If you own rental property, the chances are good that you are not looking forward to dealing with tenant issues. It doesn’t matter whether it pertains to making a small repair or screening potential tenants when your unit is empty the job can be a real challenge, especially for those without requisite experience. The good news in this is that there are property managers available in Vancouver who make it their business to deal effectively with both tenants and owners to make their relationships run flawlessly. The problem is most often separating the good from the bad since a good property manager can help ensure a monthly cash flow while a bad one can almost drive you to bankruptcy. These tips will help you separate the former from the latter.
1. Find out about their business.
It’s great to know that a property manager has a lot of experience with his business, but when he has too much, it can be as bad as not having any. You should make sure that he has adequate time to pay attention to your business, but if he has forty other clients he is working with, and with no help, the chances are good that your needs will get short shrift.
2. Does that property manager own rentals?
“There are two ways to look at this one. First, if a property manager owns rentals, he can better understand what it feels like to be an owner. On the other hand, if a property manager has a vacancy in one of his properties, will he be objective enough to recommend a potential renter to you or will he grab it for himself?” points out Robert Cornwall of Property Management in Vancouver.
3. How does a property manager feel about inspections?
Routine inspections of a property should be a given. Unfortunately, not only do some property managers balk at the prospect of doing these, but many will charge an extra fee if you insist that they do them. Steer clear of any property manager that doesn’t consider periodic inspections to be a part of their standard services.
4. Does a manager listen to you?
Many property managers will spend their time cutting you off and injecting themselves into a conversation with clients. This is wrong. A property manager who is worth their salt will listen to their customers and take their concerns to heart.
5. Keep a handle on maintenance issues.
A property owner should have some assurances that maintenance issues are taken care of properly. Repairs will normally need to be made, but don’t allow them to get out of hand. You would be well advised to give a property owner a limit to what he can spend without your approval.
6. Keeping you up to date.
You have a right to know what is going on with your property. Your monthly check from the property should be accompanied by a full accounting of what has gone on with your rental during the month.
Many items could be added to a list like this, which, however, is just a mini-course. If you think of something, ask your prospective manager. The time and money you save will be your own.