Owning a rental or income property can be a great way to make additional money, pay down a mortgage, and build equity. Whether you are just curious about acquiring an income property, or already own one; you will hear a lot of horror stories, or deterrents about the amount of work and stress a rental home can cause. Due to the existence of Property Management companies, such as Limestone Property Management; it is now easier more than ever to own a rental property, or expand your property portfolio. Property Management companies take away the stress and headaches of it all by dealing with everything for you, for a reasonable fee. If you have never used a Property Manager, here are six indicators that it might be time.
Unqualified Tenants – Properly screening tenants can be very difficult during the time you are trying to rent out your property. With the amount of people inquiring about a property, it can be difficult to find the best candidates. Unqualified tenants can destroy your property, not pay rent, and can cause a lot of issues. If you have ever had even one bad tenant, you may want to look into a Property Manger. Property Managers will generally have multiple “hoops” that perspective tenants will have to jump through, and screening to pass before the applicants are even brought to your attention. In the end, you have the final say of who is put into the home.
Unfamiliar with Municipal and Provincial Laws – Tenants and Landlords have a certain guideline of Rules and Regulations mandated by the province that they must follow. Not adhering to these rules can result in unpaid rent, lawsuits, and fines. If you are unfamiliar with your local municipal rules, or provincial laws; you may want to consult with a Property Manager. Property Management companies are extremely versed in all laws, rules, and regulations.
Finance Troubles or Unpaid Rent – Generally, the entire purpose of a rental property is for income. If rent is not being collected, or paid on time, it can cause for a lot of frustration between landlord and tenant. The process of eviction is lengthy, challenging, and very particular, involving multiple steps that must be taken. One missed step can restart the entire process, costing several months of rent. If you find yourself having difficulties managing the property finances, costs over income, or rent collection; it is definitely time to consult a Property Manager. Management companies are familiar with the eviction and collection process and can insure clean income statements monthly, paid bills and rent, as well as seamless eviction; should it be required.
Difficulties with Upkeep – All homeowners know that properties require a lot of upkeep. If you are finding it difficult to upkeep with maintenance issues or just general upkeep of the home, a Property Manager would be able to regularly maintain your property without any of the issues being laid upon you.
Unfamiliar with Rental Market – The rental market, much like the real estate market, fluctuates based on a number of factors. If you are purchasing an income property in an area you are unfamiliar with, this may cause you to under or over charge for your rental. You may also have difficulties renting the property out which can turn into lost revenue. A local Property Management company will know the different neighbourhoods, and markets all across the city. This will insure your property is rented, for exactly what it is worth.
Living in another city – Living in another city, far from your rental or income property can cause a litany of issues. If anything goes wrong with the home, or the tenant is locked out etc. you will need to travel this distance to remedy the situation. Your tenants will also get very frustrated with response time; which will strain your relationship.
A Rental or Income Property is a great investment, but can be a lot of work. If you are experiencing any of these issues above; call Limestone Property Management today to experience the stress-free way of Property Management. For more information on our services, please contact us by phone (613) 530-3340, email at [email protected] or visit our website at www.limestoneresidential.ca