Property investment can be a highly rewarding venture if done properly. Many would-be investors take the plunge into landlordship without a full picture of what they are getting into. Whether you’re still wet behind the ears or you’ve been in the game for years, you may be considering if hiring a property management company is the right call for you. Each property and person is unique, so we can’t tell you what to do. What we can do, however, is share with you the top five reasons that our clients love working with a third-party company to support their real estate goals.
You Live Out of Town
More and more, real estate investors are branching out of their own neighbourhoods, cities, and even provinces. If you live in Kelowna and are running a rental home out of Airdrie, chances are that you won’t be flying out every time your tenant has a problem. A property management company is local and present for your renters, acting on your behalf to ensure that your investment is in working order.
You Value Work-Life Balance
In investment circles, many will tout being a landlord as “passive income”. In reality, that isn’t entirely true. Are you willing to be available for your tenants twenty-four hours a day, seven days a week? How do you feel about taking a call at 2 am when your renter’s furnace has gone out or the basement is flooded? Working with a property management company like ours means that we handle the maintenance and the emergencies. This empowers you to create a separation between your personal life and your investment.
You Don’t Want to Be the “Bad Guy”
Collecting rent, resolving disputes, and enacting evictions are the least savoury parts of landlordship. If confrontation is something you struggle with, your Calgary-based property management team has your back. They are trained in conflict resolution as well as enforcing lease terms in an objective and professional manner.
You Want Quality Tenants
You can only make money if you have a renter. An empty unit will only end up eating into your budget. One often overlooked benefit of third-party property management is its ability to seek out and attract quality tenants. Through a combination of effective marketing and screening, you have the best chances of filling your property with great people who will pay their rent on time and respect your lease terms.
You Aren’t a Property Law Expert – and You Don’t Want to Be
Paperwork, contracts, building codes, and the Residential Tenancies Act are all part and parcel of property management. This is a lot of legalese and red tape to sift through and comply with. At GIL Property Management, we are property law experts with over thirty years of experience in the industry. This working knowledge ensures our clients are conducting their business under the standards set by the Government of Alberta and municipal law.
Working with a third-party management company is not for all landlords, but it can be highly beneficial if you find yourself in any of the above categories. If you choose to work with us, we offer custom service packages to meet your unique needs. Give us a call today to speak with a representative and explore your options. We look forward to hearing from you!