A few months ago, we shared 5 reasons why you need a rental property manager. As you may have read, owning an investment property is an achievement, but it can also come with many management tasks, responsibilities, and specific knowledge that can take up a lot of your time. We feel there are many reasons why hiring a licensed rental property manager is beneficial to landlords, so here are five more reasons why we feel hiring a rental property manager is a benefit.
Besides having rental market expertise, the ability to retain and manage tenants, rental law (Residential Tenancy Act) expertise, access to a large network of trades, and creating less involvement for the investor, a rental property manager can also assist with other management services including marketing, payment management, and helping maximize profitability on current and future investments.
1. Tenant Payment Management
Collecting and depositing payments is crucial to an investor’s income. Without the right tools, an investor could be missing out on maximizing their monthly income. A good rental property manager will have the knowledge and expertise to ensure a smooth payment process each month. This is extremely helpful when managing multiple investment properties. We offer pre-authorized payment (for tenants) and direct deposit (for landlords) at no additional cost, and will save you a trip to the bank to deposit cheques or manage e-transfers.
2. Marketing Made Easy
Finding the right tenants is difficult enough. Having to advertise properties adds to the stress. With the help of a rental property manager, there is no need to keep track of multiple ads and listings, ensure high quality pictures of the property are taken, decide which marketing platforms to use, or create engaging content or brochures for your rental properties. A rental property manager uses their vast network to ensure your properties are being advertised and rented in a professional and timely manner.
3. Investment Opportunities
Hiring a rental property manager allows an investor more time to research and purchase other investment properties, as well as grow their portfolio. A strong relationship with a rental property manager can be beneficial, as they may provide insight and expert advice on future investments including the ideal location, property type, and other tips and tricks. This, in return, will maximize the success of current and future investments.
4. Peace of Mind
Skip the headache and stress of managing investment properties without a rental property manager. Hiring a rental property manager will free up time, reduce risk, prevent cash flow issues, and create more efficiencies.
5. Maximizing Profitability
A rental property manager helps streamline occupancy, payment systems, repairs and maintenance, rent increases, and lease protection. Not only do they know the ins and outs of the rental market and rental laws (Residential Tenancy Act of BC), but they also have the experience needed to be successful.
As you can see, there are many benefits to hiring a rental property manager. Skip the stress and leave it to the professionals who know best.
At CENTURY 21 Prudential Estates (RMD) Ltd., we help guide real estate investors to success with the help of our rental property management team. Whether you have one or multiple investment properties, our team of professionals are here to help! Contact us for a free, no obligation proposal or check out our rental property management brochure for more information!
