Managing a condominium corporation or a rental property is no small feat — it is a time-consuming and ongoing task that can quickly turn into a costly chore if not handled properly. Property owners, board members or landlords often utilize licensed property managers to partially or fully take care of their rental property. The duties of a property manager range from advising board members, may include screening tenants, working on budgets, setting and collecting rent, managing tenants, property maintenance and acting as a point of communication between all parties.
At Emerald Management and Realty Ltd., we want to help familiarize you with hiring a property manager and what the benefits of their service include… so keep reading!
Hiring a Property Management Company
If you have a busy schedule or don’t have any experience in the property management field, or managing real estate, you should consider hiring a property manager. You’ll want to ensure you work with a reputable and reliable company, as they will oversee what is likely one of your largest assets. A property manager can significantly increase the value of your investment if they are capable and qualified to assume the associated responsibilities.
You’ll want to select a property management company that has experience with your specific condominium or rental property type. Some companies specialize in residential or condominium property management (or both), while others may focus more on commercial properties. You also want to verify that the property manager is licensed by the local real estate council or board, as this will offer you additional protection and guarantee a certain degree of qualification. By choosing the most appropriate company for your needs, you will be far better off in the end.
Here are some questions to ask a property manager before hiring:
- Do you have experience handling a variety of condo owner or tenant interactions?
- How do you screen potential tenants?
- How do you handle condo board or condo owner communication?
- How are condo fee or rent payments collected and dispersed?
- Is your staff also licensed?
- Will I be able to contact you directly to discuss my condo or rental property?
Advantages of Hiring a Property Management Company
Hiring a property manager does have a cost associated with it, but the benefits received in exchange are certainly worth the investment. With respect to revenue properties, property managers have access to resources and networks that expedite the tenant locating process. They will advertise the property on their platforms and conduct an extensive tenant screening process. This will ensure higher quality tenants and a lower turnover rate.
The leasing agreement is perhaps the most technical aspect of the rental property process. A property manager is responsible for drafting the lease and making sure it includes all pertinent information and clauses to protect the property owner. Included in their duties is establishing the required security deposit based on the rental term and a variety of other factors. A property manager will also have knowledge of the laws and regulations that are applicable within your region and be able to transmit this information to you.
Much of the above information also transfers as useful knowledge and benefits when it comes to condominium and commercial properties. Operational real estate knowledge is most certainly an asset as understanding of buildings and various legislation is valuable when looking at experience and bigger picture issues.
Another large advantage to working with a property manager is that they will handle all daily occurrences at the property and communicate with the condo owners or tenants on your behalf. This includes scheduled and emergency maintenance or repairs, as well as complaints. The property manager will also have a large network of reliable plumbers, electricians and other contractors that they work with on a regular basis. This means your property will receive prompt and quality care and you will indirectly have access to better service pricing.
Contact Us Today!
As one of Calgary’s leading residential, condominium and commercial property management companies, our team at Emerald Management and Realty Ltd. is ready to assist with all your rental and property management needs. Our extensive industry experience will provide you peace of mind that your property is in good hands. If you have a property you need assistance managing or renting, don’t hesitate to contact us today!