What Do Real Estate Property Management Firms Do?

Are you feeling overwhelmed when trying to manage your income-producing properties? Taking care of all the tasks involved can be a lot for one person or even a small team to handle. Plus, not all landlords know how to balance the books and make their investment profitable. It just makes sense to hire a property management firm that can take over the day-to-day operations and keep your properties running smoothly while maximizing your returns. To give you a better idea of how firms do this, we’ll show you how our team at Medallion Capital Corp manages our clients’ properties below.

Protecting You and Your Assets

A property manager can protect you from financial loss and ensure your investment is secure for the long term. Our job involves keeping the property functioning in good condition by maintaining it to the highest standards. This involves everything from repairing the building to addressing tenant issues to preventing any legal disputes that could impact your bottom line. 

• Ensure tenants are properly screened
• Take all necessary steps to prevent legal disputes
• Arrange eviction proceedings  when required
• Repair and maintain the property 
• Implement preventative maintenance programs 
• Perform routine inspections to prevent any problems from arising in the future
  

Maximizing Your Profits

We understand that your goal is to achieve a strong return on your investment. When it comes to your cash flow and finances, our team knows exactly how to minimize your expenses and maximize your profits. 

• Maximize income potential and value-add opportunities
• Create annual operating and capital repair budgets
• Perform market analysis to determine appropriate rental rates
• Utilize our affordable maintenance team and network of reliable contractors to minimize costs
  

Managing Tenants

The only way you make money is if your property is consistently leased, and rent is collected on time. One of our core responsibilities is to find and keep high-quality tenants in order to reduce tenant turnover and maximize cash flow. We also take the time to build rapport with the tenants so that we can anticipate their needs and resolve issues quickly. Happy tenants equal more consistent cash flow.  

• Market the property
• Perform advanced background checks
• Select only tenants who are an excellent fit for the property
• Quickly solve problems
• Foster relationships
  

Preparing The Property

Preparing your property to be leased can take a lot of work. We save you time and aggravation by handling all of the move-in and move-out procedures. This includes ensuring the lease has all the necessary clauses to protect the owner and getting the property ready for new tenants.

• Oversee leasehold improvements
• Arrange for cleaning and repairs
• Prepare lease agreements compliant with new Ontario regulations
• Perform move-in and move-out inspections
• Change locks (if necessary)
  

Balancing The Books

Our team also stays on top of your financial health. We’ll take care of all the collections, accounts payable, reconciliations, payroll and monitoring activities for you. Our team is well versed in all the latest laws and software to ensure that the processes are more efficient and fully compliant. 

• Track and Collect Rent
• Reporting and financial management
• Make payments on behalf of owners 
• Bank Reconciliations 
• Payroll administration
• Maintain historical records

Don’t let your rental assets consume you. Our accredited property managers can help you maximize the income potential of your property and even improve its value. Contact us today to learn more about our company and property management services.