Insight into Property Management

Property management is defined as the administration of residential, commercial and industrial real estate. It typically involves managing of property owned by another party. A property manager is a third party who handles the daily operations of a real estate investment. He or she acts on behalf of the owner to preserve the value of the property that is generating the income.

The Various Roles of a Property Manager

Be it the Burlington property management or a property management in Toronto, the role of a property manager is almost the same everywhere.

The property manager sets affordable rent amount to attract tenants to the property. They understand the condition of the market where the property is located.

They set dates for collecting rent each month and strictly enforcing late fees.

They also adjust rent. Increasing and decreasing it when necessary.

Managing the tenants is also one of the main responsibilities of the property manager.

They market the property to fill vacancies.

They are responsible for finding the most suited tenant for the property from the list of prospective applications. The screening process consists of running credit checks, criminal, and background checks.

They handle the leases. They set the length of the lease and make sure that it has all the necessary provisions to protect the owner, including the security deposit required.

They deal with the maintenance requests, noise complaints, and emergency situations.

They handle evictions and move outs. They inspect the unit after a move-out and check for the damages. After which they clean and repair the room for the next tenant. They file an eviction when a particular tenant does not pay rent on time or breaches the terms of the leash.

Hiring A Competent Property Manager

Say you are looking into the property management companies in Hamilton and you are at loss at what you are looking for in a good property manager. Here are some tips to help you get started.

1. Ask your prospective property management service company to share some details about the properties they manage. Ask their clients for feedback, this sort of research will help you a lot in your decision.

2. Enquire about the property inspection routine and see if it is appropriate to your needs or on the basis of the tenure of the tenant.

3. You can ask the property management service company to give you details regarding the eviction on their current properties. The ratio of the evicted tenants will show you how the screening is done.

4. Know how the company manages the maintenance and repairs. Whether they charge a fixed monthly amount or if it is according to the requirements. You need to know who handles these expenses and how they are calculated. It will save you from the unnecessary expenditure.

5. Be clear about the monthly or yearly accounting. This is mutually agreed whether you receive the rent of the current month in the same month or in the next. For monthly maintenance bills which need clearing, ensure that the service raises a proper invoice.

If you have more than one property, hiring a property manager will lessen your burden and ensure that you get the maximum benefit from your investment property.

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.

Property management in Oakville

There are several laws relating to property management in Toronto, Hamilton and Oakville. Most of these laws are in the form of by-laws. As a property manager in Toronto, you will be concerned over a variety of things including the on-going status of the property, repair and maintenance, occupancy rates, payment of rents, supplies and contracting projects, and working with lawyers and legal entities when needful.

You will also need to link to accountants and the local government to deal with a few issues. Most property owners involved in Hamilton investment properties give a qualified person to manage their property especially when many blocks or estates are concerned.

As a by-law affecting Oakville property management, you should have a heating facility that can maintain the temperature of a property at 22 degrees Celsius. The local government also requires property owners and those involved in property management to keep neat and tidy their compounds. You should ensure that it is free of garbage accumulation and that the grass does not overgrow and become unsightly. You must also ensure that the grass and weeds do not exceed 20.33 centimeters (8 inches) in height. The case applies whether you are managing owned or rented dwellings.

Many Hamilton investment properties are surrounded by a fence. So you might want to ask if there are regulations relating to building of fences. Any property management must comply with the Fence By-law 2002-034 when building fences in Oakville. The by-laws of Oakville state that all residents are entitled to a peaceful lifestyle. Because there are restrictions as to how much noise you can make in Oakville, property managers in Toronto or other areas must be aware when the residence is to host an event or activity. Knowing the schedule will help them request for a noise exemption permit from the Clerk’s department.

The permit should be applied for 30 days before the event takes place. Without the permit, you might get into problems if loud stereo or musical equipment is being played constantly in the compound. Other residents can report or complain to the Enforcement Services via a call or email and they are allowed to mention the residence with noise (address). Those applying for a noise exemption must notify residential properties within 120 meters of the event location. You must attach a copy of resident notice containing a list of addresses where the notice was sent. You can also use Google Maps to identify properties that are within 120 meters of your event: the map has a measuring tool. If you are asking which level of noise to be not concerned about a permit, stereo music noise that can be heard clearly from a neighborhood is not permitted from 5 p.m. to 7 p.m. (9 a.m. on Sundays). During other times, anything above 45 decibels as measured inside your home violates the law.

Other rules relate to doing renovations. Your renovation contractor can put up only a single sign with a maximum size of 0.37 square meters (4 feet 2 inches). The sign must be displayed when work is happening and for a total of 14 consecutive days. If you, as an Oakville property management firm, want to put up a business sign, there are laws you must adhere to whether desiring to install a portable (mobile) sign or a permanent (fixed) sign. If you are doing renovations or construction, construction noise is only permitted Monday to Saturday from 7 a.m. to 7 p.m. but not on Sundays and statutory holidays.

3 Major Benefits of Hiring a Property Management Company

Property management is not easy, and more so when you have many properties in your name. As a landlord, you can think that you would be able to manage your property yourself. However, it is not as easy you think as it requires certain skills.

That is the reason why property owners in Milton, hire property management companies. And when you hire the services of a professional Milton property management company, you can sit back and relax, as they do everything on your behalf. Right from collecting the rent and looking after the repair and maintenance of your property, they also help to look for tenants and do everything on your behalf.
The benefits of hiring a property management company are many. Some of them are:

Better Tenants

Landlords tend to lose their sleep over thinking what kind of tenants they would get. When you hire a property management service, you are assured to get high-quality tenants. They do not only give you the best rent according to the ongoing market rates but also do not cause any problems.

You probably had to deal with bad tenants in the past, and you already know how the experience is. Experienced property managers would screen potential clients and check their backgrounds as well. They have the skills and tools required to dig out the real facts and save you from rental scams and ensure that your property is in the right hands.

They Take Care of All Your Property Rental Needs

Apart from ensuring that you get good tenants, they also look after all your other needs. Let’s have a look at them in detail:

They ensure shorter vacancy cycles. They maintain your property and keep it always ready so that potential tenants can shift immediately. They also help in looking for tenants and make sure you get the best rent rate.

They also ensure a high tenant retention rate. Property managers keep your tenants happy by taking care of the problems they are facing by being on your property. This could be changing locks, painting walls, small repair issues, etc.

Your property management company also ensures that you get the rent on time. They have tight rent collection policy and make sure of collecting the rent on time every month.

Legal Assistance

Regardless of the business you are in, you need be knowledgeable about the laws relating to it. Rental properties too have laws governing them. Property managers know them well and can help you, in case you need any kind of legal assistance.

They can also help you understand what tax deductions you can claim and what all taxes you need to pay. They can assist you in filling the forms and with the entire documentation procedure as well so that all these things take place smoothly.

When you hire the service of professionals, you don’t need to worry about anything including maintenance and repair. You also do not run after your tenants to take the rent. However, make sure to hire the right Burlington property Management Company or Hamilton property Management Company, to get the best results.