Managing your investment property.
There are many advantages to usinga professional property manager rather than managing as an owner. For example, has a disciplined tenant selection process, and through the course of their day to day work meet many prospective tenants from which to choose the best for your property. Our experience usually allows them to ask the right questions as well as being able to "read between the lines" in relation to the answers.
Things to keep in mind when investing in property and choosing a property manager:
- Confirm the term of the rent or lease reflects the current market environment, as well as your investment goals. The supply and demand of rental property can vary significantly within the term of a lease, as does going market rent. If you are looking for stable yield, you may be willing to sacrifice on monthly rental for long term continuity of revenue. A professional property manager can advise you on how to extract the best return on your investment property.
- Property owners are obliged to ensure your property is secure and lockable, so make sure you have security measures in place, i.e, window locks and deadlocks. Tenants are often not able to insure their belongings when there are not specific security precautions in place.
- Check the detail re: tenant-landlord responsibilities in the Special Conditions of your lease. Tenants may ask you to arrange and pay for repairs that are actually their obligation.
- Have all your paperwork in order. Tenants can dispute claims on a bond through an application to a Tribunal, whether it be for lost keys, costs or repairs or other tenets of the lease agreement. Know your rights and obligations upfront, keep receipts and copies of correspondence between you and your tenants. Your property manager can handle this for you.