Property management can be a lucrative venture for landlords who wish to diversify their income streams. However, it comes with several challenges that require careful attention to avoid costly mistakes. These include tenant screening, rental income taxes, and utilities. In addition, it is important to keep track of all tenancies and their start and end dates.
Experience
Exclusive Rentals Ltd, situated in London, Ontario is a proficient property management and rental enterprise. They cater to a range of rental needs and provide cost-effective housing solutions. They manage a diverse portfolio of properties, including single homes, multiple residences, and apartment complexes. Their primary responsibilities revolve around maintaining a full roster of dependable tenants and maximizing investment returns.
They are also responsible for collecting and submitting rent payments to the landlord. In addition, they collect and pay utility bills for the tenants and handle all other expenses related to the property. Their service includes arranging for maintenance and repairs, and providing monthly statements that list all earnings and expenditures.
Licenses
If you are considering starting a property management company in Canada, it is important to understand the licensing requirements and regulations. A license shows a commitment to industry standards and can help you stand out in the market. Additionally, a license may require you to carry public liability insurance, which protects you from claims by members of the public during business activities.
Whether you own a single-family home, multi-family building, or apartment complex, a professional property management company can handle all of your leasing needs. They can advertise the rental property, answer tenant inquiries, screen applicants, conduct a move-in inspection, draw up lease agreements, collect rents, and supply owners with financial statements.
In Canada, laws relating to landlord-tenant relations are a provincial responsibility and have different licensing requirements. These include mandatory, additional, and selective licensing schemes. These schemes can be used to control rogue landlords who do not meet the required standard of living for their tenants.
Pricing
When choosing a property management company, it is important to understand the fees involved. Some companies will charge extra for handling late payments, drawing up inventories, or a one-time set-up fee. These charges are typically negotiated and should be noted in the service agreement.
Another cost is the management fee, which can be between 6% and 12% of the total rental value. This fee covers the management of the property and its associated expenses. This fee can also include a monthly maintenance fee, which will cover the costs of repairing and maintaining the property.
Many landlords consider hiring a property management company because they can help them determine the best price for their property. The company will assess the interior and exterior of the property to find out if there is room for improvement. They can also conduct interviews with potential tenants and vet them to make sure they have the income required to pay for the rent.
Reputation
Located in London, Ontario, Exclusive Rentals Ltd is a proficient property management and rental enterprise. They can manage a single home or an entire portfolio of properties. They pride themselves on consistently maintaining a full roster of dependable tenants and maximizing investment returns.
A good reputation is important for any business. It increases consumer trust, boosts organic search rankings, and encourages customers to interact with your company. It also helps you compete with other businesses and stand out from the crowd.property management companies london ontario