If you own an investment property, you may have considered hiring a property manager. Working with a property manager can offer a lot of benefits, from making rent collection a breeze to having support when it comes to on-site maintenance. Wondering if working with a property management company in Ottawa is right for you? Read our top 5 reasons you should hire a property manager.
1. Save time
Working with a property management company can save you lots of valuable time. A property manager will handle the day-to-day activities of managing a rental, as well as tenant placement and move-ins/move-outs. Avoid falling into complacency or rushed efforts with a dedicated property manager. A property manager will also handle the not-so-fun aspects of running a rental, like dealing with problem tenants or late rent collections, so you can spend your time on what matters most to you.
2. Better tenants
Speaking of tenants, a good property manager knows how to find you the best tenants for your rental property. During the tenant placement process, your property manager will screen your tenants to make sure your renters are responsible, respectful and reliable. Good tenants are crucial to having a successful rental property! Avoid issues like problem tenants and late rent payments when you have a pro to screen your prospects.
3. Increase value and save money
A property manager can actually help you increase the value of your rental property. With extensive knowledge of the rental industry, a PM can provide an analysis of your property and make suggestions to improve your rental. They can also help you save money! Managing the move-ins and move-outs helps to ensure there are no damages to your unit. Keeping a rental well maintained is another great way to save your money.
4. Knowledge of Landlord/Tenant Laws
Your property manager will be knowledgeable of the laws surrounding landlords and tenants, such as the LTA (Landlord Tenant Act). As a landlord, there are laws that must be followed and processes for handling different aspects of a tenancy. A property manager will help to ensure that all of the rules are followed and that you are legally protected as a landlord.
5. Keep an eye on the competition
Good property managers always have an eye on the competition. Regardless of vacancy rates, the rental market can be competitive, and it’s always useful to be in the know. They can monitor current market trends, see what the competition is up to, and make sure they are ahead of the curve.
No matter your reason for hiring a property manager, you’re sure to reap the benefits. Having an experienced middleman between you and your tenant is a great way to make sure your rental is being run smoothly! Count on an expert to help you maximize your rental property.