I am getting ready to list my first two doors and have four more awaiting permits for renovation. I am also opening three cottage rentals. I am looking to hire a property manager to take over the day to day maintenance of my properties so that I can focus on flipping my next property. Any recommendations for great Property management companies in Toronto?
Also, when interviewing PMs - what are the key questions to be asking, key qualifications to be looking for, and key offerings I should be seeking?
Any and all advice is appreciated!
I am not too familiar with any PM organizations in Toronto, but below are some good questions to get you started... also if they do not know these answers or these numbers that may be a sign to move on...
Questions to Ask prospective management companies
- What are your average days on market for vacant homes?
- What is your average rent amount for all properties managed?
- What is your average work order cost for the owner?
- What is your average make ready cost for the owner?
- Are all my invoices uploaded to my owner portal?
- How do you advertise your vacant units?
- Do I receive video of my pre and post make ready?
- Do you have a setup fee?
- Do you upcharge on maintenance?
- When do you make owner payments? How often?
- Are you a Certified Property Manager?
- Are you a member of NARPM?
- What is your Guarantee?
- Do you provide move in and move out reports
- How many pictures do you take of the property prior to tenant moves in and after the tenant moves out
- Do you get weekly reports when the property is vacant what prospective tenants are saying about your home
- Do you provide monthly newsletters to your tenants
- Do you hold investor education classes to help me become a better investor
- Do you have single point portfolio based management services?
- How many properties do the owners actually own themselves?
- What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits
- How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?
Thank you so much! These will really come in handy!
Natahsa is great