Every time I meet with an owner, I always get this question:
“What’s the differences between us placing the tenant ourselves vs using a Property Manager?”
There are many reasons:
1. Background check and screening: Property Managers have experiences dealing with a large volume of tenants. They have worked with all types of tenant profiles, so they have a better judgment on who will be the best tenant for your unit. Property Manager can also perform the Credit check in which most people won’t be able to do.
2. Tenant Application Form: Property Managers use specialized Tenant Application form. Property Managers know what information they need, and what questions they should ask in order to approve an applicant.
3. Specialized Tenancy Agreement: We have a specialized Tenancy Agreement that lists out all the terms in details plus addendums to serve the landlord better. Most people use the standard Residential Tenancy Agreement provided by the Tenancy Board, it does not have additional detail provision on how to take care of the unit, nor strata related matters. The complete specialized Tenancy Agreement provided by the Property Manager will protect the landlord and avoid future dispute.
4. Move-in Inspection: Upon signing the tenancy agreement, Property Manager will perform the Move-In inspection with the tenant, making sure all condition is documented so everyone is on the same page on the expectation when the tenant moves out.
5. Post-Move-in Inspection: if it is a Strata property, Property Manager will make sure the Strata ByLaw is sent to the tenant, and all the necessary Move-in procedures and contacts are provided to the new Tenant.
“Why do we need you to manage our property instead of ourselves?”
1. Time-saving: Most people hire Property Manager simply because they don’t have time to deal with tenants and rental matters.
2. Communication: Property Managers are trained professional knowing how to communicate rationally with the landlords and the tenants.
3. Collecting Rent: Property Manager mostly uses Electronic Fund Transfer to transfer the rent directly from tenant’s bank account. No more using Post-dated cheques and going to the bank to deposit every 1st of the month.
4. Serving Notices: Property Managers know what Notices to serve for rent arrears, routine inspection, ending the tenancy, landlord use of property..etc.
5. Speical Relationship with licensed trades: Property Managers use licensed and insured trades to perform the repair/work, and because of the volume of the work, Property Managers get a special discount and reliable service from the trades and the vendors.
6. Liability: Property Manager understands they have a fiduciary role in protecting landlord’s property. Licensed Property Manager understands the liability of the work performed and making sure protecting landlord’s property as No. 1 priority.
7. Dealing with Dispute and Insurances: Property Managers are trained professional so they understand the procedure to deal with the dispute or insurance claims. This takes the stress away from a busy Landlord who wishes to do this all on their own.