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What Should a Property Management Company Do for You?

One of the crucial decisions to make as a property owner could be whether to hire the services of a property management agency. While some investors cannot do without a property manager in place, others still struggle to free themselves from the ‘do-it-yourself’ mentality that hinders them from bigger accomplishments. As it turns out, one thing is for sure: the benefits of hiring a real property management firm far outweigh the shortfalls. Let us explore the key reasons to hire T.R.A.M.S Property Management solutions in Montreal.

It is fair to argue that hiring a property management firm has associated costs that one has to absorb, but this is not a disadvantage, but rather a worthy investment. This is because their involvement can significantly grow your bottom line by maintaining and managing your properties.

Responsibilities of a property management company

While the roles of property management firms may vary widely, most tasks are standard across the numerous property types.

1. Rent responsibility

Property managers are charged with addressing rent issues. They understand the market in which your property is located as well as the ideal client to attract. Therefore, they can set the initial rent levels that tenants agree to. They also ensure optimal cash flow through firm collection dates and enforcement of late penalties.

Furthermore, it is common for managers to adjust rent amounts. They can increase the levels based on the year’s predetermined percentage or decrease the amount whenever it is deemed necessary.

2. Condo Syndicate Management

If you own a condominium, T.R.A.M.S will benefit you in many ways. Such as preparing budgets and monthly financial statements and planning the annual general meeting. They also collect the condominium fees, prepare all checks, and perform any syndicate obligation. In terms of maintenance, a site manager will be there to visit the property every week and answer tenants’ and co-owners’ concerns.

For first time homebuyers, boomers looking to downsize, millennials searching for a variety of amenities without the responsibility of upkeep, condominium buildings are your answer if you are looking out for an investment as the demand for land and housing increases and the prices are soaring. Have you ever enjoyed the feeling of living in a hotel loaded with amenities right from bells and whistles, indoor and outdoor pools, garages, social rooms, rooftop garden spaces for entertaining and everything in between? Would you want the same feeling in your home? As technology advances and innovative ways of doing business grows, developers keep surprising us with taller buildings that carry all the look and feel of exquisite hotels. Condo tower developers have especially mastered and bettered their craft in honing small spaces and making them a reality that combines intelligent living with luxury. Condominium living replicates that in every bit. It is now like living in a hotel, except you own your own space.

Condo living however, comes with its own share of maintenance of gardens and common areas. It also includes seasonal snow removal, cleaning and general upkeep.

A monthly fee allows a management company to take care of:

  1. Owners/residents’ relationship.
  2. Overall maintenance.
  3. All contract management.
  4. Accounting & bookkeeping.
  5. Collection of fees.
  6. Overall well-being of the building.

Purchasing a property of any size is a considerable investment. When you hire a property management company, you not only protect the condo owners’ investment, but you also increase the value of the building.

3. Rentals management

From increasing occupancy and lowering tenant turnover to identifying and qualifying tenants, a rental manager has a lot to offer. They are in charge of rent collection and facilitate resident screening. Furthermore, they are responsible for any repairs and maintenance, as well as the preparation of your property for lease. Property owners are also relieved from the role of enhancing tenant relations and communication planning.

4. Legal management service

During a dispute or eviction, the real property management company is always the first in line of contact. The same applies to the general legal functioning of your property. This is among their key roles since they understand all the legal processes involved when screening for tenants, terminating leases, dealing with security deposits, safety compliance, and eviction. A reliable property manager must have a vast understanding of the relevant laws and be able to handle their responsibilities in the best and legal methods.

5. Maintaining financial records and managing budget

A property management firm supervises the building’s daily activities, and they are responsible for the maintenance of the budget and keeping detailed records. After a yearly budget is confirmed, the management firm will negotiate prices for needed repairs and maintenance.

6. Supervising responsibilities

If the property has other employees, such as security personnel or landscapers, the property management firm will ensure that each employee performs their respective roles. In addition, they can set the appropriate salaries for each category and let go non-performers.

With a trustworthy management company that fits your property, you can increase your bottom line with no extra effort.

If you need guidance on how to maximize returns or need the services of a reputable property management agency in Montreal, contact us today!

Top 5 Reasons to Hire a Property Management Company for Your Investment Property.

Top 5 Reasons to Hire a Property Management Company for Your Investment Property.

Whether you have set out to invest in rental properties or became an accidental landlord, property management tasks can consume your time and money. If you’ve purchased properties specifically to rent them out, you need to be able to keep them clean, safe and welcoming to attract the best tenants. If you are living in a different city, you have to manage your properties from afar. From problematic tenants to 2:00AM phone calls to the removal of pests, here are just a few of the reasons you should consider hiring a property management company.

#1: You’re Spending Too Much Time on the Properties

From routine maintenance to coping with tenant complaints and disputes to emergency repairs, even a single rental property can end up feeling like a full-time job. Throw in a few multi-family units and you may find you are spending more time at your rental properties than in your own home. A property management company can dramatically reduce the amount of time you spend on routine tasks and ensure that tenant needs are met swiftly and fully.

#2: Your Properties Are in Poor Repair

Delayed maintenance or repairs and touch-ups between tenants can prevent you from attracting and keeping the best-quality tenants. If you just can’t keep up with the work needed or find that most tenants move on after the initial lease is up, you may need some assistance with caring for the property.

#3: You are Managing from Afar

If you are living in another province or location than your rental property, you could end up spending a lot of your free time traveling to and from the rental unit. Living in a different location from the property also means that you have fewer chances to keep an eye on the property. Tenant red flags like trash in the yard, extra pets, or moving furniture through the building without notifying you can go un-noticed if you are not able to occasionally keep an eye on things. If you are worried about the condition of the home or the tenant’s ability to care for the property, a manager can help.

#4: You’re Spending Too Much Money

If you are spending too much money on maintenance and repairs, a property management company can often make a difference. If you have just a few properties, you may not have established relationships with the skilled labourers and businesses that can offer you bulk rates. A property management company can swiftly access labour as needed at affordable rates—and deploy that assistance swiftly when needed. You can also save money with a cost containment program offered by many of the top property management companies.

#5: Your Tenant Turnover is Too High

According to Nolo.com, if you are losing tenants every year or have a higher than normal vacancy rate, a professional property management company can often help turn things around. By improving your responsiveness to tenant concerns, ensuring the place looks its best and even pre-screening tenants, a property management company can improve tenant retention and save you money every year.

Save Time and Money with a Property Management Company

If any of the above scenarios sound familiar or you simply want to focus more on expanding your investments instead of getting tied up with the day to day details of property management, the T.R.A.M.S. Property Management team can help. With extensive management experience, expert cost analytics and a focus on proactive property care and positive tenant experiences, T.R.A.M.S. Property Management helps landlords make the most of the rental property experience. Contact us today to begin taking advantage of the benefits of working with a top management brand and to free up your time to focus on what you do best. We’re here to help when you need us most.

Top 5 Advantages of Investing in a Property Management Company

Top 5 Advantages of Investing in a Property Management Company

Peace of mind is usually the first thought that most property owners have when they acquire the knowledgeable services of property management companiesBy obtaining a firm to handle all aspects of property management on your behalf, you’re able to have more time away from the day-to-day grind of tending to your homes, apartments, or commercial buildings. And with the right Montreal property management company assisting you, there are also possibilities to save money overall. This is especially key for owners of multiple properties.

How does it benefit you in the long run? These top five advantages of investing in a property management company detail valuable insight and tips how to increase your profits:

Cut Down on Late Rent Payments

Experienced property managers know how to finesse tenants to increase the rate of on-time payments. They keep year-by-year earnings up by working to ensure consistent payments are submitted on time, without delay.

Problems Get Addressed Before They Become Emergencies

Limiting externalities is one of the underrated profit drivers for property management. Property management companies can then focus their entire professional effort on monitoring their assigned buildings. They’ll notice issues that need tending to—such as progressive structural problems or complaints between tenants—and address them well before they explode into major costly emergencies.

Tenant Law Knowledge

With knowledge of the Montreal tenant law as a top tool in their arsenal, the best property managers have the most informed perspective on when it’s time for legal action to be taken—sooner rather than later, due to their hands-on position in managing the property.

It’s important to remember, however, that property managers are not lawyers. They are well-versed in the local requirements for handling tenants, from proper protocol to announce showings, and how to relay warnings of possible eviction if rules and regulations aren’t followed.

Happier Tenants Makes Market Rent Pricing Easier

Property managers provide a consistent presence that tenants appreciate. And when tenants are happy, that means owners have more room to provide market prices to satisfy long-term clients, rather than depending on turnover to allow reasonable pricing increases.

More Time for Owners to Pursue Opportunities Elsewhere

In economic terms, rent refers to passive income, not hands-on building management labor.

Many people buy properties because they want to secure decent, stable investments, but property management is more than an extra source of income. Properly managing—and maintaining—one building or several is a great deal of work, time, and effort.

By opting to outsource property management to professional experts, you’re permitting yourself to be able to focus on creating new opportunities and experiences that are unrelated to the day-to-day tasks of your building and tenants needs.

The skilled professionals at T.R.A.M.S Property Management are the ones to call for all your property management needs. With their assistance, you’ll have more time to focus on other endeavours. Contact them today!

Fly Away with an Air Canada Gift Card

Fly Away with an Air Canada Gift Card

Are you longing to escape the dreary winter days or simply need a refreshing adventure? If the answer is yes, T.R.A.M.S Property Management has part of the solution for you: a $2,000 Air Canada gift card!

Until February 28, 2019, you are eligible to enter our contest and potentially win a $2,000 Air Canada gift card.

Participation Specifications

Entering our contest is simple.

If you know a condominium board of directors or a syndicate looking for/in need of property management services, simply refer T.R.A.M.S Property Management to them and provide us the following information:

  • Name(s) of your referral(s)
  • Location of the building(s)
  • Total number of units

Once you have submitted the information, we will contact each referral ourselves and inform them of the amazing advantages they’ll benefit if they decide to sign a property management contract with us.

If your referral(s) sign a property management contract with us, you will be qualified to submit your name to our contest. Each signed property management contract guarantees you one ballot entry.

Contest Rules & Conditions

To be eligible for entry, all participants must meet and respect the following rules and conditions at the time of entry:

  • Must be 18 years or older on the day their name is submitted
  • Submit one email address per person per entry
  • Submit a signed syndicate of the referred property within Greater Montreal or Laval. Multiple submissions are allowed and increase your number of entries.

To guarantee your contest entry, your referrals must be submitted one of two ways:

  • By email to the following address: amer@tramsmgmt.com
  • By mail or delivered in person to our head office: 5151 Rue de la Savane, Suite 400, Montreal, Quebec, H4P 1V1

Your chances of winning will also depend on the number of participants that enter during the contest period. If there are more than nine participants, more than one gift card will be rewarded.

By entering our contest, all participants agree to the rules and regulations set by the Regie des alcools, des courses et des jeux, as well as the terms and conditions that apply to the Air Canada gift card.

Declaring a Winner

The name(s) of the lucky winner(s) of the $2,000 Air Canada gift card will be drawn at the T.R.A.M.S Property Management head office in Montreal, Quebec on Monday, April 15, 2019. The winner(s) will be notified within 24 hours with an official congratulatory email or letter and will receive their gift card in the same method.

Our doors will be open to all of our participants who wish to attend the draw.

Please note: If unclaimed after 48 hours, T.R.A.M.S Property Management reserves the right to revoke the prize(s) from the winner(s) and reward the Air Canada gift card(s) to the next eligible participant(s).

For more information about our contest and regulations, contact us today at 514-341-8600, or fill out our online form!

T.R.A.M.S Property Management thanks everyone for entering our contest. Good luck!

Sea Garden By The Sea – Lauderdale by the Sea, Florida

Sea Garden by the Sea

4625 North Ocean Drive (A1A), Lauderdale By The Sea, Florida 33308 – Call (954) 351-0915 / Map
Your perfect Lauderdale by the Sea destination.

Under new management, Sea Garden by the Sea offers the same superior guest experience as its siblings Castle by the Sea and Blue Strawberry by the Sea. We strive to delight our guests by anticipating and exceeding their expectations. Our well trained and enthusiastic team are dedicated to ensuring an exceptional and memorable hospitality service.

Breathe in the crisp air and experience laid back relaxation at our Sea Garden by the Sea. The sun, the surf and the sandy beaches are just steps away. From the moment of arrival, you will savour the tropical tranquility and charm of our inviting surroundings. Whether it’s a family vacation or a romantic getaway, let our dedicated staff treat you to an exceptional and personalized service. The resort is conveniently located near the ocean where you can play volleyball, surf or just lay in the warm Florida sun.

For prices and booking visit https://seagardenbythesea.com or call 954-351-0915

What Are Cost Containment Programs?

A very crucial aspect of hiring property managers for commercial or residential properties is to contain the costs and maximize the return. Cost containment programs are a truly effective component of budgeting. For most organizations, real estate expenses take up a significant chunk of the operating budget. Cost containment practices let you control the expenses necessary for operating a properly within pre-planned budgetary constraints. It’s an important management function to help keep costs down and to use them only for intended expenses.

T.R.A.M.S has a strong reputation in the field of property management and can influence vendor relationships and buying power to negotiate lower rates for necessary services for a property. Here’s a little more on what we can do with our cost containment programs.

Help you identify cost savings

By reviewing your property’s budget and analyzing it in comparison to similar properties we can help you determine if you’re overpaying for any goods or services you are currently purchasing.

Some things we can do are:

  • Identify utility audit savings
  • Conduct detailed contract reviews
  • Review collection practices to improve collection rates
  • Conduct periodic audits to ensure best pricing from suppliers

Cost containment programs can also help with optimizing space efficiency, can review your energy consumption to decrease total occupancy costs.

Provide Insurance Analysis

Detailed analysis of your association’s insurance policies makes sure that your coverage is adequate and that you’re not overspending on premiums.

Negotiation

By using our industry relationships, we can negotiate lower rates and preferred status in the market to increase your savings while keeping management fees affordable for you.

Improving your services through cost containment initiatives set out by a professional property management firm will help you identify where you’re losing money, let you see your weak points as well as your strengths and give you a strong sense of direction on how to proceed.

 

 

 

 

 

 

 

Property Management Checklist for Fall

Now that fall is upon us, it’s important to do some seasonal maintenance. Performing routine fall maintenance, cleaning and repairs will prepare your property for winter, helping to prevent harsh environmental conditions from causing damage. The fall is the best time to perform these routine maintenance projects before it gets too cold to work outside. Here is a helpful property management checklist for fall.

Animal Proofing

As soon as the temperatures start to drop, animals start looking for warm and dry places to nest for the winter. Many of these creatures, including rats, mice, and racoons, can burrow into small cracks and crevices in your property, disrupting the lives of all the residents and causing health and safety concerns. Sealing up any cracks or exposed entry points is a good way to prevent animals from infesting your property. Animal control experts can have the area around your property sprayed for extra protection.

Roof Protection

Your building’s roof is the premier barrier between your property and the elements. It’s important to make sure that your roof is cleaned and structurally sound before ice and snow can do any damage. Have any cracks or dents repaired to prevent leaks and flooding during the winter.

Insulation Inspection

Insulation is especially necessary during the winter. Not only does proper insulation keep your property temperature regulated, it also saves residents money on utility bills and prevent pipes from freezing, bursting and causing flooding. Have your insulation inspected and repaired to ensure that your property stays as warm and secure as possible this winter.

Getting your building prepared for winter can be a challenge as a property manager. For comprehensive property management you can trust, choose T.R.A.M.S Property Management. Our team of professional experts can make sure your property is prepared for winter with detailed cleaning and organizational assistance. Contact us today for more information about our property management services.

Our commitment can be your success!

Why Invest in Property Management?

As an owner of commercial or residential real estate, you need to get the most value out of your investment. To effectively achieve this, an experienced property manager can operate and oversee the building to make sure it is continually running optimally. Property management is also concerned with system processes known as the ‘life cycle’ of all acquired property. It covers acquisition, control, accountability, responsibility, maintenance, utilization and disposition. Overall, there are many reasons to invest in a property management company – here are a few of them.

Better Return on Investment

In many cases, having a strong property manager or management team on your side will increase the value of your property in the long run and help you earn more from your property. A property manager will:

  • Always keep your rental property rented
  • Strive to meet the expectations of tenants
  • Take care of maintenance requests
  • Report problems, damages in a timely manner (before they become too expensive to fix)
  • Increase the likelihood of your tenants renewing their leases (to create a low turnover rate situation)
  • Market your property
  • Screen prospective tenants (credit, criminal and eviction checks)
  • Get units ready for new tenants
  • Take care of billing

Having a property manager take care of these things will help you see a nice return on your property. The consistency a property manager will give to your building and tenants will lower your chance of damages and provide a solid system of operation within your property, increasing its value.

Attract Reputable Tenants

A property manager who knows what it takes to be a quality tenant does the best prospective tenant screenings. Screenings protect your property from abuse, damage and poor treatment that can not only cost you repairs but also cost you your reputation. While you can evict a bad tenant or two – it’s best you avoid it all together. Hiring a property manager will ensure that:

  • The people renting your property have good backgrounds
  • That rent is paid on time
  • That your property is respected

Fewer Legal Problems

It only takes one problem tenant to make a lot of legal problems for a property owner.  Property managers have the most up-to-date knowledge of tenant-landlord laws and will make sure your rights are protected.

Property management is simply the smarter way of organizing the care of your property to keep it in good condition for years to come.  Contact us at T.R.A.M.S Property Management to see how we can help you make owning and renting out property that much easier.

Blue Strawberry By The Sea

Blue Strawberry By The Sea – Fort Lauderdale, Florida

Blue Strawberry By The Sea

4208/4220 North Ocean Drive, Fort Lauderdale, Florida 33308 – Call: (954) 202-9595 / Map

The combination of a tropical environment and charming accommodations makes Blue Strawberry By The Sea perfect for every vacation.

This Lauderdale By The Sea location is the perfect getaway in one of Florida’s iconic beach towns, offering you as much excitement as you could wish for or the peaceful privacy you’ve dreamed about. Whether it’s a long-awaited family vacation or a romantic getaway, Blue Strawberry By The Sea is the perfect destination for every travel occasion.
Leave the car parked and explore Lauderdale By The Sea on foot. You’re only seconds away from the beach, the fishing pier, shops and the charm of Anglin’s Square, where music and food create a festive atmosphere. You’ll find a delicious assortment of restaurants in Lauderdale By The Sea, including American, Greek, Japanese, Mexican, Italian and Caribbean cuisines. For dessert, visit the candy or ice cream shops.

Lauderdale By The Sea is known as South Florida’s Shore Diving Capital—the perfect vacation destination for those who love Scuba diving or snorkeling. There are several dive shops where sea kayaks and paddle boards are available for rent. This oceanside community invites you to take cooking classes, learn to dance, practice yoga or relax at a tranquil spa. Throughout the year, Lauderdale By The Sea welcomes visitors to a variety of community events, including an old-fashioned 4th of July and the annual Bugfest, celebrating the king of seafood—the lobster.

For prices and booking go to http://bluestrawberrybythesea.com/ or call 954-202-9595

Castle by the Sea – Florida

Castle by the Sea

4520 N. Ocean Drive, Lauderdale by The Sea, FL, 33308 – Call (954) 772-8337 / Map

Situated in the charming beach town of Lauderdale By The Sea, Castle by the Sea is just steps away from one of the best beaches in Florida.

A 16 room motel with a heated pool conveniently located within walking distance to some of South Florida’s premiere shopping, fine dining, and nightlife. Whether a vacation spot, romantic getaway, a stopover for a cruise or just a weekend at the beach come enjoy the charm of Lauderdale By The Sea.
We offer a range of well-appointed standard and efficiency rooms. Relax in the pool or venture to many fine restaurants and bars for your dining and entertainment pleasure located nearby.

Lauderdale By The Sea is an upscale yet relaxed mile-long residential beach community. The town is a charming seaside village, just north of Fort Lauderdale city and on the eastern ocean front edge of Broward County. Since most of the buildings are restricted to four stories in height, this creates a serene Key West style oasis atmosphere in the center of thriving South Florida.

Throughout the year, Lauderdale By The Sea welcomes visitors to a variety of community events and celebrations, including an old-fashioned 4th of July and the annual Bugfest, celebrating the king of seafood—the lobster.

Visit us once and we are sure you will become like many guests who return over and over again. Allow us to make Castle by the Sea your home away from home.

For prices and booking go to http://thecastlebythesea.com/ or call 954-772-8337