Managing a rental property takes time and effort, but can be lucrative. Using the right techniques, it is possible to maximise return on investment and maintain quality tenants while also minimizing vacancies. However, finding the right property management company is important. It is worth checking online reviews and speaking to industry professionals for recommendations. Ultimately, choosing a professional with years of experience and a commitment to best practices can help ensure that your rental properties remain profitable.
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A good property manager will handle all aspects of the business, from finding and screening tenants to collecting rent payments and coordinating maintenance. This can free up a lot of a landlord’s time and reduce stress, especially for those who have multiple properties or live far away from them. In some cases, this can make the difference between a successful and a failed property investment.
When selecting a property management company, it is important to consider the fees charged and how they compare with other companies in the area. Typically, fees range from 10-15% of the monthly rent. It is also important to select a company that is licensed by the Association of Residential Letting Agents (ARLA), which requires members to meet strict standards and adhere to a code of conduct.
Finally, it is important to choose a company that can provide reliable and up-to-date reports about your property. These reports can be a critical part of making decisions about maintenance and repairs. london ontario property management