Hey everybody, it’s our first blog post!
This wonderful section will be where you can find information in regards to property maintenance, owner responsibilities and generalized information about how to get the best outcome for your investment.
But first, here’s a little highlight about the industry that we specialize in.
What is Property Management?
Property management is a business/person/entity that looks after real estate for a monthly fee. The “real estate” doesn’t have to be anything specific, it can be an empty lot, a second (or third, or fourth) home, a condominium unit, a condominium building, or a commercial property (plus numerous others that we haven’t mentioned). Property management allows an owner the freedom of being relieved of the day to day duties that are required with an extra property. If you, an owner, don’t want to be tasked with the collection of rent/arrears, the scheduling of maintenance, property clean up (think snow removal and lawn cutting), scheduling of a walk through when new tenants move in/out, then you would hire a company that would look after those details for you.
If a person has one “income” property, that might not seem like such a huge undertaking, however, if a person has more than 3, looking after those becomes a full-time job.
That is where a property management company/property manager comes into play.
Condominium buildings/corporations are usually the most popular demographic that rely on services like these. Businesses like ours, Saskatoon Real Estate Services, become a one stop shop for them. We pay their monthly bills, do the monthly financial statements, collect the condominium fees, administer fines to rule breakers, we schedule any and all maintenance to the common areas of the building, and if people have specific issues within their units we investigate and troubleshoot as their problem might be due to something that is considered common (e.g. heating system, water lines, ventilation). We are also the first line of defense for owner complaints. If it is an issue that is complicated, we would then bring it forward to the Board of Directors who would then provide an answer/solution that we would then present to the owner.
What is a Property Manager?
A property manager is your representative within the company you hired. They are the person that manages your property and carries out the duties as outlined above (plus more). They are your contact person should you have any questions or concerns and acts within your best interests (with input from you, the owner, of course.) Providing ease of mind and a vast knowledge base, makes hiring a property manager a smart choice.