How to Select Property Manager Initial Research The first question to ask when choosing a proper property manager for your rental property is whether the brokerage and the property manager are licensed and insured by REEOIC. This will make sure that you are dealing only with someone who you can trust your property with and…
How to Select Property Manager
The first question to ask when choosing a proper property manager for your rental property is whether the brokerage and the property manager are licensed and insured by REEOIC. This will make sure that you are dealing only with someone who you can trust your property with and not a crook who may walk away with your rent. You should always check with Real Estate Council of BC if the brokerage is licensed for property management and have licensed managers.
Specialization of the Property Management Company
While some companies have the capacity to do full service property management for industrial, commercial, strata, and residential rental management, most boutique brokerages will serve only a part of that. If you own a second house or condo or suite, your interests will be served best by a company who specialize in residential rental properties. Such a company should be extremely familiar with the Residential Tenancy Act and other legislation to properly address residential tenancy related issues.
Rent Assessment and Setting Rent
A local property management expert should be able to provide you with a rent assessment or rent report detailing comparable rental properties specifically for your unit. A prudent property manager would want to visit your rental place before they give you a number. They will discuss strategies available for setting the rent with you and allow you to choose the option.
You are hiring the property manager for their knowledge and experience in finding good tenants. While you should trust them at this stage, it is recommended that you ask if they have paid a trustworthy credit report bureau to order a credit check on tenants and if references are required.
A property management company that can provide tenants with multiple options of payment methods will have higher efficiency in collection rent. Payment options such as cash or cheques are valid forms of payment, though they may have more issues than online debit payments. There are also a few property management companies that can take credit card for rent collection.
Inspections, Repairs and Maintenance
You would want to know what system are in place for repairs and maintenance. It is also important to know who conducts the inspections and how frequently inspections are done.