The Importance of Property Inspections
August 15, 2018
[vc_row][vc_column][vc_column_text]Once you have invested in a property, the responsibility of maintaining and running the property can quickly become overwhelming. For many owners, the logical solution is to hire a property management firm to oversee all the elements of the physical property and administration duties. Here are some reasons to consider why you should hire a property management firm and how the benefits far outweigh the costs.
1) Property Law and Regulations
Property manger’s have extensive and up-to-date knowledge of property laws and regulations and will assist you in making sure you are in compliance with your local, provincial and federal rules and regulations. These rules and regulations include complying with rental laws, building codes and fire safety regulations among other applicable local, provincial and federal laws.
SPM is a member of key associations and networks, which keep us up-to-date on the many regulations and changes in the industry. This keeps us ready to provide feedback to clients for potential risks as well as money saving initiatives.
2) Tested and Reliable Professionals
Property management firms’ will already have vetted numerous vendors, suppliers and contractors to make sure they provided good quality work at reasonable prices. Failure to properly vet these professionals can be a costly mistake. Many owners overlook this function because they do not know how to do it or because it is a time consuming and laborious process.SPM has built close relationships with creditable vendors and financial institutions allow us to provide our clients with opportunities to save money and complete projects on time and on budget.
3) Inspection Reports
SPM performs property inspections before, during and after a tenancy. Additionally, we perform routine monthly property inspections, making sure all building components, systems and upkeep are satisfactory. SPM prepares written inspection reports for each of your properties and all these are uploaded to the Client Care Portal. Faults in your property that are found quickly can be resolved before they become expensive items of disrepair.
Further Reading: The Importance of Property Inspections
4) Rent Collection
A professional property management firm has systems and strategies to improve rent collection and on-time rent payments. This allows you to ensure swift and consistent rent collection. Quick and consistent rent collection is absolutely critical in this real estate market where good cash flow can mean the difference between success and failure as a real estate investor.
SPM uses its preferred vendor status with various financial institutions to setup and implement electronic fund transfer systems where all rental payments are collected in a scheduled and automated manner. This ensures rental payments are collected on time. Most tenants prefer this method because it removes the task of preparing cheques or making other forms of payment. It also shows on their statements exactly when and from whom the funds were transferred. Landlords are also keen on this arrangement because it minimizes the issue of waiting for rental cheques and makes the accounting much more easy to reconcile. All EFT reports are filed and archived for accounting and future reference.
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5) Local Knowledge of Rental Rates
SPM property manager’s have extensive local knowledge of rents and the ability to determine the highest rental rate possible for your property. With the internet and the ability to do large scale searches for rental properties, potential tenants know if your property is overpriced, even by the slightest amount. Overpriced properties sit empty while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cash flow.
6) Tenant Screening
SPM requires a detailed written application from al potential tenants. Additionally, we will run criminal, social security and public notice (bankruptcy or judgments) searches to determine if the application is accurate. SPM will also call past and present employers, landlords and other references. In cases where the applicant currently occupies a space in another building, we schedule walking tours of the facilities to make sure the state and condition of the business activities coincide with the standards of your property.
7) Marketing Expertise
SPM has been marketing properties since 2002. We have specifically trained personnel that know how to best market your properties so they are rented in the quickest time possible and for the most money. We use both offline and online marketing to maximize your properties’ exposure and find qualified tenants quicker. Using our catalogue network of potential tenants requiring specific zoning, building attributes and other elements, we are able to get your building rented and minimize the costs of carrying a vacant space.
8) Financial Records
SPM prepares all financial statements on a monthly basis along with quarterly performance reports. All these are stored online and hard copy filing for easy access by landlords and accountants. We offer project based financial reports as well that follow the progress and performance of any and all projects. Finally, we schedule meetings with clients to discuss and present these statements and reports, addressing and questions and concerns they may have.
9) Emergency Calls and Personal Response
As fiduciaries, SPM answers all emergency and general calls and requests from all stakeholders on the property. We are also the key contact for police, fire, emergency, utility and government services. We answer and address the call any time – day or night. This gives our clients peace of mind and the ability to concentrate on other activities and initiatives.
10) FREE TIME
Our services will free up your time for doing whatever it is that you wish to do. For some, it means more time with family and friends, or vacation, or leisure time. For others, they can concentrate on deals that make money so they can purchase more property.[/vc_column_text][vc_text_separator title=”” i_icon_fontawesome=”fa fa-sun-o” i_color=”custom” add_icon=”true” i_custom_color=”#efde21″][vc_column_text]
For more informaiton on how Spearhead Property Management can help you achieve your property investment goals, contact us today.
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