Frequently asked questions
Why do I need someone else to manage my income property?
Deciding to work with a property management company to represent your property is a big decision. While you do have a lot of owners out there who self-manage their their income property(s), using a management company is an alternative way to secure rental income for less stress and less dedicated time.
What does a property manager do?
Property managers keep your property occupied by a reliable tenant and handle all the dirty work such as late night phone calls, maintenance management and contracts, hunting down rental payments and if needed dealing with evections and the Landlord Tenant Board. Every task a property manager performs is done to promote the success of your investment. They will also have all of the appropriate leases, applications and other relevant paperwork and knowledge needed to protect your investment.
How much does a property management company cost?
Property management fees are typically based on a percentage fee, or are billed per project. Percentage fees are based on collected rents in residential management or a per square foot of leasable space for commercial projects. There can also be some flat fees for certain services. The fee structure must be decided on between you and the management company you choose and should be spelled out in complete detail in the contract so there are no surprises.
What do I do once I hire a property manager?
The short answer is whatever you want. The relationship between the owner and the property management is what is called an agency relationship. This means that they will represent you in whatever aspects regarding running the property that are spelled out in the contract. You can have as much or as little involvement in the operations of your investment as you see fit. You should at a bare minimum receive monthly financial statements detailing all incoming rental income and outgoing expenses related to the running of your property as well as an accounting of any and all charges and disbursements collected by the managing company. Weekly or monthly phone calls and/or meetings to go over these reports as well as what is being done to fill any vacancies or address any issues pertaining to the property would also be desirable.
How will you find tenants for my property?
Your property will be advertised on our website as well as through multiple free and paid advertising sites associated with your property type. We also have a network of highly qualified and motivated agents and brokers we work with to find the best fit for your property(s). All applicants are screened thoroughly to ensure that only quality tenants are placed in your units.
How much should I charge for my rental?
The rental rate of the property is determined through a market analysis done using comparables and your financial goals to determine the optimal rental rate for your property. We are happy to work with you through this.