Landlords are quickly realising that property management in Ottawa may not be their forte, but at least there are firms who can do the job far better. It’s not about a lack of confidence or experience either; it’s simply the current situation of the Canadian housing market. So what are the reasons that landlords are turning to Ottawa property management firms? This article looks into all the vital information you need to know and what you can do instead to effectively be there for your future tenants.
Landlords are quickly realising that property management in Ottawa may not be their forte, but at least there are firms who can do the job far better. It’s not about a lack of confidence or experience either; it’s simply the current situation of the Canadian housing market.
So what are the reasons that landlords are turning to Ottawa property management firms? This article looks into all the vital information you need to know and what you can do instead to effectively be there for your future tenants.
The goal is to effectively manage your property within the context of revenue growth and also help you with the expansion of your property business. This means you need to make the right decisions to properly integrate the property resources you currently have and maximise it for buying or managing new properties in the future.
What Property Management Firms Excel At:
The following are the key services and skills that property management firms have in order to take care of your property. Consider the following to better understand what is becoming a standard in the housing market:
● Good Team Dynamic: There are dedicated members that are in charge of the different moving parts in effectively running a property. Good team dynamics and collaboration are the foundational qualities to a firm and running a profitable property business.
● Experience in Rental Marketing: Finding the right tenants who will pay top dollar for your property is in any firm’s playbook. They screen potential tenants and make sure they are more than capable of being responsible around your property and paying their dues. They also network in the local Ottawa community and know who to approach.
● Seamless Track Record in Property Budgeting and Finances: Since there is no room for errors in budgeting and financing, firms are the perfect experts in this field due to their on-the-ground experience and assessment of the Canadian housing market. They also know what it takes to save you valuable dollars before spending on property maintenance and security. They also know the property tax rates that need to be duly accounted for.
● Providing Tenant-Friendly Services: Tenants often need assistance and have a lot of inquiries that you, as a landlord, may not know about, like local tenant compliance and getting around Ottawa. Firms are not only knowledgeable about these things; they are easily accessible and can provide timely information and assistance to them.
● Complying with the Local Authorities: Aside from paying property taxes, firms are also aware of the minimum standards required for a Canadian property to be opened as a rented house or unit. They are also in the know about the legalities between building codes or house repair and maintenance, plus have connections with the local Ottawa government.
What You, as a Landlord, Can Do Instead:
Now that you have been made aware of the functions and responsibilities of a property management firm, take note of what you can do as a landlord to lead and grow your property business:
● Be an ambassador for your property: You can still meet tenants if you want to, but more as someone who will form a strong bond with them, rather than directly dealing with all the adjustments or concerns they may have. This will also make you professional and trusted in the local Ottawa community as a reputable property owner for those interested.
● Connect with the tenant market and refer them: If you know family and friends who are interested in a rented property, you can be directly engaged in this foolproof marketing rental effort. Additionally, let your hired firm assess whether they are indeed the right tenant fit.
● Focus on the expansion of your business: Your goal is to bring your business to the next level and hopefully manage more properties. Getting a property management firm will help you direct your efforts to the growth of your business and they too can give you valuable advice in this area.
Get your property managed!
The key to understanding property management is in organising and making a seamless process to grow your property as a business venture. Look no further than to the right, trusted firm to cement your place in the Canadian housing market as a top property player!
Are you in need of aproperty management firm in Ottawa? We at Fahel & Co are committed to keeping landlords like you happy with your property. Send us a message to learn more about how we can help you.