Do you know that the first property management systems in the hospitality industry appeared on the market in the 1980s?
It is hard to believe that the world was without renter protections and standards before that. Let’s just go back and find out why property management was needed in the first place.
Earlier, property owners were responsible for the management of their properties. It was a tedious task, especially for banks. This problem led to the birth of property management services. People providing these services were given a name: property managers.
In addition to managing properties, property managers were responsible for collecting rents, looking for tenants, managing tenants, etc. Even today, property managers do these property management tasks.
Are property managers or property management services really important, especially in a country like Canada, where many landlords have different types of properties?
Let’s find out the pros of hiring a property manager or a property management service in Canada.
Who Exactly is a Property Manager?
A property manager is a professional hired by landlords or property owners to look after property and its associated operations.
property managers handle everything from single-family homes to large apartment complexes and subdivisions.
Although most property managers only handle processes like collecting rent and marketing your rental, some property management companies also handle the day-to-day task. It is totally in the hands of the landlords, and can decide on what to take and what property managers can assist with.
These are some of the common responsibilities of a property manager:
- Screen and interview the potential tenants.
- Advertise and market the property.
- Manage the maintenance and repairs.
- Handle the lease agreements.
BENEFITS OF HIRING A PROPERTY MANAGEMENT SERVICE COMPANY
Hiring a property management company has many benefits, especially for landlords looking for a passive income.
- Fewer Tenant Interaction: Dealing with tenants is both time-consuming and troublesome. However, property managers are good at it. They know ways to interact with tenants, make them pay rent on time, etc.
- Aware of the laws: Property managers know the local laws and how they affect tenants. They assist when issues come up and help resolve them. They are the go-to when issues arise, lease breaks, and eviction.
- More Free Time: Having your own management company means you will have enough time for yourself and your family. You can move and don’t have to worry about leaking water pipes. Leave it to your property managers to handle that job for you.
- Marketing and advertising: Once your property is ready for rent; you should put it on the market. Dealing with applicants and advertising is time-consuming. Property managers are highly skilled in rental marketing and can handle everything from advertising to setting the right price and finding a great tenant.
- Identifying the right tenant: Tenant screening can be complex. A tenant who is not the right fit will delay payments, damage your property, and cause legal problems. Property management companies are great at reviewing an applicant's paperwork. Therefore, your property managers can take care of all details.
- Provides regular reports: Property management companies work well with documentation. Hence, you will stay up-to-date on what is happening with the property.