Hiring a property management company or not, all investors and owners who have acquired rental properties are or will be faced with this choice one day. Many will choose to take care of their buildings themselves while others will decide to delegate this management to experts in the field.
You want to manage your buildings yourself?
Several general training courses at the collegial or university exist in Quebec. However, if you have the time, experience and skills to take on this role, there is nothing to stop you. There are also several useful books on the subject and property management companies that offer consulting services.
What services do property management companies offer?
These companies offer a wide range of services, either à la carte or turnkey. The formula you choose will have an impact on the cost of this service.
In general, property management companies typically offer the following services
- collection of rents;
- management of tenant requests and complaints;
- rental of vacant apartments;
- legal proceedings before the Housing Administrative Tribunal (HAT);
- renewal and signing of leases;
- government bonds (Statement 31);
- full accounting
- the coordination of the work to be done;
- maintenance and repair of buildings.
4 major advantages of delegating property management
1. You will benefit from the competence of experts
Using a property management expert gives you the assurance that your investments are in good hands because they have the skills to do so. In addition, he or she will increase the value and ensure that your investment is optimized.
2. It will save you time
As the old saying goes " Time is money! ". Your property manager will take care of the day-to-day administration of your properties, whether it be maintenance, leasing, accounting or legal aspects. You will then be able to invest your time on other tasks or even prospect for other properties which will be more profitable than managing them yourself.
An interesting fact, a lack of time on the part of the owner or investor often leads to a loss of profitability of your
3. You will no longer have to manage the customer experience
Many landlords and investors dread the time when they will have to deal with tenant relations and neighborhood complaints. Not only will the property manager be available to deal with them, but he will also be able to do so more efficiently and quickly than you.
4. Vous bénéficierez d’un réseau de professionnels établi
Since you are not the only client of your property manager, the latter has built a network of suppliers over the years and often benefits from more advantageous rates due to the volume of work he entrusts annually. You will therefore gain in exchange when the time comes to carry out work. No need to look for a competent professional!
How much does it cost to hire a property management company?
It's all about profitability! In fact, many investors and owners will take this route because they feel that their time is worth more than the price they pay.
Specifically, property management companies will charge their fees based on the gross revenue of the building. Generally speaking, this rate will vary between 6 and 10 percent of the gross income of the building, depending on the number of units, the services required, the presence of commercial space and the geographical location. It is therefore prudent to anticipate this expense at the time of acquisition.
You would like to know the details forhire a property management company ?
The Archiv offers a complete property management service, ensuring your peace of mind on a daily basis. To speak with one of our experts or to obtain a quote, contact us at (450) 326-4692 or by email at info@larchiv.com.
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