Owning a condo can be both labor and time-intensive, and as a landlord, most of your day is filled with managing rental agreements and maintaining your properties, which is why you need condo property management services. With nearly every travel and immigration website ranking Canada in their top 10 best countries to live in, it comes as no surprise that 75% of the increasing population are all immigrants.
Due to this reason, Toronto and other Canadian cities have seen a rise in the number of condo property management companies being created and a large number of people moving into condos managed by these companies.
What is a condo property management company?
The main objective of a condo property management company is to maintain or instead run the day-to-day tasks for which a landlord would typically be responsible. When employed, these companies maintain everything from small items like landscaping upkeep to legal entities such as rental agreements.
How to choose a condo property management service
It is important to note that not all of these companies offer the same ‘packages,’ and different companies can be a better fit for your business. Listed below are five questions you can use to find the best condo property management services for your rental requirements;
1. How long has the company been in business?
The first thing you should ask any agency is for the length of time they have been operating. Agencies operating for a more extended period of time tend to have better contractors and business connections. These connections can save you quite a bit of money when it comes to maintenance and renovations.
More experienced companies will have a selection of packages designed to suit your individual need, thanks to the many years these companies have had to perfect these packages. Don’t be afraid to ask any condo property management company what their most memorable challenge was and how they handled that challenge, and their answer will give you a good idea as a landlord if they are the right fit for you.
2. Is the company a credible service provider?
All condo property management companies should be registered with the relevant associations, like the National Association of Condominium Managers (NACM) and other associations both at a local and national level. When condo management companies are registered with these associations they have to abide by a certain standard and maintain different qualifications meaning that you will receive a better service.
3. Do these companies make use of money saving strategies?
When interviewing different companies, make sure you find out if these companies plan to use varying money-saving strategies. Two examples of these strategies could be making use of property management software and making use of realistic contractors.
Property management software helps save costs in the admin department. By using a digital system, you cut out down on your paper and admin supplies costs.
Realistic contractors provide quality service at a reasonable price; this saves money on maintenance and not hiring new contractors to fix the issues that some cheap contractors might create due to a lack of experience.
4. Is there a maintenance plan provided?
Another vital question to ask your potential condo property management company. A routine maintenance plan ensures that all of your available amenities are kept up-to-date; this prevents HVAC systems from breaking in the peak of summer and, worst of all, any plumbing problems which could cause significant structural damages to your condos.
5. What services does the company provide?
Lastly, provide a list of all your needs and requirements that will need fulfilling by the company of your choice. Doing this will allow you to see if this company fits your expectations and, more importantly, if they can provide you with the service you need.
Condo property management companies exist to make your life as a landlord easier. They aim to provide you with the best service possible and at the same time make money for you without interrupting your already busy schedule. Hiring a more experienced company in most cases will provide you with the best rates and services; however, be sure to ask the right questions and do your research before choosing your future partner.
Why choose Kean Real Estate Group?
Kean Real Estate Group is one of the top condo property management companies in Toronto. As a family-owned business, we aim to help real estate investors in the GTA. We have a wealth of knowledge regarding key factors necessary for successful property acquisition and management. Indeed, our personal touch ensures that we will carefully take care of your condo as if it were our own.
