Property Management

Inexpensive Property Management Firms Ottawa

Vacant Home Property ManagementIn our last post we talked about someone who is leaving their home vacant for a month while they go on vacation.  This post is about hiring Property Managers to manage your home as a rental property. There are specific things you should do to make sure that your insurance is still valid while you are away. You do not want to have a big surprise when you get back, find damage of some sort and then find out that your insurance does not cover it because you did not have someone checking your home while you are away. What about the person who wants to find a property management firm to manage their home as a rental?

Property Management Companies

There are many firms that offer property management firms in most cities and most offer their services to home owners who wish to rent their homes out while they are out of the country or have an investment property. Picking an inexpensive property management firm that provides you all of the services you need is a tough thing to do. These companies try to offer the best price, however supporting a single home in an area is much different that managing an entire property.

As a result the costs are going to be higher for a single property vs. a mutli unit building. Still you can negotiate a relatively  inexpensive deal if you take the time to understand all of the services and focus on the ones that you require. (continue reading…)


Affordable Property Management Firms Ottawa

Affordable Property Management Firms OttawaWe  have found over the years you get what you pay for. Also you cannot assume that a specific service will be provided unless it was specifically discussed. It must be included in the contract. Too many people leave their homes for the weekend or a week with out proper over site. They end up with problems with their insurance companies, because they thought that the cost of property management was just too expensive. If you place yourself in the shoes of a property management firm for a few minutes, you will quickly see that the cost to run a company and to visit your home on a regular basis can be expensive.

Affordable Property Management

Types of Property Management Situations

There are many different types of property management situations to consider. The one we will look at today is the consumer who will be away for a month and needs someone to check on his or her vacant  house once every 3 or 4 days. This time frame was chosen because that is typically what insurance companies require, however it does vary by company and location and circumstances, so check with your home insurance company before you agree to a property management contract.

What Should a Property Management Firm Do

Basically you need some one to collect flyers or mail items at the front step, check that the security of the home has not been compromised, check that the furnace is working during colder months and that there are no water problems of any kind. You may also get them to water a few plants or add extra services such as lawn care or snow removal. Basically the property management employee should be in and out of your home in less than 15 minutes including the time it takes to fill in a brief report and also send an email confirming his or her visit and the status.

Travel Time

Travel time is an issue that must also be considered. We are assuming that it will take an average of 15 minutes to get to your location. Anything more than that is considered extra costs. The price of gas and the wear and tear on a car must also be considered.  Let’s assume 10 miles of driving and an average cost of $.50 cents per mile. It may vary in your location.

So now before any profit is considered you have 30 minutes of someone’s time at whatever rate is paid and a minimum of $5 for car mileage. Add to this profit for the company that runs the business, overhead and taxes and you will be fortunate to find someone who will check on your home for less than $30 a visit! Sounds expensive, but there is the cost at reasonable rates and times. If you add requested services, that take a lot of time, look for increased expenses to be added.

Decision Time re Affordable Property Management

Many people will shy away from charges like these and will take a chance and not have their home checked or will have friends or neighbors check the home. As long as you have agreement on what is to be done, and it is written down and you can depend on the person or persons to perform the checks then you should be safe.  Remember you are paying something in the order of $30 a visit to make sure that your home which is worth hundreds of thousands of dollars is monitored and action will be taken if there is break in or damage while you are away!

For more posts about property management, click here.


Residential Property Management Ottawa

Residential Property Management OttawaThere are many residential property management companies in the city of  Ottawa. How do you know which one to utilize and contract with to manage the rental of your home or apartment, your investment property? Perhaps you just need someone to look after your home while you are away on vacation to satisfy your insurance company!

Ottawa property management companies offer a variety of services. Some are city-wide while others cover only specific areas of the city. This is designed to minimize travel costs and the subsequent charges to their customers. There are very large property management companies and there are small mom and pop companies in the city of Ottawa.

Residential Property Management Ottawa Services

Some of the basic services that you need to consider are:

Administration:

  • rent collection in trust
  • payment of invoices, property taxes, utilities, insurance
  • monthly reports, annual reports
  • maintenance of property records
  • cash flow management
  • property inspections
  • receive and respond to tenet inquiries 24/7
  • representation on all rent review matters

Leasing:

  • advertising of rental unit
  • receive leasing inquires 24/7
  • schedule showing of property
  • complete rental application
  • tenant screening process
  • execute lease
  • collect deposits and post-dated checks

Residential Property Management Ottawa Companies

Here is a brief list of some of the companies in the city of Ottawa that provide residential property management services

  • Sleepwell Management
  • Marklyn Property Management
  • Taggart Realty Management
  • CLV Group
  • District Realty
  • Gow Property Management
  • Megacorp Property Management Inc
  • Woodbridge Management
  • Apollo Property Management
  • Metcalfe Realty Company Limited
  • Just Imagine Realty Inc
  • Affordable Property Managément
  • Merkburn Holdings Ltd
  • Immogest Property Management Inc
  • Attaché National Capital Management
  • Rest Easy Property Management
  • Elk Property Management
  • Deerpark Management Limited
  • Executive Home Mgmt
  • A Premiere Property Management Associates
  • Axia Property Management
  • Capital Concierge
  • Sentinel Management
  • Beauregard Property Management corp
  • Reid Property Management Ltd

While we cannot vouch for any of these companies we urge you to review our post about residential property management to understand some of the things you should take into account when you are considering hiring a property management company. This list has a lot of common sense items on it that you may find helpful when you are interviewing some of these companies.

About Ottawa

Ottawa has approximately a million people living in the area and is spread out along the Ottawa river. Hiring a local company that is based in your area may mean that you can get a more competitive price, however be careful that you do not sacrifice services to yourself or your tenant to get a lower price. It could end up costing you a lot more money in lost rent or damages that you must repair if your tenant causes a lot of damage and then skips out with out your property managers knowledge.

If you are leaving on vacation for a few weeks, check with your insurance company to see what the requirements are for someone checking on your home. Failure to have some one check on your home could mean that your home insurance is invalid and any claims may be denied.

If you are a property manage and do not see your name on the list, leave us a comment and we will be happy to add it. For more information on Residential property management, click here.

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