4 Things to Look For When Hiring Residential Property Management Companies in Vancouver
A residential property management company can be a great asset to you as an investor.
Find the right company for the job and you’ll enjoy peace-of-mind, a higher return on your investment, and more free time. The wrong company, however, may surprise you with unforeseen expenses, problematic tenants, and ultimately a big headache.
There are many benefits of hiring the right company to manage your estate. So it’s important to notice that not all property management companies are created equal. That’s exactly why we’ve compiled bellowing 4 points to look for when evaluating and hiring a residential property management company in Vancouver.
1. Their Price Is Right for You
When it comes to choosing the right property management company, the cheapest option isn’t always the best. Your property manager is, after all, handling one of the largest investments you’ll ever make in your lifetime.
Look for a property manager whose prices are fair and service is outstanding.
As you search for a prospective property manager, evaluate their services to determine if they’re actually worth the cost . Depending on the scope of the company’s involvement, their prices may vary. You can expect to pay at least a base fee of 7-12% of the property’s monthly rent. Find out about their additional fees and services to make sure that you’re getting a price that’s right for you.
2. They Have Sufficient Qualifications to Rent Property in Vancouver
You’ll want to find out how long the company has been in business for. Is it just a few short years, or have they been successfully building a trusted clientele for over a decade? The more experience the better, so make sure to look for a company that’s been around for awhile.
Good property managers will gladly answer owners’ questions, so you may want to dig deeper and get a better idea of their operating procedures and protocol. For example, one thing you’ll want to ask about is their process for screening for new tenants. Removing a bad tenant in Vancouver can be tricky, so you’ll want to find a quality renter from the start.
Finally, and perhaps most importantly, check that they are licensed to rent property legally in British Columbia British Columbia.
3. They are Familiar with the Vancouver Housing Market.
Look for a company that is familiar with the Vancouver housing market.
Getting the best return on your investment means hiring a property management company that knows the local market. This way, they can collect the perfect amount of rent that’s both reasonable for the tenant and profitable for you.
Furthermore, a company who is familiar with the Vancouver housing market will be excellent at connecting with your ideal tenant; having an understanding of local attractions and property value is essential to resonating with them.
4. They Have Impeccable Customer Service
Your property manager acts on your behalf, so it’s vital that they represent you in a professional manner.
Ask yourself this: how is their customer service?
Choosing a property manager who treats you like gold can secure you a positive working relationship with them down the road.
There are several ways that you can evaluate a company’s customer service. Try contacting them and take note of their response time, resourcefulness, friendliness, and so on. This gives you an idea of whether you feel comfortable working with this company in the long run - it also tells you how they’ll treat your tenant.
Another thing you can do is to check out some of their online reviews and social media conversations; Google, Facebook, and Twitter are some good places to start. However, online reviews are not without problems, so take them with a grain of salt.
Final Thoughts:
Finding a great residential property manager in Vancouver can be as valuable to you as an investor, but it’s important to do your due diligence and weigh out several options before making a decision.
Our suggestion is that you make a short list of Vancouver property management companies that check off the criteria we listed above. From there, you can take a closer look at the companies that are suitable for your needs and circumstance.
As a trusted Vancouver company with over 50 years of experience, Noble & Associates Property Management is pleased to provide you with information to help you explore your property management requirements. Feel free to reach out to us today and we’ll happily answer your questions.