Article provided by: Western Premium Property Management Inc.
Why You Should Contact A Saskatoon Property Management Company
You may have been able to manage your properties successfully when you had just a few of them. Now that you have many of them, you should be thinking of hiring a Saskatoon property management company. Here are the factors you should consider.
Setting and monitoring rental rates
One of the biggest reasons you should contact a Saskatoon property management company is setting your rental rates. You will lose money either when your rent is too high or when it is too low. When it is too high, you may not get tenants. The more any of your properties remains without occupants the more you will continue to lose money on it. That way, it will take a longer time before you recoup your money on the property.
On the other hand, if your rent is too low, you won’t be making as much as should be making. So, you will also continue to lose money. However, this is one of the easiest things for any experienced Saskatoon property management company. They already have the network and resources to find out the cost of renting similar properties in the same location.
It does not end there. Here is the most difficult part. Rents are dynamic in virtually all cities. So, you do not only need to get the right rent rates, you also need to monitor it regularly. Can you combine this with your core business?
Every property requires 24 hours monitoring
Every property requires your 24-hour presence. When anything goes wrong, your tenants expect you to fix it within 24 hours or sooner. While you may be able to monitor the properties that are proximal to your home or office, what about the ones that are far away?
This is another reason you should consider hiring a property management company. They usually delegate the responsibilities of inspecting of every property to a particular staff. Since it is their job, it is easier for them to inspect the properties.
Can you handle monthly rent collection?
If you think all your tenants will chase you around to pay their rent at the end of the month, you need to think again. Some of them will give you excuses why you should give them some time, some will feign ignorance about the end of the month, and some of them will dodge you continuously.
What if you bought the property on loan and you hope to be paying off every month with your tenants’ rent? This will be a major source of headache for you. Imagine how you will handle it if you have more than 50 tenants scattered in different parts of Saskatoon. Don’t you think combining the responsibilities with your business will take its toll on your health?
Do you understand that you have to carry out some background checks on all your tenants before accepting them? You don’t want to be stuck with a criminal as a tenant or a troublesome tenant. Only experienced property managers know how to carry out these necessary checks on every prospective tenant before they are accepted.
In conclusion, there are many more duties of a property manager and the more your properties increase in number, the more difficult it will be to manage them. If you combine your core business with the management of your properties, one must get less attention than it requires.
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