintenance
At Sycamore Property Management our belief is that ‘a dollar saved, is a dollar earned’ and one of the best ways to increase returns is to lower expenses. Preventive maintenance can do just that. Tenants can’t be relied on to perform such maintenance as they’re investment in the property is limited. In addition, we often find that tenants can sometimes be unaware or oblivious to small leaks that can often result in thousands of dollars worth of damage. It is important to have a plan and a team in place to ensure that your home is functioning as efficiently as possible. The bottom line is that regular maintenance will ensure that units are working as efficiently as possible and extending their lifespan tremendously.

Tip 5: Communicate, Communicate and Communicate
Perhaps one of the most underrated financial tips. Simply put, communicating consistently and being responsive to your tenants has the following side-effects; a longer healthier landlord-tenant relationship, rent will be timely and consistent, potential risks to the home will be made visible at the earliest and above all your tenants will appreciate you and care for the home to a deeper degree. A little gesture can go a long way to protecting your rental.

BONUS TIP – Connect with Sycamore Property Management – RE/MAX Masters Realty to experience many more best practices aimed at maximizing the rental potential on your property. We don’t just tell you…we show you.