Enlisting the services of a property manager for your investment property frees up your time from the concerns of tenants, maintenance and legal matters. Property managers possess a deep understanding of the Residential Tenancies Act and related legislation, a vital factor not only for ensuring tenants meet their responsibilities but also for safeguarding landlords.
Litigation risks are inherent in many tasks undertaken by property managers, and a proficient property manager shoulders this burden by continually updating their knowledge to provide you with the highest level of service. Your property manager can assist in optimizing returns and securing better rental rates. They excel as mediators, resolving issues as they arise and preemptively preventing future problems. If you are contemplating self-management of your property, it is crucial to assess whether you have a comprehensive grasp of the legislation to fulfil your obligations and uphold tenants' rights. Various statutes, including those related to discrimination, building codes, privacy etc can significantly impact a tenancy.
When it comes to tenant selection, do you have established procedures to ensure you possess the requisite resources and expertise to choose the right tenant for your investment? Conducting thorough background checks can avert substantial financial losses and property damage in the future.
Do you possess adequate knowledge regarding the arrears process and notice periods to ensure the validity of any notices you issue? In the event of a Tenancy Tribunal appearance, are you adequately prepared to represent yourself effectively, armed with the correct documentation and evidence? Minor errors in managing your own investment property can lead to severe consequences, underscoring the importance of having a capable property manager if you lack full confidence in handling the processes and legislation yourself.