Properties are great investment options that earn you a stable income even as the property value escalates over time.
However, most property owners will admit that managing a property is no mean feat. This then brings about the debate on whether or not to hire a property management in Montreal and the benefits of either choice.
Here, take a look at the pros and cons of working with a management company.
There are numerous benefits of working with a property manager, most of which revolve around having an experienced party running the show.
The main ones include:
Higher Occupation Rates
As with any investment, you need your investment to bring you a stable income. This can only happen if your properties enjoy high occupation rates year in year out.
A management company always has the resources to ensure they get you tenants consistently and fill vacancies speedily.
You need to set rates that do not outprice prospective tenants but still maximizes your income.
To do this, you need to take numerous metrics into consideration. Unfortunately, this information might not be as readily available to you as it is to property managers. By hiring a management company, this is one of the benefits you will get.
Shorter Maintenance Response Times
One of the main inconveniences of managing a property is maintenance requests. Depending on the size and the number of properties you have, these might take up a lot of your time.
Property management companies hire an in-house property maintenance manager that receives and handles all maintenance requests.
They also have a panel of vendors to have all maintenance jobs finished quickly and efficiently. Hiring a company then saves you a lot of time in overseeing maintenance projects and vetting vendors from time to time.
Better Debt Collection Systems
These being professions in the business, management companies have perfected rent collection systems. This includes setting policies on how to handle arrears and defaults.
Without this know-how, rent collection on your properties can be a frustrating, time-consuming process.
The negative aspect of hiring a management company that stands out is the expense involved. This is a paid service, and the initial costs can make property managers shy away and opt for a DIY.
Most companies will charge a percentage of the month’s rent each month. Some will also have a leasing fee to cater for marketing and logistics fees.
Hiring a property management company has numerous benefits for property owners. Though the expense is seen as a negative aspect of it, most property owners find this a small price to pay in exchange for what is to be gained.
This included higher occupancy, reliable rent collection methods, and little involvement in maintenance processes.