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The Benefits of Hiring a Licenced Property Manager

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!


Rental Increases: Something To Think About

In this 3-part video blog series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd. takes a look at how a landlord might move through the preliminary stages of a rent increase review. 

 

Rent Increases – Part One

PART ONE:  In the property management industry, there may be many different reasons and investment strategies that justify a rent increase. Discussion is held in our video blog to capture the indicators you might want to consider before the implementation of a rent increase for your rental property in Calgary & Area.  

Monitoring the viability of rent increases is not only important while working towards investment goals during an inflationary economy but also important to manage expectations and risks in tougher economic times.  Further to this, this item should be mindfully approached given that this is an extremely sensitive matter to many tenants and should be handled with respect and professionalism.

 

PART TWO: In Part 2 of the series, discussion is held on how to determine the rent, opportunities in a hard market for concessions and doing what tenant’s do all the time … check out the comparables. The importance of being mindful of respectful communication is addressed when reviewing tenant criteria and being open to considering potential upgrades.

PART THREE: In this final segment of the 3-part series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd., discusses the various sales and communication strategies involved with rent increases. In addition to determining if the market can support an increase, often a landlord in put in the position of justifying the increase to the tenant.  In addition to balancing financial goals, it is key to know your product and market conditions.  Again when it comes to interacting with your tenants: Be fair and communicate, know your product and be able to justify.

Jodena Rogers was the keynote speaker at the January 2020 Calgary Residential Rental Association and presented this topic to over 100 attendees consisting of property managers, rental property owners, and landlords. Emerald Management & Realty Ltd. is a property management company located in Calgary, Alberta with over 40 years of experience in the southern area of Alberta.   Emerald’s property management team was recently awarded the Top Choice Award for Property Management Services in Calgary for the 5th year in a row.  For more information about the services Emerald’s team provides to investment property owners visit: Property Management Services. 

 


10 Property Management Tips to Survive Winter

 

Extreme winter temperatures and arctic winds can take a major toll on single family homes, residential rentals and condominium buildings.  It is a good idea to take the necessary precautions to minimize heating emergencies and avoid unnecessary insurance claims.

These 10 helpful and basic property management tips can help make sure you can brave the cold during extreme winter conditions:

Want to spend more time on the slopes? Don’t let winter do a number on your rental home.  Follow these 10 simple tips to pre-empt and potentially solve cold weather problems while protecting your property. 

The following are some more useful maintenance and property management tips provided by Emerald Management & Realty Ltd., check out our other useful blog articles:

  1. Protect Your Home From Water Damage
  2. Why Every Condominium Owner Should Have Insurance
  3. Maintenance Request Form
  4. What Qualifies as an Emergency

What Does The Management Fee Cover?

If you are a rental property owner, choosing to work with a property management company is a huge decision to make, both time and money-wise. If you have a packed schedule, additional occupation(s) or multiple properties to juggle, hiring an experienced property management company can be a great way to secure rental income while also saving yourself both stress and time.

Blog Post – Emerald Management & Realty Ltd.

Property managers usually collect fees for their services, which ensures that all areas of your property-related concerns are looked after. This includes some of the tougher work, such as eviction processes, dealing with difficult tenants, hunting down overdue rent payments or answering late-night phone calls. At Emerald Management & Realty Ltd., we also offer 24-hour emergency support to make sure any issues with your property are resolved promptly and efficiently. 

Management fees also cover other processes that are undertaken to ensure the success of your property. At Emerald Management and Realty Ltd, we also provide a value added service with our in-house maintenance department. Emerald’s maintenance team members cover responsibilities that are often beyond the scope of on-site building managers. 

Some of these value added services include: 

Managing Tenants 

When you hire a property management team, one of the main responsibilities they take on is managing your tenants. From finding your tenants to screening tenants to handling evictions, they are experienced with keeping everything in check. 

Financial Reporting

Knowing that the rent has been paid and that your property is being maintained is important.  Every month, Emerald Management & Realty Ltd. will send you an operating statement that includes income, expenses and a detailed ledger. This will keep you informed about how your real estate asset is performing.

Preventive and Routine Maintenance 

Property maintenance doesn’t just involve addressing problems when they arise or on a case-by-case basis. It also involves organized planning of maintenance tasks, which is often best-handled by a professional property management team. When maintenance is regularly handled, tenants are more likely to remain comfortable and happy. 

Preventive maintenance helps keep the property functioning in good condition at all times. This may include regular plumbing and leak checks, extermination checks to keep the property pest-free, regular landscaping, trash removal or snow removal. Routine maintenance involves scheduling specific tasks that need to be done repeatedly and consistently, such as cleaning leaves from the front lawn or changing HVAC filters every few months. 

Renovations and Repairs 

It is the property manager’s responsibility to either fix issues when they arise or take care of hiring another professional to handle them. This means they will be in charge of finding reliable plumbers, contractors, electricians or other professionals to make sure the job gets done right. 

Reach Out To Us 

Overall, as your property manager will be looking after your most important assets, our services have been developed to help ensure peace of mind. To learn more about our property management, maintenance and other services at Emerald Management & Realty Ltd., contact us today!


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