What Should You Expect from a Professional Property Management Company?

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What Should You Expect from a Professional
Property Management Company?
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• For first-time clients, it is difficult to know
  what you should expect as standard from a
  property management company. To rule out any
  companies that try to sell you short, it is
  critical that you know what you should be
  receiving as a minimum.

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Expertise in Their Area

• There are two main types of property management
  companies commercial and residential. You need
  to choose a company that has the appropriate
  knowledge for your type of property. This will
  ensure that you never break any laws and that
  your property is run efficiently.

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On-Call Service

• Your residential or commercial property
  management company should be able to provide you
  with an on-call service 24 hours a day, every day
  of the year. If tenants suffer any problems, day
  or night, someone should arrive within a short
  time to take appropriate action. This is
  essential for dealing with emergencies, but it
  also shows tenants that they can rely on you even
  in less-urgent circumstances.

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Personalized Marketing

• Whenever you have a vacancy, your property
  management company should draw up a customized
  marketing strategy to help you reach the right
  tenants.

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Tenant Checks

• As soon as you start receiving interest in your
  property, the management company should know how
  to check that the potential tenant is a good fit.
  This involves interviewing and conducting
  background checks, like credit and employment
  checks.

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• All this is another reason why its important to
  hire the right type of property management
  company. For instance, condo property management
  companies know what to look for in residential
  tenants, whereas commercial property companies
  use a different process to assess businesses.

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Knowledge of Current Laws

• A reputable company will stay up to date with
  changes to applicable laws, such as the Landlord
  and Tenant Board Act. The company will also make
  appropriate changes to your contracts to protect
  you from liability.

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A Professional Approach

• Whenever you or a tenant has contact with the
  property management company, it should be a
  professional exchange. All communication should
  feel like a business relationship, never a
  personal relationship.

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• All the above is the minimum you should expect
  from your property management company. The best
  companies will go above and beyond this to ensure
  that your tenants feel comfortable, safe, and
  welcomed, whether you are renting a business
  space or condos. This will have significant
  benefits for you, including reduced turnover,
  on-time payments, less damage to the building, no
  lawsuits, and referrals for new tenants.