Choosing the right property management company to manage your Vancouver rental property is a huge choice that you will have to make as a real estate investor. When making this decision, here are 5 things to factor into your decision;
1. Does your property management company have enough staff to manage your property, and how many properties does each property manager have in his or her portfolio. Too many, and you likely aren’t going to get the kind of service you would like.
2. What type of software and reports does your property management company use? Are they using industry specific software with clean and accurate statements, or are they supplying you with a bunch of difficult to read spreadsheets?
3. How much does your property management company charge you? Too much and this will cut into your monthly cash flow. Too little, and they likely have huge portfolios built on volume, which can lead to poor service and high property manager turnover from overwork.
4. When will the management company pay you each and every month? They likely will collect rent on the first or second of each and every month, and your mortgage will likely come out on the first, so you need your money as soon as possible, right? Find out when exactly your property manager can commit to having the funds in your account, and make sure that they do a direct deposit so you don’t have to worry about a cheque getting lost in the mail!
5. What types of reviews and references does your Vancouver property management company have? Check their Better Business Bureau rating, their Google reviews, and their reference list. This should not be the determining factor in your decision, but should be considered. Check at least 3 references as any reputable property management company should be able to provide these.
If you factor in these 5 things when doing your search for a Vancouver property management company, you will be well on your way!
Reach out to our Vancouver property management company here if you’re looking for rental property management advice!
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