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.

Attract and Keep Occupants with These Tips

Are you thinking of ways to boost the visibility of your real estate and fill vacancies? Your property may have been around for years, but stiff competition may lure new or current occupants away. There are certain things you can do to attract new tenants and keep old ones satisfied and loyal.

Regular Repairs and Maintenance

First-rate industrial property management companies will tell you that your real estate must be like a well-oiled machine. Repair plumbing, wirings, roofing, insulation, air conditioning and other parts of your real estate to avoid any problems with occupants. Addressing these problems immediately when someone reports about them, will not only develop rapport with tenants, but will also prevent further and costlier damage. Regular maintenance reduces the need for frequent repairs and replacements. This practice also makes sure that your property is in good condition.

Renovate

Real estate that looks old and worn down will not make a good impression. Potential occupants will base their initial impressions on what they see outside. They might make assumptions of what your property’s interior looks like based on what the façade looks like. Renovate both the interior and exterior even if it costs you a lot of money. This investment will go a long way in improving tenant relations and attracting new ones to sign a long-term lease contract.

Good Old Fashioned Customer Service
Good customer service will never become outdated. The way you treat occupants will make for either good or bad publicity. Word of mouth spreads quickly whether it is from person to person stories or social media. Making a good impression on potential tenants means you have to take care of current ones.

Your best salespeople are your current occupants; you don’t have to even pay them to talk about the quality of your service. Address their concerns immediately and keep an open line of communication to flesh out any misunderstanding.

Hiring an Expert

There is a limit to what you can do to improve your business, by hiring a manager from a first rate industrial property management company, you gain a different perspective. An expert has years of experience and insights as to how to help you run your real estate business better. They have extensive networks of contractors to address problems with leased spaces and the business acumen to advertise vacancies to the right market.

These tips act as a guideline to improve your tenant service and your property. Improvements will attract potential occupants to fill vacancies and keep your current ones loyal.

Why Waterproofing Property is so Important?

It is always good to be prepared whenever we hear on the news about bad weather coming. Inclement weather, rain, hail, heavy winds and snow can damage property. Property management companies agree that one of the best ways to prevent nature from damaging our property is to waterproof it. If you feel waterproofing is just an additional cost, think about the extra expenses you will incur if you have to repair or replace roofing, insulation or rewire.

What Are the Effects of Not Waterproofing?

Hydrostatic pressure from water penetrates the soil outside a property’s foundation, this pushes against the foundation, weakening it. A weakened foundation may also affect the wall, which may collapse or bow it in. Waterproofing the basement prevents water from seeping in and that structure damage it may cause over time.

Water that seeps into roofing and walls, may damage insulation. If you fail to waterproof, you may have a difficult time controlling the temperature. An inefficient system costs more to operate because it will use more energy to provide you with the hotness or coldness you want.

The accumulation of water on the roof, whether caused by rain and/or snow, may also damage it. These may result in leaks and cause the roof to collapse because of the weight.

Structural damage isn’t the only thing you have to worry about, if you don’t waterproof. Leaks and water that seeps into walls may cause mould to form. Mould affects indoor air quality and may cause allergy attacks, asthma, sinus irritation and other similar respiratory ailments. Property management is required to take precautionary measures such as waterproofing property to prevent any unnecessary repair expenses down the road.

The Advantages of Waterproofing

When you waterproof, it may improve the value of your property, whether it is commercial or residential. This system prevents moisture from seeping into roofing, walls and insulation. Unwanted moisture may lead to the rusting of metals and wood to decay. Property management companies cite the cliché that prevention is always better than cure. This adage also rings true for operating real estate and keeping occupants satisfied.

Waterproofing keeps property structurally sound, in good condition throughout the year, and prevents walls and roof from bowing in or collapsing. You save more money and prolong the life of your property when you waterproof.

When you hire a property management company, look for one that has the experience and track record to deliver on their promises. A manager will allow you to focus on the bigger picture of managing your real estate, while he or she manages the smaller details such as maintenance, repairs, renovations and other aspects of operations.

The Top Three Responsibilities of a Property Manager

Investing in property is a profitable endeavor that can be a lot of work. That is why some property owners prefer to hire a corporate property management company to act on their behalf. Most property managers take on the responsibility of dealing with tenant issues, setting and collecting rent, as well as staying on top of repairs and routine maintenance so that rental units stay in prime condition. The services that corporate property management companies provide may vary. Therefore, it’s always best to discuss the details of the services provided before signing a contract.

Attracting and Keeping Tenants

One of the most important jobs a property manager has is to fill vacancies. Full occupancy means more profit. A property manager is responsible for advertising vacancies and filling them. Managers must know who the market is and how to compel them to rent the space they are managing. An experienced property manager will have an understanding of what their ideal tenant needs and how to create a positive perception to attract them.

Managers screen tenants to determine suitable candidates for the rental properties they manage. They follow an in-depth screening process to ensure that owners only get quality tenants. Property managers must have good communication skills, patience for handling complaints and the ability to honor both the renter and the owner when coming up with resolutions to issues or concerns. They must also be able to address maintenance and repair problems quickly to prevent unnecessary damage and keep tenants happy.

Rent Responsibilities

Typically property managers set the initial level of rent, collect it and make necessary adjustments if needed. Managers must have knowledge about the neighborhood, target market and comparable real estate to determine what is appropriate. If rent for a property is set too high, keeping full occupancy may be difficult. Comparatively, if it is set too low, profitability will suffer.

A manager also acts as an enforcer when it is time to collect rent. They must be able to ensure that rent gets paid on time to maintain cash flow. They are also responsible for increasing rental rates if the condition of the property deems it necessary in order to maintain a quality rental space.

Property Maintenance, Repairs and Improvements

Corporate property management companies must make sure that the real estate they manage is in good condition. This means they address issues such as plumbing, pipe or insulation repairs, etc. immediately. They must ensure that the properties they manage follow a regular maintenance schedule so that they can stay on top of what needs fixing, replacement or improvement. By addressing issues in a timely manner, properties retain their integrity and value and end up being more profitable when it comes time to sell.

Dealing with tenant issues, setting and collecting rent and property maintenance is time consuming and can be aggravating. Frustration can be avoided by hiring a qualified corporate property management company to assist you. The investment will be worth it in the long run.

Spring Cleaning and Maintenance Tips

Are you having a difficult time keeping occupants happy? Maybe you are overlooking the little details with the operations of your property. Small things matter because they accumulate over time; if you fail to repair a pipe immediately or even take care of the curb appeal these may make a bad impression on your tenants.

These maintenance and spring cleaning tips from property management service companies will both improve occupant satisfaction and the value of your property.

Exterior and Interior Maintenance

For commercial properties, it is very important to maintain the exterior and interior. Be sure to check the property’s exterior for any damage to paint, landscaping, windows that need replacing or cleaning and signage. The exterior will make the first impression on potential tenants, make it count.

There must be a balance between the appearance of the exterior and interior. The latter must look just as presentable as it is important to have a good first impression. By sweeping and washing the floors, repairing any cracks or even if the walls need fresh paint, it will improve your occupancy chances if you do whatever is necessary to keep the rented spaces clean and in move­in condition.

Facilities and Utilities

Property management service companies like Latitude Limited agree that owners must keep their facilities and utilities in top­notch condition regardless of the season. The bathrooms, break rooms, elevators, escalators, air conditioning units, water heaters and others must be working properly before and after spring. These play an important role in the operations of a commercial property.

Vacuuming and Cleaning

The management of residential properties are a bit different compared to their commercial counterparts. You have to be more extensive in your cleaning to keep occupants happy. Spring is a great time to vacuum and clean every nook and cranny of the space you rent out. Leave no area dirty and make sure furniture is spotless.

Wash Walls and Woodwork

Most dirt falls on the floor, but some cling onto vertical surfaces. In such cases, you need to wash down walls, cabinets, baseboards and other woodwork in the property. a sponge and some hand dishwashing detergent come in handy in situations like this. Wash the surfaces in sections and use a sponge mop to reach high spots. An occupant will feel comfortable and welcome when they see their room and its exterior spotless.

Landscaping

Property management service companies cite that the landscaping needs to look good in order to attract potential tenants and make the real estate welcoming to current occupants. Remove weeds, snow, branches and other debris left behind by winter. Re-plant, trim or landscape overgrown plants to improve the look of your property.

Implementing these spring cleaning tips for residential or commercial properties keeps current tenants happy and may attract others that may fill vacancies.