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What Exactly is a Property Management Service?

What Exactly is a Property Management Service?

In today’s hectic world, being able to rely on the services of property management in Ontario is a boon indeed. The whole intention of hiring a property management service is so that some, or nearly all of the daily responsibilities of managing the property are taken off the shoulders of the landlord. Most of today’s property managers are also fully licensed real estate agents, and hence are able to provide valuable legal counsel related to rental properties, to the property landlords. With a reliable property management company to take care of their requirements, property landlords can save on time and worry, and the hassle of having to deal with the day-to-day affairs of their property. A good property management company can be found via the website of the Institute of Real Estate Management, or through local recommendations.

Kinds of Property Management Services

While the duties of property management in Ontario can vary from one company to another, they usually have in common a few basic services, such as maintenance and repair, and dealing with the existing tenants on the property. Some property managers also undertake the survey of local property rental rates in order to establish a fair rental rate for the landlord’s property, especially if the property is being rented out for the first time. Further services include planning and tracking overhead costs, showing an increase in value for the property over a period of time, attracting new tenants through advertisements, showing property units to prospective tenants and handling taxes and other maintenance fees on behalf of the property owner. Collecting rent can be an difficult business sometimes, and eviction almost always is; with a property management service, a landlord is spared the unpleasantness of either.

When Should You Hire a Property Manager?

Sometimes landlords are uncertain about hiring the services of property management in Ontario, and choose to operate on their own, or by hiring a resident manager. There are times, however, when a property owner could really benefit from property management services, such as when he or she owns multiple properties, and especially so when these are spread out over a large area. Property owners who view rental as investment-only and aren’t interested in the daily running of their property could also do well to take up the services of property management. Further, if you have a full-time job, you may not be able to afford the time that property management demands. For all of these situations, property management services make sense. Be prepared, though, to pay up to 10% of your revenue as fees.

Regardless of the somewhat hefty fee that property management in Ontario costs, many property owners will agree that it makes sense to hire a property manager. With a good property manager working on your behalf, you can rest assured that your property is in good hands.

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