Traditional property management techniques included area to area managers who had divided the properties among themselves. They were usually unprofessional rent collectors who made sure that the buildings weren’t harmed and stayed fresh – as long as they could. There was hardly any accountability and the job was carried out as a part-time profession.
But with the real estate era and the astronomical increase in property prices, property management has become the next big thing and has entered the world of professional services which take the burden off your shoulders and directly place the responsibility in hands of thorough professionals who not only take care of your property, but also ensure that its value in the market only increases. Professional property management companies allot their property managers with minimum portfolios so that they are able to deliver maximum administrative assistance. Calgary has an exceptionally well established and reputed array of property management Calgary companies which also offer condominium management even if the offices are locally situated. Calgary based property management companies can provide property management services for high-rise condominiums, as well as townhouses and mixed use condominiums. The most crucial aspect of these services is the property managers’ commitment to attending all board meetings and making sure that he is on call duty wherever it is necessary. There is no delegation of work because the company is personally responsible for any tweaks or loop-holes. Unlike the traditional property management techniques, professional Calgary based property management companies use proactive property management protocols and use innovative technology to ensure that communication with the community never experiences any shortcomings. Many property management companies also utilize state-of-the-art technology inclusive of a condo building management system providing each of the properties with a complementary interactive website. This ensures better management and constant communication. A skill-full, well planned and well- structured blueprint for management which can be fine-tuned to compliment every condominium’s specific needs is the key to holistic management. This not only results in low maintenance rates for the building but also increment the property’s market value and reputation.
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Any property management service should concentrate on keeping tenant turnover as low as possible and maintaining the property in good quality. And with the average cost of turnover spilling to between $2,500 and $3,500 according to a research by one real estate and property management firm, there is no other time to concentrate on hiring a good property manager than right now.
We have put together factors to consider when hiring a good property management firm in and around Calgary. Get a Jack of All Trades: Many people stretch that you should hire someone who only concentrates on estate, property and condo building management only. However, that alone spans many sub-topics for a property manager: you will need to invest in looking for new opportunities to advertise rentals such as in college bulletins, invest in services that fix doors and appliances, learn how to balance books to avoid problems with tenants, and monitor financing and credit for the apartment rentals. A property management firm in Calgary that deals with all these things “under one roof” is the best one to go for if you are a property owner as long as the firm has adequate staff to do all that work. It is the secret to ultimate property management and condo building management. The truth is they have the resources to serve you better: do repairs without delays, get tenants to keep unbooked spaces low, and concentrate on tenant experiences to keep valuable tenants. Get someone who knows to find the right tenants: Keeping turnover as low as possible and protecting cash flow requires having the right tenants for ultimate property management. Whether the property manager takes time to do background checks to estimate whether tenants will be able to pay, asks for small refundable or non-refundable room and house deposit, or aliases with you to establish history of on-time rent payments, as a property owner, check that the manager is able to keep the turnover low. 3. Do they have an idea of what the law says? Knowing rental and real estate laws in Calgary is not an option for an ultimate property management firm. The manager will go through variety of issues that pertains settling disputes among tenants, settling disputes with neighbouring landlords, leasing property, taxation, insurance in cases of accidents (whether related to repair and maintenance or just cases of general accidents) entering contracts with building and repair contractors, and entering tenant-landlord contracts. For instance, insurance companies might hold you accountable as the property owner, for an accident that occurs during performance of electrical and plumbing work, if an accident occurs and it turns out that the contractor is unlicensed. 4. Get a person who knows how to deal with people: working with tenants, landlords, contractors, state government and local government representatives, watchmen, first aid care givers, visitors, insurance firms, banks and financing institutions as may be required in property and condo building management, is not a job simply for great communicators: it requires good aptitude, organizational skills, speed, deep knowledge, focus and commitment. Whether he or she invests on drawing up request forms, using online help ticketing system to address tenant issues, keeps a track of repair issues, is available all-day at the office, has inventory records, or visits tenants regularly, as a property owner, simply get a property management firm in Calgary that commits to clear and consistent procedures that tenants can identify when in need. |
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