There are a few reasons to use a property manager and I think the most important for us was the peace of mind.
Having a residence manager to look after the house and your interests while you are away will make your life easier (especially if you move overseas and can not go back easily to "fix things").
He, or she, will make sure that your tenants do not sub-let to party animals or gang members, that the rent is paid every month, and they will help you with all the documents necessary when renting a property (the rules and regulations vary enormously from one place to another, and unless you are knowledgeable about the by-laws and regulations relating to renting, I suggest you ask someone who does. Such as your manager!).
The tenants can also contact them to ask questions about plumbing, the heating system, etc. They are going to look after all of that and you can leave without worry.
A contract must be sign between you and your manager specifying clearly what is expected of him. The fees of a residence manager obviously vary from one firm to another, but somewhere in the range of 5-10% of the montly rental is typical. Some real estate agents also act as managers for residential properties.
Before deciding on a specific manager, try to find out something about their experience, their knowledge of the area, and their reputation. Ask around - property managers are not an endangered species and former clients of theirs will not be afraid to talk -for better or for worse! And meet the tenants along with the manager so that you will have a better idea of whom you are renting to.
Writing a small booklet including the important information about your house - such as how the appliances work, the plumber`s and electrician`s phone numbers, location of the main hydro "off" switch - will help the tenants to find answers to many common questions and to feel more at home. Your house manager should be able to tell you the main questions tenants usually ask.
For more info on getting ready to move, click on Preparations
Return from Property Manager to Home Page