Characteristics of Reliable Property Management Company
The abundance of property management companies in Vancouver make it trickier to choose the perfect one to suit your needs. Still, it’s equally important to weigh all your options as the right property management company will make sure that you have smooth daily operations and properly managed tenants.
Here are some basic characteristics of a great property management company in Vancouver, New Westminster, and other parts of the Lower Mainland:
A good property management company will handle the screening of potential tenants before renting out the property. All potential tenants have to fill out a comprehensive form that includes references for the property manager to check. Checking these references allows the company to determine whether a prospective tenant will be able to pay rent on time. Aside from that, you will get an idea regarding the individual’s character and whether he or she had any issues with their previous landlords. It’s important to have tenants who are responsible, careful and will be able to coexist well with other tenants.
Collecting Security Deposits and Pet Damage
Tenants who have pets will have to follow the Residential Tenancy Act that gives property owners the right to charge a pet deposit. This is in additional to the standard security deposit of one half of one month’s rent.
Conducting inspections when a tenant moves out or moves in is important because the report could be used to counteract any unfounded claims of repairs or damages. This process involves the signing of a document that states the condition of the rental property when tenancy begins. https://acdrealty.com/blog/rules-reliable-property-management-company/ https://acdrealty.com/blog/rules-reliable-property-management-company/ https://acdrealty.com/blog/rules-reliable-property-management-company/ https://acdrealty.com/blog/rules-reliable-property-management-company/ https://acdrealty.com/blog/rules-reliable-property-management-company/The tenant will then be responsible for damages that are not caused by normal wear and tear when they move out. Did you know that if you do not sign a condition inspection report you will not be able to claim for any damages when a tenant vacates?
Maintaining the Property
Well maintained properties attract tenants very quickly. A good property management company will be overseeing the maintenance of the property.
Timely Maintenance of Records
To be fully in charge of your investment, a management company will keep detailed maintenance records. A good property management company tries to anticipate problems before they happen so that hopefully there are no sudden surprises for an owner.
You need a property management company that is available and regularly keeps in touch with you and your tenants.
Keeps Written Documentation of All Rules
With well-documented tenancy agreements contain certain terms and conditions. Doing this it should reduce tenant conflicts. If you have signed contracts that prohibits pets or smoking, it is best that this is put into writing.
Major renovations and upgrades should be planned well in advance by a good rental management company. These tend to be significant expenses so you would want to know about these in advance so you can budget for the required funds needed.
Conducts Regular Inspections
Having your property inspected regularly helps ensure that it is kept in good condition and also helps you identify potential ‘problem tenants’.
Hires Professionals For Jobs
A responsible property management company only uses professionals when it comes to renovations or repairs on your property. This assures you that any work done on your investment will be of top quality.
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