Choosing the best Property Management Company in Vancouver for managing rental properties can be difficult, especially when presented with thousands of possibilities. When faced with such a choice, many property owners are unsure which rental management business to hire. Here are the 5 rules to follow when choosing a decent rental manager.
Does the agency make property management one of its priorities?
For many agencies, rental management is not their core business. Their priority is often sales. In actuality, only 10 to 15% of a real estate agency’s turnover is often attributed to rental management. During off-peak hours, the agency frequently offers rental management, which is primarily utilized to boost sales activity. This often has an impact on the manager’s responsiveness and the quality of the service in general. Online rental management agencies can be an interesting alternative to traditional real estate agencies and condominium trustees.
Ensure the responsiveness of your property management company.
Before choosing your Property Management Company in Vancouver, make sure that your manager is reachable. If you have difficulty reaching your manager, or if he does not call you back, even before signing the mandate, this is not a good sign. Furthermore, it is recommended to find out the manager’s and the support service’s non-business hours. Water damage frequently happens on weekends, holidays, or at night.
Understand what is included in the rental management fees.
Property management fees are often complex and unclear. Does the amount apply to the rent including charges or excluding charges? Which services are actually included in the offer and which are extra? Beware of excessive fees! It is unfortunately common to take hidden commissions on work and other interventions, which are then re-invoiced to the owner. Finally, some unscrupulous rental managers, sometimes in large national networks, charge the owner termination fees at the end of the mandate. You do not have to put up with these practices! In addition, rates can vary from one to two times the price from one Property Management Company in Vancouver to another! It is therefore advisable to play the competition and compare the different offers in detail. Finally, it is advised to be vigilant about promotional offers. They are often attractive in the short term, but you risk coming out the losers later on.
Protect yourself from abusive management mandate conditions
Many agencies offer rental management mandates with a firm commitment of several years. It is advised you avoid mandates with a duration of more than one year. Indeed, if you are not satisfied, you risk finding yourself stuck with the same agent for several years, without being able to cancel the rental management mandate.
Check the professional card of your property management company.
Property management is a regulated profession and is strictly supervised. All rental managers must hold a professional property management card issued by the Chamber of Commerce and Industry and have taken out financial guarantees and professional liability insurance. The professional card number as well as the guarantee and insurance taken out must appear on the mandate and any other written document of the manager. Before deciding which Property Management Company in Vancouver to choose, it is advised to check that your rental manager is in good standing with all regulatory requirements.
In Conclusion
Selecting the best Property Management Company in Vancouver guarantees property owners peace of mind and efficient rental management. You may locate a professional, transparent, and responsive agency that meets your objectives and safeguards your investment by adhering to these guidelines.
