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Why Use a Property Manager When Renting a House?

Most of us rent for a long time before we can afford to buy a house. Even though renting is not the same as owning, it’s still important to lease a place that we like and feels like home. But looking for property to rent can be difficult and long-winding, causing us an immense amount of unnecessary stress.

A way to ease the process of finding a rental home is to use a property manager. Many people think that property management companies are only necessary when after you find a place to live , but the truth is that there are many benefits to using one when you want to rent too!

So, why use property management for a house rental? Read on to discover why they’re a great choice and what advantages they bring to the table.

Licensed Brokerages Have Years of Experience

For normal people, trying to navigate the rental market can be like a minefield. Contracts are confusing, and as tenants, we often don’t know what we’re entitled to. A property manager, on the other hand, knows all of these things and can help you get the best deal.

Property managers and leasing agents have fantastic inside knowledge of their local areas, ensuring they can find you a place in the best locations. Their industry experience also means that they’ll know which documentation you require and can be realistic about what properties you can afford within your budget. When you hire property management, your fee for a rental house may end up being exactly what you’re searching for.

Working with a property management company with in-house leasing agents will save you a lot of time and effort as you search for a rental within their own portfolios of units for rent. Leasing agents and property managers will also work with you to ensure you get what you want. The property market is fast-moving and competitive, with many people going after the same property.

As soon as you start looking for a new rental home, you should connect with a property management company or one of their leasing agents to help get a head start on new leads as soon as they become available. This will give you the opportunity to book house tours that work around your schedule. You can also visit their website and monitor what is available and what meets your list of needs and wants.

Searching for a property is time-consuming. But for leasing agents, it is their job. So, if you don’t have time to look yourself, let an agent work with you! They can compile a list of potential properties for you and recommend the paperwork you will need to have. That way, you’ll be organized and ready to act if you find a rental property that works for you. 

No-Risk of Scams

Finding a property to rent online is easy, but comes with many risks. Often, these properties aren’t rented with legal contracts, meaning that your rights as a tenant aren’t protected. In Alberta, landlords must pay a specified yearly interest rate on security deposits, which is then returned to the tenant once the rental agreement ends. Unless you have a legal contract through a rental agency, it’s unlikely that you’ll experience the benefits of this.

Finding Your Dream Rental

If you’re searching for a rental property and want to use a trustworthy leasing agent and property manager for a rental house, get in touch with us at Emerald Management & Realty. Our team of experts in Calgary, Alberta is happy to help you with whatever you need. Drop us a line at 403-237-8600 or get in touch via our website.


Summer 2020 Property Management Tips

While Calgarians continue to work towards flattening the curve for COVID-19, we have prepared a newsletter to help manage through this time with a focus on other areas that we need to remain mindful about, such as the importance of insurance and property maintenance. 

 

The following tips for rental and condominium residents have been prepared to help keep our customers up-to-date on current COVID information as the province moves through its re-opening this summer season: 

*2020 Summer Newsletter prepared for Condominium Boards & Residents. Similar newsletter was also delivered to all rental tenants during the month of July 2020.

 

Emerald Management & Realty Ltd. is a family owned and operated Property Management Company in Calgary with over 40 years of experience. Contact Emerald today to discuss the variety of management and rental property services their team can provide tenants, property owners, homeowner associations, and condominium corporations.


The Benefits of Hiring a Licenced Property Manager

Managing a condominium corporation or a rental property is no small feat — it is a time-consuming and ongoing task that can quickly turn into a costly chore if not handled properly. Property owners, board members or landlords often utilize licensed property managers to partially or fully take care of their rental property. The duties of a property manager range from advising board members, may include screening tenants, working on budgets, setting and collecting rent, managing tenants, property maintenance and acting as a point of communication between all parties.

At Emerald Management and Realty Ltd., we want to help familiarize you with hiring a property manager and what the benefits of their service include… so keep reading! 

Hiring a Property Management Company

If you have a busy schedule or don’t have any experience in the property management field, or managing real estate, you should consider hiring a property manager. You’ll want to ensure you work with a reputable and reliable company, as they will oversee what is likely one of your largest assets. A property manager can significantly increase the value of your investment if they are capable and qualified to assume the associated responsibilities. 

You’ll want to select a property management company that has experience with your specific condominium or rental property type. Some companies specialize in residential or condominium property management (or both), while others may focus more on commercial properties. You also want to verify that the property manager is licensed by the local real estate council or board, as this will offer you additional protection and guarantee a certain degree of qualification. By choosing the most appropriate company for your needs, you will be far better off in the end.  

Here are some questions to ask a property manager before hiring:

  • Do you have experience handling a variety of condo owner or tenant interactions?
  • How do you screen potential tenants?
  • How do you handle condo board or condo owner communication?
  • How are condo fee or rent payments collected and dispersed?
  • Is your staff also licensed?
  • Will I be able to contact you directly to discuss my condo or rental property?


Advantages of Hiring a Property Management Company

Hiring a property manager does have a cost associated with it, but the benefits received in exchange are certainly worth the investment. With respect to revenue properties, property managers have access to resources and networks that expedite the tenant locating process. They will advertise the property on their platforms and conduct an extensive tenant screening process. This will ensure higher quality tenants and a lower turnover rate. 

The leasing agreement is perhaps the most technical aspect of the rental property process. A property manager is responsible for drafting the lease and making sure it includes all pertinent information and clauses to protect the property owner. Included in their duties is establishing the required security deposit based on the rental term and a variety of other factors. A property manager will also have knowledge of the laws and regulations that are applicable within your region and be able to transmit this information to you. 

Much of the above information also transfers as useful knowledge and benefits when it comes to condominium and commercial properties.  Operational real estate knowledge is most certainly an asset as understanding of buildings and various legislation is valuable when looking at experience and bigger picture issues.

Another large advantage to working with a property manager is that they will handle all daily occurrences at the property and communicate with the condo owners or tenants on your behalf. This includes scheduled and emergency maintenance or repairs, as well as complaints. The property manager will also have a large network of reliable plumbers, electricians and other contractors that they work with on a regular basis. This means your property will receive prompt and quality care and you will indirectly have access to better service pricing. 


Contact Us Today!

As one of Calgary’s leading residential, condominium and commercial property management companies, our team at Emerald Management and Realty Ltd. is ready to assist with all your rental and property management needs. Our extensive industry experience will provide you peace of mind that your property is in good hands. If you have a property you need assistance managing or renting, don’t hesitate to contact us today!


Rental Increases: Something To Think About

In this 3-part video blog series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd. takes a look at how a landlord might move through the preliminary stages of a rent increase review. 

 

Rent Increases – Part One

PART ONE:  In the property management industry, there may be many different reasons and investment strategies that justify a rent increase. Discussion is held in our video blog to capture the indicators you might want to consider before the implementation of a rent increase for your rental property in Calgary & Area.  

Monitoring the viability of rent increases is not only important while working towards investment goals during an inflationary economy but also important to manage expectations and risks in tougher economic times.  Further to this, this item should be mindfully approached given that this is an extremely sensitive matter to many tenants and should be handled with respect and professionalism.

 

PART TWO: In Part 2 of the series, discussion is held on how to determine the rent, opportunities in a hard market for concessions and doing what tenant’s do all the time … check out the comparables. The importance of being mindful of respectful communication is addressed when reviewing tenant criteria and being open to considering potential upgrades.

PART THREE: In this final segment of the 3-part series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd., discusses the various sales and communication strategies involved with rent increases. In addition to determining if the market can support an increase, often a landlord in put in the position of justifying the increase to the tenant.  In addition to balancing financial goals, it is key to know your product and market conditions.  Again when it comes to interacting with your tenants: Be fair and communicate, know your product and be able to justify.

Jodena Rogers was the keynote speaker at the January 2020 Calgary Residential Rental Association and presented this topic to over 100 attendees consisting of property managers, rental property owners, and landlords. Emerald Management & Realty Ltd. is a property management company located in Calgary, Alberta with over 40 years of experience in the southern area of Alberta.   Emerald’s property management team was recently awarded the Top Choice Award for Property Management Services in Calgary for the 5th year in a row.  For more information about the services Emerald’s team provides to investment property owners visit: Property Management Services. 

 


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