It is not easy to purchase property, in the times of today, however, once an investment is being made, the very next question in the mind of a landlord is going to be whether to hire property managers or not. It is a critical question but the answer is also a must for the property management since handling the bad tenants is not everyone’s cup of tea.
The important thing is to consider, whether the property managers are worth the cost. To get an answer to this specific question, the time of the landlord has to be weighed against the cost of the property managers.
So, today we’ll be seeing if Ascent Property Management in Vancouver is worth it. Check Ascent out here for those who are curious:
Ascent Real Estate Management
2176 Willingdon Ave, Burnaby, BC V5C 5Z9
Possible Reasons To Hire Property Managers
-Whether tenant has the time to deal with the tenants and the related issues.
-The overall value and worth of the property manager in the eyes of the landlord.
New Tenant Fee
It is difficult for a lot of owners to get an idea of the new tenant fee. They hire the property managers to do all their relevant tasks, and the property manager charge the owner with the service performed of putting a new tenant in his or her house. It can be around half of the month’s rent which sounds quite expensive since a lot of mortgages also has to be paid along with this expense.
Free Rental Evaluation Rate
A lot of owners are now aware of the rental rate for their new home. So, for them, there is an opportunity to get an evaluation for free for getting an idea about the current rental rate. A custom report can be delivered directly to the inbox after sign up.
Value Of Fee – A Breakdown
-Vancouver is quite expensive, and the price of an average condo comprising of two bedrooms has a rental value of $2262 per month.
-Half of this price, which means $1131 would be taken by the property manager but in return, a new tenant would be placed in the house after proper screening and taking all the required steps.
-No extra renewal cost is charged per year, provided the tenant resides in the same place year-over-year.
Taking Help From Free Websites
The new owners and especially those who are well aware of the technological means, make use of the free websites, for example, Craigslist, and Kijiji where they can place the ads for free but since it’s free there can be a catch in the form of scams and frauds where people can impose as tenants.
After screening the candidates, viewing is the next step. An ad on the viewing can be provided to select the right candidates for the house.
Benefits of Having A Property Manager
– A property manager has an eye for the right tenant since they are an expert in this area.
– They have a network of their own which can be used on purpose.
– They also have access to companies who are in search for the placing the executives in the multi-year transfer.
– A property manager can make the screening process easier for the landlords.
The Screening Process
To select the right tenant, they have to go through the process of screening where they have to provide a background check and also a check on their credit card. This step is extremely important since a wrong tenant can become a nightmare for the owner and it might become extremely difficult to get rid of this particular tenant. The tenant can also turn out to be a criminal so, a background check can assist in finding out the details on the lifestyle of the tenant. Some people are into drugs and other things which can become a nuisance for the neighborhood.
Setting Higher Rent Price
Being not aware of the market, or being too smart by setting the rent price a lot higher than the market price can result in a vacant house for a long time.
Understanding Of The Local Property Market
Good property managers know the property market. Property management is very easy for them since they are already an expert in this area. They are well aware of the local property market and can assist in selecting the right price for renting the house. Property managers can be a blessing for the owners if they know their job well and are loyal to the landlord regarding dealings with the day to day dealings.
The monthly management fee for a place having the rent price of $2262 can be somewhere between $113-$226 since it is 5%-10% of the monthly rent.
Property managers have various responsibilities; they make sure that the rent is collected on time, they make sure that everything is in the working condition and if something requires repair, they are there for that as well. They can also assist the property owners to file the property taxes and based on their services there is obviously a cost for the service.
The tenants selected by the owners are not always a blessing but can rather turn into a nightmare. These problem tenants are thus required to be evicted which itself is a lengthy process so; the owner has to go through a lot of steps. The problem tenants can sometimes refuse to vacant the house and can also become a cause of trouble for the neighbors thus, increasing the number of complaints about the owners.
However, with the help of the property managers, it is a lot easier to deal with the toughest tenants since they have a rigorous screening process which involves the background checks and also references from the previous tenants so, in the first place, good tenants are placed into the house.
If for some reason, the tenants turn out to be negative, the property managers can assist in evicting them from the house, and they also have the responsibility to find the new tenant for the landlord. The property manager can deal with the eviction process efficiently.