What are the 8 Benefits of a Property Management Consultant?
We wanted to take this opportunity to quickly outline YYC Real Estate Group's services as your Property Managing Consultant.
Owning a rental property can be a great source of additional income, however, it also comes with the added responsibilities of property management including consistent upkeep, maintenance work, repairs, and marketing.
If you’re asking yourself “Do I need a property management consultant?” — consider these 8 benefits of what YYC Real Estate Group can do, as your consultant.
1. Screen out problem tenants
One of the biggest benefits of a property management consultant is that the property manager will handle tenant screening. We see hundreds of applications, so our trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. We are quickly able to spot good tenant qualities, such as paying rent on time, taking care of the property, and more. Letting us manage the tenant screening process can improve your chances of landing a reliable renter.
2. Act as the point of contact for tenant concerns
If something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself. We can address problems at all hours of the day and arrange for a service provider to repair or replace the item from one of our trusted service providers.
3. Market your rental
We are skilled at rental marketing, including writing rental ads, taking high-quality photos, and hosting open houses. We also have local real estate knowledge and will be able to help you set a competitive rent price. Hiring a property manager with marketing experience can help fill your property sooner and reduce the time it sits vacant. 84% of renters use online resources when shopping or searching for a home — so it’s a good idea to list your rental on the right sites to attract those potential tenants.
4. Decrease tenant turnover
Good property managers know how to keep their renters happy. We are responsive and available, and take care of problems when they arise. Happy renters are also less likely to look for another place to live and more willing to accept reasonable rent increases. Of tenants who choose to stay in their current lease, 50% think their home is a good value for the price and 40% say they love the place they rent. We keep in contact with tenants and landlords at the beginning of the month to make sure that everyone is happy with the properties before problems arise.
5. Ensure rent is paid on time
Because we only get paid when you get paid, we are motivated to keep those payments flowing in. Consistent rent collection is key to receiving rent payments on time, and using a property management company will help enforce lease policies if payments aren’t received. If tenants are consistently failing to pay their rent on time (or at all), we will know how to deal with the situation, including issuing an eviction notice if necessary. We do not handle the money, the rent and security deposit goes directly to the homeowners from the tenants.
6. Avoid potential legal issues
We understand landlord-tenant rights and fair housing laws in Alberta, which can help you avoid potential lawsuits and save time, money, and energy in the long run. If you’re not comfortable handling things like evictions, signing/terminating leases, and handling rent and security deposits, you may need our expertise to take care of these issues.
7. Save you money on maintenance and repair costs
Using our services may also come with discounts for maintenance with our trusted service providers. We can perform regular inspections and find issues before they turn into bigger problems, which will reduce the number of emergency repair bills in the future.
8. Save you time and reduce rental headaches
If someone else is handling the daily management of your rental property and tenants, you’ll have fewer complications and commitments to worry about. If more time and less stress are keys to your quality of life, using a property management company can be a great asset. We understand the stresses managing your own property can bring, so let us handle it for you!
Investing in a rental property can contribute to your monthly cash flow and build long-term wealth — but day-to-day property management isn’t for everyone. If you just want an additional income from rent and don’t want to be responsible for the details of your rental investment, consider all the above-mentioned property management benefits that you’ll receive.