Residential vs. Commercial Property Management
As a real estate investor, if you are considering hiring a firm for property management in Toronto, it is important to understand the differences between residential and commercial property management services.
Commercial property management in Toronto usually involves having an experienced third party handle all of the details associated with the upkeep of the buildings along with qualifying potential tenants and overseeing the leasing of the various units on the property. Additionally, the property manager may be responsible for collecting rents on behalf of the property owner. A commercial property management firm is often hired as a way of ensuring that the various day-to-day details of operating a commercial property are handled in a competent manner. The property manager is often given the authority to make decisions that could affect the amount of revenue derived from the property. An experienced property management firm can often reduce tenant turnover while also obtaining the highest possible rental rates.
With residential property management in Toronto, the property manager is responsible for overseeing rental housing, which could include single-family homes or apartment buildings. Responsibilities might include collecting rent, negotiating lease agreements, or marketing properties. In some cases, the property manager may also serve as the point of contact for repairs and maintenance issues. Depending on the property management agreement, a property manager’s responsibilities may also include handling eviction issues in the event the tenant fails to pay the rent or breaks the lease in some other way.
In terms of both commercial and residential property management in Toronto, the duties and responsibilities of the property manager may vary. For this reason, it is important for property owners to be work out the specific details of a management firm’s responsibilities prior to signing a contract. If you would like to learn more about how your business can benefit from experienced property management in Toronto, contact us today.