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BC Landlords – Should You Hire a Property Manager?

August 1st, 2014 · No Comments · BC Landlords, Landlord BC, Property management, Uncategorized

  Landlord BC Should You Hire a Property Manager

BC Landlords – Should you hire a property manager or should you manage your property yourself?

There are many new BC landlords who have invested a lot of money into their new rental property and want to make sure they find good tenants.

Good tenants pay the rent on time and will take care of your rental property like it’s their own home.

The problem is lots of new landlords know they lack experience and this leads them to consider hiring a property manager from a property management company take over.

After all, there are lots of stories about serial bad tenants cheating landlords out of thousands of dollars and even reports of tenants becoming violent against their landlord.

Should You Hire A Property Manager Or Manage Yourself?

There are lots of good property management companies out there.

However, many experienced BC landlords with only one or two or three rentals tell us they like to manage their properties themselves.

As one Vancouver landlord who owns a condo wrote in:

When you own an income property it’s important to realize no one will care about your success as much as you do. This means you screen the tenants, you do the credit checks, you hand over the keys. “

Property Management Company Ordered to Pay Landlord $25,000 in Damages

A recent report in The Province was about a Maple Ridge landlord who hired a property management company to manage his house while he and his family went on vacation.

In return for paying a monthly fee (which was a percentage of the rent paid) the property management company would:

1. Find Tenants

2. Collect Rent

3. Oversee the Tenants and the Rental Property

4. Take Care of Any Tenant Problems

5. Keep the Landlord Updated on the Property

The landlord felt safe and secure his rental would be managed and took his holiday.

Landlord Nightmare

When the landlord returned to Maple Ridge a year later he found his rental had been trashed.

The property management company didn’t properly screen the tenant, didn’t inspect the property and was grossly negligent of their responsibilities.

The landlord eventually sued and won $25,000 from the property management company. However, the stress and financially loses were far greater.

Should You Become Your Own Property Manager?

This isn’t the first time we’ve heard about a landlord being mistreated.

An Alberta landlord who moved to Arizona and rented out their Edmonton rental property emailed us. She also came back to find their property trashed (and rent unpaid) and the property management company said “there’s nothing we can do.”

Why not manager your property yourself?

You can join the BC Landlords Association and get access to a rental kit full documents such as leases, applications and notices.

There are manuals and guidebooks.

One of the manuals is all about “tenant screening” and teaches you how to choose good tenants (and avoid bad tenants).

You can start running premium tenant credit checks.

And most of all you are in control of what happens to your rental property!

Should You Hire A Property Manager Or Manage Your Own Rental Property?

More and more landlords are managing their own rental properties.

Join the BC Landlords Association and get the tools and services you need to succeed as a residential landlord!

And remember, you can join the BC Landlords Association for only a low one-time set up fee!

No annual fees!

It’s a deal that can’t be beat for British Columbia landlords!

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