Author: GroupMTL

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Property Management

6 benefits of hiring a good property management company

Property Management Canada

6 benefits of hiring a good property management company

Hiring a good property manager can be, in most cases, great for your rental property. It will protect your investment and can increase the property value over time. That is why many real estate investors chose to go with the best rental property management service.

Here are some benefits that property owners have when they work with a rental property management company –

  1. Efficiently marketing your property – Best property management companies have a better market understanding in terms of property value, tenant’s mindset in addition to your expectations.This enables them to market your property effectively in the area that can attract many high-quality potential tenants and can be converted quickly.
  2. High-value tenants – Chasing high-value and good quality tenants can be a  complex hustle. Instead of a high-value tenant, you may end up with a bad one. This can cause all sorts of problems for you.A good property management company can take this burden from you and utilize their experience in real estate to screen and verify high-quality tenants for you. They will also take care of all the hassle of necessary paperwork.They will help you find tenants quicker who will rent fora longer period of time and pay rent on time.
  3. Avoid Legal Problems – Property owners always have to deal with bad tenants who cause a lot of legal and financial problems. A good property management company with great knowledge of local laws and rules can protect you and your property from unwanted lawsuits and cases.They will have their specialist lawyer who deals with these kinds of problems every day and make them go away quickly without any damage to you or your property. This will save you time, energy, and money.
  4. Shorter vacancy period – A good property management company will not let your rental property stay vacant for a longer period of time. They know what exactly needs to be done in terms of strategy and improvements to maximize your returns.They will also determine your rent to fit the market needs so that it remains in high demand and at the same time maximize your revenue.
  5. Collecting rent efficiently – Management of rent collection and depositing is an important cycle in property management. The management of tenants also plays an important role here.If you hire a good rental management company, they will take care of rent collection, deposit to the owner, and also eviction, if needed.
  6. Protect and increase your property value  – If you want to avoid larger maintenance costs, you need to proactively identify and repair any maintenance issue. Obviously, you will be spending your time and energy on this.By hiring a good property management company you will not only be able to save your time and energy but also a substantial amount of the money, as an expert property manager will spot the issues early on and take care of them efficiently. This, over time, will protect your investment and increase its value.

In addition to these benefits, you will have less stress, more time, and freedom to enjoy your life without getting into day to day hectic management of your rental property. If you are looking for the best property management service in the Greater Montreal area, give us a call. We are waiting to hear from you.

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Property Management Rental Property

3 Key Components of Strategy for Rental Property Management

Rental Property Management

3 Key Components of Strategy for Rental Property Management

Having the right strategy for managing rental property will protect your investment and increase its value over time. There are multiple aspects of a rental property that need to be taken care of effectively. A good property management company prepares its strategy around 3 key components.

As a landlord, you can also understand these components and structure your management for efficient execution. Here are these 3 components to improve your rental property management strategy.

  1. Tenants Management – This is the most obvious and immediate component of rental property management. It includes the following responsibilities –
    1. Tenant Screening – Marketing the property. Fixing meeting. Doing a background check of tenants before renting the property.
    2. Rent Collection – Timely rent collection. Fixing due dates, late payment fee, and grace period. Dealing with tenants who don’t pay rent on time.
    3. Rental Agreement – Including all necessary information, rules, regulations, and legalities in the agreement required by you, tenant, and state law. Keeping the rental agreement up to date.
    4. Move-in – Preparing a rental agreement. Giving tenants a walkthrough and recording the current condition of the property unit and amenities.
    5. Move-out – verification of all the agreement terms. Verifying the current condition of the rental unit for any damages.
    6. Tenant Complaints & Requests – Resolving tenant’s complaints quickly and prioritize their request to keep them satisfied.
    7. Eviction – Preparing and sending a legal notice with the court’s evidence if the case reaches there.
  2. Managing Property Maintenance and Inspections – The second key component of your strategy should be the well-being of your property itself. Your property should be in a perfectly maintained and cleaned state for the safety and satisfaction of your tenants.
    1. Inspections – Dealing with inspections from the local authorities to ensure that you are following all property and tenants’ laws. Your insurance company will also visit the property to verify that the property is in shape as on papers, and its value is as worth as mentioned. If not, the insurance company may deny the property insurance.
    2. Maintenance and repair – Lawn mowing. Garbage disposal. Maintaining a clean environment in common areas. Running and drinking water availability. Fixing any damages and make sure all the installments are healthy and functional.
  3. Managing Finances – Rental property is like a business, and you have to manage all sorts of finances to optimize the revenue from it. It would help if you worked on all financial fronts with complete understanding and proactively.
    Rent     – Managing the rent that is coming in each month.
    Mortgage – Managing your monthly mortgage payment.
    Insurance – managing insurer payment on time.
    Taxes – Managing property tax calculations and payment.
    Utility Bills – Managing amenity and utility bills payment.
    Other – Fines, maintenance, and repair costs.

Now you know all the three components to prepare your strategy for rental property management. You can also consider hiring the best property management company to take care of all this. If you are thinking about hiring one, Give us a call.

Categories
Property Management

8 tips to keep your tenants happy and turn them into long-term tenants

Landlord Tenant Happy Canada

8 tips to keep your tenants happy and turn them into long-term tenants

Managing a rental property can be a complex task. Furnishing the property units, marketing them, screening high-value candidates, setting up meetings, preparing leases and agreements, enforcing rules and regulations, proactive maintenance, and so on are already hectic tasks.

But keeping your tenants happy is one of the most important jobs in the whole real estate business because it’s where your revenue comes from, and tenants’ review will add value to your property. Here are some tips that will help you take care of your tenants’ happiness index.

  1. Establish a gentle and clear relationship with your tenants
    Aim for trouble-free relation with your tenants by making everything clear while preparing all the paperwork for tenants. Let them know exactly what they will need to pay apart from the rent, such as utilities, water bills, etc.

    In addition to that, tell them how they can maintain a good environment on the property and what should be their responsibilities around the property.

  1. Act like a professional
    The landlord/tenant relationship is a two-way road. You want your tenants to be responsible, reliable with no-trouble. Your tenants will also expect you to be a professional landlord with a friendly and flexible nature. Be a gentle professional with them, and they will do the same with you and your property.
  1. Better communication
    Set some clear guidelines for better communication between you and your tenants. Regardless of communication mode, through phone, Whatsapp, or email, you must answer them as soon as possible. If, for some reason, you are not able to do that, delegate someone else for this, or tell your tenants the reason and get back to them as quickly as possible.
  1. Timely maintenance and repair
    Prioritize any request for repair or maintenance and resolve it in the best possible manner. It will make your tenants feel that they are important, and they will want to stay longer.
  1. Take care of long-term tenants.
    Long-term tenants are one of the best things that happen in the rental property business. Make sure that such tenants are taken care of with delight. You can offer them some freebies such as new paints, cleaning services from time to time when required.
  1. Deal with a bad tenant immediately
    At some point in time, every landlord has to deal with a disruptive tenant. It would help if you dealt with them immediately as they can disturb your other tenants, creating a down situation for you. Make sure that other tenants are not getting affected negatively by a bad tenant. If required, go for an eviction.
  1. Respect Privacy
    Nobody wants to be disturbed unnecessarily. Don’t bother your tenants unless they contact you for something. It would help if you still communicate with them, do that with the help of a notice board on the property or friendly email from time to time asking about their well-being.
  1. Token of appreciation
    Good tenants deserve appreciation. Send them cards and small gifts on family holidays. This will motivate them for word-of-mouth promotion of your property and might even turn them into long-term tenants. A rental property should be considered as a business and tenants as clients. Treat them with small gestures of goodness and appreciation, and they will make your revenue go up in lots of different ways.

MTL Group is committed to the happiness of its landlords and their tenants. With our focussed rental property management service, we make sure that both parties take care of each other with mutual expectations.

If you are looking for the best rental property management service, we are waiting to hear from you.