Regardless of whether it is residential investment property or commercial real estate, the need to hire a professional management company is obvious. The day to day operations of real estate properties, residential or commercial, require dedication and professionalism.
But how do you make sure you entrust your assets to a company you can rely on? What is the list of criteria that a professional Toronto property management company should comply to? There is such a list, and if you follow it, you should have no difficulty qualifying your management company and avoiding costly mistakes.
Around the Clock Service.
Problems don’t ask us when it’s a good time to occur. Pipes burst in the middle fo the night and power outages happen on weekends. The person responsible for dealing with those situations should be there to address all and any issues, around the clock. Leaking pipes won’t wait until morning to be fixed, especially not when the temperature is below zero. They simply have to be there when you need them. This level of commitment is essential for a reliable Toronto property management company.
True, professionalism is a basic requirement in any business and should go without saying, but in this case professionalism is an essential component of the job. The property manager is the link that connects you to your tenants, and has a direct influence on their relationship with you. A professional representation is essential to maintain high levels of trust and respect, without which the relationship can deteriorate, leading to all sorts of small and big rental horror stories that you don’t really want to know about. This is ten times more important when we talk about commercial properties, where the smallest oversight can prove very expensive.
Careful Tenant Selection.
Tenant selection is a critical decision, in commercial properties especially. You absolutely must have reliable renters that will not leave your property damaged when they move out. If it is a commercial property, choosing the renters is doubly important, because there is always a chance that the store, office, company or other type of operation renting your space, will go out of business. Choosing the right tenant, however, can be hard. It is probably one of the most tricky processes that your Toronto property management company will have to conduct. They must have a thoroughLy worked out selection procedure which should be applied with every candidate, business or resident. This includes references, credit checks and other failsafes, as well as a face-to-face interview to assess the individual’s personal qualities. For more detail on this, reading our Smart Tenant Selection Guidelines is highly recommended.
When a property stands vacant, you are losing money, so keeping the property full at all times is essential. The right advertising approach can elevate your property’s image and boost prices as well as attract high quality renters. Take a look at what the company is doing for their other clients and see if they invest in a dynamic, vibrant campaign with tailored messages that attract the exactly right people.
HighGate Toronto wishes you luck in your search. For more advice or details about our service, call us now and we’ll be glad to assist you.