One of the most common questions we hear is, "Should I use property management or should I rent out my home myself"? Here are some often overlooked things to consider when choosing whether to hire a professional property management company.
1. Property managers consistently generate 11% to 14% higher rents than 'For Rent by Owner' listings. Our comprehensive tenant services list and thorough tenancy support warrant increased rates from our renters and we receive regular feedback from relocation agents who specifically search out our listings because of a proven and established track record of professional and thorough customer service.
2. Property management firms provide full-time, dedicated, property support, while DIY landlords have outside jobs. Our job is to take care of your property and, unlike most Do It Yourself landlords, we have no distractions, other commitments, or time constraints. Our team contains over 25 persons all of whom work together to make sure that your home runs smoothly.
3. Property managers save homeowners time! Do it yourself landlords often advise us that they would spend 3 to 4 hours each and every week dealing with their rental properties. Collecting rents, dealing with problems, conducting showings, recording quarterly inspections, and significant travel time and expenses will all add up and take their toll on a busy family or individual.
4. Property management firms will have an established trades network and contacts base while homeowners are left to flip through the yellow pages. We have been around a long time and have carefully developed of stakeholders including relocation agencies, corporate connections, maintenance contractors, domestic service providers, and professional services. Our network is in place to provide prompt tenant placements, volume discounts on property related purchases, and preferential treatment to our properties and our clients.
5. Property management firms will have a more thorough knowledge of tenancy legislation than lay-persons or DIY landlords. Rules governing the Landlord Tenant relationship are confusing to say the least. To further complicate the matters, the Residential Tenancies Act of Alberta is largely one sided in favor of the renters. During times of tenancy conflict, landlords who are not familiar with their rights will get taken advantage of. Almost everybody has met someone who got taken for a costly and frustrating ride by their tenants because they did not know the tenancy rules and how to enforce their rights.
