Whether you are looking to rent a property or to rent out a property you own, the first step is to ensure you find a professional reliable property management company that you can count on! Ensure to find a real estate management company that meets your needs and can provide you the client services you need whether you are an owner or a tenant.
What is Property Management?
Property management services, essentially is the oversight, control and operation of properties and real estate, where the company monitors and cares for real estate on behalf of a client throughout the agreed period. This is where some company’s may differ slightly, in the overall service they provide. As subtle as the differences may be any potential impact further down the line may not be obvious at the outset.
How do you find the right company?
Once you have a list of potential company’s there are a number of key aspects you should be looking for to identify the most reputable property management company. Most of these aspects form the basic principles of property management services and any company that cannot provide these basics should not be considered as a reputable company.
· Does the advertising include geographical location, local amenities and full overview of properties?
· Do they offer a full screening process of potential tenants? Credit checks, employment references, previous landlord references and submission of a fully detailed application.
What to look for next?
If the answers to the above questions are satisfactory to you then you need to consider the daily management and accounting aspects. Any reputable property management company will provide the following services:
· Security Deposit obtained prior to the occupancy of a new tenant.
· Collection of monthly rent.
· Inspections of the property in the move-in, move-out phases of a tenant.
· Total management of tenant payment arrears and debt recovery if necessary.
· Manage requests for property maintenance from landlords and tenants.
· Complaint management.
· Resolution of tenant disputes.
· Management of eviction notices where necessary, in accordance with current laws.
· Property improvement management.
· Deposit and rentals fees directly transferred to your bank account.
· Management of maintenance payments or other payments to vendors.
What else to look for?
Look for a company that offers thorough communication, good reporting and tracking systems and will provide a monthly detailed statement regarding the services. The statement should include accounting and billing information that will include the current rental balance to be deposited directly to your bank account.
Where to start looking for Property Management Services?
The Internet is currently the most popular and easiest method to conduct searches to find a reputable property management company, with directories covering most cities and territories throughout the United States and Canada. For example, if your property is located in the city of Edmonton you will find a reasonable number of businesses offering property management services, including REMAX Excellence, The Rental Advisors Team.