Thursday, 2 August 2018

What are the Aspects of Managing a Rental Property?

Maintaining a rental property from getting damaged is a hard nut to crack. If it is not managed properly, it will fall into shambles. It becomes difficult for the landlord to visit the rental property again and again and spend time, money as well as efforts in the maintenance of the property. However, this routine process becomes hectic and most of the landlord end up removing tenants and abandoning the home. Luckily, outsourcing is one of the effective methods following which a landlord can keep the property properly managed and safe. By outsourcing supervision responsibilities to property management in Ontario, landlords can rest assured.

For managing the property, it is very important for the landlord to understand different aspects of managing a rental property. Let us take a look at them:
  1. Supervising Tenants Routine
  2. Property Maintenance and Inspections
  3. Managing Finances
1. Supervising Tenants

Managing tenants and handling all the related tasks of a rental property is very important. Property Management Company helps in handling below mentioned tasks:
  • Rent Collection: Collecting rent on time is one of the important duties. Since most of the tenants do not pay rent on time, which eventually create a problem for the landlord. If a tenant fails to pay the rent on time, the property manager can add late fees and. Un-paid rent can also lead to termination of the deed. 
  • Lease Agreement: Verifying that lease includes all legal terms required by your state’s landlord-tenant law. Ensuring that the lease is up to date with the most recent version of the law. Managing lease start and end date of all tenants. 
  • Tenant Screening: It is the duty of property managers to advertise vacancy of the property and set up an appointment with the tenants. Before renting the property on rent, the manager ensures the rapport of the tenant in the market. Before signing the deed, the tenant must submit all the necessary documents that are necessary before allotting the property.

    2. Routine Property Maintenance and Inspections

     Regular maintenance and inspection of the property help in keeping your property maintained and secured. The physical structure needs to be maintained for health purpose and safety of the tenants. Regular maintenance like pruning the grass, picking up fallen leaves, shoveling snow, and ensuring that the tenants have access to running water all the time. The professionals can keep a check on the property at any point in time, ensuring that the property is in good condition.

    3. Managing Finances

    The property management company should manage the finances of the property. They are accountable to provide a monthly and yearly statement of the expenses and income associated with the rental property.
    •     Rent Payments
    •     Mortgage Payment
    •     Insurance of the property
    •     Taxes
    •     Utility expenses
    •     Unexpected Fees/Fines

    Therefore, it is a wise decision to hire a Property Management in Ontario to look after the wear and tear of the property.