They need a property management company. 

Why do they need a property management company? Because very few people have all the skills required to be exceptional landlords. Whether you’re an individual real estate owner or a corporate investor, it’s essential to focus on growing your business without getting bogged down by the day-to-day details of property management. That way, you can plan for the future and expand your portfolio without distractions.

Landlords also need a coach.

Why? Because coaches guide owners and landlords to success, not just by helping them decide what needs to be done, but by organizing those tasks effectively. SilverLeaf Property helps clients tackle the crucial question: “What is the most important thing to do before anything else?” As coaches, we help landlords work on their businesses rather than getting caught up in the daily grind.

What Do Landlords Do?

They do many things. At any point in time, a landlord might need an accountant, a lawyer, a repairman, or an errand-runner. They also need:

• Someone to interview prospective tenants.
• Help in evicting a renter who is causing problems.
• Computer and analytical experts to
  • Obtain optimized rental value for their properties,
  • Gain insight into the current market conditions, and 
  • Recommend how to enhance cash flows from rental revenues.
• A data scientist to crunch the numbers and help with decision-making. 
• A company to set up a rent collecting system that both landlords and tenants can use easily—especially if neither one wants to deal with paper checks!
• A strategy for marketing the property and handling turnovers when they occur.

These are most of the main tasks, but it always seems like there’s more.

They’re Not Sequential Tasks

As SilverLeaf Property has discovered in the Saskatchewan property management market, property owners, whether they have a small portfolio or a large one, often require a range of services simultaneously. Whether it’s for residential, multi-family, or commercial properties, we find that landlords need both a property manager and a coach to successfully navigate the challenging real estate rental landscape today.

SilverLeaf Property is the kind of Saskatchewan property management company that not only takes care of the day-to-day tasks for you but also provides coaching on what needs to be done. These are distinct roles—property management focuses on the present, while coaching is geared toward planning for the future.

Avoiding Nightmares

Why is it that the first stories we hear are often about tenants’ nightmares? Renting, by nature, involves shared living or working spaces, which can sometimes lead to frustrations and complaints. While some tenant stories can indeed be alarming, it’s important to remember that even homeowners face their own challenges, like noisy neighbors, unkempt yards, or renovations that obstruct a cherished view.

But landlords have their own set of nightmares, too. These include:

• Tenants who disturb other residents
• Non-paying tenants
• Economic downturns
• Declines in neighborhood desirability
• Gradual wear and tear on the building
• Difficulty finding reliable repair professionals
• The need for costly remodels when quick fixes no longer suffice
• And, of course, vacancies, vacancies, vacancies.

These challenges can feel overwhelming, coming in waves like the rush at lunchtime or the evening crowd at grocery stores. This is where property management companies come in—they work to smooth out these peaks and valleys, helping landlords navigate the ups and downs of property ownership with greater ease.

Having Great Tenants Is the 80% Solution.

Our Saskatchewan multi-family property management team has found that the key to avoiding 80% of potential issues is securing good tenants. At SilverLeaf Property, we handle this through our comprehensive Tenant Screening process. This includes landlord and residence history, eviction history, income and employment verification, and reviews of judgment, lien, and bankruptcy records, among other checks.

Another crucial factor is marketing the property in the “right” places. Not all online advertising sites are created equal, and we know which ones yield the best results.

When it comes to evicting tenants—a challenging situation for any landlord—the fact that SilverLeaf Property is led by a team with extensive experience in real estate management and legal expertise means that this particular nightmare is managed with professionalism and minimized stress.

Prevention Is the Other 20%

Preventing building decay stems from good upkeep and continuous attention to the little problems before they get big and out of control. While the economy is not under our control, preparing for the downturns stems from tight business practices like keeping expenses down and reducing turnover, watching for changes in the neighborhood, and getting help from local authorities to head off problems and protect tenants and their properties from losses. Paying attention to upcoming state laws affecting tenant and landlord contracts, rental laws, and more also helps to reduce the number of nightmares. 

Our Saskatchewan commercial property management professionals pay careful attention to the local and regional economic winds to report and prescribe defensive and offensive moves to protect our clients’ assets. 

Conclusion

Landlords have been through a tough time with the Covid-19 pandemic, and while both landlords and renters have had some protections to help tide them over through their income losses, property management companies have their work cut out for them as they seek to help renters and landlords at the same time. 

The best solution is to define the property management undertaking as an exercise in collaboration—not opposition.

With the pandemic in our rearview mirrors, the lingering economic sluggishness, and the changing landscape for living and working conditions, including the Work From Home phenomena, real estate investors seek any way they can to maximize income, minimize risk, and smooth out cashflows to enhance predictability and planning. We like to think that SilverLeaf Property’s years of experience in the Saskatchewan property management business has resulted in helping our clients, both renters, and landlords, to achieve the highest and best experience for living and working, and for our investing clients the highest returns on their money, time, and energies. 

Please get in touch with our SilverLeaf Property professionals for excellent property management and unequaled coaching.