One of the first problems an investor faces after purchasing a property is getting it rented. May not sound like a big deal at a glance, but if we break the process down into steps and take a close look at it, we’ll realize that it involves significantly more work than it seems.
1.Advertising. First step is to make sure your potential tenants are in fact able to find your listing on web-sites and in newspapers. Property Management companies usually have accounts at most popular advertising portals, which may not always be accessible to private landlords.
2.Responding to calls/texts/emails. This step by itself is a full-time job. Depending on the type of property and price point, ads may generate a lot of feedback. Busy home owners may not have ability to respond to all of them in timely manner. Property Managers, in contrast, usually have staff in charge of it.
3.Showings. Depending on the type of property, a number of showings may be required in order to find a proper tenant. Showings take time which investors don’t always have. Sometimes people wouldn’t show up, even though they made and appointment, which makes this task even more frustrating.
4.Screening. Assume a number of showings have been done, and few applicants want to rent the apartment. What next? In order to protect your investment, a thorough background check of the applicant has to be conducted. Professional Property Management companies have resources to do so, unlike private landlords. Sometimes not only credit, but also criminal check will be needed to confirm suitability of an applicant.
5.Legal paperwork. Last but not least step. Contract is the basis of the lease, the ultimate governing document. Mistakes in the Lease Agreement may cost significant amount of money in the future. Professional Property Managers have properly developed, court tested contracts to protect owner’s rights.
If you ‘re looking for a Property Management company in Brantford, ON, or just need property related advise, please call JK Property Management at 519-755-5677 Kyle. Thank you
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