Horror stories abound about so called “property managers” who have not only been derelict in their duties but have committed fraud and stolen money or possessions from unaware real estate property owners. Don’t let it happen to you.
Due Diligence in Selecting A Property Management Company
Selecting a property management company to oversee your real estate investment requires its own due diligence.
- Is the prospective manager experienced, having managed multiple properties over a number of years?
- Is the management company regulated in any manner such that there are consequences for legal or unethical practices?
- Is the management company regulated in any manner such that there are consequences for legal or unethical practices?
- What record keeping system is in place to provide you with financial reports on your investment?
- What do you know about the owner(s) of the management company? Are they real estate investors themselves? Do they have a personal track record of success in business?
- Does the management company have the financial resources and competent staff to follow through with the plethora of issues that occur day to day maintaining the physical elements of the property?
- Are the tenant facing staff of the right temperament to assist and yet manage the tenants. Can they be forceful when needed to collect rents on time and process evictions if required?
Obviously, selecting a property management company for your substantial investment properties is an important decision requiring thorough investigation. After all, you are entering into what should be a long-term relationship with a goal of long-term financial growth.
Michael J Preston, the Broker of Record at Lakeview Realty Inc., assures you of professional services you can trust. As a member of the Canadian Real Estate Association (CREA.ca), Lakeview Realty is bound by numerous regulations and ethical guidelines that assure you as an investor of honesty and integrity as a client of Lakeview Property Management.