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WHY USE A PROFESSIONAL PROPERTY MANAGER?When dealing with Property Management you must have a thorough understanding of the ‘Residential Tenancies Act of 1987’. This is a highly specialized aspect of Real Estate. It is fraught with the danger of litigation in almost every function you complete.A competent Property Manager not only gains a strong understanding of their role by completing the Property Management Registration course and then registering with the Real Estate & Business Supervisory Board, they continually increase their knowledge of insurance requirements, changes to legislation and industry trends to ensure all clients gain the highest level of service at all times. Agents are often engaged t pick up the pieces of poorly self managed properties after it has cost the owner countless hours in trying to resolve conflicts with their tenant, not to mention the monetary cost. If you are at all considering managing your own investment property then you may like to consider some of the following points: Do you know enough about the Residential Tenancies Act of 1987 in order to maintain a fair & professional relationship with your tenant? Yes, the tenant could sue you if you conduct yourself outside the Residential Tenancies Act! How much do you know about the tenant selection process? Asking the righ questions and getting the right answers before you put someone in a property can save you untold heartache and frustration, not to mention $$$$ Do you know how to lodge a tenant’s security bond money in accordance with the Department of Consumer & Employment Protection (DOCEP) requirements? Did you realize failure to lodge a tenants bond correctly can result in a fine? Do you know the right procedure when dealing with rental payment arrears? Do you have the correct notices and do you know the correct calculation of days needed for each notice? If not your notices may be totally invalid and you will have to start the procedure all over. Do you know enough about the Residential Tenancies Act to effectively represent yourself in court? If often appears the Magistrate is ‘pro-tenant’ this is because the procedure must be precise. If you make mistakes it will cost you dearly. All good things must come to an end. Could you successfully terminate your tenancy and recover possession of your property without the need to go to court? Do you know the correct procedure, the right notices to issue and the correct time frames? Are your people skills effective in getting what you want? How much knowledge do you have with regards to the procedure when handling abandoned goods & absconding tenants? The department of Consumer & Employment Protection has a range of procedures that must be followed dependant on what good are left at the property. Additionally, if you enter the property when possession has not been given you could end up being charged under the Criminal Code. Would you be able to recover any outstanding debts? At what point do you go to court, how do you get the bailiff involved, do you have Landlords Insurance, will the national tenancy database assist in your debt recovery? Could you complete a Property Condition Report with enough detail to stand up in court if needed? If it is not a precise record then it may have little or no value if needed for evidence. |