The Real Deal about Remote Property Management
- Written by Administrator
Are you stuck abroad and looking to let out your property? Instead, you could be looking to invest in your retirement home somewhere far away that’s hot, sunny, and exotic. Managing a property can be daunting at the best of times but you don’t have to worry about exceptional property management in Abbotsford. Remote property management is highly efficient these days so you don’t have to limit your geography.
Advantages of Building a Property Portfolio
With so much uncertainty these days, people aren’t so confident about banks or their pension plans. That’s why many are looking to the markets as well as property for long-term investment solutions.
In fact, there are many advantages to owning one or more properties:
- Rental cash flow
- Potential tax breaks
Rental cash flow
There’s a difference between owning a fully paid property versus one where the rental income doesn’t cover the mortgage or operational costs. Assuming you have a fully owned property then you can enjoy a steady rental cash flow. Of course, you have to take into account the cost of property management in Abbotsford as well as any HomeOwners Association costs.
Everyone knows that there are housing market crashes but overall, property value tends to appreciate with time. The trick is to not have to rely on your property for quick cash. Chances are you’ll need to sell during tough times. So, make sure you have enough with all your other savings and investments to survive whatever crash comes along.
Potential tax breaks
Depending on where your property is located there are various ways to get tax breaks. For example, many countries have lower corporate tax rates. This means that you can set up a company through which you own your property. That way, you benefit from corporate rates.
Becoming a Remote Landlord
Before you jump into becoming a remote landlord, here’s how property management in Abbotsford can support you:
- Work with vetted full-service property management in Abbotsford
- Understand maintenance and repair providers
- Leverage digital technology
- Vet your tenants
- Regular communication
- Solid tenancy and management contracts
- Understand the local market
- Portered buildings
- Be flexible
Work with vetted full-service property management in Abbotsford
Many owners choose to work with property managers. This is partly because of the complexities of property law and also because they don’t want the hassle of dealing with tenants themselves. Moreover, managing repair vendors remotely can become a challenge especially if you don’t already have a strong local network.
Before choosing your property management in Abbotsford, you’ll need to verify that they are reputable and experienced. First, check that they are licensed with the BCFSA, or British Columbia Financial Services Association, as required by law. Secondly, it’s good practice to ask for recommendations and to review past experience for which type of property.
Understand maintenance and repair providers
If you want to manage the property yourself, you’ll have to get to know the right vendors that suit your price-quality criteria. Perhaps you’ve lived in the area for some time already and you know these vendors well?
If not, you’ll have to stay up to date with online research and recommendations. You can also leverage your network of friends, neighbours, and colleagues to get their up-to-date recommendations.
Leverage digital technology
These days, technology makes doing anything remotely not only possible but also effective. It’s the same for property management in Abbotsford. Depending on what you need, various software companies provide end-to-end cloud solutions with portals that both your tenants and vendors can access. This makes managing all the various processes much easier and it keeps everything transparent for everyone.
Imagine being able to let someone into your property remotely because they’ve signed up to your chosen app that generates unique access codes? Moreover, you can manage the heating and cooling remotely so that it’s optimised for cost and efficient usage.
Vet your tenants
The biggest challenge for remote landlords is vetting tenants. In most cases, you don’t get the chance to meet them, let alone know anything about their backgrounds. That’s why there are now software solution companies that provide you with the information you need.
You can expect these companies to do a full background and credit check. Of course, this doesn’t remove all risk but it does mitigate a huge amount. Even property management in Abbotsford is using this new tool regardless of how strong their network of potential tenants is.
Communication is key for any relationship and partnership. Whether you work with property management in Abbotsford or manage the property yourself, it’s good to check in with your tenants regularly. They’ll feel supported and you’ll get an idea of how they’re looking after your property.
Don’t forget though that the best property management in Abbotsford will do regular property visits to check that everything is working properly. They then report back on how well your property is being looked after which is always reassuring for remote landlords.
Solid tenancy and management contract
It goes without saying that you need proper agreements and contracts in place with your tenants and property managers. You should either hire a good property lawyer or work with reputable property management in Abbotsford that can do this for you.
Having solid paperwork in place makes any disputes easier to resolve later down the line. The law will also support you should you ever need to evict your tenant.
Understand the local market
Staying up to date on what’s happening on the ground helps you get new tenants when you need them. It also means that you know who the best vendors are because these things can and do change.
Actually, this part of the work is usually why people hire property management in Abbotsford. Most people don’t have the time, expertise, or inclination to know the ins and outs of the property market in the local area.
On-site building manager
You get another level of reassurance if you can invest in buildings with onsite management. Essentially, porters become another part of the team overseeing your property. They know exactly what’s happening day and night and you can ask them to report to you any issues.
Even tenants appreciate them because they know that they can access the landlord more easily through the porters. Of course, it isn’t always easy to get portered buildings but it’s worth bearing in mind. Either way, property management in Abbotsford also works closely with porters.
Whatever happens, try to be as flexible and adaptable as possible as a landlord. It won’t always be easy but property management in Abbotsford does have the inside track to what’s happening on the ground.
If they tell you to lower your rental price, you should understand the reasons but also trust them that they know what they’re doing. They’ll also advise you on how to replace broken appliances which again might not always match your expectations. Simply remember that they understand local requirements and that remote landlords lose touch very quickly.
Last but not least, it’s always a good idea to get more than one property in a different area if you can. This will help you mitigate any risk of one area crashing. Nevertheless, it isn’t just your property portfolio that you should try to diversify but your whole investment portfolio. This includes pensions, various funds, and saving schemes.
Remote Property Management in Abbotsford
It isn’t just landlords who can be remote but also property managers. That means that when you find your perfect property management in Abbotsford, you can still ask them to manage any other properties you might have abroad.
Obviously, they’ll have to convince you that they can understand the local markets of the properties you own. Nevertheless, technology these days allows for a very efficient process:
- Oversee a connected team
- Market properties with digital tours
- Remote tenant screening
- Digital payments and reporting
- Follow local competition
Oversee a connected team
The first question for property management in Abbotsford is how are they going to connect with local vendors and tenants. There are many online portals and information sources but how knowledgeable are they about all this?
Moreover, how will they communicate with your tenants? Is there a process already in place for online checkups and conference calls? Another point to check is if they manage flexible working hours for their teams globally to cater to different time zones.
Market properties with digital tours
Property management in Abbotsford should be comfortable with virtual staging and conducting virtual tours for prospective tenants. It’s also important that they have the necessary digital tours to enable digital payments and reporting.
Remote tenant screening
Another revolutionary tool is being able to vet tenants remotely. As mentioned, online software companies can now do full background and credit checks to make sure that tenants can actually pay rent.
Another feature is for property management in Abbotsford to check in with your tenants remotely so that the tenants can give them an online tour. This is a great way to ensure that everything is as it should be without unnecessary damage.
Final Thoughts on Working Remotely with Property Management in Abbotsford
Managing any property remotely can follow an effective process with the right team and digital tools. Exceptional property management in Abbotsford will take this one step further by partnering with you and tailoring their service to your needs. They’ll communicate as often or as little as you need and can make executive decisions on your behalf when it comes to repairs. Either way, find a team you trust and you can focus on your life abroad.
Strata Property Management: Five Ways To Improve Customer Experience With Technology
- Written by Administrator
Strata Property Management: Five Ways To Improve Customer Experience With Technology
Property management has changed dramatically with digital technology. They’re more in control of their marketing efforts as well as how they manage buildings. With data and new tools at their disposal, the best property management in Abbotsford is more client-focused by being adaptable, preemptive,top-quality and generally forward-thinking.
What is Strata Property Management
Interestingly, British Columbia was the first province in Canada to license strata property managers in 2006 for specific responsibilities.
- Multi-level apartment blocks
- Daily management of jointly-owned property
Multi-level apartment blocks
The strata concept comes from Australian property law called ‘Strata Title’. This law applies to apartment buildings that have several levels, or strata, with joint ownership. These buildings often include common facilities and jointly-owned central areas.
Daily management of jointly-owned property
Multi-level buildings are complex to organize and oversee. That’s why you want to appoint property management in Abbotsford to coordinate all the requirements, including Home Owner Associations among other responsibilities. The overall aim is to create a well-functioning community within the building where everyone’s needs are balanced harmoniously.
It’s important to note that strata property managers need to be licensed by the British Columbia Financial Services Authority (BCFSA). This means that they need to operate under a brokerage where the managing broker supervises the team of strata managers. Of course, there could be other team members, including accountants and clerks.
Interestingly, some strata lot owners decide to manage their building themselves. In those cases, they are still defined as individuals and do not need to be licensed. Of course, the building owners will have to decide the best approach for them.
Regardless, the complexity of property law along with all the constant need for repairs and maintenance makes this a tough job for individuals. That’s why many prefer to work with professionals and appoint top property management in Abbotsford.
What Do Strata Property Managers Actually Do?
If you’ve never managed a building before, you might wonder what all the fuss is about. Don’t underestimate the expert knowledge that property management in Abbotsford provides.
As an example, one of the first things any strata needs to do is to follow the bylaws and rules set by the corporation. They might also want to include or amend some and this usually requires expertise and experience.
You can also expect the following services from property management in Abbotsford:
- Financial planning and record-keeping
- Council member communications
- Maintenance and repairs
- Insurance and appraisals
Financial planning and record-keeping
Owners in a strata building contribute to the upkeep of the building. A starting point is to collect those monies while ensuring that they are tracked just like for any business. The owners also want to know how their money is being used and will expect proper financial statements.
Owners also expect that any third-party service providers are chosen through a transparent process that promotes both quality and value for money. Moreover, it’s good practice for strata property managers to oversee several bank accounts. These include a reserve fund, and operational monies.
Council member communications
Some strata building owners will want to be more closely involved with the day-to-day management and represent the voice of the residents. Either way, all residents deserve clear and timely communications for what is happening with any major works or other decisions strata managers need to make.
Communications come in many forms from written to AGM and special meetings as well as council meetings. It’s critical for property management in Abbotsford to inspire confidence and trust throughout these communications.
Maintenance and repairs
A large proportion of any strata property manager's time is to manage maintenance and repair scheduling and implementation. The more experienced property management in Abbotsford has developed a strong network of providers over time. These providers offer the best deals and efficient turnaround times because they already know the layout of the building.
Insurance and appraisals
Another important aspect of property management in Abbotsford is to ensure property and liability insurance is in place. Homeowners are still advised to take out separate insurance because strata insurance typically only covers the common areas and assets.
Improving Customer Experience with Technology
Successful strata management is like running a business. In this case, the homeowners are the customers who also demand top quality service and open communication. With digital technology, the best property management in Abbotsford is transforming homeowners’ experience.
1- An integrated community platform
Digital technology gives both homeowners and property managers convenience. All the information is readily available and easily accessed by everyone at any time of day or night. Moreover, you can now have one common platform for all types of strata owners including commercial buildings.
These days, everything can now be connected to an app so that the whole community can access what they need through their mobiles. So, any homeowner can check their account, raise a repair request or ask for permissions, such as for pets.
2- End-to-end strata management solutions software
On the other side of the portal, property managers can connect their third-party providers into the system. This includes booking systems and task allocations without having to create special codes or individual requests.
Connecting the whole process and all interested parties, everyone can expect more transparent communications. With solutions software, you can also have digital concierge services. This means that anyone coming to visit can sign up through the app in advance. Larger complexes will appreciate the extra security this provides.
3- Smart HVAC management
Smart buildings don’t just help the environment. They also help you cut costs which is why the best property management in Abbotsford has the latest smart technology. HVAC, or Heating Ventilation, and Air Conditioning, are always the largest cost drain in buildings.
With smart technology, property managers can use the data to optimize building temperature and humidity for comfort and cost-effectiveness. You’re both saving energy and money.
4- Third-party scheduling
As mentioned, digital portals can connect all interested parties, including vendors and service providers. This helps property management in Abbotsford keep on top of costs and manage documents more efficiently.
The schedule is both automated and updated live that can also generate work orders automatically. For maintenance scheduling, end-to-end work order management is further simplified. No more separate emails and documents for asset registers, key fob management, or safety documents
5- Accounting and analytics
All great property management in Abbotsford should have a centralised database where they know everyone instantly by name. Any request or phone call pulls up all the information related to that property unit such that owners get customised service.
With centralised accounting, property management in Abbotsford can save time because the data is already organised for them. This means that they can spend more time with the owners and constantly vetting third-party providers.
How to Find the Best Strata Property Management in Abbotsford
Whether you’re looking for a new property manager or trying to change your current one, the key points to consider are:
- Innovative solutions
- Experience and track record
- Changing strata property manager
Now that you can see what technology offers, make sure you ask any property management in Abbotsford what they use for their services. Moreover, how often can you expect communications and what level of input do they get from homeowners. The best experiences are where the owners and property managers work together in partnership.
Experience and track record
Clearly, you’ll want to appoint property management in Abbotsford that has experience with the type and style of your building. The more complex ones also have commercially owned units which adds another legal angle that requires expertise. Naturally, they also need to accommodate that many more people with a wide range of needs and requirements.
Changing strata property manager
It’s worth noting that changing property management in Abbotsford isn’t as difficult as it might sound. It’s very common for strata owners to be fed up with their property managers.
In those cases, the owners will need to terminate their contract with the current property managers. In British Columbia, this needs at least a 75% vote resolution done through the AGM or a special general meeting. Usually, you then have 2 months’ notice to let the current property management go before the new one comes on board.
Key Takeaways for How Technology is Changing Strata Property Management in Abbotsford
Technology is constantly changing how we live and work. Property management in Abbotsford is using this to its advantage by providing a more transparent, efficient, and cost-effective end-to-end service.
Of course, you still have to find the right property managers for you and your building. Simply check for years of experience and track record and how they leverage technology to enhance homeowners’ interaction. From there, everything should be smooth and effective.
- Financial Record Keeping
- Tax Returns and WCB
- Fee Collection
- Budgeting and Financial Planning
- Council Meetings
- AGM Meetings
- Special General Meetings
- Emergency Service
- Repairs and Maintenance
- Insurance and Appraisals
- Record Keeping
- Legal Services
- Records Office
- Managing The Rental Property And Tenant
- Marketing And Advertising Your Property
- Showing The Rental Property To Prospective Tenants
- Screening And Placing The Tenant
- Preparing The Rental Lease And Collecting Security Deposit
- Preparing The Form K
- Collect And Depositing Monthly Rent
- Pay Approved Expenses On Owner's Behalf
- Provide The Owners With Monthly Financial Statements
- Prepare Tenant Notices For Arrears Rent Evictions As Per The BC Tenancy Act
- Arrange Maintenance And Repairs
Types Of Properties
- Town Houses
- Apartment Buildings
- Condo Buildings
- Bareland Stratas
- Commercial Buildings
- Detached Homes