Vancouver, BC Condo Ownership from Out of Country
Vancouver, BC is one of the most sought-after real estate markets in the world. Steadily rising housing prices are likely related to the quality of living offered by this stunning city that is surrounded by mountains and coastline. However, when you’re a condo owner living out of the country, it can be very difficult to manage and maintain the property. As such, many property owners rely on professional property management services to take care of their investment property. What can a property manager do for you? Let’s have a closer look at some of the most important services property managers offer condo owners living abroad.
Tenant Selection
Finding the right tenant for your condo requires an in-person presence. While many of the tasks may be managed from overseas, certain aspects of marketing must be done from within the country. For example, advertising your property should include professional photographs to attract quality tenants. Additionally, viewings, walk-throughs, and lease agreements must be done in-person. Finally, background checks including credit and employment checks are better conducted by somebody in Vancouver.
Rent Collection
While rent can be collected online and without an immediate local presence, managing any problems that may arise is likely to require a Vancouver-based representative. Fortunately, in addition to rent collection, property managers also maintain detailed financial statements that include income and expenses so they can provide regular reports about your investment.
Maintenance and Inspections
Whether you’re talking about regular maintenance or inspections or emergency repairs, a Vancouver-based property manager is equipped to handle repairs in a timely manner. Property managers also work with a vetted network of tradespeople so that you can rest easy knowing that your property is maintained by reputable professionals. It is also beneficial for tenants to have a local contact particularly when you consider the impact that time differences may have on addressing emergencies in an appropriate timeframe.
Conflict or Complaints
Finally, a Vancouver property manager can take the hassle out of managing your investment property by providing conflict resolution services. Managing conflict from overseas is unnecessarily challenging – coordinating meetings between involved parties, gathering the appropriate information, and taking the necessary action is all best managed locally. At times, conflict resolution may be escalated to the legal system, in which case property managers are experienced and knowledgeable in how to handle disputes at all levels.
Ultimately, working with a Vancouver-based property manager provides condo owners living overseas local eyes and ears to make sure that their property is well cared for so that you can get the best return on your investment. Even local owners often turn to professional property managers because being a landlord can be a full-time job. Added complications from living overseas make managing a property especially challenging, but a professional property manager can make owning an investment property a breeze even from overseas.