The short answer is YES ..........
The world of property management can be complex, especially in a regulated province, so I find it fascinating that some have simplified to the point that anyone can do it. For investors and tenants, ensuring that a property manager is licensed is a regulatory requirement and a safeguard that offers numerous benefits. This article dives into why working with licensed property managers when dealing with 3rd party property management is crucial, how you can find out if your property manager is licenced, and the advantages it brings to all parties involved.
Question: Would you allow your neighbour to pull your tooth or diagnose your illness?
It seems like a ridiculous question, but when you think about professional services, professions like doctors, lawyers, dentists, and real estate agents often come to mind. These careers require training, continuing professional development, adherence to strict ethical standards, and a deep commitment to public safety and well-being. Licensed property management is no different. Just as you wouldn’t trust your health to an unlicensed doctor or your legal matters to an unlicensed lawyer, you shouldn’t entrust your property investments or rental agreements to an unlicensed property manager.
Ensuring Compliance and Legal Protection
One of the primary reasons for dealing with a licensed property manager is to ensure compliance with provincial laws and regulations. Licensed property managers know local laws, tenancy agreements, and property standards. This knowledge protects investors from legal issues arising from non-compliance, such as fines or lawsuits. For tenants, it ensures that their rights are respected and that they live in safe, legally compliant conditions. Much like a lawyer’s expertise protects you from legal pitfalls, a licensed property manager safeguards your investments. When looking at an investment as large as a rental property, it is crucial that you have someone who is qualified to manage it. If you were to ask me, I would not want to deal with a doctor who is seeing patients on the side as a part-time gig.
Professional Expertise and Accountability
Licensed property managers bring professionalism and accountability that only licensed individuals can offer. They undergo training and examinations to obtain their license, similar to real estate agents, mortgage brokers and financial planners. This ensures they have the expertise to manage properties effectively, from conducting thorough tenant screenings to handling maintenance issues promptly, as well as handling rental payments, which are taken into a trust account on the investor's behalf. Accountability is also a significant factor; should any disputes arise, licensed property managers are answerable to regulatory bodies, providing an extra layer of security for investors and tenants.
Financial Security and Peace of Mind
Working with licensed property managers also offers financial security and peace of mind. For investors, this means having confidence that their property is being managed efficiently, maximizing rental income while minimizing vacancies and maintenance costs. Licensed managers must carry insurance and adhere to the trust conditions of The Real Estate Act in Saskatchewan, which offers extra protection to investors. On the other hand, tenants benefit from the assurance that their rental payments are managed transparently and that any deposit funds are handled according to provincial regulations. This transparency builds trust and ensures a smoother rental experience, much like the trust and security provided by licensed professionals in their respective fields.
To Sum up the Main Points
In a regulated province, following the rules and ensuring that your property manager is licensed must be balanced. It guarantees compliance with the law, brings professional expertise and accountability, and offers financial security for investors and tenants. By choosing a licensed property manager, you invest in a relationship built on trust, professionalism, and peace of mind—just as you do when choosing a licensed doctor, lawyer, or other professional.
If you are curious to see if you are dealing with a licenced property manager in the province of Saskatchewan, you can search using this link: https://ols.srec.ca/aspx/pubinquiry.aspx
At Real Property Management Professionals, our core focus is partnering with small and medium-sized investors who want to create wealth through real estate investment. Investors who understand the value of professional property management by maintaining properties through a proactive vs reactive system. Systems and processes are key to our continued success and allow us to be scalable with predictable and consistent service levels.
We are the investor's choice!
Carla Browne
Broker/Owner
Real Canadian Property Management Professionals Inc.
For more information, please reach out to us at:
professionals@realpropertymgt.ca
306-244-7276
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