If you own rental/commercial property and are finding that maintenance calls, showings, and rental collection among other responsibilities are increasingly eating up most of your free time, hiring property management services may be the right solution.
Although a cut from your revenue, property management services is an investment that gives you back your time to allocate into other priorities and ventures. Here are 5 advantages that you can expect when hiring a property management service for your rental/commercial properties.
By far, one of the main reasons why rental/commercial property owners seek a professional property management company is to get their personal time back. This is especially beneficial for owners who work full time and have a family.
Property managers take on the day to day responsibilities, including maintenance and repair calls, showings, and any unexpected issues from tenants. The time that you get back from your investment is worth the value of bringing on a property manager.
Rental/commercial property management companies in Calgary are equipped with the knowledge to deal with late payments and any legal discourse relating to damage and problematic tenants. Knowing that your property is being managed by professionals who can make sound business decisions provides you with peace of mind that your investments are protected.
Due to affiliations, business to business relationships, and the volume of work, property management companies have the power to negotiate cheaper rates for any work done to your rental/commercial property. Your property manager will also arrange for all necessary maintenance services, from cleaning and minor repairs to larger renovation projects, as well as oversee that they are completed in a timely manner.
An experienced property manager has the knowledge to identify any warning signs when it comes to screening tenants. This protects you from rental scams, potential lawsuits, and bad tenants. By hiring property management services, you’re more likely to find tenants who:
A high tenant turnover rate results in lost rent and higher expenses for property owners. The process involves a thorough cleaning, changing the locks, making small repairs, and the efforts and costs associated with marketing and showing the unit to potential tenants.
One of the roles of a quality property management company is to ensure that tenants are cared for and happy, leading to a lengthier stay and better tenant retention.
As with any professional services, the above advantages are possible if the property management company is trustworthy, experienced, and reliable. Hiring a company that doesn’t align with your values or meet your needs can bring issues of its own.
For this reason, it’s important to do your research and interview rental/commercial property management companies in Calgary to find a suitable partner for your rental investments.
Securing financing for commercial real estate projects can be a complex process, especially when dealing with the specific regulations in Canada. Understanding and adhering to these regulations is crucial to increase your chances of approval. In this article, we will explore key steps and considerations to help you navigate Canadian regulations and successfully obtain financing […]
For four decades, CMS Real Estate has been an integral part of Calgary’s commercial and industrial real estate landscape, providing exceptional services and forging lasting relationships within the community. CMS Real Estate was founded in 1983 when Gerry Macdonald and Tim Casey left a prominent industrial and commercial real estate firm to embark on their […]
Calgary is a major economic hub in western Canada. In recent years, Calgary’s real estate market has been impacted by the decrease in demand for office space in the downtown core. However, the city’s economy has been showing signs of recovery, and the demand for commercial and industrial real estate and commercial property sales are […]
It’s no secret that higher interest rates, inflation, and a competitive market have changed the commercial real estate landscape over the last two years. The rapid increase in rates combined with labour shortages have led to a spike in operational costs and have made owning and renting property more expensive. While we have very little […]
At CMS Real Estate, Owner and President Gerry Macdonald is a Certified Commercial Investment Member (CCIM), an industry-standard that places members as some of the most advanced commercial real estate investment specialists anywhere. Fewer than 10% of commercial real estate investors and advisors hold the CCIM distinction, making it a valuable and noble acronym to […]
According to the Canadian Condominium Institute (CCI), Condominium Corporations are able to seek recovery of the deductible portion from an Owner for damages that originates from the Owner’s unit or privacy area, up to a maximum of $50,000 and regardless of proven negligence. This major change has been in effect since January 1, 2020. What […]
© Copyright 2023 CMS Real Estate Ltd.