You’ve been a landlord for a while now and you went in with big dreams. You may have thought you were a people person at the start, but somewhere along the way you’ve realized you’re having difficulty managing renters’ concerns or even bringing in quality renters in the first place. If dealing with your tenants has you ready to jump ship, it’s time to consider working with a property management company. Here are four ways that a professional property management company can help you build solid relationships with your tenants without forcing you to sacrifice your standards, sanity, or budget.
Maintenance & Repairs
Maintenance issues are the most common complaint from renters in Calgary. Whether it’s a broken-down furnace or a pest problem, it’s your responsibility as a landlord to deal with the problem in a safe and timely manner. If you’re spread too thin or are hard to get a hold of, tenants can become understandably irritable. A property manager can take this load off your plate. With them responsible for managing maintenance and repairs, your tenants will be much happier knowing their problems will be attended to.
Rent Collection
Rent makes up the biggest slice of your investment income; it’s the whole reason you became a landlord in the first place. Collecting, however, isn’t always a breeze, especially in tough economic times like the one we find ourselves in now. Tenants may be hard to track down, default on payments, or require a customized payment plan that you’re not prepared to offer. Property managers are well-versed in the song and dance of rent collection. Their professional skills can act to mitigate awkward requests and ensure your books are balanced at the end of each month.
Legal Expertise
In the case one of your tenants is in serious breach of their lease, a criminal offence occurs on your property, or a disgruntled renter decides to make false accusations against you, a property manager can step in and take the reigns. Owning an investment property is not without its legal challenges though. Unless you are familiar with real estate law yourself or have access to an excellent law firm, having a licensed professional on your side can save you time, money, and a ton of stress.
Screening Tenants
Finding high-quality tenants is part and parcel of the job of a property manager. The concept is simple, though far from easy: by renting to reputable people, you significantly decrease the risk of property damage, unruly tenants, scam artists, and a whole host of other renter-related issues. Property managers know how to find, connect with, and screen potential tenants and applications.
Maintaining a healthy, professional relationship with your tenants is key to ensuring you’re getting the most out of your Calgary-based investment property. Happy tenants tend to stay longer and share their good experiences with friends and family, ie: other potential renters. But keeping them happy is sometimes easier said than done. If you are struggling with tenants, know you don’t have to do this alone. Reach out to our team of property management experts to see how we can help!
