Common Horror Stories of Self Managing Your Vancouver Rental Property

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Common Horror Stories of Self Managing Your Vancouver Rental Property

The horrors of self-management are often due to Vancouver landlords not understanding the requirements of managing an investment property. The one step to successful management is knowing all the laws required for managing a property. This is where a professional property management company can help you.
Losing Control of Your Vancouver Investment Property

One of the things that we see most often is that your property spins out of control in some way. Either you don’t know who is living there or you never know what’s going on inside that home. The rent will come in late, and sometimes the tenants you placed are no longer living there, even though they are still on your lease. It’s dangerous to have people living in your property who you have not screened.
Potential for Property Damage

Recently we received a Vancouver rental property from a client who was self-managing but then ran into some serious trouble. The owner didn’t know that the tenants had converted the garage into another bedroom with a bathroom. To accomplish this, they did illegal wiring and put in illegal plumbing. This ended up costing the owner almost $10,000 to convert the house back to normal. That’s a lot of damage that could be done when you’re trying to self-manage. This would have been avoided with professional management. There would have been regular inspections, tenant relationships in place, and a real focus on who is in the home. Property managers keep your investment running like a well-oiled machine.
Late and Missing Rent Payments

Another horror story with self-management when you’re investing in Vancouver is chasing the rent every month. You don’t want to spend hours always calling and texting or emailing your tenants to remind them that rent is due. It’s frustrating, and another thing that can be avoided with professional management.

To get the maximum amount of profit out of your property, minimize the hassles, and avoid disastrous results, you need a Vancouver property manager. If you’d like to hear more, please contact us at SunWorld Group Property Management. We’d love to tell you more about our Vancouver property management services.