Is it financially beneficial to use the services of a property manager?

Financial cost

You must first assess certain factors, for example, the number of tenants, the type of loan contracted by the owner, the income generated, the maintenance planned for the building...

Generally, it is during a first meeting that the property manager will evaluate the cost that this will entail versus the potential gains of the building by calculating all these factors, and more.

The majority of property management companies will require between 5% and 7% of gross cash receipts.

But, we must take into account other factors of profitability other than financial!

Peace of mind

Property managers can improve your peace of mind by acting as a buffer between you and your tenants. They can handle all the day-to-day tasks associated with managing a rental property, from collecting rent to scheduling repairs. This frees up your time to focus on other things, and avoids having to deal directly with tenants. Additionally, property managers can help ensure that your property is well maintained and that tenants are honoring the terms of their lease. So you can have peace of mind knowing that your property is in good hands.

Urgent maintenance and repairs

Did you know that some property management companies have their own maintenance team? This helps reduce wait time and costs, rather than going through a bidding or outsourcing process. And, it greatly improves the quality of service, which surely helps retain your tenants.

The property manager ensures that the property is well maintained and in good condition. A building that looks great, is clean and maintained will attract tenants and help them renew their lease, year after year.

A regularly maintained building gains in value and this is a good argument to justify the annual increases and thus increase the value of the property.

Increase in profitability

An empty home is never what you want. It is the role of the property manager to be active and to have an effective way of recruiting tenants. Does the company you are looking for know your sector well? This is another key element for better renting.

A tenant who does not pay his rent or who pays it late, this is not what we want either! By implementing effective rent collection procedures, the manager will reduce the number of late or unpaid rents, which will improve your bottom line.

The property manager also makes sure to check all expenditure items in the building, in order to reduce costs to a minimum.

Taxation, taxes, possible deductions, are also part of the tasks of the company. Nothing is left to chance in order to be sure to get the most out of these elements.

knowledge of laws

Property management also means knowing the laws and rights of everyone. THE manager takes care of everything related to the housing authority and accompanies the owner when the time comes to take legal steps.

Immosoul Property Management is located in Terrebonne. Our operations cover the city of Montreal, Laval, the North Crown and part of the North Shore. See our cities served for more details.