Get in Touch
- 278 Manitoba Street, Toronto, ON. M8Y 4G9
- (416) 255-7300
- (416) 255-7722
Deciding whether to manage a property alone or with a management company is a big decision and its best to weigh both sides to see what can fit you and your properties best. Going at it alone can seem like a better and cheaper position but without the experience of a property management company there are a lot of things that can go wrong and end up costing you more time and money down the road.
There is more to managing your properties than just financials and administration work. Especially at the beginning with a new condo things can seem much easier, but as the condo gets older, tenants cause wear and tear, and other issues arise new aspects to managing can pile up. Without the support of a property management company many different jobs now fall on you to cover. Finding contractors, repairmen, building tenant relationships, conflict resolutions, and more can pile up.
This can all lead to board burnout and cause internal issues down the line, finding the right way to manage time can be challenging. Everyone has different commitments so balancing and fairly distributing everything can lead to conflict.
Provincial, judicial, building rules and policies, and by-laws are another aspect of condo management that can be a headache. It’s important to properly understand and fully know everything that might apply to your property either right now or later down the line. Additionally legal jargon and loopholes can make your efforts to be on top of each rule and policy seem impossible.
A property management company has experts who understand all aspects of these regulations, to avoid any unideal situations with tenants, owners, and even the government. This is a very important thing to keep in mind, even with all good intentions, without a proper grasp on everything that applies to your property you can be taken advantage of or put in an unexpected situation.
It may seem like an expensive hiring a management company but factoring your time and effort to handle what they would, how they can save you from unsavoury situations down the line that can make your bank take a hit, and the expertise they bring they are well worth the investment. A great property management company is with you the whole time no matter the issue, when or where helping you set up repairs if suddenly something goes wrong in the middle of the night.
A property management company is also meticulous, keeping track of everything from repairs to tent records, making sure nothing gets lost even if you need to contact a repair company 5 months after the job. Also making sure to keep on top of any new thing that can affect you such as provincial laws and regulations, licensing requirements and local ordinances.
Mareka is dedicated to taking the load off of you back and helping you manage everything the best you can. We provide aid with a range of different things that can be troubling to you such as financials, communication with tenants, repairs with great connections, administration, 24/7 emergency response, conflict resolutions and even security staff training! We handle your property with a personalized touch to fit you and your goals.