If you own a rental property, you probably understand just how much time and money it can take to maintain it. If you find that you’re struggling to keep up with the demands of your rental(s), a property management company may be the right solution to help you reap the rewards without sacrificing so much of your time and money. In fact, a property manager can actually help save you money in the long run by helping you truly maximize your profits. Here’s how.
Less Vacancy
Taking on your own property management always seems like a good idea until you really start to understand the extent of time and effort it requires to maintain and find appropriate tenants. Any time your rental sits empty, you’re losing money. Advertising, screening, showing tenants around, and drafting lease agreements must be done for each new tenant, which, of course, can be very time-consuming. A property manager can take all of that workload off of your plate so that you can focus on more important things while reducing the vacancy rate of your rentals.
Legalities
Being a landlord requires you to know and understand what the laws are surrounding your rentals. This includes the federal, provincial, and landlord-tenant laws. If you’re not up-to-date on these matters, you could find yourself in some hot water. A property manager who understands these legalities can take care of any important legal matters to ensure that your properties and practises follow the law.
Screening Tenants
Property managers have the experience and training to put their skills into play, especially when it’s time to weed out any potential problem tenants. With background checks and a thorough screening process, you can trust your property manager to find good tenants who will respect your property and pay their rent on time.
Repairs and Maintenance
Handling repairs and maintenance can be tedious, but many good, professional property management companies have maintenance crews on hand to provide assistance whenever it’s needed.
Taking on your rental property on your own doesn’t always work in your favour when it comes to maximizing your profits. And in reality, you could, in fact, be doing yourself a disservice by spending much more time and money than you had expected. An experienced and knowledgeable property manager can reduce your vacancy rates and take care of all the maintenance, screening, complaints, legalities and rent collection issues so you can sit back and simply enjoy the benefits. Contact us at Sleepwell Property to learn how we can help.
