When you’re renting out your property, so many things can go wrong. What if your tenant stops paying rent? What if the furnace breaks down in the middle of the night? And what should you do to prevent a pest infestation?
You feel like you’re drowning in paperwork, missed calls, and text messages. One thing is clear: it’s time to hire a property manager.
That brings us to our next question. How do you choose the right property manager? When you’re searching for professional, high-quality management services, be sure to ask the following questions:
What services do they offer?
A common mistake is to assume that all property managers offer the same services. You don’t want to hire a company, and find out later that they don’t offer something as essential as rent collection.
Ideally, you’d like to find a PM that offers:
- Assistance with tenant selection
- Monthly reporting
- Advertising services to help rent your properties
- Maintenance services when appliances break down
- Communication with the Residential Tenancies Branch
If your property manager doesn’t offer these services, you’ll be cutting into your profits without gaining as much value as you could. Be sure to ask your property manager what they’ll do for you.
Are they licenced?
Any property manager that you work with should be licenced. To obtain this licence, they need to complete the Principles of Property Management Course offered by The Manitoba Real Estate Association. This training ensures that the manager knows how to collect rent, resolve disputes, and schedule repair services.
Without a licence, your property manager might create more problems than they solve. At Premier Property Solutions Inc, we’ve been licensed by The Manitoba Real Estate Association and the Securities Commission since 2016.
What are their online reviews like?
On their website, a property manager might claim to be the best of the best. But you can’t just take their word for it—you need to know what their tenants have to say.
Check out the Google reviews on their GMB. What are people writing about them online? This gives you a glimpse at how satisfied tenants are with their management. If you notice a disproportionately high number of negative reviews, it’s a sign you should probably take your business elsewhere.
That being said, we advise you to take negative reviews with a grain of salt. Sometimes, they have more to do with the building owner (or the tenant themselves) than the property manager. To understand the full story, be sure to read the property manager’s responses to the negative reviews.
How well do they communicate?
Communication is key. Another thing that you should look for in a property manager is good communication skills. Tenants and landlords need a property manager who is accessible.
If someone phones the office or messages them, do they answer? If not, how long do they take to get back to you? This indicates how well they will communicate with their clients.
What types of properties do they manage?
Try to find a company that manages units similar to yours. If you own a residential building, but your property manager only has experience with commercial units, they might not be the best match for you.
As with most things in life, you get what you pay for. If your property manager isn’t qualified, you’ll end up feeling even more stressed than before.
When you’re looking for a property management company in Winnipeg, you might be tempted to choose one with the lowest fees. But before you sign an agreement, make sure to do your research. Our professional services give you freedom and peace of mind. We take care of everything from rent collection to tenant selection, so that you don’t have to. Contact us today.