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.
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.
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.