As a real estate investor, you’ve probably faced the challenges that come with owning income property – like juggling tenant communications, property maintenance and day-to-day operations with your other commitments. From rent collection, to document management, to property maintenance and repairs, to answering tenant inquiries, the average rental property owner wears many hats. On top of this, many do so while running businesses, working full-time careers, or growing their real estate investment portfolios!
Top 10 Reasons to Hire A Property Manager
Whether your portfolio is made up of a single duplex, a few townhomes or an array of multifamily buildings, you can benefit from enlisting the help of a property manager. Once you find the right property management company, you’ll enjoy time savings, professional expertise, and of course, less stress. And who doesn’t want that?
If you’re on the fence about whether or not to outsource your property management, read these 10 reasons to hire a professional property management company in Ottawa.
1. Invest in Expertise and Experience
The best property managers offer the advantage of industry experience, often bringing years, if not decades, of rental experience to the table. They are familiar with the intricacies of the rental market, as well as tenant screening, lease agreements, maintenance, and legal requirements.
When you hire a property management company, you benefit from a team of experts that understand the ins and outs of what it takes to successfully rent and manage your property. At DORE Property Management, we’ve been offering property management services in Ottawa for 20 years!
2. Take Back Your Time (And Eliminate Stress!)
Managing a rental property can be stressful, especially when you have a portfolio of multiple properties or a full-time career. Trying to juggle all the requirements of a successful income property while managing your time effectively can quickly become an impossible task.
Hiring a property management company to oversee your properties allows you to offload these tasks and focus on more important or pressing matters while having peace of mind that your investment is in good hands. Whether that’s spending more time with your family, going on that vacation you’ve been thinking about, or investing in more properties – the time is yours!
3. Manage Vacancies and Tenant Placement with Ease
Vacancies can present a significant threat to your cash flow. A property management company will help to reduce cash flow disruption by getting your property rented sooner and for the highest rental rate. With 4000 properties successfully rented, we at DORE know a thing or two about tenant placement!
It’s also crucial to select the right tenants for your property. A great property management company will be well-versed in the tenant screening process in compliance with the Ontario Human Rights Code. They perform the due diligence needed to qualify potential tenants.
Property management firms have had hundreds or even thousands of experiences placing tenants, so they know exactly which red flags to look out for and how to aim to minimize potentially negative situations that could result in disruptions or, worse, financial loss. They will perform background checks, credit checks and reference verifications to find you reliable and responsible tenants.
4. Make Rent Collection a Breeze
A property management company will act as an intermediary between you and your tenants and handle rent collection to ensure on-time payment each month. They can offer various payment method options, proactively prevent late payments, and even automate rent collection so that you reduce your risk of disruptions in your payouts.
They will maintain record keeping of rent payments. Some property managers also provide detailed financial reports, assist with budgeting, and manage property-related expenses. With access to greater financial data, you can enjoy peace of mind knowing your property is well managed, and leverage insights to make informed decisions around your investment property.
5. Maintenance and Repairs
Being proactive with maintenance will save you headaches down the road by preventing costly replacements or renovations. A dedicated property management company will schedule maintenance and repairs, ensuring that issues are addressed promptly and efficiently.
Emergency maintenance concerns are serious and need to be addressed quickly. You may not be able to get out of bed in the middle of the night to address a water leak, but a property manager will have systems and processes in place for emergency requests so that they can be immediately addressed. They will also likely have a network of reliable contractors should the need arise, which can lead to cost savings over time. A property management company will make the appropriate arrangements should damage or an emergency occur on your property.
6. Peace of Mind with Legal Compliance
Every province has its own regulations for rental properties, and it’s important to understand which ones apply to your specific property. An experienced property manager will be familiar with all municipal, provincial, and federal laws governing residential rental properties and long-term rentals. In Ottawa, Ontario, property managers are responsible for ensuring various legal compliance requirements to protect both the property owner and the tenants.
Property managers must adhere to the rules and regulations outlined in the Residential Tenancies Act, which governs the relationship between landlords and tenants in residential properties. This includes rules around rent increases, deposits, eviction procedures, maintenance responsibilities, as well as landlord and tenant rights. They will also ensure that you are following the rules around lease agreements, privacy laws, ending tenancies, fire and building codes, and more. There are serious consequences for non-compliance, such as legal expenses, fines and penalties, and more. A property management company will aim to keep you compliant with regulations, giving you peace of mind.
7. Marketing and Advertising
Finding great tenants is important for the success of your rental property, which means having an effective marketing strategy for your listing is key. Property managers have experience writing, optimizing and promoting property listings to attract ideal tenants.
You’ll also benefit from access to leasing agents who will show your property to prospective tenants, walking them through the unit, answering questions, and ensuring it is shown in the best light. Excellent rental marketing is key to finding the right tenancies and reducing vacancy periods, whether your rental is undergoing a turnover, or you are trying to place a tenant in a new property. Less time on the market means more time generating cash flow.
8. Tenant Relations and Conflict Resolution
A property management company will take tenant communications off your plate. Property managers help to maintain positive tenant relationships by ensuring your tenants have a professional and attentive contact to bring their concerns and inquiries to. They will also often have dedicated channels and teams to handle specific types of requests.
Your property manager will also respond to any tenant inquiries promptly and professionally, to help you get your unit(s) rented faster. And of course, if ever there is a difficult situation that arises with a tenant, being able to lean on an experienced property manager who can mediate the situation and resolve it with a positive outcome is an asset to any property owner.
9. Property Inspections
Protecting the value of your investment property can be done by conducting regular property inspections to proactively identify any potential damage or future concerns. Property managers can perform routine inspections and report back on their findings.
Inspections are an opportunity to ensure your rental property is still in compliance with lease requirements, as well as being up to date with any maintenance tasks.
10. Leverage Their Industry Connections
Property managers have a network of trusted industry professionals that you can benefit from to ensure quality services and pricing for any property-related functions.
From insurance agents and local service providers, to contractors and maintenance professionals, you can rest assured knowing that they’re connected with the right people to help run your investment property smoothly. Especially if you are a new income property owner, it’s a great asset to have a network of trusted professionals to rely on.
Get Expert Support from an Ottawa Property Management Company
While hiring a professional property manager does come with a cost, it’s worth the investment! Knowing what to expect from a property management company means that you can see the many ways that you can benefit. Not only will a property manager save you time and money, but you’ll also have an experienced professional on your team to ensure your rental runs smoothly, your cash flow is protected, and your tenants are happy.
If you’re looking for an Ottawa property management team with decades of experience, contact DORE today to get a free quote.
