Unbeknownst to many, property management in itself is quite an involved business with a lot of intricacies. A property management company takes care of everything involving a rental property, allowing the investor to focus on other aspects of his/her life.
Real Estate Investors Over the years, investing in real estate has been relatively safe and rewarding. There are real estate investors who own multiple properties, and do not have the time or the expertise to manage them effectively. Their focus is soley on growth and cash flow.
A property management service can handle everything from rent collection to tenant screening, to the day-to-day operations such as repairs and maintenance, relieving the investor of this aspect of the business.
Busy Professionals It is not uncommon for professionals such as doctors and lawyers to own investment properties. They would rather spend their limited spare time with family and friends doing enjoyable activities, rather than, for instance, look for a plumber or an electrician to fix a problem in their rental property.
Property management companies usually have a database of proven trades to handle any emergency. The investor would also benefit from the professional services offered by the property management company such as rent collection and bookkeeping, tenant interaction, etc.
Overseas or out of town investors Managing a property from a faraway distance can be challenging for a property investor. A property management service can act as the local representative of the property owner and take over the day-to-day responsibilities. This would bring peace of mind to the owner, having the knowledge that there is someone “on the ground” who can act on his/her behalf and knows the market.
Passive Income investors
Some investors prefer to be asset managers and not get involved in learning or performing property management tasks. In this case, it would be expedient to hire a property management company.
The professional property manager would handle everything from marketing the property to handling tenant issues so that the investor can focus on strategy and not operations.
Retirees seeking rental income for retirement Investing in a property to earn rental income is a relatively easy way for retirees to supplement their retirement income. However, there may be an unwillingness to get into the day-to-day management of the property, especially if there are a number of properties involved.
The management company can handle all the required tasks from screening tenants and marketing to collecting rents and being responsible for maintenance and upkeep.
With lower interest rates, and falling property prices, now is a very good time to buy a home. If you want to upgrade to a larger home or downsize to a smaller one, we can help you. Please contact us via email or phone – 604 913 1000.