Updated on October 21, 2021
What Is a Residential Property Management Company?
There are different kinds of residential property services offered. Among them include general management of buildings and maintenance of certain property areas such as landscaping, exterior, and yard maintenance. Property Management companies also offer emergency services such as repairing or replacing fire alarms, lighting, plumbing, heating, and electrical systems. Apart from this, some specialize in certain specialized activities, including asbestos abatement and lead paint removal.
Another type of residential property management service is commercial real estate leasing. This means managing and renting out real estate properties to individuals and other entities. It also involves collecting rents from tenants for use in maintaining and repairing the properties. Many property lease agreements have provisions that allow the tenant to renew the lease at any point of time provided the property has not become uninhabitable.
Landlords and property managers are licensed and certified by the appropriate provincial government. To become licensed and certified, one must successfully complete education and training programs provided by their respective province. there are several professional real estate agents that can help you find and select the right type of residential property management leasing agreement and also negotiate leases with tenants. Most reputable real estate agents can help their clients manage their properties effectively.
The term ‘residential property management’ encompasses a number of different concepts. These include leasing agreements, collective leases, capital leases and community land trusts. Leasing and managing agreements can vary depending on the type of property involved and the needs of the landlord. For example, a lease that covers a house or building may be handled differently than a partnership that owns multiple domiciles. Many property management firms offer a variety of lease types to meet the unique needs of landlords and tenants. Some examples include:
If a tenant finds that they cannot stay in their premises, they can still have their rental fees paid. However, tenants must be careful not to misuse their property management services by making excessive demands on the landlord. Any request by a tenant that requires the landlord to pay for an item based upon a ‘due date’ without any prior notice to the landlord is considered unreasonable behaviour. Such behaviour is also likely to attract eviction notices from the landlord. Any rental fees that are overdue must be paid in full at the first opportunity.
Real Estate Agents is responsible for ensuring that there are no problems with rental units and properties while landlords handle the day to day operations. Most estate agents have in-depth knowledge including areas that do not receive regular rental updates such as rural areas. Real estate sales agents can work alongside real property managers, looking to minimise any problems that would cause difficulties during the running of the estate. They can provide information on all aspects of rental, which includes vacant properties, rent review settlements and issues with subletting.
The main aim of a property management company is to ensure that tenants and owners alike are keeping informed of scheduled maintenance and care. A professional real estate sales agent will keep in contact with a range of maintenance professionals to schedule regular maintenance visits to rental properties. The aim of this care is to maintain the reputation of the property, reduce repairs and maintain the building to a high standard. Any damage caused by faulty maintenance should be repaired and maintained, to prevent further damage to the building and increase the lifespan of the building. With the assistance of a qualified property management company, residential owners and tenants can focus on other aspects of their lives, whilst property management companies look after the day to day maintenance.