Owning commercial property can be a worthwhile investment. Maintaining it, however, requires time and care, and these are sometimes things that owners are not available to provide. This is especially true if you are looking to build your real estate portfolio, as focusing on the responsibilities that come with your current building might hinder you from purchasing other properties.
That’s where property managers come in. Hiring from a company with years of experience lifts your management duties and ensures your commercial space is maintained exactly how you want it to be. Let’s discover how employing a property management company can help both you and your building.
Working with a Property Management Company
Finding a qualified property manager who will treat your building and its tenants in the same way that you would is a trying endeavour. Working with a property management company, such as us here at Rent in Ottawa, ensures that a fully-staffed and dedicated team will focus on your commercial space more readily than you may be able to, and having many experienced hands makes for lighter work. Property management groups are also capable of services you may not be able to do yourself, such as advertising and marketing capabilities that can help get your space rented. Below are some of the other abilities we possess:
Ensuring Appropriate Rental Rates
It can be difficult to search through online and in-paper listings to ensure your rental rates are matching what is available in your area. By hiring a property manager, their company will be able to conduct a full study to show similar properties. Their software can easily compare square footage, usage, and even size (hi-rise or low-rise buildings) so that their results are exact and informative. Their knowledge and expertise can then propose a suitable rental fee that aligns with their findings.
Finding and Managing Tenants
Dealing with tenants can be time-consuming. Sorting through applications and handling maintenance requests is truly a full-time job. A property manager takes these items off your hands, leveraging their knowledge of qualified tenants to ensure that you are renting to the right people. They can also maintain a good relationship with tenants, regularly dealing with their concerns and easily resolving conflicts, keeping your building structurally sound and minimizing the risk of unhappy renters.
Maximizing Your Time and Money
Keeping up with the day-to-day on your rental property often means working a permanent job you likely did not sign up for when you purchased the building. Many property management companies charge a percentage fee for their services, which are generally reasonable and allow you to free up your time thanks to their services. With that time and energy freed up, you may be keen on purchasing additional properties, which they can also manage on your behalf.
Complying with Regulations
When it comes to rental properties, there are a slew of laws and rules that you need to be aware of in order to operate in a compliant manner. Remembering all these pieces of info can be overwhelming, but for property managers, this is a part of their business. They are well-versed in the knowledge of federal, provincial, and municipal laws that are key to keeping your property up-to-date to avoid fines (or worse).
Investing in a reliable property management company to ensure your venture runs smoothly without you at the helm is vital to keeping you sane and your investment in good, working order. If you are in need of a property management company in Ottawa, Rent in Ottawa can help. We have many years of experience in the industry and tailor our services to meet the needs of every owner we work with. To learn more about our services, contact us.