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British Columbia Real Estate: Should You Hire a Property Management Company?

Around one-third of the families in British Columbia rent property. That gives you, as an investor, a lot of opportunity.
Owning British Columbia real estate is a great way to bring in passive income and plan for your future. However, property management is not as easy as it sounds.
Many people overestimate how much they can do by themselves. Don’t make that mistake. Instead of stressing over your property and spending time ensuring everything is perfect, a professional team can do it for you.
Hiring property management services comes with a lot of benefits. We've listed them below, so keep reading!

High-Quality Marketing

Finding the right tenants is one of the hardest parts of managing property. As an investor, you’ll have to spend a lot of time finding renters. It could take you weeks, maybe even months, to find someone interested.
You likely don’t have the same resources that a property management company will have.
The management company will have different marketing strategies and will know exactly how to advertise your property to find the ideal tenant. They will have connections to other professionals in the industry that will help make your property more appealing to tenets.
For example, you'll need stage photos and videos to put online for people to see.
A management company will know how to create the best advertisement that shows your property's best qualities.

Screening Tenants

Screening tenants is also another challenging aspect of property management. It's vital that you have reliable and reputable renters. This will help you avoid the eviction process and you won't have to worry about your property being damaged.
A management company will take care of the screening aspect and will choose the most suitable tenants. They will run background checks, check their credit history, call references, and confirm their employment.
All this information will be helpful in making the final decision. However, it takes time, which you may not have if you're trying to expand your real estate portfolio.
An extensive tenant screening process will help reduce vacancies, lower tenant turnover rates, and increase the chances of timely rent payments.
Again, without the help of experts, this process will take a long time. If you've never screened tenants before, there's a higher risk you'll choose a renter that may not be the best fit.

Financial Management

Money management is very important, especially when it comes to running your properties. This isn't a task you can put off. You need to be on top of your financials all the time or you risk making mistakes and losing money.
We understand asking for help and delegating financial management to a team can be a stressful decision. If you've always kept your own books, you may be hesitant to pass the responsibility to someone else.
However, doing so will be a game changer for you, your profits, and your real estate investments. A British Columbia real estate management group will keep an accurate log of all your financials regarding your investments.
Whether you have one property or 100 units, they will take care of it. Every month, they will provide you with statements so you can see where your money is.

Rent Collection

Rent collection shouldn't be difficult, but unfortunately, many owners face challenges with tenants and late payments.
You don't want to spend your time contacting your renters over and over again to get rent. The good news is you don't have to. Your management team will do that for you.

Setting Rates

When you're setting rent rates, you can't pull the number out of thin air. If you charge too much, you'll have a hard time finding tenants. If you don't charge enough, you'll lose out on profits.
Instead of stressing and trying to figure out the perfect amount, let the experts do it.
Our team knows the current local market and will be able to set the rent rate at the perfect amount. They will have information about other properties in the area, which will help them determine the amount you should charge.
You may not have access to this information, or it may take you a long time to research it. As an investor, you know the market is constantly changing and staying up the date with the local rental amounts can be time-consuming.
You won't have to worry about not charging the right amount when a professional team is backing you.

Property Maintenance and Repairs

No matter how great your tenants are, your British Columbia real estate will need repairs at some point. Regular maintenance is also key to keeping your property value high.
You don't need to worry about hiring someone to unclog the gutters or mend the fence. A property management team will take care of that for you.
Often times owners don't live in the same city as their real estate investments. It could be a hassle to get to your property when there is an issue. You also may not have a network of trusted contractors, which is where a management company can be helpful.
They will be well-connected within the community and will know who to call if something goes wrong or if your property needs maintenance. You don't have to do any research to find a reputable company to hire.

Legal Compliance

There are a lot of laws, regulations, and restrictions that you must follow as a property owner. Knowing and understanding the local and national laws is key to staying out of legal trouble. However, there's a lot of information and with everything else you have on your plate, it's easy to forget about it.
Laws can change as well and if you aren't aware of it, you could find yourself in a lawsuit. A benefit of a property management company is you will have a much lower risk of getting into legal trouble.
They will ensure the wording in your contracts is correct. They will also be there to back you in case a tenant does sue or you have to go through the eviction process.
The team will also ensure your property complies with legal safety codes and follows fair housing regulations.

Handling Insurance Claims

There may come a point where you have to submit an insurance claim. The property manager will be able to assist you with this process as well.
They will advise you on what documents you need and where to find them. We can also help you maximize the compensation that you get from the insurance company.
Having an expert by your side when you’re submitting a claim can alleviate a lot of stress.

Peace of Mind and Convenience

Another benefit of property management in British Columbia is the convenience. You won't ever have to worry about getting calls in the middle of the night from a tenant about a busted pipe or broken lock.
A support team will be available to help the tenants on the daily. You can be involved as much or as little as you want.
You can go on vacation and have peace of mind knowing your property is taken care of. You can also be confident that your management team won't make big decisions about your property without your consent.
The day-to-day investment property operations are a lot. It's not as simple as it sounds. Having a team that you trust and can count on will help reduce your stress and give you time to focus on other aspects of your life, like family, friends, and other business ventures.

Keep Existing Tenants Happy

The happier your tenants are, the better. Providing 24-hour property management services will give your renters everything they need. They will then be more likely to resign, which decreases tenant vacancies.
When your tenants decide to move out, if they had a good experience renting from you, they will be more inclined to share your property with others. You could also potentially use them as a reference for other future tenants.

British Columbia Real Estate Guide

Don't spend hours and hours trying to manage your British Columbia real estate by yourself. You will save yourself a lot of time and stress by working with a team of experts.
Our professionals are ready and available to help you. We know the local market, we will advise you on laws, find the best tenants for you, and much more.
To learn more about our property management service, shoot us a quick message. Whether you have questions or if you're ready to let someone help you manage your property, we are ready!