In the world of real estate investing, rental properties can provide a steady stream of passive income. However, managing a rental property can be a daunting task that requires a lot of time and effort. This is where a property management company can come in handy, offering a range of services to help you manage your property and keep it profitable.
Selecting the best property management company for your rental property can be challenging, given the multitude of choices available. Royal York Property Management, a prominent property management firm in Ontario, has highlighted essential factors to take into account when deciding on the best property management company.
Reputation and experience
When it comes to property management, experience is key. You want to choose the best company that has a track record of success and has been in the industry for a while. A company with a strong reputation and years of experience can offer valuable insights and knowledge that a newer company may not have. It’s also important to check reviews and ratings from previous clients to get an idea of the company’s performance.
Royal York Property Management is a prime example of the best experienced and reputable company that has been providing property management services in Ontario for nearly 20 years. Their good-standing online reputation and numerous positive reviews from satisfied clients demonstrate their success in the Canadian rental industry.
The best property management company should offer a range of services that cover all aspects of managing your rental property. This includes rent collection, maintenance, responding to emergency issues and repairs and more. When considering a property management company, it’s important to make sure they offer all the services you need to keep your rental property running smoothly.
Royal York Property Management offers a full suite of property management services, including tenant screening and placement, maintenance and 24/7 customer care. Their overall business approach is focused on providing transparent, efficient and reliable service to property owners and tenants.
Clear and consistent communication is vital when it comes to managing your rental property. You want a property management company that keeps you informed about your property and responds promptly to your inquiries and concerns. Make sure the company you choose has a system in place for regular communication and provides you with easy access to your property’s information and financial reports. In 2023, it’s expected for the best property management companies to provide an online portal app that allows property owners to track every aspect of their rental property.
At Royal York Property Management, they prioritize effective communication with their clients. They provide monthly statements, annual reports and ongoing updates to keep property owners informed about their rental property’s status. Additionally, they offer a secure online portal that enables property owners to access critical information about their property anytime, anywhere.
With the online portal, property owners can keep track of their property’s activities, view financial statements and more, all in one convenient place. By offering these features, Royal York Property Management ensures that their clients have the necessary tools and information to manage their rental property efficiently.
When it comes to fees, it’s important to find a balance between affordability and quality of service. While you don’t want to overpay for property management services, you also don’t want to choose a company that cuts corners or provides subpar service to save costs. Make sure to compare fees from different property management companies and choose one that offers competitive pricing without sacrificing quality.
Choosing the best property management company can make a big difference in the success of your rental property. Royal York Property Management has a proven track record of success, offers a full range of property management services, prioritizes communication and provides affordable fees.
Royal York Property Management offers affordable and transparent pricing for their property management services. Their monthly fees start at just $29 for their Silver package and $49 for their Gold package. The Silver package includes basic property management services, such as lease renewals, 24/7 maintenance coordination and customer care. On the other hand, the Gold package offers more comprehensive services, including tenant screening and placement, direct payments, rent collection, move-in inspection, legal notices and 24/7 customer care and maintenance.
To avoid potential financial losses resulting from tenant non-payment, it’s crucial to find a property management company that provides rental guarantee to their property owners. This service ensures that you receive your rental income even if the tenant fails to pay the rent for the month. Royal York Property Management offers Rental Guarantee to their property owners for just $29.
In today’s fast-paced world, utilizing streamlined technology is essential for efficient property management. Property owners need to keep track of everything happening with their rental properties, and the right technology can make this process much easier and more organized.
The best property management company should leverage the latest technological advancements to enhance communication, automate processes and provide property owners with easy access to important information. This can include using email notifications, online portals, mobile apps and other digital tools to keep property owners informed and in control.
Clear terms and conditions
When working with a property management company, clear and detailed terms and conditions are crucial. These agreements outline the responsibilities of both the property owner and the property management company, ensuring that everyone is on the same page.
The agreement should include details such as the services provided, the fees charged and the responsibilities of both parties. Having a clear understanding of these terms can help to avoid misunderstandings and disputes down the line, providing peace of mind for both the property owner and the property management company.
Royal York Property Management prioritizes transparency and efficiency when it comes to property management agreements. Their commitment to transparency and overall efficiency ensures that all terms and conditions are clearly outlined, including the services provided, the fees charged and the responsibilities of both parties. This level of clarity in the agreements is just one of the many ways they prioritize effective communication with their property owners.
If the company does not operate 24/7, then move on to the next property management firm. As a property management firm, Royal York understands that managing a property is more than just collecting rent and ensuring that the property is maintained. It also means dealing with unexpected situations such as floods, fires and other emergencies. With a 24/7 operation, potential issues can be identified and addressed before they become major problems, reducing the risk of property damage.
The team at Royal York Property Management is trained and experienced in handling emergent situations so that your property is well-kept and secure. Operating 24/7 gives a sense of reliability to property owners, knowing that they can contact the property management company at any time, even on holidays.
How seriously do they take health and safety measures?
It’s always best to ensure that your property has enough fire extinguishers, smoke alarms and carbon monoxide detectors to avoid the possibility of incurring a $150,000 bill from the city for non-compliance during an inspection.
At Royal York Property Management, they take health and safety very seriously. Royal York understands that ensuring the safety of their property owners and their tenants is of utmost importance, and they strive to maintain the highest standards of safety across all the properties they manage.
Selecting the best property management company is essential for the success of your rental property. It’s essential to consider various factors such as experience, reputation, communication, fees, streamlined technology, clear terms and conditions and 24/7 operation to ensure that you choose a reliable and efficient property management firm.