Investing in a number of properties and putting them up for rentals is a way for income for a lot of property owners. But managing and maintaining a number of rental properties is never easy. Screening tenants, checking all the properties for maintenance issues, filing taxes on each of the properties, keeping close contact with all the tenants, these are just a few of the responsibilities that a rental property owner has. The list goes on. Especially for landlords, who have several rental properties at different locations in Edmonton, far away from their own residence, it is difficult to manage the properties. For such landlords, it is advisable to hire a property management service to keep a check on all their properties and tenants. A professional property manager reduces the hassles of being a landlord. All you have to do is count the dollars as they come in. Property management is never a piece of cake and takes up a lot of time from the homeowners’ life. A property management service can save you the time for your personal life.
The Responsibilities of a Landlord
A vacant rental property gives you no incomes or profits. And finding the right tenant for your property in Edmonton is not easy. There is a process which you have to go through to find the right tenancies that have no legal problems in the future.
1. Qualifying the Right Tenant
A landlord needs to prequalify the right tenants for their rental properties. When the application for a tenancy comes in you need to screen the tenants using their credentials. You need to make sure that they have no legal complaints filed against them. For qualifying the correct tenant, the homeowner must look for references like previous landlords and employers to ensure that they haven’t had any problem with them or if they had an issue with the rent payment. The landlord also needs to check the credit score of potential tenants to know how they have handled their credits and rents earlier or to gain information about any bankruptcies they have encountered. On these parameters, one can find the best tenant possible, but it’s not easy or convenient to handle on your own.
2. Checking the Properties for Maintenance Issues
Just providing your property to a qualifying tenant is not enough. You have to ensure that the properties remain in order and there are no maintenance issues. Having a number of properties in different locations makes it harder for landlords to keep in check every property for maintenance issues. Furthermore, it increases the management cost for the owner. Especially, in the case of rental condos, you must make sure the property is not being damaged as it may raise conflicts with the condominium organization.
3. Creating the Tenancy and Lease Agreements
Making an agreement of tenancy or lease is strictly a legal procedure and omission of any details and mistakes in filing the agreement can result in legal problems. It is also possible that the tenant is much aware of the legal rules than you. In that case, the tenant can use it against you. The most important benefit of hiring a property management professional is that they have a keen knowledge about making lease agreements and can save you from a lot of future hassles and worries.
4. Ensuring the Collection of Rent on Time
Landlords have the responsibility of collecting the rent on time. If you have multiple properties or rental condos. You’re bound to have problems with rent collection. You can forget a tenant’s paying date. The tenant might be unavailable at the time you reach the property. Sometimes tenants also use sympathies as to avoid rent payments. Any problem with rent payment can be avoided by hiring a property management service.
The Benefits of Hiring a Rental Property Management Company
The property manager you hire will take care of most of the work and will make sure you don’t need to leave your comfort zone in order to manage your rental properties. Hiring a property management professional is highly recommended for landlords who own a number of rental condos in Edmonton. As the value of rental condos is higher in the market and they are maintained and managed by the condominium organization, so owners of rental condos need to manage their properties with much more carefulness to avoid any legal mishap. The property management company in Edmonton is experienced in handling responsibilities of the landlord for them.
1. Avoid Legal Issues
When you hire a property management professional, you can rest assured that the property management professional is highly experienced in the knowledge of property and rental laws of the state and nation. The property management company will take care of all the legal processes required in renting a property and will ensure that you face no legal trouble with your tenants.
2. No more Vacant Homes
Property management professionals are seasoned salespeople. They know how to pitch a property to a qualifying and potential tenant. They have the tools and the persona in their speech to get the best rental price and a good tenant for each of your rental property. So, you can make regular profits from your rental properties and condos in Edmonton and surrounding areas by putting in negligible efforts.
3. Better Quality of Tenants
Property management companies have industry ready tools to get a better screening of your tenant applicants. They have much better resources and information logistics to scan the credentials of the tenant. This means you don’t have to worry about getting a tenant with a bad past.
4. Lower the maintenance costs
Property management companies generally take bulk orders for the maintenance of properties. This enables them to get discounted pricing on the maintenance tools and services. They are regular customers of utility services and retailers that sell maintenance items such as faucets or water pipes. They get a comparably lower quotation for the services and products they employ in the maintenance of your properties. This allows you to keep a larger amount from the rent you acquire from the tenants.
5. Efficient Organization of Rent Collection
Property management companies in Edmonton have better organizational tactics for orderly rent collection. They organize the properties and tenants according to each client and ensure timely collection of rents. Tenants may sometimes gain your sympathy and use it to avoid rent payment. But a property manager is professional in his job and can’t be negotiated with. This makes them an authoritative figure enabling hassle-free rent collection.
If you are a landlord who’s holding several properties or rental condos in Edmonton, you are aware of all the stress and hassles in management and maintenance of properties. Contact us at Rental Advisors and our property management professionals will take care of running your rental business smoothly. So, you can leave the worries of the management and reap the profits from your properties without affecting your personal life.