How Does Property Management Work?

An important decision you may need to address is whether to self-manage your property or hire a professional property management company. While self-management enables you to have complete control over the property and may seem like a cheaper option, effective property management can be a complex and time-consuming process, requiring specialized help.

Is hiring a property manager the right choice for you?

Property management companies can be beneficial for condo and homeowner associations, helping to ensure your property operates smoothly, as well as preserving its resale value. If you don’t have the time or lack the experience to properly manage your real estate property, it is probably in your best interest to hire an experienced Whistler property management company or a Vancouver property management company.

Employing a property management company doesn’t come cheap—managers can charge on average, between 4% and 10% of the monthly gross income for the property. So before you spend your hard-earned dollars, it is important to get a handle on precisely what these companies are and the services they provide for residential properties—single and multifamily homes, condominiums, and townhomes.

What does a property manager do?

Property managers are commissioned either directly by the owner or indirectly through a contract with a property management firm. In order to meet with residents and property owners, many property managers will have to work after business hours, including evenings and on weekends.

Property managers are responsible for handling many aspects of residential properties including:

  • Show properties to prospective renters
  • Inspect all building facilities, including the grounds and equipment
  • Track all administrative and financial information
  • Keep the property’s insurance, payroll, taxes, mortgages, and budget updated
  • Arrange for repairs
  • Contract for trash removal, swimming pool maintenance, landscaping, security, pest control, and other services
  • Provide annual reports documenting income and expenses
  • Investigate and settle complaints, disturbances, and violations
  • Keep up-to-date with local and federal regulations
  • Plan special products — constructing a new playground, enhancing entryways, etc.

Whether it is a matter of convenience or necessity, hiring a property manager can be a sound investment. It is important, however, to understand exactly what you expect from a property management company before you make any financial commitment.

The Professionals at House and Homes

If you feel overwhelmed or frustrated trying to understand the ins and outs of property management, we arehappy to answer any questions you may have.

For information about all the services House and Homes provide, please contact us at 778-870-5478.