Owning a rental property is a great way to earn extra money, pay down a mortgage, and build equity. Whether you are just curious about purchasing a rental property, or already own one; you will hear a lot of horror stories, about the amount of work and stress a rental home causes. Thanks to Property Management companies (such as Limestone Property Management), it is now easier than ever to own a rental property. A good Property Management company will take away the stress of owning a rental property, by dealing with everything for you, for a reasonable fee. Here are six reasons that it might be time to hire a property manager.
Finding Qualified Tenants:
Properly screening tenants is a difficult process when you are trying to rent out your property. With the amount of people inquiring about a property, it is often hard to find the best candidates. Unqualified tenants might damage your property, not pay rent, or cause a number of other issues. If you have ever had even one bad tenant, you may want to look into a Property Manger. Property Managers will generally have “hoops” that applicants will have to jump through, and screening to pass before the applications are even brought to your attention. In the end, you have the final say of who is put into the home.
Unfamiliar with Municipal and Provincial Laws:
Tenants and Landlords have a certain Laws and Regulations mandated by the province that they must follow. Not following these rules can result in unpaid rent, lawsuits, and fines. If you are not familiar with your municipal, or provincial laws; you will want to consult with a Property Manager. A good Property Management company is familiar with all rules and regulations and will help you navigate difficult forms and filings.
Finance Troubles or Unpaid Rent:
Generally, the entire reason to buy a rental property, is for the extra money. If rent is not being paid on time, it can cause for a lot of frustration between landlord and tenant. The eviction process is lengthy, challenging, and very particular. Involving multiple steps that must be taken. One missed step can restart the entire process, costing several months of rent. If you find yourself having trouble managing the property finances, or collecting rent; its definitely time to find a Property Manager. Management companies are familiar with the eviction and collection process. They also provide a detailed monthly statement, collect the rent, as well as seamless eviction when required.
Difficulties with Upkeep:
All homeowners know that properties require a lot of upkeep. Some find it hard to keep up with maintenance emergencies, renovations, or just the general upkeep of the home. A Property Management Companies Provide maintenance services ranging from full renovations, all the way down to snow removal, making that one less thing for you to worry about.
Unfamiliar with Rental Market:
The rental market, much like the real estate market, fluctuates based on a number of factors. If you are buying a rental property in an area you are not familiar with, you could have trouble getting the best price for it. Many people have difficulties renting the property out quickly, which turns into lost revenue. A local Property Management company will know the different neighbourhoods, and markets all across the city. They will ensure that your property is rented quickly, and for market value.
Living in another city:
Living in another city, far from your rental property can cause a number of issues. If anything goes wrong with the home, or the tenant is locked out etc. you will need to travel this distance to remedy the situation. Your relationship with your tenants will suffer if they have to wait a long time for their issues to be resolved. Having someone nearby to handle any emergencies makes for just one less thing to worry about.
A Rental Property is a great investment, but can also be a lot of work. If you are having any of these issues above; call Limestone Property Management today to hear about the stress-free way of Property Management. For more information on our services, please contact us by phone (613) 530-3340, email at info@limestonepm.ca or visit our website . You can also reach us through our Facebook page.