6 Reasons To Invest In Property Management
Updated: Aug 30
Not sure if hiring a Property Management Company is a good idea? Here are 6 reasons why investing in a property manager is the smart thing to do.
Shorter Periods of Vacancy - most property management companies have system already in place to ensure that should a tenant turn over, your new tenant is moving in the following day after move out or is at least within a couple weeks of turn over. Efficiency is key for short periods of vacancy or no vacancy.
Long Term Tenants - most tenants on average if vetted properly are staying in a rental unit on average of 2 years in Calgary & Area, and longer in Medicine Hat.
Efficient Rent Roll - a good property management company will already have in place some sort of management software plus an accounting software system to ensure proper records are kept of all financials for your property. Proper records is a requirement under the Real Estate Act of Alberta and each property management company that is licensed gets audited every year on those records. When you go to sell your investment property, good financials are key to ensure a smooth sale to another investor.
Vetted Contractors - finding a good contractor can be difficult but by hiring a licensed property management company, that should already be taken care of for you. A minimum of $2 Million Liability Insurance and WCB coverage is required for all contractors working with AspirePeak Properties in ALL Categories. Such as HVAC, Plumbing, Landscaping, Snow Removal, Appliance Repair, Insurance etc.
Technology - referring back to #3, these software systems can be expensive for a proper system. You need to ask your self, do you want to pay for, learn and manage updates or changes in a software system for your property? When you simply can pay a small fee for someone else to do it for you. How much is your time worth?
Industry Know How's - having a licensed property manager manage your investment property will help ensure all the in's and outs and intricacies of the Residential Tenancy Act get upheld. It will also help to have that insider knowledge on creative solutions with tenants should it be necessary. Do you know how to do an Eviction properly?
Contact us today for help managing your rental property!