Many owners choose to self- manage their rental property themselves, at least when starting out and their portfolio is small. We actually encourage this, as it will give you a keen understanding as to how the entire process works, and make you a more effective landlord down the road. It’s kinda’ like starting out with an entry level job in a company and working your way up to President so that you understand all of the steps to making your business work!
Once you’ve built up your rental property portfolio to sizeable level, or begin to acquire properties outside of the geographic region in which you live, you will likely want to hire a Property Management Company to take care of the daily grind for you, though. You will need someone on the ground to do the showings, chase rents, run applications, and all of those other little tedious tasks that are critical to running a successful rental property.
Once you make this decision and decide to hire a property management company, there are a few key things that you want to remember at all times;
1. Delegate, don’t abdicate! This is a key lesson that I learned early in my landlording career. Just because you have employed a property manager doesn’t mean that you are no longer responsible. It’s your business, and you are still the CEO, so make sure that you are delegating the role of property management, but still watching what’s going on closely.
2. Manage the Manager. Set realistic goals and work on steps to attain them with your manager. Schedule weekly calls to follow up and keep your eyes on him/ her. I’m not saying to call your property manager daily, but make sure that the lines of communication are open!
3. The 3 R’s. Renting, Reporting, and Repairs. These are the pillars of solid Property Management in Vancouver and other markets as well. Most property management companies are very rarely good at all 3, so ensure that you know their weak area and watch that area to ensure that it’s not causing issues.
4. Portfolio size. Ask your Property Manager just how many properties is in his or her portfolio. The acceptable number may vary according to the market, but any more than 50 can be cause for concern as you are likely to have very much focus on your rental property.
Interested in learning more about Vancouver Property Management? Check out our services here; Vancouver Property Management
Chris Stepchuk- Feb 5, 2017
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