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Managing commercial properties is a logistical challenge for the uninitiated. With the Etobicoke area boasting an abundance of condominiums and apartments, there will always be a demand for experienced, professional managerial staffing solutions.
This is what we do best, and it’s what we’re here to discuss today.
To start off: for owners who do not live at their properties, or any other group of people who share common occupancy such as an office building, turning to property managers to handle daily care and building operations is a common and practical solution. It is an efficient and budget-oriented method of keeping tabs on a large living or commercial space. Although they can work out of their offices, property managers are often away from their desks doing tours of apartments, checking up on maintenance staff, or following up with occupants.
The breakdown of what a property manager is:
Property managers work to ensure that the facilities they oversee operate smoothly, maintain presentable appearances, and either hold or increase in value. They inspect all properties, hire employees, sort and assign duties to maintenance staff, and also coordinate external services such as landscaping.
They also host showings of properties to prospective tenants, explain the terms of one’s occupancy, and collect rent. Additionally, they sort out taxes and other fees associated with maintenancing a building. On the administrative side, they make sure that all procedures carried through comply with relevant laws; for example, the Fair Housing Act. They are also responsible for keeping property records and preparing budgets and financial reports for property owners.
Functioning as a liaison between property owners and the tenants of said property, the property manager generally handles most – if not all – tenant-related issues, serving as a representative for the landlord. Once tenants are settled in, the property manager becomes their primary point of contact if something needs to be addressed or if issues arise. An excellent property manager handles the bulk of operations related to the property, which can be anything from yearly maintenance to handling noise complaints.
Property managers obtain their roles in a variety of ways.
Employers often prefer college graduates for off-site positions with minimal direct supervision, or for dealing with finances and managing contracts. Boasting a degree in business or administration, accounting, and even public administration are typical.
Managers of single properties may only need a high school diploma or an apprenticeship, the latter of which holds especially true if they bring previous experience with them. Provinces require real estate managers who buy, sell, and rent property to hold valid licenses in their profession.The hands-on roles and job titles of a property manager can vary from assignment to assignment. Property managers in real estate oversee residential and commercial properties so that investors receive maximum returns on their investments. They handle the financial operations discussed above, such as tax payments, payroll, and maintenance fees. Community association managers handle communal properties such as condominiums.
The importance of a good property manager:
Handling the daily tasks of several properties is a massive undertaking. Every day our offices receive, on average, a couple hundred communications, both by email and phone. In hiring a property management company, you will not have to stress over spending time handling these issues or worrying over the logistics involved in addressing them. Instead, Mareka Properties will assign a property manager to handle these tasks as well as resolve any issues out in the field.
We also help take care of other necessities such as coordinating city services like snow removal and garbage disposal. Thorough maintenance of a property is a crucial element in maintaining the value of your property.
There are two major parts to managing condos: you have the property management angle in engaging with the community on behalf of the association. Then there is the angle of property management for individual unit owners who buy into property as a long-term investment, or who do not live in their property full time. Both types of management have an impact on individual unit performance, as well as the health of the entire community.
It really all comes down to values.
Our professional team of property managers bring decades of experience, a portfolio of the best and most reliable contractors in Ontario, and a personalized, involved touch that can often be lost with large property management companies.
Mareka works at a fair and affordable price, all while delivering exceptional service to set your property up for success. Contact us for a great quote.