Secrets To Hiring A Great Property Manager

By Author: Fabiola Groshan
Total Articles: 2678
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Why is a good property manager such a crucial part of owning an apartment building? How can hiring a bad property manager actually hurt your bottom line and cause you to have to sell your building at a loss? Let's say, for example, that you are looking for Ontario apartment buildings that will make a great Ontario investment property. It may take a long time to find the right property manager, but take your time and be patient, because he or she will be able to save you a lot of money and headaches in the long run.

First and foremost, you should be looking for a property manager who has at least a few years of experience managing your type of property. Ontario apartment buildings may be a little different to manage than other types of property. Then, you should ask for the addresses of the buildings that he or she has been managing and check them out. Look at the cleanliness of the property, since the manager has total control over this matter. One other thing to check out when hiring a manager for your Ontario investment property is his or her tenant retention strategies and policies, as well as whether there any claims ...
... or judgments against him or her in the past five years, and if so, for what reasons. Good references of owners who have used his or her property management services are always welcomed.

Once you find a property management company that you are happy with, it's time to let the negotiation process begin. You should first find out the average management rate in your area for Ontario apartment buildings of your size. It is good practice to expect to pay market rates for property management services. Always calculate property management fees as a percentage of gross collected rents or total revenues for the month, rather than gross potential rents. It is crucial that your property manger sees that his or her earnings are directly tied to the financial success of your Ontario investment property.

Finding the right property manager is not enough. In order for all things to go as smooth as possible, you need to follow the property manager’s performance on a regular basis. It might be crucial for your business to ensure that the manager will follow your instructions with regards to finding the right tenants, charging the appropriate rent, keeping the premises clean and full with tenants and making the required repairs at a reasonable cost and quality.

Finally, it is important to understand that the property manager of any Ontario investment property is the tenants’ direct contact. Your job is to manage the property manager. If the numbers look good and the property remains full and well-maintained, there is evidence that the property manager is operating effectively and you might even consider hiring the same manager for any future Ontario apartment buildings purchases.

For more resources about Ontario apartment buildings or about Ontario investment property, please review these links.