Management

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!

Common Condo Management Issues

 

Condo management can be a difficult job. It involves negotiating the needs of property owners, making sure all the communal areas are clean, collecting condo association fees, and keeping track of finances. The condo management team is responsible for dealing with the overall maintenance of the condo building as well as any day-to-day issues that may arise. Here are some of the most common problems that a condo management team will encounter.

Neighbour Disputes

Most condo owners have a strong neighbourly relationship with the other people who live in their building. However, living in close proximity to other people means that there is a chance that conflicts between neighbours may arise. If you have an issue with another condo resident, your property manager can help. If you’re experiencing issues with a noisy neighbour, for instance, your property manager will be able to sort out any dispute to find a resolution that is fair for everyone. It’s important that every condo resident be respectful to the other occupants, who may include families or people with hectic work schedules. A property manager will be able to mediate any conflict so everyone in the condo can live comfortably.

Common Area Issues

The property manager is also responsible for the upkeep on the condo’s communal areas, which includes the lobby, elevator, parking garage, and any courtyards, gyms or event spaces in the building. The common areas can become littered with garbage if residents aren’t properly disposing of their trash. Property managers ensure that residents are putting their garbage in the designated area and not throwing debris like cigarette butts over the sides of their balconies. If there’s an issue with the cleanliness in the communal spaces of your condo, contact your property manager to have the issue dealt with fast and effectively.

Managing a condo is no easy task. If you or your condo association is having trouble juggling all the responsibilities of property management, contact us at T.R.A.M.S Property Management and we’ll help get your building operating smoothly.

What Makes a Good Condo Association?

If you’ve recently purchased a condo, chances are you have been asked to join a condo association. What is a condo association exactly, and what makes it run smoothly? A condo association is a governing body that makes decisions about the operation of a condominium building. All condominium owners within a building are members of that building’s condo association.

CC&Rs

The main role of a condo association is to make sure that all of its members are complying with the contractual obligations they agreed to follow when they bought their condo. These contractual obligations are known as covenants, conditions and restrictions (CC&Rs).

CC&Rs can include regulations about things such as pet ownership, parking spaces, and how the communal space of the building is to be treated. Local policies and bylaws dictate what kinds of things can be included in the CC&Rs.

Property Management

Condo associations are also responsible for the physical and financial upkeep of a property, including:

  • Rent and condo fee collection.
  • Hiring and maintaining employees for grounds keeping and janitorial work.
  • Dealing with electrical and plumbing issues.

How T.R.A.M.S Can Help

Juggling all of these issues at once can be overwhelming. That’s why many condo associations opt to delegate these tasks to a property manager, who can oversee the day-to-day maintenance of the building, as well as manage financial and logistical issues.

As an experienced property manager should, we will maintain a close relationship with the board of directors of a condo association. This open line of communication is the key to smooth and successful property management.

If your condo association is looking to work with a property manager, contact us at T.R.A.M.S Property Management. We have a team of experienced, highly trained professionals who can take care of all the practical details of property ownership so you can focus on what’s important to you.

What Makes a Great Property Management Company?

The best property management company goes beyond the standard service you might expect. It is concerned with helping your community and building toward a successful future. Below are some key aspects that make a great property management company stand out from the rest.

Strong Communication Skills & Leadership

Who your manager is and how their team supports them is crucial in ensuring strong leadership and effective communication skills. To this end, a team of experts across various fields including Engineering, Training Support, Human Resources and Accounting will help provide advice from all angles.

Having effective communication tools put into place make it easy to contact your company. A 24/7 call center or other means of technological communication will add a professional quality to your company as you can address the needs of clients as soon as they come up.

Solid and Transparent Standard Operating Procedures

Proven operating procedures are the next thing investors should be looking at. What properties have you worked on or which communities have you served? Was effective preventive maintenance programs (PM) put into place? Were audits of all contracts and vendors complete?

Transparency is key, and having a transparent financial budget and system of handling finances and solutions can really increase the value of your property. If your credibility and reputation is high, this makes the standard of living for your residents high as well.

Effective Financial Planning

A strong network of certified accountants is important for the health and prosperity of your property management company. Reviews should be carried out internally on a regular basis to ensure that the work is being done to its finest quality.

Solid Partner-Relations

Having solid and long-term partner-relations with vendors ensures that savings and discounts will be present on large purchases. Lower rates on regular maintenance, for instance, help to ensure that the building will be properly maintained.

Accountability & Sustainability

Continually improving and keeping an open mind ensures the potential for growth in the industry. It’s really important to make sure that you don’t rest on your achievements as a company.

Finding sustainable “green” initiatives is also a significant component of a great property management company. Having accredited LEED professionals on your team shows your expertise and commitment to green building.

Good Training Practices

Commitment to good training practices means exceptional customer service from your team. A unified, strong and trained property management company will provide continual education and development programs for their managers. Hands-on-training, etiquette, and online learning platforms are examples of learning that can enhance the knowledge of new trainees. This shows that your company leads in product knowledge of the industry and is equipped to deliver the finest level of service.

At T.R.A.M.S. Management, we offer all this and more to the communities we work in. Take a look at our property management work here.

 

 

Why Should You Hire a Management Company?

In the fast-paced world of real estate management, it can be difficult to take care of everything. From getting the right contractor to do a good job, to making sure all co-owners feel at home in their building, to the condo building that needs more promotion to reach maximum capacity, you are stretched. It’s hard to know what to focus on when you are looking at the micro and macro aspects of everything.

At T.R.A.M.S Property Management, we know how to keep everything running smoothly. When you have a team that has divided all the tasks involved, you know who is responsible for what part of the project. With your attention no longer so scattered, you can focus on truly excelling at the tasks you need to do.

How Can T.R.A.M.S Property Management Help?

We can help you with the management process from beginning to end. We are your property management experts, and we can ensure that your development project building or complex property is running smoothly from all directions.

Dividing the Work

At T.R.A.M.S Property Management we believe that everyone should have a specific task, so that they can perform it to the best of their ability. We have several teams, each focused on a particular area of the management process: accounting, advertising, legal, maintenance, rentals, and sales. Because of our team division, everyone at our company can use the expertise and skills that they are best at.

As a syndicate, you know how hard it is to keep an eye on everything. With T.R.A.M.S Property Management, you get many eyes, all highly trained and focused. When you hire a management company, you can rest easy at night, knowing that nothing is being overlooked or mishandled. Call us today to find out how we can help care for your building