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Hiring a professional rental property management firm comes easily to those that have tried to manage a property themselves. In this day and age, a property manager is a necessity and provides 10 essential benefits to rental investment owners. It may be tempting to take on this task yourself however, it can very soon feel like a big time-consuming commitment. A quality property manager not only offers peace of mind that your property is being looked after, but it also has a range of other benefits.
At Magnum York Property Management, we believe in the benefits of hiring a qualified property manager. We proudly serve over 750 properties in 14 cities and towns across Alberta so have seen all the trials and tribulations associated with property management. From this experience, we have the tools to overcome these situations, improve your experience and save you money and stress.
1. Obtaining Quality Tenants
A good rental property manager will be able to suss out who is a worthy candidate for renting a property and who is not. Having quality tenants by screening them can help avoid some big no, no’s such as delays in rent payment, damage to the property, or even legal problems. Property managers are equipped to find reliable renters, who will stay in the residence long term, look after the property, and pay their dues on time.
2. Fewer Legal Issues
Many rental property managers can navigate through legal issues, especially with support from a trusted legal team. Just a single bad tenant can have detrimental legal and financial issues. Having a high-quality property manager on your side can protect you from potential lawsuits. The risk is minimized by screening tenants, completing property inspections, handling tenant evictions, signing and terminating leases, and collecting and handling rent and security deposits.
At Magnum York, our property managers are licensed under the Real Estate Council of Alberta (RECA) which ensures we abide by the standards of practice set out by the Real Estate Act and the Real Estate Act Rules.
3. Consistent Rent Collection and Eviction Processes
Collecting rent isn’t as easy as some may think. A rental property manager can either set up the infrastructure to have things work automatically or be able to stay on top of those potential delinquents. It seems obvious, but consistent rent collection is what keeps the building operating and moving forward. Collecting rent on time makes a huge difference for all those involved and is vital to the success of managing a property.
4. Solid monthly accounting and reporting
A good property management firm has dedicated bookkeeping and accounting staff, and delivers your financial package and owner cash distributions on the same day, every month.
In addition, your property management firm should have a 24/7 online portal where you can log in and see your general ledger, payables, receivables and tenant service issues.
More importantly, there should also be a web portal for your tenants, making it easy for them to see their billing history, make additional payments as well as submit service issues.
5. Professional Marketing
A professional management company has the resources to market the property to ensure it’s getting traction on rental sites. Professional photos will be taken so that the property is looking its best to stand out in the market.
6. Accurate Rental Pricing
It’s important to accurately price properties so they are competitive, yet fair. This is a major factor in pulling in potential tenants as well as maintaining them. Management companies will have a deep understanding of the rental market and will be able to properly price any vacancies.
7. Higher Occupancy Rates
Having someone with the time and expertise to handle vacancies means you will see consistently higher occupancy levels at your property. Pricing the properties at the correct level as well as being able to choose the right people will lead to not only fewer vacancies but faster filling times in a competitive market.
8. Higher Tenant Retention
With a higher quality of tenant and competitive pricing, you will see much higher tenant retention rates for your property than others. Keeping quality tenants in their rentals is always a challenge, so being able to do this consistently will go a long way in protecting your investment.
9. Maintenance & Repairs
When you hire a property manager, you also gain access to their network of professional vendors. At Magnum York, we pride ourselves on our MYVendor Program, which is an exclusive collection of our most trusted partners, trades, and vendors. These Vendors are trustworthy and have been thoroughly vetted. This ensures they provide quality work and fair pricing which saves our investment owners a lot of unnecessary costs.
10. Less Stress & Free Time (yes, please!)
When there’s someone you trust to take care of the important aspects that keep your property running smoothly, it offers you peace of mind. Having that stress relief is a huge personal gain for many people. Managing a property on your own is a full-time job that most people don’t have the time to dedicate to. Having someone taking care of it for you is an immeasurable benefit personally.
Since a rental property manager will be handling the day-to-day duties of your property, it frees up your time and focuses on the more important things. Not only will you have more free time to indulge in your personal interests, but you will be able to confidently see your investment grow.
The Magnum York Advantage
Magnum York Property Management has been providing quality single unit rental, apartment rentals, rental pool, residential and commercial condominium management services for over 20 years across Alberta. Our skilled team manages properties in Calgary, Edmonton, Red Deer, and Fort McMurray. Our expert knowledge will ensure that your property is managed efficiently and professionally.
Advantages of hiring Magnum York to manage your rental property:
- We offer online tools for investment owners to view invoices, payments, service issues, reports, and financial statements through MYWebPortal.
- We offer online tools for rental tenants so they can review and edit their contact information, view their rent payments, make payments online and submit and track service issues through MYCustomerWebAccess.
- MYNews Rental is sent with monthly financial statements to our investor owners. The information in MYNews is specifically about the latest industry trends and education with links to online resources.
- We have teams supporting the property manager, including accounting, administrators, and branch managers to ensure successful management.
- All security deposits are equal to rent unless another amount is agreed upon in advance.
- Our management fees start at 10% of gross collected rent. There is no charge for vacant units.
- Phone calls from the tenants are handled 24/7. The tenant will never have personal contact with you unless requested.
Request A Management Proposal Today: https://magnumyork.com/proposal/
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