As an investment property owner, you may already know how difficult it can be to find quality tenants in Vancouver. The real estate market is one of the hottest in the country, and even North America; unfortunately, this sometimes translates to high turnover rates of tenants. One of the keys to ensuring a quality return on investment for your property is finding consistent, quality tenants. With that in mind, many property owners seek professional assistance for property management services. So, what should you be looking for when it comes to tenant placement services for Vancouver rentals?
Marketing
First, you want to work with a property manager that handles all the marketing services for your property. This includes acquiring quality photographs of your property, creating listings, and advertising your property to your target audience. Indeed, the marketing phase of tenant placement is where the right tenants are identified – working with an experienced property manager ensures that your investment property is marketed effectively to the highest quality potential tenants.
Viewings
Next, your property manager should oversee viewings of your unit. Ideally, the property should be shown to several potential tenants so that the selection process is more robust. In other words, after marketing your property, your tenant placement services should include a thorough review of many highly qualified candidates so that you know your tenant represents the cream of the crop.
Tenant Screening
This thorough review is essentially the tenant screening process. The most successful property managers (and in turn the properties with the best investment returns) carefully review potential tenants to ensure there is a good fit. Reference and credit checks are a bare minimum for the tenant screening process, but exceptional property managers will also confirm employment records in order to assess financial and geographic stability.
Next Steps
Finally, the next step in tenant placement is completing a lease agreement – but things don’t end here. After a lease has been signed, your property manager should confirm that all required documents are in order while also liaising with the strata corporation (if needed) to ensure that your tenant is aware of all strata requirements. The best property managers will carefully monitor tenancy agreements and maintain healthy relationships with all stakeholders including the property owner (you), the tenant, and the strata.
As you can see, tenant placement services for Vancouver rentals include a variety of activities that are often best managed by professionals. When you are looking to make the most from your investment property without dedicating hours of your own time, professional property managers are an excellent choice. Even if you have the time to manage your own property, it’s also important to remember that experience matters too – property managers are highly specialized and can provide thorough tenant placement services.