In the ever-changing real estate industry, property management can be a daunting task. If you own real estate, you may have considered putting it into management. In this article, we will answer several key questions regarding property management.
What is property management?
Real estate management involves the operational management of real estate on behalf of the owner. This includes varied activities, from maintenance to tenant management, accounting and, of course, compliance with applicable laws and regulations.
What are the management costs of a real estate agency?
Real estate agency management fees generally vary depending on the age and type of property, as well as the number of services provided. On average, in Quebec, you can expect to pay between 3 and 6% of gross monthly rental income. However, it is important to note that each agency has its own pricing structure.
The manager plays a key role in the management of your property. Their role may include collecting rent, scheduling maintenance work, managing tenant relations, and overseeing the legal and financial aspects of the property. The property manager is essentially your representative, ensuring that your building is well maintained.
How does a property management company work?
A property management company functions as an intermediary between the landlord and tenant. Their main responsibilities include managing properties on behalf of the landlord, maintaining the premises, finding tenants, negotiating lease agreements, and handling legal matters. These companies typically use cutting-edge software to make managing multiple properties easier.
Which professional can take care of rental management?
Responsibility for rental management can be assumed by the owner himself, a company specializing in property management, or even by a rental agent. The main thing is to entrust this mission to a serious, competent professional who follows established procedures.
In this context, the credit check step is of major importance. This task requires specific expertise and adequate training. It is used in particular to assess the financial reliability of a potential tenant, thus offering a precise vision of their ability to honor their rent payments within the allotted deadlines.
Putting your buildings under management can be an excellent strategy for maximizing time and money. With a trusted property manager by your side, you can focus on expanding your real estate portfolio by letting professionals manage day-to-day operations.
