So you’ve made the leap and invested in a piece of Vancouver real estate. You love the idea of renting it out and turning your investment into a long run money-maker. Now what?
The first step to being a successful landlord is having a professional Property Manager on your team to oversee the details. There’s a lot to think about when it comes to dealing with tenants, and a good Property Manager will help you navigate those waters.
It all starts with credentials. Find one that suits your particular needs. Keep in mind what type of investment you’ve made and ensure you’ve chosen a Property Manager who deals in that kind of real estate. It’s important to interview a few to get a feel for how they work – and how they’ll work with you. Make a personality match with someone you feel comfortable being completely honest around. And always research their company’s background! You want one that has an established reputation and experience.
Think of it like an interview. You’re hiring them, so you want to know very specifically what they can do for you. Make a checklist prior to meeting your potential Property Manager and ask the hard questions:
Essentially, you want to receive the most amount of services for the least amount of commission while keeping integrity in mind.
Like any good business partner your Property Manager and their company is working with you, not the other guy; in this case, the tenant. As long as contracts are clear and lines of communication are open, you should have a successful investment on hand with a partner who’s got your back.