If you own a rental property or are considering renting out your residential property, having a property management company can save you a lot of headaches.
It is important to think of your property manager as an essential part of your investment – and here is why.
If your property is in British Columbia, you must comply with The Residential Tenancy Act, The Employment Standards Act, The Real Estate Services Act, WorkSafe BC, the Human Rights Code, and many other federal, provincial and municipal acts and regulations. Property Managers are required to stay up to date with any changes that may affect your rental.
Property Managers do their due diligence when screening potential tenants. If (unfortunately) an odd bad apple slips through the process, your manager will be experienced and manage the whole process from Notice to Evidence and Hearings before the Residential Tenancy Branch.
This is not an easy process for the inexperienced and can lead to undesirable results.
There are many advantages to having a professional property manager manage your property.
- If you travel abroad or become a Non-Resident of Canada (NR), all your property, maintenance, insurance, and tenancy issues are managed on your behalf.
- You will receive monthly statements of financial matters and updates regarding any property matters.
- If your property is within a strata corporation, your manager will keep you advised of any matters regarding your ownership.
Property Management companies have established relationships with local maintenance workers, tradesmen, contractors, suppliers, and vendors. Not only will your property manager get you the best work for the best price, but they’ll also oversee any necessary maintenance projects on your behalf.
A Property manager helps create a buffer between the landlord and tenant. In our experience, if the landlord becomes personally involved and the tenancy fails, the repercussions can be emotionally and financially distressing. It is best to keep in mind, your investment is a business, and therefore, hiring a property manager facilitates keeping things strictly professional on your behalf.
Pemberton Holmes was rated the #1 Property Management company in the Greater Victoria Area. If you have any questions regarding the process of renting out your property, give us a call. One of our licensed managers would be happy to assist. 250-478-9141.
Are you looking for a new place to call home? Contact our Relocation Department at Ilanap@thepropertymanagers.ca – These are stressful times and looking for a new rental home is already challenging; it doesn’t need to be more hectic. We’ve created a new service to help you find the right home or apartment that meets your personal and financial needs. Let us take some of the stress off you. Get in touch today and let us advocate on your behalf.