Category: Property Management

The real estate market is always volatile. You never know when it will go on an upswing or when it will go down. But that is what makes the market more interesting. Sometimes uncertainties compel people to make some impulsive decisions, which may help you get a buyer for your property even when the market is at its peak, and the prices are high.

Similarly, there is also a chance that the market will remain low for a prolonged period, which will lead to a reduction in your property’s value.

Here we are to make you aware of different reasons which can cause this reduction.

1. Interest rates

Many people buy houses using borrowed funds. So, the interest rates on those loans affect the purchasing power of the people to a great extent. 

With a sudden rapid increase in the interest rates, the payments of interest on the funds have also increased. This has badly hit the real estate market, as people are not much willing to buy any property.

2. Inflation rates

To overcome the situation of inflation, the central bank often raises interest rates. And as we all know that a whole circle of inflation stays for quite a long time, so due to the high price, people may refrain from purchasing any property.

However, some homeowners consider this as a long-term inflation hedge.

3. Suppression of demands

As the interest rates are high for a long time, many house hunters were suppressing their demands, including the new immigrants looking for housing.

However, if the market conditions improve and their income level rises, all these pent-up demands will come out even if they remain high.

Many parts of Canada, including Vancouver and Toronto, have already seen strong housing demands amidst the ever-rising pricing situation.

4. Construction rates

This factor can affect your house’s value in two ways. 

Either, the rise in demands for housing, as it seems the market will experience shortly, will adversely affect the value of your property if the construction companies can keep up with the rising demands. Hence, if the supply becomes higher than the demands, naturally, your pre-owned property’s price will fall.

It may also happen that with the fear of the rising prices, the construction companies can minimize their construction rates. Then you will have a great scope to demand high pricing for your property when all the pent-up demands for housing will burst out, and there will not be enough supply in the market.

5. Deteriorating economic health

If the economy shows a downward curve, then many potential house buyers will back down.

If the situation comes that short term interest rates are more profitable than long term interest rates, many investors will refrain from investing in real estate.

Currently, as Canada’s economy is going through inflation, the government has taken up the policy of high rates of interest to reduce the impact of inflation.

However, when the economy recovers, with better jobs and higher levels of income, people will be able to handle the housing costs, and hence the demand will rise.

6. Local differences

Besides all the factors affecting the nation’s economy, housing prices, to some extent, depending on the regional factors. The prices of the houses vary from place to place. So, whether the property’s value will fall or not depends on the demand and supply of housing in that particular area.

Conclusion

These are some of the factors you may check, which can either take the value of your property up or down. Though you may not have much to do regarding the same, however knowledge for somethings can also be bliss.

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

Hiring a professional property management company in Greater Montreal has several advantages, as it increases the value of your property investment. The investment in a property management company is crucial for those who decide it based on an individual’s requirement as a business owner and investor. 

Here are some major benefits of hiring a property management company in Greater Montreal:

Tenants Requirement

There are a lot of situations or an event in which your tenant requires your presence. Such a situation can be Emergencies, resolving the Disputes among tenants or neighbours, organizing parties by your tenant at night, which might disturb the neighbours. In this case, not all the property owners will be available or can come on an instance basis to resolve these concerns. In this scenario, a property management company is required.

Wherever you are staying

It matters a lot if you are staying near your rental apartment as it plays a significant role in your decision to hire a property management company. As if you are residing nearby, it is easy for you to visit your property, upgrade, handle tenant needs, and then get back to your home. But for those staying far away from their rental property, then a property management company is required to look after all the concerns related to your unit.

Managing struggle

It has been seen that some property owners become excited about the process of managing their property. Still, if you are having difficulty balancing your time or meeting the property’s demands, you need to seek help before it leads to more problems. Dealing with stress is a concern for any landlord’s day-to-day property management in Canada.

Focus on your goals

Lastly, think about your short and long term goals or desires you have. If you plan to own one property forever, then managing it yourself can be quite difficult if you stay far away from that place. Also, if you want to increase your profit margin by doubling the amount of time and attention you put into your properties, then for that, also, the property management team is required. 

Conclusion

Overall, even owing to a single property may be beneficial for you to invest in a management company in the Greater Montreal area. Since you won’t be able to handle all the issues all alone, so it may be beneficial for you to invest in the best property management company.

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

Suppose you stay in Greater Montreal and look for a professional management company looking after your property. How do you find the best property management company in Greater Montreal? 

Generally, there are several reasons for hiring a trustworthy property management company in Greater Montreal, which will add significant value to your investment. So before proceeding further, let us look at the significant four aspects of hiring a reliable property management company, which will benefit you.

1. The shorter period in finding a Tenant

It is observed that many property management companies in Greater Montreal have a fundamental criterion for finding a tenant; they are genuine. For filling up the vacant position, a trustful property management company has written hundreds of ads and understands what to demonstrate and where to advertise. They tend to get a larger pool of candidates within a shorter period. Besides this, they are quite familiar with the sales and how to close them. Ascertaining the best price requires knowledge about the local market and access to rental rate tools to rely on. Property management companies do this the best way.

2. Spending less amount on the maintenance

Keeping good maintenance and repairing from time-to-time helps you keep your tenants happy and maintain your asset’s value. So, hiring a property management firm will surely help you have the hold on both their in-house maintenance staff and their bonded contractors. They have already been evaluated for reasonable pricing and quality work. 

3. Selection of faithful and reliable tenant

Tenant screening is the most crucial part of many landlords. Apart from this, it is impossible to get a bad tenant out of your home once they are in, but it’s a real hassle if this matter is also looked after by your property management company. So, the majority of the property management team conducts a screening test before hiring a tenant on the factors listed below:

1. Pay the rent on time
2. Create less damage to the unit
3. Agree to the rent norms
4. Cause fewer problems

Trustworthy Management Company goes through thousands of applications and is well aware of quickly digging the real facts about candidates and analyzing them. 

4. Benefits for the Property owners

You have to face less stress, such as avoid dealing with the middle of the night emergencies, chasing for the rent, and evicting people who wreck your property, etc. Once you have found a good management company in Greater Montreal, then it hardly matters if you live in the same state or not. Additionally, you have more time to spend with your family, friends, and relatives doing things you enjoy. You can live your life the way you want, can easily travel without always being available in the event whenever your tenants require you.

Conclusion

Overall, these things can be expected if a property management company is proficient and trustworthy. A poor choice of a property management company can produce many headaches of its own.

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

Trusting a property management company gives access to everything related to your property, the tenant’s information, prospect, the rental process, and a lot more. You are also looking to maximize the profit by investing smartly and taking enough care of the property to increase its value. It is of utmost importance to invest your money and time in a professional and trustworthy property manager. 

They can guide you well with taking enough care of your property, helping you with rentals, and the list goes on. You are already stressed and have no idea how to go about handling daily rental operations. Sliding to a lesser-known company can be wrongful because of the less experience they have in this specific field.

Money making with Property Manager

Many people fear hiring a property manager believing that they are costly and couldn’t be useful. However, the reality is far different, and you make a lot of money with them in the long run. They hold the capacity to increase the property rate by proper maintenance. Make good relations with the tenant to stay longer, pay on time, and ensure less damage and timely repair.

Fair Communication

The most important aspect of a landlord and a property manager is consistent communication and transparency. If something isn’t right, they will be there to put their efforts and input into solving your problem. They keep you informed about everything that is relatively important for you to know and take enough care to protect your property from harm. They will be honest, open up, and transparent on all matters if any need arises. In other words, with a trusted professional, you will have the ability to be informed about your property, rents, tenants, market opportunities, and so on.

Better Screening Better Tenant

A trustful property manager wants good for you, so they invest more time in screening tenant that suits your property well. The screening takes time because it involves researching the tenants, their background, and a lot more. Knowing if they have a bad history or experience earlier and then deciding which tenant is ideal from the pool of applicants that have landed to rent your property. An established property management company will check everyone on the waiting list and make the right decision for you.

They Know the Laws

How much of the laws are you aware of being a landlord? One of the biggest challenge strikes during your experience as a property owner is the laws relating to real estate. It can be intimidating and complex to learn the laws to handle your property and tenant relations well. Here comes in picture the need for hiring a property manager who will fully understand your situation, they will implement applicable laws relating to state and federals. They know when and how the rules need to follow up, and this will save your time, money and keep you within the boundary of the law.

Lesser Headache

A trusted property manager will take care of your burdens as their own. They have a full-time job making sure payments are collected on time, new property documents are prepared for new tenants, finding out the vendor, and dealing with a stubborn tenant. It may take a lot of time to handle the stress related to it. Still, a property manager makes sure the shoulder’s responsibility is to deal with your stress and obliterate it by taking everything in charge. A good property management company will allow you to take care of your health and not sacrifice your time. They will take time and handle the property mess with full experience.

Choosing a property manager is undeniably the best way to make sure your property is fit and healthy with good tenants and maintenance. Don’t let the law tricks you and make you a complete fool because of your wrong decision. Let the property management company handle your work and be in charge of all the happenings. They know how to deal with the crisis, increase the value of your property, and make sure you make the right decision all the time. 

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

With a property management professional working with you, it’s important to realize that they are the first exposure to potential tenants. Plus, with them, all the property related issues, questions, concerns raised by a tenant can be solved in no time. 

They are the middlemen and serve to be a crucial factor between a landlord and a tenant. There are ample things to be taken responsibility for, from managing your rental property, from tenant screening, lease creation to maintenance, rent collection, and the list goes on. However, the central part of all is the importance of customer service.

With every customer comes a varied set of personalities, and the real challenge is how things should be handled? If not handled with care, it can turn into a major conflict source, which is probably the last thing you would want to face.

Customers have Higher Expectations

More than 50% of the property owners move to a different property manager if the customer services come out to be poor. And more than 70% of the property owners are willing to spend more money on the property manager with exceptional service. 

That’s pretty complex to impress every unique client but the challenge is worth it. 

Pleasing customers is never comfortable. When it comes to the company’s lifeline, a property manager must put all the effort and dedication into serving customers with every need, be it small or big.

First Impression Matters

If a property management company makes a poor impression on their first day of interaction with a prospective client, chances are the client will never come back. Nobody wishes to risk buying, selling or renting property decisions to someone they are unsure of. 

This is an outcome of your first impression, and you have to avoid all the chaos or unwanted behaviour that can ruin your company’s image. A single negative review holds a high weightage to that of the ten positive reviews on you.

Resolve Complaints

A great relationship doesn’t happen in a day. It takes time, skill, and energy to build strong business relationships. Successful property managers use their soft skills like communication, empathy to handle a tricky situation. If you use positive language during your communication, you are making a strong position in the clients’ minds. 

Respond to complaints, and making sure you are proactive in all possible situations is equally essential. Being courteous, responsive are the two strongest pillars to customer satisfaction, and it shows that you genuinely care.

Be Transparent

You want to build strong relations with the owner, focus on maintaining transparency. Give personalized treatment, communicate, and help them to what they need for you. If you think you are unsure of something, speak out and not hesitate to share the bad news. 

Keep them updated and informed. Your honesty is what they expect from you, so don’t overthink. A suitable successful relationship with clients starts with being loyal and transparent, so don’t overlook that. Stay in touch and keep your client updated with the smallest and most important details of a property.

Be there during their concerns.

Tenants pretty much want to be heard, especially when they are facing problems. Being a property manager, the relationship should be maintained with both the owner and the tenants, and you have to look through their concerns and be attentive. 

A good property manager ensures all the concerns are heard, valid, and a matter solution is also considered. Listen to what they want from you and what they need more than empathy. They want a solution, so show your problem-solving skills.

Quality customer service is the key to successful property management. Customers are the king, and without which no business can run effectively or efficiently. Pleasing customers and providing them top-notch performance should be the first-ever motive of any property manager. Be honest, transparent, and problem solver, don’t be only sympathetic towards their problem but give them a valuable solution too. 

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

If you own a property, you are aware of the significant importance such investments hold. It involves two main things from you, one is time, and the other is money. As an income source, it is very remunerative, but only if it is in safe hands. You may have interviewed many property managers and figured out hardly a few qualified for the position. A good property manager has the trick to save thousands of your bucks. 

Here are a few of the signs that show you’re dealing with bad property managers- 

1. Communication Barrier

If your manager hardly attends your call or isn’t available whenever you need them. Ask yourself, are they of great help to you or not? If you are facing challenges to communicate and contact your property manager, it is time you switch to a new one. They should be professional and attentive and must respond within 24 hours. Unanswered calls or delay in communication is the sign you shouldn’t ignore. 

2. Delayed Reporting

Professional property managers are punctual and give importance to strict deadlines for work and any sort of reporting. They must contact your tenants and be present, so you don’t have to face any unforeseen circumstances. They are meant to ease your work and not forget important dates for providing you with monthly reports. 

3. Unable to Qualify Tenant

A bad tenant is riskier than a late tenant, believe it or not. They can soil your property because damage might trouble legally, or even disturb the neighbour. This is probably the last thing you’d want from them. Your property manager handles the tenant qualifying process. And if they are not doing their work correctly, they are of no use to you. A bad property manager only wants to fill the vacant space without researching tenants. 

4. Vacant Duration is Longer

If your property is displayed and on the market for a very long time, about some weeks. It is high time to change your property manager as they are not doing enough to fill it fast. If your property is vacant for more than it is supposed to be, what benefit are you getting from the asset? Professional property managers regularly check the market and make contacts to fill the vacant properties. 

5. Maintenance Charges Are Rising

If property rentals are cared for appropriately, maintenance issues are handled subjectively. The property manager ensures regular reviews are done on the rental space and how much maintenance is required. They also understand if the issue lasts longer, the problem will be uncontrollable later and much costly. If an issue arises, It needs to be fixed quickly with reasonable charges. But if your maintenance charges keep rising, it’s an alarm.

The time to take a step is as soon as you notice these signs. As the longer you wait, the worst the outcomes can be. 

MTL GROUP is a property management and financing company, operating in the Greater Montreal area in Quebec. Our professionals are just a phone call away to assist you with your property management and financing needs.

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.