Property Management Options

7 Replies

I live in a western province and own rentals in an eastern province. As the rentals I own (and continue to build) are fairly turnkey I am confident I can deal with the few problems as they come up remotely; calling tradesmen to address issues, etc. The issue I have is I obviously cannot schedule viewings for moving tenants in / out personally . I really do not want to pay 10 - 15% to a PM to manage properties which are so turnkey. (New builds / higher quality tenant). Is anyone aware of an option to just have someone schedule and perform viewings as required? What would be the best way to pay this person ; flat rate, per viewing, etc. Or maybe another option which I haven’t considered which could be a good fit for my situation 

Thanks. 

Michael,

Most companies will offer a "lease only". This is where the lease, run credit, background, sign lease and then turn over to you. Call around, I'm sure you will find a company that offers this service

Thank you Kim, this sounds like the solution I need.

@Michael MacKenzie  

Have you considered using a Realtor for the viewings? In Ontario they take half a months rent for commission I believe (could be wrong about this).

In terms of moving the tenants in and out for an out of province property I'd consider installing a lock with a passcode you can change digitally, that way it's as if you have a permanent lock box on at all times & you can ensure security by changing the code from time to time. 

@Michael MacKenzie

I am a newby investor in BC, and I'm looking to own income properties in the central and eastern provinces. 

As a beginner I am trying to network with members who have been there and done it - to find out how you went about aquiring out of province rental properties. Did you go and view each of the properties, or you had a local realtor/home inspector/rental agents acting on your behalf as your eyes on the ground?

Any information you can share will be greatly appreciated.

Thanks!
 

Hi Mayur,

The city I am purchasing in is one which I grew up so I am very familiar with the area and communities. Lately I have been purchasing land for the purpose of building duplexes so the land deal initially is pretty straightforward. I find the land myself using a few different ways; kijiji, realtor.ca, word of mouth, tax sale, etc. I will typically fly east to check out the land before the sale closes (term/condition in contract). I will make an offer though before seeing the land to ensure it meets my criteria.

Michael,

Thank you for your reply. Yes being familiar with the area does have an advantage when prospecting from afar.

Good to know that you are actively able to find good deals in the East. I know a few people who live in ON so I will try and reach to them if they can be my eye/ears on the ground. If you are ever in Vancouver, BC ping me a message - it would be great to meet up for coffee. I am continuing with my deal analyzing and learning the ropes of RE investing.

Thanks!

Do you have any trustworthy family or friends living there? Might be able to pay them to show property. Realtor or PM should be able to help.

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