Property Managers Help Improve Real Estate Value

Are you getting an indifferent response from visitors who are looking for a place to rent? Maybe your property has lost some of its value because of neglect or not enough understanding of the market. To bolster the image of your real estate, consider getting a property management service in Kitchener.

The Property Manager Difference

You may have owned the residential or commercial property for years; you think that you have enough experience to market your business and make it profitable. However, this myopic view of the industry will allow your competitors to overtake you. To gain perspective and see a different picture of your business, hiring a property management service company in Kitchener is an option.

A third-party manager will look at your real estate differently and see things that you didn’t. They can identify problem areas whether it is the service you offer or the property itself. They will make an assessment and provide suggestions on how to improve relationships with occupants, operations and boost profits.

Better relationships and communication with current occupants keep them loyal and satisfied. They may even refer people to lease a space, whether it is for residential or commercial purposes. The goodwill you get from tenants makes it easier for you to advertise your real estate and boost its value to a potential occupant.

A property management company has a network of contractors they can recommend to renovate and repair your real estate. Their team can fix or replace faulty electrical wiring, leaky pipes, weak structural foundations, insulation, air conditioning and others. The manager you hire can provide ideas on how to redesign your property’s exterior and interior. It can be as simple as changing the color of the façade or adding more plants and flowers to boost curb appeal. They can also completely revamp the interior and exterior to make both look different and appealing to your target market.

The understanding of the industry of a property manager will allow you to gain a competitive advantage. They have insights and information about potential developments around the neighborhood. This will allow you to make adjustments and get ahead of the competition.

Their network allows them to strategically place your property on listings where your intended target market is. A clearly defined audience increases the possibility of a potential occupant signing a long-term lease contract.

The added experience and expertise of a property manager will work well with your understanding of your property. They help boost real estate value with the changes they make and their management methods.

Types of Services You Should Receive from Your Property Management Company

When you hire a real estate property management company, you have certain expectations – or at least you should have – of what you want and need from them. These companies are meant to make life easier for property owners like you, by professionally caring for your property or properties, and the associated people – your tenants. A good residential property management company does this by providing services to make life run smoothly for the tenants, and maintaining and repairing the properties those tenants call home. In effect, caring for your investments.

                       

Here are the basic services you should or can receive from your property management company:

Evaluation of Property/Unit & Rent Determination: documenting the inside and outside (if applicable); offering suggestions on repairs and improvements; investigating local rental rates to determine appropriate rent; discussion about policies on smoking, damage deposit for large pets,

Marketing Your Property/Unit: repairing, painting and refreshing the interior, having it professionally cleaned; landscaping to bolster curb appeal; creating enticing, informative advertising; screening calls and emails for prospective tenants; arranging showings; supplying appropriate rental applications

Tenant Screening/Selection: verifying identity, income, credit history, rental history, reference checks, and care of past property

Tenant Acceptance: drawing up & signing the lease; collecting first and last month’s rent, as well as a damage or pet deposit if required; ensuring tenant has apartment insurance; walk- though of unit with pictures to verify the move-in condition of the property; reviewing rules and guidelines or giving tenant a copy of them; scheduling the move (especially if elevators are involved)

Collection of Rent: receiving rent at beginning of each month; following up on late payments (enforcing late fees); delivering pay or quit notices; processing rent received; sending reports to owners

Financial Services: payments on behalf of owner (insurance, mortgage, etc.); documentation of expenses (invoices & receipts); maintenance of historical records (paid invoices, leases, inspection reports, warranties, etc.); annual reporting; monthly cash-flow statements with breakdown of income and itemized expenses

Repairs & Maintenance: dealing promptly with repairs 24/7 to prevent small problems from becoming bigger and more expensive ones; consulting owner for major repairs/replacements; maintaining a network of licensed, bonded and insured contractors to provide affordable work to code; apartment painting, lawn cutting, leaf removal, landscaping, snow removal, salting, trash removal

Periodic Inspections: once or twice a year; evaluate how tenants are caring for property; putting a stop to unsafe or inappropriate use of property; noting and stopping code violations, lease violations; reports sent to owner

Legal Situations: knowledge of local, provincial, federal laws and legislation applicable to rental properties; advising in litigation or legal disputes; having name of qualified lawyer

Evictions/Collections: knowledge of local Landlord and Tenant rules; filing necessary paperwork; representing owner in court proceedings; working with law enforcement to remove tenant(s) from premises

As you can see, there’s a lot involved in properly managing an investment property – and these are just the basics! Only the best real estate property management companies go the whole nine yards to make sure you get the most out of your properties – and that includes prompt and consistent communication as well as accountability.

Before hiring a company, get recommendations from real estate agencies or mortgage lenders at banks, go and personally look over some of the properties a company manages, check on-line for comments from current and previous tenants. If you do choose a residential property management company that’s not working up to the standards you expect, don’t waste any time finding a better one. Remember, it’s your investment at stake!

Improve Occupancy with a Property Manager

Are you seeing more short-term occupants and empty spaces in your property? You might be doing something wrong or you lack the insight and expertise to attract and keep tenants. Instead of losing money and more occupants in strategies that don’t work, why not hire a Waterloo property management company to help you?

How can a property management company help you run your business?

A Waterloo property management company has years of experience, when it comes to managing real estate, whether it is commercial or residential. These experts boost occupancy rates because they understand the market, the demand and supply, and which advertising techniques are effective in luring potential occupants.

Their business savvy and insights allows them to create marketing strategies that will increase the likelihood of a signed lease contract. They know how to profile the ideal target market who will be interested in your vacant residential, commercial, office or industrial spaces. They have an idea where to list your property, whether it is online or through their network. A property manager helps you negotiate contracts and convince prospective occupants to sign.

Other than luring tenants, a property manager has the experience to keep current occupants satisfied. They have a network of contractors who can address problems such as electrical, plumbing or structural. A manager has the communication skills to develop rapport with any occupant, whether they are good or bad.

Managers have the eye to identify ways to boost the value of your real estate. Their contractors, designers and builders, can renovate, repaint and improve the façade and interior of your property. These improvements will attract better occupants and improve overall value.

The Hiring Process

When you choose a Waterloo property management company, they need to have certain characteristics. The manager you hire must have good communication skills. This is an important trait because they will have to deal with various occupants, from the whiney one who complains about everything to the overeager one. They must strike a balance between being nice and not being a pushover.

The manager must also be client-centered, because they must be able to respond and be sensitive to the needs and wants of each occupant. They must be action-oriented when it comes to dealing with problems that your property may face. You must also consider the types of properties they managed. They might not have the experience in managing industrial or commercial real estate.

Hiring a property manager is a worthwhile investment because of the experience and expertise they bring into your real estate business.