This Is What You Need To Look Out For When Hiring A Property Managing Company | Affordable Property Management Fees

13 April 2022 - 10:39, by , in Condo Management, No comments

If you’re looking to retain as many tenants as possible and maintain the integrity of your administration standards, a property manager or management company can greatly benefit your logistics. You want the best team to represent your needs and oversee your daily rental operations. This ensures your property becomes a valuable asset and satisfies any tenants living in them. 

The decision to hire a property manager is a detailed and lengthy process that helps leverage your property to its best use. Choosing the right property manager involves a great deal of thought and consideration. At Mareka Properties, we pride ourselves as the best condo property management company in the market. We can assist landlords with issues such as property management fees, communications with tenants, and security measures among other features. We’ll help you manage the day-to-day responsibilities of looking after your rental properties at a fair and affordable fee on your part. 

Contact our team today to start managing your rental properties effectively and ensure your tenants are taken care of properly. 

Why Should I Check A PM Company’s Licenses And Certifications Before Committing To Them?

Before you decide to work with a property management company, you should take the time to research and evaluate their licenses, certifications, and qualifications. This will help make sure the group you’re working with has the knowledge and experience to deal with the daily hassles of managing rental properties. You can be assured that our Mareka Properties team is fully certified and licensed to handle such responsibilities. 

If the property management company has the right credentials and technical expertise, it proves that they’ll be able to handle any issue that comes their way. Some things you can do to check their qualifications are by inspecting the currency of their real estate broker’s license, seeing if they’re associated with any type of professional affiliations, and checking their property management certifications. If the company you’re thinking of working with doesn’t have any of these, it can be a serious problem for you and your tenants. 

A fully licensed property management company is subject to rigorous ethics and guidelines established by local governing authorities in the area. If they don’t have a broker’s license, there’s an increased risk of a lack of accountability, on their end, if something goes wrong. Always consider local laws and regulations for property management to ensure the company you’re working with isn’t operating illegally. It’s also worth finding out if they have current errors and omissions insurance policy when the situation calls for it. 

Certifications are good indicators of how seriously the management company is taking their work. You want a reliable team that nurtures their employees’ professional development and holds them accountable when it counts. Professional certifications signify that the property management company means they have invested considerable time and money to hone its skills in the real estate field.  

If you decide to work with a new property management company, you also have the obligation to let your tenants know about the change. 

Why Should I Notify My Residents Before Changing Over To A New Property Management Company?

According to most provincial regulations, you have the legal obligation to notify your residents about a change in rental management. Local tenants’ rights laws will often outline the responsibilities between you and the property management company, including being transparent about any big changes.  

Even if you’re not legally expected to let your residents know about the organizational change, it’s still good practice to not upset your loyal residents. Tenants want certainty while staying in your property and if they’re blindsided by a sudden change in management, they may strongly consider moving out, leaving your rooms vacant. It’s a good idea to connect your tenants with your new property managers as quickly as possible to smooth out any potential issues and prepare them for the transition. 

Never settle for less when working with a property management company. Set high expectations and communicate with their team as much as possible to ensure they’re representing your best needs. With the right solutions and management company in place, you’ll then be able to attract and retain as many tenants for your building. 

How Does A Great Property Management Company Help Me Attract The Right Tenants?

The key aspect property management companies must maintain is their relationship with their tenants. If it’s good, fair, and transparent, you’ll be able to attract the right number of tenants for your property. Moreover, with their licenses and certification qualifications, they’ll have the know-how to screen new residents, vet their employment and credit scores, and evaluate their overall background. These qualities will ensure you have a steady stream of rental income and high-quality tenants living on your property. 

Contact Mareka Properties today and work with us to ensure your tenants have the best management team looking out for them. 

About author:
Mary is the CEO of Mareka Properties (2000) Ltd. She holds a CPM, RCM, and CRP designation, and brings over thirty years of experience to the helm of the company. Additionally, Mary has a thorough knowledge of the legislation governing the industry, an in-depth comprehension of building components, and a proven track record of guiding condominium corporations and boards of directors to success. She's the full package!

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