4 Key Things to Look for in a Property Management Company
Are you thinking of hiring a property management company? Qualifications, systems and accounting procedures can vary widely from company to company. Here are four key things to look for.
If you decide to hire a property management company, what should you look for? There are many factors to consider, but here are four of them.
- Firstly, there are many types of property management companies. Some specialize in:
- Commercial management; for office building, industrial structure, retail space
- Residential property management
- Strata property management
If you own commercial property, you definitely want an experienced commercial manager.
- Secondly, you need to make sure that your managers are licensed. A licensed agent will give you protection in many ways. A lot of managers also have additional qualifications. These qualifications illustrate their commitment to the industry, and their level of professionalism. Licensing is done through the:
- Real Estate Council of BC
- Certified Property Manager
- RI Designation
- Thirdly, make sure that the company has industry specific software and other systems to deal with your properties and other relevant information that is important to a landlord. These systems will track:
- Rent increases
- Due dates
- Lease expiry dates, etc
- And lastly, you want to make sure that the company has a dedicated trust account in your name, and all your rent goes into your account.
Should You Manage Your Own Property?
Some owners prefer to manage their own properties, but to do it successfully you have to be involved in day-to-day operations, visit your buildings regularly, and deal with rent issues and tenant concerns right away. Learn whether self-management is right for you…
Real estate is not a passive investment
If you leave your property management entirely to your caretaker, you could be headed for trouble. The time and money you’re saving now may have to be spent later on administrative and physical clean-up…
Tailor your lease to your type of property
Different types of property require different leases – generic leases can come back to haunt you at a later date…
If you’d like to see what a client-focused property management company can do for you,
please contact our office at 604 873 8591.