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Why You Must Hire Property Management Company?

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alexiscooper5 | 12 Jan 2015, 05:23 AM Agree 0
Hiring a property manager is a personal decision. It is not the right move for everyone, but i am curious to know why people hire them?
  • Hans | 23 Feb 2015, 08:44 AM Agree 0
    Hiring a property manager is most common if you own properties that are located a long distance from where you live . Another reason could be that you have not got the skills or time to manage them your self.
  • alexiscooper5 | 27 Feb 2015, 12:40 AM Agree 0
    Thanks a lot for your reply.
  • Laurie Vance | 27 Feb 2015, 02:08 PM Agree 0
    We have a lot of foreign owners in Whistler and many of them use property managers, not all property managers are equal however, and much due diligence is required to determine if they are qualified, licensed or regulated in any way, especially if they are handling rental incomes. Many provide excellent services, including monitoring the home (some insurance companies require this), working with maintenance issues as required, and providing services to the homeowner when they are in town. It really does depend on the homeowners needs and I would not hesitate to recommend it when needed.
  • Alvin | 04 Mar 2015, 07:00 AM Agree 0
    Property managers may seem an old fashioned choice in a world dominated by Craigslist and eBay, but they're certainly worth hiring considering the legal landmine that novice landlords may unwittingly step into.
    Here are a few more reasons why you should consider hiring professional asset management companies:

    a) You don't live close to the rental property or do not have the time for hands on management: Right from fixing leaky showers to servicing fire alarms, managing everyday tasks related to the rented property need time and effort. Of course, you can assign the task to contractors, but how do you ensure that the contractor has attended to the complaint and if the problem is fixed.

    b) You need help to screen potential tenants:There are several laws that legally bind a landlord from using his own discretion when choosing tenants. You may have rented the backyard along with the house. But, what if the tenant's using the place to grow marijuana? The law of vicarious liability can hold you accountable! Apartment management and multifamily management units are well aware of these limitations and know how to tread these regulations.

    c) You own more than one property:Property management services aren't cheap, but they're worth their charges if you have own several rental properties. Thus, expenses are spread out across different properties and offer better value for money.

    d) Avoiding legal traps:Do you live in an area with a rent control regulation in place? If it is so, will the rental income be substantial enough to be classified as revenue? Can you ask a tenant to vacate because you want to move in? Understanding all of these legal aspects takes time. It's best to leave the job to professionals who know how to do it best.
  • | 13 Apr 2015, 08:23 AM Agree 0
    Hello Everyone

    Well Hiring a property management company can be a personal choice. Well I am Discussing here some pro's and con's of Hiring a Property Management company -

    Pro's -

    1. If you have many rental properties then you must go to hire a property manager to get off the mess.

    2. If your rental property is far away from where you stay then you need to hire a property management company.

    3. A property management company can alleviate stress when it comes to managing rental property.

    Con's -

    1. Hiring a property management company can be expensive.

    2. You need to be really conscious about legal traps.

    Hope it will help you out.

  • Katedonovank | 23 Apr 2015, 12:51 AM Agree 0
    If you decide to hire a property manager, it is important to identify his or her role. ... You must decide if the property manager will be an independent contractor or an property management company, you can research the company's history.

  • suniltulsiani | 27 Apr 2015, 03:43 AM Agree 0
    If you don't have knowledge of property market then property manager is best.
  • amelietremblay6 | 09 Jun 2015, 10:37 PM Agree 0
    If you decide to hire a property manager, then just don't blindly trust them. You can also do research on property you have selected from property manager to be on safer side.
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