Max had never used a property manager in the past. He took on all of the responsibilities of property management himself and, although it was time consuming, he decided not to dip into his profits to pay for management services.
But, in reality, things worked a little differently. Max struggled to answer all of the calls from his tenant and found that managing the property was affecting his performance at his day job, which was being noticed. After doing some research, Max decided that he liked the low fees and Air Miles rewards offered by the RentalMiles property management company. Managing his property would never be a pain again.
“After signing on with RentalMiles he no longer needed to worry about finding a quality tenant,” says Jason Duncan, CEO of RentalMiles “It was leased quickly; he read and approved the lease on his phone at work. Max no longer worries about his privacy, time or pesky maintenance needs.”
At 4.9%, Max found the management fees to be affordable and he was pleased when his dedicated agent, Tania, got the rent he wanted. When his property re-leased it was barely vacant and Max earned 1,200 Air Miles in his first year.
“One of the things that hold people back from property management services is the cost,” says Duncan. “I talk to a lot of agents and the average cost nationally for other property management companies is around 10 – 12 %, with fees for things like listing services added on top. That means it could cost almost two months’ rent to have property management.”
Many investors are also turned off by the inconsistency and lack of transparency offered by property management companies. It’s for that reason that Duncan decided technology had to play a central role in how RentalMiles offered its services.
“The app shows when open houses are being conducted, when inspections are happening and when leases are due - it means investors are kept in the picture at every stage of the process but can also remain hands off,” Duncan says. “It’s something tangible and everyone involved in the rental process can see those dates and requirements and will be held accountable.”