Contracting a good property manager can be a challenge. There’s a number of key items the property manager you’re considering should perform for you.
A good property manager will have processes, systems and exhibit the continual desire to use Best practices in looking after your property.
There’s no better way to ensure your interests are protected by using a Property Management organization which follows an established process using effective and efficient methods to reach your goals. The property manager from start should be able to explain how they go about providing their best management experience for you, from developing and execution of a marketing plan to ongoing communications, inspections, maintenance and preventative maintenance of the property.
At the beginning a good agent will confirm your objectives for the property you require to be managed. All those objectives should be captured in writing and will follow with a comprehensive Rental Property Services Agreement. The services agreement will detail the rental management company’s and your duties, responsibilities, and obligations. It will also fully detail the agent’s scope of authority.
It’s important you receive accurate and complete financial and operating reports monthly. In this day and age, Information on your property should be readily accessible online for you. The management company should also be audited on an annual basis as required in British Columbia for all agencies providing real estate services such as property management.
The property management company should have a process and system in place for servicing clients. Processes should be clear in how rents are collected, recourse measures if the rents are not remitted in the required time, how disbursement of funds to you will occur and the expected time frame. There would also be a need for specific contact points within the organization for either an owner such as yourself of a property or a tenant residing in one of the rental properties. It’s strongly recommended consideration should be made to property management companies who provide an after-hours service to address any emergencies which may occur at a property from time-to-time. There should also be a plan and process with how communication are managed and responded to.
Your property management company should provide you with a scope, depth and frequency of reports related to your property. The management company’s ability to meet your requirements with providing timely, accurate, complete, useful and trustful reporting is critical to the effective delivery of management services.
Property management companies have access to more competitive rates for services and products. The successful candidate should provide assistance and support in identifying insurance needs and acquiring the coverage related to ownership of the property.
Each property has a series of property tax bills and/or strata fees related requiring regular payments for. Your selected property manager should provide assistance and support in complying with property tax and strata fee payment obligations.
Generally, it’s great practice to have policies and procedures for each managed property. Although each property has many similarities, each one will have unique characteristics and there should be focus on those particular requirements. Management of property requires a great deal of attention to details. A strata titled property will require a specific plan and process for address of rules, bylaws and manner with which to function within the building. A non-strata titled property should have a comprehensive plan that’s specific to its locale, services or municipal requirements.
Take the time to interview a few candidates once you’ve refined your list of possible property managers. You’ve got to know your property will be in the best possible hands to ensure maximum return and care of one of greatest investments. Read more about our property management services in Burnaby, Port Moody and Vancouver.
Boon Sim – Personal Real Estate Corporation, Managing Broker
Sutton Select Property Management
Telephone: (778) 329-9966