8 Reasons to use a Property Management Company

Professional Property Managers can add great value to your rental property while delivering stress-free passive income.

1 | Charging the Right Rent for the Right Property
A professionally researched CMA (Comparative Market Analysis) is an essential part of a marketing plan. The CMA will highlight what similar properties in the neighbourhood are rented for and what competitor properties are asking to be rented for. Using the CMA as a guide your property manager will work with you to decide what is the right rent to market your specific property. This is an invaluable service as over or under pricing your rental can be costly by sitting empty or locking in a tenant for too little.
2 | Marketing your Rental Property
Property-specific marketing plans are standard with a good property management company. Don’t be fooled, not all advertising is right for all properties. Professional property managers know which avenues will attract the right traffic for your property. Professional photography is also key to marketing any property. This can make the difference when competing for the best tenants and the best rental price. Qualified property management companies like Bodewell offer professional photography at no extra charge to ensure their clients receive the best possible service.
3 | Finding the Right Tenants
Meeting, interviewing and vetting tenants is more complex and time-consuming than it may look. Property management companies like Bodewell vet potential tenants on many levels. They will carry out credit checks, past landlord references, income verification, and more. The right tenants pay on time, minimize wear & tear, and care for the property they are renting. The importance of finding and selecting the right tenants cannot be overstated. Smart investors leave this to the professionals as bad tenants can be costly and are not easy to lose.
4 | Rental Property Contract Writing
With your tenant selected and vetted your property management company will provide a solid contract that is up-to-date with the often changing Residential Tenancy Act. Government legislation and regulations are constantly being updated and revised. Professional property management companies stay up to date on these changes and will ensure the contracts are created to protect and facilitate your needs. Your property manager will then ensure contracts are signed, filed and appropriate security deposits are collected and held in registered Trust Accounts prior to anyone moving into a property.
5 | 24/7 Property Maintenance and Tenant Support
Professional property management companies receive all tenant requests for any maintenance or emergency work needed to your property by providing 24/7 support by phone or online. Your property management company manages an array of on-call professional tradespeople to quickly respond to any issues. These tried and tested professionals will help ensure any problems large or small are taken care of efficiently and at the best price. Bodewell does not charge additional fees or accept any “kick-backs” or referrals from any trade or services people. We always provide fully Transparent rates to benefit our clients.
6 | Collecting and Accounting for Rental Revenue
Your property manager will collect rent from tenants and pass it on to you net of fees and expenses. Modern professional property management companies provide their clients with private and secure online accounts where their client can see their rentals financial history, inspection reports, and more. Online accounts keep real estate investors up to date 24/7 from wherever they may be.
7 | Regular Inspections
Property managers will perform a minimum of 2 inspections per year to ensure your rental property is secure and being cared for. Professional Property Management companies like Bodewell will post onto your private online account the report of inspection as well as updated photos of your property. This allows you to keep informed about your property without infringing on the rights of the tenant.
8 | Year-End Accounting Summary for Tax Savings
Each year-end you can easily print off a complete summary of revenues collected from your Property Management online account. This report will include revenues collected and expenses incurred to be used for tax purposes. In most tax jurisdictions your property management fees are also deductible as they are seen by tax authorities as a legitimate cost of professionally managing your real estate investment.