Complete Guide to Hiring a Professional Property Management Company
The benefits of hiring a professional property management company and in order to get those benefits, it is important that you hire the right one. The company would take care of all your requirements regarding your properties and hence doing the necessary homework before the hiring process would help you in long run. To ensure that you are hiring the right property management company in Toronto or elsewhere, here are some of the pointers that you need to keep in mind: Know How Many Property Units Are They Managing This is one of the first things that you need to find out followed by how many of their employees are managing each of these units. Ideally, a professional and qualified professional manager with a team and the required tools can manage from 30 - 40 units. Collecting and Settling Rents Once you hire a property management company, you do not have to worry about settling the rent yourself. Your manager would ensure that you get the best as per the industry standards. Your property manager knows the local rates and markets and that backed by solid research would make sure that you are getting what your property deserves. Also, make sure that the manager does rental surveys once annually. The frequency should increase in the case of lease renewals and vacancies. Find out how they collect rent. It is a great benefit if the company offers direct debits on the behalf of the tenants. You would need process fewer checks that would improve cash flow. Also, find out what would happen in the case of check bounces? What is the late fee and how do they deal with eviction? How Often They Visit the Properties? One critical aspect of managing tenants and properties is visiting them on a regular basis. Have it in writing with the company as for how frequently would they conduct inspections of your properties. If your company is not ready to do it on a regular basis or it is asking for a higher fee for doing it, go for another company. Regular formal inspections should be a part of every property management company’s normal service package. Repair and Maintenance A property management company’s work is to preserve your property just as it is and also increase its value in the long run. They should be able to address your tenant’s requests quickly. They should provide you with relevant bills and details as well to show where they are spending your money. Every property management company usually has a list of vendors who they outsource their requirements to and they take care of all the repair work on your property. They maintain your property as well. Marketing and Tenant Retention Getting the right tenants is not easy. Property management is about getting you the right tenants and retaining them. Find out how they advertise and what tactics they use to retain the good tenants. These are some of the points to consider when looking for Oakville property management services. They would also guide in choosing the right Hamilton investment properties.
