Lethbridge Property Management Managers
One subject matter that many people ask me about is property management in Lethbridge. This refers to the people who basically babysit and maintain the rental properties of others. Sometimes these properties are investment properties or income properties, sometimes they are just properties which are owned by an absentee owner who wants someone who is local to Lethbridge to ensure that the rent is collect and the building maintained in good condition.
In Alberta, anyone who acts as a property manager must have a real estate license. This is a Provincial law, and anyone found managing the properties of others without the proper license is often made to return all money they have ever collected for providing this service and also fined by the Real Estate Council of Alberta. There are many people who do this illegally, some so bold as to advertise their services online, and eventually they get discovered by the authorities, either due to a complaint by an unhappy landlord, an unhappy tenant, or a public complaint. Either way the consequences are the same.
So as a Licensed real estate professional, I have the ability to provide this service to the public. Over the years I have managed dozens of properties in Lethbridge. Single family homes, basement suites, apartments, condos, 4 plex units, and even some small apartments. Back a decade ago my office was helping many small landlords take care of their portfolio of rental properties. During the market boom, we also helped many of those property owners sell those rental properties and put their money back into their pockets.
Professional property management typically costs 10% of the monthly rent, however could vary a little based upon the services provided, property location, and number of suites in the property. It is a little less work to manage a 4 plex compared to 4 single family homes. Usually when I have managed a property my landlords are completely handsoff and do not have any interaction with their tenants at all. I find the tenant, I screen the tenant, I sign the lease agreements, I collect the rent, I organize all maintenance and repair of the property, I serve all notices to the tenants, I handle any necessary evictions, and I remit the rent money to the owner minus any fees outstanding for the month.
If you are considering the purchase of rental property, I suggest you talk with a good property manager first and budget that into your numbers. Most rental property in Lethbridge will provide a good cash flow, solid revenue, and a reliable source of income to the landlord. Professional property management ensures that you have the best quality tenants, that those tenants are held accountable, that those tenants are treated with the respect and legal protection they are entitled to, that you property is maintained in the best condition, and that your rent is collected and profits optimized.
If you have questions about rental properties in Lethbridge or about property management of your rental properties, you can contact me through this Lethbridge real estate website.