I recently reviewed a survey of investment property owners, that revealed the frequently asked questions by those seeking management services. It was a bit of an eye opener as over 20% of the owners were not sure how property management worked. But in fairness to owners that's actually a great question as no two property management firms operate exactly the same. However, there are some basic concepts that all managers practice.
Here in Alberta, anyone offering property management services, who is not an employee of the building owner, must be operating under the authority of a licensed Real Estate brokerage. For example Prime Property Management is operating under my license, Bildson Realty Ltd. This affords great protection to both landlords and tenants as we are obligated to operate under very strict rules and audited annually. There are unlicensed "managers" operating illegally throughout the province so it is important to check and make sure any potential manager has proper licensing in place.
Once you've selected a licensed management firm it's their job to professionally run the unit under contract. The services offered can be tailored to your needs but typically include advertising for and soliciting new tenants, collecting rents, dealing with maintenance issues, providing monthly financial and banking services for the unit, dealing with tenant issues, and soliciting quotes for sub-trade services. As well the manager is available to speak to clients and address any concerns and issues they may have. At Prime Property Management we take a team approach to running our managed units and that includes the owners.
Prime Property Management does offer other services outside of the basic management packages based on our clients needs. We have managed insurance rebuilds, help craft budgets for major repairs, assisted in redevelopment applications, and review of condominium bylaws, for example.
Feel free to contact Prime Property Management for any additional questions you may have and we'll cover some other FAQ's in upcoming blogs.
Have a Prime Day!