Your real estate business is growing. You have a few properties, maybe even one or two outside of your town and realize you need some extra hands to support your tenants with quality service.
To help handle this, you’ve decided it’s time to find a property manager.
How do you choose the right property manager for you? You don’t just want to hire a glorified rent collector – you want someone who can take initiative, maintain great tenant relationships and keep you informed along the way.
Here are our top tips for choosing a property manager.
Do Your Research
The easiest place to start your search is online. For example, if you have rentals in Ottawa, type keywords like “property management companies in Ottawa” into your search engine. This will pull up a list of companies in the area that you can start researching more in-depth.
You could even consult some local real estate investment Facebook groups so that you can get recommendations from fellow investors. They can give you more honest feedback about the companies they chose so you can make a more informed decision.
The best way is to ask other real estate investors in your network for recommendations. A great network of investors will look out for each other and may even tell you what companies to avoid.
Look Into Their Specialties
When you find a few companies that look promising, you’ll want to start digging around to see if they’ll be a good fit.
Find out what kinds of properties they manage. Do they handle duplexes and triplexes? Or large multi-family properties with 20+ doors? The management approach, leasing strategies and property maintenance procedures will be different for each one so it’s best to match the right one to your needs.
Some could operate in multiple different areas. Find out what areas they serve to know if they will be close enough to your properties.
Do they specialize in property management for short-term rentals (STR), mid-term rentals (MTR) or long-term rentals (LTR)? There are key differences between these that will require different real estate strategies. An experienced property management company that can handle the right one for you will be much more successful.
Ask The Right Questions
When you finally meet with a potential property management company, it’s important to ask them questions that will help you understand what you’re paying for and manage expectations. Some good questions would be:
- What is their plan for preventative maintenance?
- How do they handle emergencies?
- How do payouts work?
- What’s their tenant screening process like?
- How do they handle evictions?
- How do they find new tenants?
All of these will give you critical insight into how they will potentially manage your investment property and give you a chance to voice your concerns or ask any relevant questions.
Importance Of Choosing The Right Management Company
There’s no shame in taking the time to find the best property management services because they need to be a team you can rely on. The right property management company will benefit you greatly in many ways such as:
Saving and making you more money in the long term. A good property manager will find the best tenants for your rentals and be there to look after their needs. This is especially important when there are vacancies to avoid income loss as much as possible. An experienced property manager will also have enough market knowledge to charge a balanced rental price between making a profit and avoiding long vacancies.
Avoiding legal consequences. Good property managers are familiar with all the laws and regulations in the area so you can avoid legal headaches or lawsuits. Sometimes rules can even change but property managers stay up to date on the rulebook so you don’t have to.
Giving your time back. Chances are you have a lot going on, like a full-time career, a portfolio to grow and family responsibilities. You could make much better use of your precious time than managing tenants and maintenance requests. Property managers free you up so you can do more, whether that’s you-time or time to grow your real estate investment business!
Handling vendor relationships. There will be a time when you’ll need the services of vendors like contractors, plumbers, electricians or suppliers. Property managers can handle these relationships and make sure things get done within a certain time frame and budget. A good property manager will keep you informed and request approvals for any large expenses.
Giving you peace of mind. How would it feel knowing you have a property manager looking after your tenants, taking care of your property, keeping everything in line with the law, managing important vendors and keeping your business running like a well-oiled machine? This is why it’s important to choose a great property manager.
Flex Property Developments is proud to offer quality property management services in Ottawa, Gatineau and the Ottawa Valley so you can relax knowing your rentals are in good hands. Set up a call with us to discuss our property today.