Property Management for Single Property Owners

by Sheldon Johnston and Sara MacLennan on 11. Dec, 2008 in Investing in Alberta Real Estate, Tips for Home Owners

A lot of people ask us to recommend a property management company to take care of their investment property. It can be very difficult to find a management company that is willing to take on a client that only owns 1 (or even 2 or 3) rental property.

Brent Davies at Davies Property Management posted a great article on his blog about how to choose a property manager, as well as a list of property management companies that may take on single property owners in the Edmonton area.

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One Response to “Property Management for Single Property Owners”

  1. mdm 12. Dec, 2008 at 2:37 pm #

    Handing over responsibility for your rental property to a professional property manager may seem like a good idea, since it puts a “buffer” between you and your tenants, but it costs money that you may not want to spare.

    Especially if you only have a handful of properties, you may be better off handling things yourself – provided you have the right interpersonal and communication skills to deal with problems and resolve issues.

    Even “good” tenants can sometimes get into financial or other trouble. Having established a personal relationship with them will allow you to assess the situation and see whether you want to work with them until they get back on their feet, or whether you want to evict them, losing out on some rental income, and having to prepare the place for showings again.

    The Landlord and Tenant Advisory Board Hotline is just a phone call away when you need clarification on your option, rights, and obligations, for any issues that may arise.

    I usually consult with them before making any decisions regarding existing or potential leases, and so far this has kept me out of trouble and out of the courts.