If you are reading this article, you have probably decided that you will need to enlist the services of a reliable property management company. You should even have a pretty good idea of what criteria to keep in mind during the selection process.
When searching for a reputable property management company, it will become apparent that there are numerous property management companies to pick from, and this can make it difficult to make a decision. All of these companies will claim to offer the very best service, pricing and overall value, but how do you really choose when all of them are promising the same thing?
Do Your Homework
Doing a search online for a property management company that suits your needs is an easy and effective way to get more information. Some websites allow you to plug in the size of your property and your location and they will generate a list of property management companies in your area. Look at some of the potential property management companies' current rental ads. Are they professional, well thought out and clearly stated? Do they advertise in a variety of places, or are their ads limited to free sources like Kijiji? The way that a company posts ads says a great deal about how they do business.
Before hiring a property management company in Edmonton why not ask them to show you some of the properties they manage so that you can check to see if they are cared for and in good condition. Are the properties clean and well maintained? If possible, you can also gather some great information by speaking to the tenants that they currently managing. Because property management is about keeping you and your tenants satisfied, it is important to get their opinion as well. Additionally, you should ask the management company to provide a sample copy of the monthly report you would receive. Most provinces require that a property management company have a real estate broker’s license or a property management license in order to operate. You will also want to know if the company or manager has been certified by any external entity. Many different organizations will offer certification after completion of a training program. If the property manager is willing to spend the time and money to do so, it can tell you that they are committed to providing you with the best service.
Use Landlord Resources
The Alberta Landlords Association (ALA) and its sister organization The Canada Landlords Association (CLA) are leading provincial and national organizations for private small residential landlords. They provide a unified voice for private landlords and promote and protect landlord interests to national and local government, and are an excellent resource for those looking to hire a property management company. You can also consider asking to look at the potential candidates management agreement. A property management company’s management agreement should clearly define the role of the management company and that of the property owner. The terms need to be the same as what was discussed in the initial interview. Pay close attention to all of the details, including the sections on services provided, such responsibilities of the owner, compliance with laws, and reasons for cancelation.
By following these guidelines you may not find out everything you need to know, but it will definitely head you in the right direction. It is best to research, question, analyze and then decide based on all of the information you have. This will enable you to make a choice that you will be happy with for years.
Looking to hire a licensed property management company?
Braden Equities Inc. has been successfully managing multifamily buildings in Edmonton since the 1970s. A lot has changed since then, but our commitment to the residents living in each building we manage has not. Contact us today.