Owning rental property can be a lucrative and rewarding business. However, it can also be a time-consuming and stressful endeavor. That’s why it is important to work with a professional property management company. Zensoar is a leading property management company in London, Ontario. Its innovative technology streamlines real estate agents’ property management tasks, resulting in improved efficiency and overall business operations. Rent Collection Collecting rent on a regular basis is vital to the profitability of a rental property. If not collected, late fees can add up quickly. This is why many landlords hire property management companies to handle all aspects of rent collection. These firms have a team of professionals that focus on collecting rent and keeping the property profitable for their clients. These firms also provide status reports, which give landlords a clear picture of the rental transactions. This helps them identify potential problem tenants and improve credit management and control. Most property management companies charge a percentage of the rent collected. This fee is usually calculated monthly, rather than upfront, allowing landlords to budget for expenses. In addition, some companies offer dedicated property managers and a lower ratio of properties per manager, which gives landlords a more personal relationship. Tenant Screening Having trustworthy tenants can protect your rental property and ensure a positive return on your investment. A property management company can help you find tenants with a solid history of rent payments and reliable references. They can also screen for criminal and eviction records and verify employment and income. Tenant screening services can provide landlords with a comprehensive background check, credit report, and eviction history. This allows you to choose the right tenant for your property and avoid costly evictions. However, research shows that landlords who use these reports may assess tenants in ways that violate fair housing laws. This may be due to the way they evaluate tenants based on the content and presentation of the information on the reports. These practices may have a racially discriminatory impact on Black and Hispanic applicants. Lease Agreements When it comes to lease agreements, every word matters. If there’s something you don’t understand before you put your John Hancock on the contract, ask Williams & McDaniels’ rental consultant for clarification. The property management company should be able to provide you with an explanation of each clause in the agreement that you sign. This helps you to avoid any legal issues down the road. Renting is a great option for people looking for flexibility in their housing options. Whether you’re moving for a new job or want to be closer to family, renting allows you to find a home that meets your needs. It’s also easier to switch homes as your lifestyle changes, unlike owning a home. A tenant must have a landlord’s permission to sublet the unit. Reporting Property management companies offer a variety of reporting services to help owners of rental properties stay on top of building maintenance and tenant-resident issues. These reports also help keep the landlord in compliance with city and state regulations. In addition, the company can provide emergency contact numbers for tenants and residents to call when problems arise. Whether managing office, industrial, logistics, retail or mixed-use commercial properties, the right reporting tools can help reduce costs and improve strategic planning. London Hydro offers a user-friendly Property Management Portal, which can be accessed by customers who own tenant occupied locations through MyLondonHydro. The portal allows landlords to view their tenant occupied accounts and specific account information at the same time. The portal also provides an overview of rent increase guidelines. property management london ontario
