Platinum Property Management, Author at Platinum Property Management

Property management companies have been a staple of reliability. Gradually more renters and homeowners have opted to work with rental property management companies. On RentFaster alone, there are approximately 60+ active listings from property management companies in Calgary currently. But how do they work to warrant so many to employ their services? Looking into how rental property management companies work can help you see the possible value in them yourself.

What is Rental Property Management?

Before understanding how they work, it’s important to know what rental property management is. What rental management companies do is provide real estate services to or on behalf of owners of rental real estate. While looking into any property management company, it’s best to ensure the credentials of those in rental property management. In Alberta, all property management companies are required to be licensed by the Real Estate Council of Alberta (RECA).

What Do These Companies do?

Not every rental property management company works the same way across Canada. In Canada, the laws surrounding property management are mainly provincial and territory responsibility – meaning each province and territory has its own rules on how they offer property management services.

For rental property management companies in Calgary, how they work by providing real estate services such as:

Helping owners find tenants for their properties
Advising on the appropriate rent for a rental property
Advertising and showing rental properties
Assisting with tenant applications
Negotiating the rental rate on behalf of the owners
Collecting rent or security deposits
Managing the rental real estate on behalf of the owners
Bookkeeping, Accounting, and reports
Manage dispute resolutions

How Can They be Beneficial?

There are multiple reasons people choose to work with a rental property management company.

Minimizes Stress – There are many responsibilities in maintaining a rental property, and it can leave owners concerned about what to do or even where to start. Having a company handle them all means you won’t have to worry about unnecessary stress added to your life.

Less Time-Consuming – There are duties a property owner must fulfill, and a lot of them take so much time. It’s practically a full-time job. With a rental property management company, they can give back your time by taking on those responsibilities so that you can make the best use of your time.

Investment Gains – A rental property management company’s expertise can help you review your rent and make the most out of its market value. By helping you maintain consistent occupancy, they can help maximize your return on investment and ensure a stream of dependable income.

Navigating the sphere of residential property management can be confusing and overwhelming. It’s why we like to provide handy insight like this to help others have more informed decisions when it comes to property management. If you would like further consultation about property management, you can email us at Team@platinumpmgroup.com or call us at (403) 775-0059. Leave all the details of property management on us – we got you!

Not all property management is the same. The fact commercial property management exists is a testament to that. Calgary is full of property management companies aware of how there are distinct ways of running everyday operations. What’s involved with residential property management will be comparatively different than commercial property management. Read on to see what’s expected out of commercial property management down below!

What is Commercial Property Management?

Property management can be involved in many different real estate properties – and commercial property management is one of them. Commercial property management caters specifically to overseeing and maintaining the day-to-day operations of non-resident properties. Not sure what non-resident properties entail? Think of office buildings, retail spaces, hotels, malls, restaurants, industrial and healthcare facilities, just to name a few. In essence, commercial property management entails handling daily responsibilities associated with properties that generate revenue.

How is Commercial Property Managed?

There is no real universal way to manage various real estate properties. Every property will have unique needs and demands based on the size of the property, location, and how the tenant plans to utilize it. That’s why commercial real estate entails specific duties that need to be performed, differentiating it from other forms of property management.

These are a few key responsibilities of commercial property management are:

Collecting rent
Preparing and negotiating lease documents
Working closely with building operators
Work alongside prospect tenants and brokers to lease vacant properties
Conduct move-in and move-outs of the property
Inspect property and tenant spaces periodically to ensure compliance with leases and upkeep of the property
Handle tenant inquiries and concerns
Schedule and coordinate all vendors for work or maintenance being done on the properties
Obtain service contracts for regular seasonal duties such as snow removal and lawn maintenance
Supervise cleaning and maintenance activities
May also process payrolls or pay insurance, mortgage and tax bills
Ensuring 24-hour emergency coverage for buildings at all times
Additional duties can include communicating with owners about occupancy levels and property conditions or preparing financial statements.

Essentially, commercial property management generally has more tools and resources to help mitigate the many demands involved with a commercial property. Commercial properties are typically businesses expecting to make profits, so it’s imperative in commercial property management to maintain consistent upkeep and oversight to keep operations running smoothly overall.

Residential property managers and landlords are like cousins – related yet completely different. The common link they share is their involvement in residential property management.

However, in the ever-changing climate of residential property, tenants are becoming more and more conscious of those helming property management.

In which case, potential tenants need to consider the difference between a residential property manager and a landlord. By knowing these distinctions, you can best make an informed decision on whom you would trust to manage your property.

Residential Ownership

The best way to know the key differences between property managers and landlords is to understand how their role intersects with residential property ownership. A landlord is an owner of a property. They are the ones who have complete control of their property management.

Despite having so much power, landlords need to fulfill their responsibilities to maintain said ownership of their property.

As for property managers, they represent several owners – usually hired from landlords actually! Since they hold no ownership to the property, they’re generally handing the daily responsibilities in place of landlords, such as collecting rent, managing repairs, and potentially other administrative duties.

Residential Responsibilities

As the property owner, it’s the landlord’s responsibility to ensure the rental property meets tenant standards. This includes general utility maintenance like plumbing, gas, heat, and water. At the end of the day, their responsibilities are to maintain the property to meet safety standards and comfortability for potential tenants.

Regarding property managers, they have a more hands-on approach to their responsibilities. They’re more closely involved with tenants’ issues and are directly involved in property maintenance and repairs. If you have an immediate problem with the property, the property manager is usually the best person to turn to rectify daily affairs.

Residential Renting Process

When it comes to the renting process, property managers and landlords’ involvement is quite distinct on who can do what. A landlord is responsible for providing the necessary information and paperwork for potential tenants to sign for leasing as well as payment agreements. Landlords will be managing the security deposits from tenants and other fees or payments regarding utilities. In short, landlords are heavily involved in the renting process.

As for property managers, their duties are relegated to maintaining all details of tenancy agreements and answering any questions tenants may have. Despite these responsibilities, property managers aren’t involved directly with the renting process.

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