The process of managing property that is available for lease by maintaining and
handling all the day-to- day activities that are centred around the piece of real estate.
Property management may involve seeking out tenants to occupy the space,
collecting monthly rental payment, maintaining the property, and upkeep of the
Property.
Vacant Property Management/ Rental Property Management
Evaluate the property and determine an accurate rental rate.
Perform detailed documentation of the interior and exterior including photos
Offer recommendations on repairs and cosmetic improvements that maximize
monthly rent while providing good return on investment (ROI).
Gather data on rental rates in the area and work with owners to determine the optimal rental rate.
Discuss with owners the pros and cons of different policies such as accepting pets, allowing smoking etc.
Work with other realtors and leasing agents to find a tenant
Field calls from prospects for questions and viewings
Meet prospective tenants for showings throughout the week and weekend.
Tenant Screening and Selection
Perform a background check to verify identity, income, credit history, rental history, etc.
Grade tenant according to pre-defined tenant criteria
Inform tenants who were turned down
Tenant Move-In
Draw up leasing agreement
Confirm move in date with tenant
Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
Ensure all agreements have been properly executed
Perform detailed move-in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in
Collect first month’s rent and security deposit
Rent collection
Hunting down late payments
Sending out pay or quit notices
Enforcing late fees
Evictions
Filing relevant paperwork to initiate and complete an unlawful detainer action
Representing owner in court
Inspections
Perform periodic inspections (Inside and outside) on a predefined schedule
looking for repair needs, safety hazards, code violations, lease violations, etc.
Send owner periodic reports on the condition of the property
Financial
Provide accounting property management services
Make payments on behalf of owner (Home Loan, Property Tax, Society Maintainance etc.)
Detailed documentation of expenses via invoices and receipts.
Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
Provide annual reporting, structured for tax purposes.
Advice owner on relevant tax deductions related to their rental property
Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
Maintenance, Repairs, and Remodelling
Provide and oversee an in-house maintenance crew.
Establish a preventative maintenance policy to identify and deal with repair needs.
Provide an network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work that is up to code.
Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job for the best price.
Maintain outdoor areas
Landscaping
Removing trash and debris
Maintain and monitor a 24 hour emergency repair hot-line
Provide recommendations on how the project can maximize rental income.
Prepare preliminary cost estimates.
Get multiple independent bids for the work.
Act as general contractor overseeing the work.
Tenant Move-Out
Inspect unit and fill out a report on the property's condition when the client moves out.
Provide tenant with a copy as well as estimated damages.
Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
Clean unit and perform any needed repairs or upgrades
Re-key the locks
Put the property back on the market for rent.
Property Expense Management
Ensure Timely Payment of bills such as Property Tax, Society Maintainance, etc.
Ensuring the timely reminders to property owners of upcoming expenses, if any.
Keeping the property owners informed in advance on any repairs related expenses for the up keep of the property.
