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8 Reasons Why Hiring a Property Manager in Calgary Will Benefit You: Part 1

For many property investors, the main objective is to increase ROI and maximize cash flow, and the correct fundamental principles of property management can make that possible. It can also quickly become a stressful task which requires an ongoing routine, especially when regulations are involved.

Often, when we think about the efforts required for managing a property, the tasks may seem simple. Find a tenant, get the contract signed, collect rent and make sure the house stays in good shape. When it comes to putting this theory into practice, however, the details and the level of time and effort extend far beyond the series of tasks previously outlined.

Property Managers in Calgary significantly contribute to meeting the objectives of income properties, regardless if it involves a single unit or a portfolio of different properties.

1) Finding Tenants

The most significant advantage that professional property managers offer is that they already have an established client database. They can tap into this database for potential residents and pick the right ones for your property. Having a customer database plays a huge role in successful property management because the longer your house stays vacant, the more the carrying costs would be. Property managers can reduce the vacancy time significantly, and that alone can have an enormous impact on the overall revenue you get on an annual basis, especially if you have multiple rental properties. Another benefit of having a property manager is that you can get insights on what the optimal rent should be because of their exceptional local market knowledge.

2) Filtering Tenants

One of the factors that determine the overall value of property in a neighbourhood is the type of tenants living in the property. You need to have a keen eye to judge a person’s ability to maintain payment and upkeep your property through background checks and credit history. Property managers can take on the role of filtering applicants by running thorough background checks which can include work history, criminal records, and credit reports (through credit check services). Just implying that you will be running background checks can deter a lot of applicants with less than adequate backgrounds.

In order to find tenants, there is a lot more effort that is needed, especially online. Almost 94% of buyers and renters begin their search online, advertisement also plays a crucial role in getting your property in front of the right tenants. However, getting your property discovered and finding tenants only serves as the initial responsibility of property managers. In the next part of our blog, Urban Dwellings Calgary will explore the other benefits property managers offer to income property owners.

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8 Reasons Why Hiring a Property Manager in Calgary Will Benefit You: Part 2

In the first part of our blog, we began to outline one of the main responsibilities of property managers, which is to price the rent correct, find and screen tenants for income properties. In this blog, we’re going to focus on the next series of benefits that property managers provide income property owners in Calgary, which focuses on maintenance and ongoing routines, starting with having tenants sign the lease.

Lease

Once you finalize a candidate, it’s time to take them onboard. But there is a critical step before they move into the property. They have to sign an airtight lease, so you are legally protected. This legal document isn’t something you should be researching for or writing. Your property manager has likely worked with an attorney to create a draft, with clauses, to protect you and your assets in the case of legal action. These would include the latest regulations that would be applicable within Calgary.

Collecting Rents

Having a property manager means there is a buffer between you and the tenants. It’s a property manager’s job to ensure rent is collected on time everymonth and or work out any issues if rent is late. This may include posting late rent notices, working with tenants that have viable excuses and collecting late fees when applicable.

Evicting Bad Tenants 

Making a difficult decision is part of a property manager’s job description. At times, you will get a resident you aren’t happy with, and the only solution would be to evict them. It can be because the tenant is overdue on rent, damaging property, getting complaints from neighbourhoods or have violated the terms in your agreement. It’s where a property manager would play an essential role by taking timely action of legally evicting such resident(s) to mitigate loss of income or damage to your property.

Repair and Maintenance

Repair and maintenance is an ongoing process for any property. As the property owner, you wouldn’t want your tenants to call you in the middle of the night to fix something. A property manager can not only fix the issues that residents are facing but also utilize their professional network for repair and maintenance services at a discounted rate. For multiple unit properties, the property manager can supervise the professional on-site staff to ensure that your residents get the very best customer support possible. Also, whenever a resident decides to move out, the property manager is responsible for the move out inspection and ensuring anything that is not regular wear and tear is fixed, repaired and paid for by the tenant. Having a property manager means that all the repairs would be done in a more streamlined manner and shorter duration, so the house doesn’t remain vacant for long.

In our final series of the three-part blog, we are going to focus on the laws and regulations specific to Calgary and the important role they play when renting out any property to tenants. If you have any questions about renting out your property, you can contact Urban Dwellings Calgary for a free consultation by clicking here