Whether you’re an investor or a homeowner that owns property outside where you live, property management companies can help you ensure that your property is taken care of. They will rent it out, keep your property well maintained, abide by the laws and regulations in the area, and more. However, many people think that Calgary property management companies only focus on making sure that their properties stay rented out. But they do far more than that.
Here are five things you didn’t know about them
1- They Take Care of Any Necessary Tasks
When it comes to maintenance, Calgary property management companies do more than just make sure that ensure that everything is kept running without any problems. They’ll be there to handle any emergencies, tenant requirements, repairs, and more. For example, if a tenant’s bathroom has flooded, they’ll be the ones to hire a water removal and mold prevention company to protect your property from damage.
If the heater is broken due to the boiler breaking down, they’ll secure a reputable contractor at the best price to repair or replace it. In many cases, they have established relationships with professionals in the home industry. This means that you’ll often get access to the best rates for repairs, installations, and more.
2- They’ll Screen the Potential Tenants First
Property managers will not just accept any tenant. They’ll be very careful about the application process and screen potential tenants thoroughly. They will do everything from:
– Pulling up the tenant’s credit
– Verifying income with the employer
– Running background checks
– Evaluating multiple tenants
They understand that bringing in the wrong tenants can result in dealing with bad tenants that don’t pay on time, damage your property, and break the rules. And because the responsibility is partly on them, they want to make sure they bring in the most qualified tenants.
3- They’ll Help You Get the Most Out of Your Property
What separates good Calgary property managers from average property owners is the fact that they have the ability to get the most out of the property. They know how to market your property to attract the right tenants. They use advertising and marketing strategies to give your listing the most attention it can possibly get.
One of the bigger advantages they have is their knowledge of the area. They’ll know how to get the highest rental rates possible. The average property owner may ask for less or ask for too much in rent (rental property management is one of their services) Asking for less obviously decreases your earnings. But asking for too much also prevents qualified tenants from occupying the property.
4- They Can Take Over the Finances
Whether you’re working a regular job or running a business, it can be a headache trying to deal with the finances of your properties. Fortunately, property managers can take over the finances for you. They can make sure that the mortgage, property insurance, property taxes, HOA fees and other financial commitments are paid on time every single month.
Property managers will also give you full transparency for your finances. You’ll be given detailed records of how your money was spent so that there’s no question about it being misappropriated. Working with a good property manager takes a lot of burden and responsibility away from busy property owners.
5- They Will Take on Liability
Did you know that property managers will take on liability if they damage your property? Reputable and reliable companies will have liability insurance to protect them. Property managers understand that they can’t control everything. They may deal with troublesome tenants or be in the position of taking care of random accidents caused by tenants. If your property manager doesn’t take on any kind of financial liability, you should look elsewhere. You don’t want to be put in a situation where you’ll be forced to cover expenses caused by mistakes made on the part of your property manager.
These are the five things that you probably didn’t know property managers did. Hopefully, you are now aware of what companies can do for you if you’re looking for reliable rental property management in Calgary.
Mountain Park Real Estate is equipped to help you with all of your real estate and property management needs. If you’re looking to buy, sell, rent or hire a property manager, trust the experts at Mountain Park Real Estate in Calgary and you’ll receive the best possible service. Visit our website at mtnparkpropertymanagement.ca or contact them directly by emailing: [email protected] or calling: (403)-984-4404.