IN FOCUS: Investor Services

The importance of property management services for investors

Mar 20, 2018

Any savvy investor knows that building a successful property portfolio doesn’t come without its complications. From problem tenants and maintenance issues to volatile housing markets, the challenges can sometimes seem endless. As a result, utilizing the skills of an experienced property management company is crucial for investors who want their investments to run as smoothly as possible and yield the best possible return.

“A property management company takes care of a wide range of essential functions including all of the maintenance related to the property, whether it’s tapping into a network of contractors to  handle the repairs or snow clearing and grass cutting,” says Rob Kirby, President of Veranova Properties Limited. “A property management company also does all of the leg work involved with getting new tenants, including finding them, doing the background checks, and then managing them when they move in.”

Property management companies act on behalf of the landlord and shoulder the tasks that fall outside of most peoples’ comfort zone. Finding a suitable realtor, offering legal support services, and inspecting the property if it is empty are all functions that fall under the management company’s remit.

“Many investors do not realize that if you leave a property for a certain period of time and something happens, such as a flood, the insurance may not cover it because it was vacant with no one checking on it,” Kirby says. “The property management company might check the property something like every 48 hours to inspect for things like break-ins and water damage until they get a tenant, which can take a bit of time if you’ve just bought a property.”

Property management companies play an important role in helping investors safeguard and maintain the value of their properties. “In the current economic climate, and with interest rates rising, it is harder to find real estate and harder to qualify for borrowing, and that makes it even more crucial for investors to make sure they maintain their asset’s value,” Kirby says. “A good management company takes a preventative approach to maintenance, which means issues are dealt with before they become big, costly problems. It’s an approach that saves the investor both time and money.”

 

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Serving the nation’s largest enterprises, lenders, law firms, property investors and real estate brokerages we’re Canada’s trusted partner in real estate asset management and legal support services. Our comprehensive portfolio of real estate management services enables our clients to manage and protect their valuable real estate asset investments, realize new business process efficiencies, streamline legal process efficiencies and minimize lending risk.

As a business, we continuously strive to build strong client relationships based upon our core values of open and honest communication and mutual respect. Our team approach ensures our clients have the expertise and accurate, timely information to effectively manage their most critical real estate assets.

Veranova is a part of a closely held private business with significant investments across the country.