Do I rent my home myself or do I use a professional?

  • 8 months ago
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Do I Rent My Home Myself Or Do I Use A Professional?

As an owner you want to find the perfect tenant for your home. Maybe it’s a family home you have lived in for years but the kids have finally moved out and now you are ready to travel. Or maybe you have just purchased a property or multiple properties as an investment and now it’s time to start renting them out? 

Whatever the reason is, renting out your home is an important decision and the first question you need to ask yourself is whether you should manage the property yourself or hire a property management company to take care of it.

If I rent the property myself I don’t have to pay management fees…BONUS RIGHT? Consider the following questions if you decide to rent out your property on your own.

  • Do you want to be responsible for collecting the rent every month? 
  • Do you want to deal with repairs and home maintenance issues or take a call at 2am from a tenant with an emergency?
  • Can you market and advertise your property properly? 
  • Are you experienced in the screening process when it comes to selecting the right tenant and are you prepared to show the property a few times throughout the week if necessary?
  • Are you familiar with the law regarding owner’s and tenant’s rights and tenancy agreements?

Keep in mind…there are also many positive sides to renting out your property on your own.

  • If you rent the property yourself you don’t have to pay management fees or deal with a management company. 
  • You can communicate with your tenants one on one. 
  • You might have the option to air bnb your property or rent it as a vacation rental. 
  • If you are handy when it comes to repairs or if you know someone who is you can save yourself a lot of money. 

If you decide to rent your property yourself without a property management company here are some useful resources for you:

www.tenantsbc.ca

www.landlordbc.ca

www.bclaws.ca

 

Should I hire a Property Management Company?

This is an important question and here are some of the reasons why this works very well for many property owners.

  • A property management company is experienced in setting up a viewing,  familiar with the current rental rates and knows how to properly market and advertise your property. 
  • A professional will know what upgrades you can do to increase the value of your home and efficient ways to stage it and make it visually appealing to a potential tenant. 
  • Many tenants feel more comfortable renting from a property management company. 
  • A management company has a relationship with many contractors experienced in all areas of home repairs and maintenance and they are prepared for emergency situations that may arise.
  • A management company will collect the rent every month and take care of many of the accounting issues.
  • A property manager is familiar with the law regarding owner’s and tenant’s rights.

 

Property Managers are familiar with the law when it comes to tenancies, leases and what is legally required when dealing with tenants and the maintenance of your home. It’s great if you have made the decision to rent your home yourself but if you aren’t familiar with these legalities you will want to make sure that you know someone who is. Many issues can come up with a rental home and you want to be prepared. If you are inexperienced in home rentals or repairs, live out of town, work full time or have other responsibilities that keep you busy hiring a property manager might be the best decision for you. 

As an owner you want to find the perfect tenant for your home. Maybe it’s a family home that you have lived in for years and it has many special memories but you are finally taking that trip to Europe that you’ve always dreamed of? Or you have a downstairs suite that you have finally finished renovating and want to start to rent it out? Or have you purchased a property or multiple properties as an investment and want to make sure that it gets tenanted properly? 

When renting out your home one of the most important decisions to consider is whether you should manage it yourself or do you hire a property management company to take care of it? Do you take it on yourself and become responsible for collecting the rent, managing the repairs, home maintenance, marketing and advertising the property and any other tenant issues that may come up or do you hire a professional company to manage the property and let them deal with all of these issues? A property management company will know the proper rental rates and how to properly market and advertise your property. They are experienced in the neighborhood where your home is located and they are familiar with how much rental rates go for. A professional will know what upgrades you can do to increase the value of your home and special ways to stage it and make it visually appealing to a potential tenant. They have done this before and have access to many different advertising options because this is their specialty. 

But if you rent the property yourself you don’t have to pay a management fee…bonus right?  Maybe, but there are many other factors to consider when deciding which option is best for you. Are you experienced in the screening process when it comes to selecting the right tenant? As an owner are you prepared to show the property a few times throughout the week and if it is tenanted making sure that you are giving the proper notice to the existing tenants? There are legal guidelines when it comes to showing the home and you will want to make sure that you follow them properly. Do you work full time, live out of town or even out of the country? These are important factors to consider if you are not available to show the property or maintain it once it has been rented.

A property management company is experienced in setting up a viewing, showing a home to potential tenants and negotiating the right rental rate for your home. Another important factor to consider is that many tenants feel more comfortable renting from a management company. Property Managers are  familiar with the law when it comes to tenancies, leases and what is legally required when dealing with tenants and the maintenance of your home. If you are going to rent your home yourself and aren’t familiar with these legalities you will want to make sure that you know someone who is. 

Many issues can come up with a rental home and you want to be prepared. As an owner are you available to be on-call 24 hours a day for emergencies and repair issues or do you even want to be? Do you want to be called for a plumbing issue at 3am or for an alarm that won’t go off? Some owners are handy when it comes to home repairs or know someone who is and prefer to handle them themselves but many owners are not. You will want to keep in mind that a management company has a relationship with many different contractors experienced in all areas of home maintenance and are familiar with dealing with any issues that may come up and they are prepared for emergency situations that may arise. 

Your home is important to you and you want to consider all of the facts when it comes to the rental of your property. Do your research when looking at property management companies and all options and decide what works best for you. There are many different options out there and as an owner you want to make the right decision when it comes to the rental of your home.

Do I Rent My Home Myself Or Do I Use A Professional?

For more information on how https://orcarealty.ca can help you about Do I Rent My Home Myself or Do I Use A Professional?, please contact us at 604.921.6722, or visit us here:

Orca Realty Inc.

Unit 204 – 2438 Marine Dr. West Vancouver, BC, V7V 1L2 Canada

604.921.6722

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