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5 Signs You Need a New Property Manager

If you’re having problems with your rental properties and don’t know what to do about it, it may be time to hire a New Property Manager.

To decide if you’re right, here are the five signs that mean it’s time for a change.

  1. No Facebook or Twitter? Think again. If a property manager doesn’t have a social media presence, it could be time to look elsewhere. As Social media is an essential part of any Short-term Rental Business.
  2. Negative online reviews can be found on review sites like Google and Yelp. Before hiring a property manager, look at the company’s ratings on these sites to see how previous clients have rated their service. A low rating can be a sign of problems with customer service.
  3. Lack of communication is a common problem with property management companies. If you don’t hear from your property manager after hiring them, this is a red flag.
  4. No Monthly Updates. Monthly reports are important because they give you a snapshot of how your property is doing. If your property manager does not provide them, we recommend looking for a new property manager.
  5. Bad tenants are a headache for property owners. They can cause financial damage to your property and tarnish your reputation as a landlord. Bad tenants are often the result of poor screening by a property manager. If you experience any of these problems with your tenants, it’s time to find a new property manager.

 

It’s your responsibility to ensure that your properties are well managed. This means hiring qualified property managers who can do their jobs.

If you have a busy schedule and don’t have time to manage all of your properties, then hiring a property manager is the best option for you. Property managers will handle all of the day-to-day operations of your property and make sure that it is maintained properly.

It’s not enough just to hire a property manager because they are qualified—you need to make sure that they are actually managing your property correctly. You should always check in periodically with your property manager to see if there are any issues or problems with the way they are managing your property.

A good property manager will be able to help you get more value out of your investment. This can include things like:

  • Increasing the value of your property
  • Decreasing the amount of money that you spend on repairs and maintenance
  • Rent collection and other day-to-day operations
  • Raising rents without losing tenants
  • Decreasing vacancy rates and turnover time
  • Increasing tenant satisfaction (through better maintenance and other services)
  • Maximizing rental income (by increasing the number of tenants)

 

Make sure you have a good understanding of what makes a good tenant before signing one on. The last thing you want is a bad tenant who stops paying rent or trashes an apartment after they move out!

By following these tips, you’ll avoid common pitfalls and get the most from your short-term rental property.

We’re going to let you in on a little secret.

Property management fees can be one of the most valuable investments you make in your real estate business.

It’s true—successful short-term rental property owners understand that hiring a good property manager is more like an asset instead of an expense.

Property managers help landlords maintain a steady stream of tenants, maximise rental income, and free up time for more profitable ventures.

Property management fees play a vital role in the short-term rental industry. In order to ensure that your home is well maintained and all services are provided, property management companies are needed. Your property manager will collect rents, and support any issues with your home if necessary.

Depending on the area in which you live, there are certain standard percentages that have become accepted as industry norms: 8%, 10% and 12%. These percentages represent the average amount charged by property management companies across Canada. It is not uncommon to have lower rates in certain regions (such as 4% in Atlantic Canada) or higher rates in other regions (such as 14% in Toronto).

Fixed property management fee is one of the most common fee structure methods used by property managers today. The reason for the shift from traditional commission-based fee structure to fixed management fees is the growth of self-managed investment properties in recent years and the increase in cost of living.

The fixed fee structure is charged as a monthly rate and is usually calculated as a percentage of a month’s rent. Property management companies charge a flat fee based on the size, location, and services offered. For instance, a single family home with 1000 square feet could be charged $100 per month; while a 3000 square foot apartment could be charged $300 per month. Property managements collect these fixed fees from their tenants on a monthly basis and do not get paid until they find new tenants to move into vacant units.

Because property management companies are paid up front for their services, it is in their best interest to maximize rental income from your property. However, you should know that there are additional fees that can be associated with hiring a property manager.

Here are some of the most common additional fees you may encounter:

  • Contract Setup Fee
  • Initial property inspection
  • Overseeing Vacant Property
  • Leasing Vacant Property
  • Late Payment Service Charges
  • Repairs and Maintenance
  • Routine Inspection Fees
  • Evictions and Collections
  • Contract Termination Fee

We hope that the above information would help you in finding the right property manager for your short-term rental needs.

If you have any questions or concerns, please don’t hesitate to reach out to us at marketing@prowessproperty.ca