Operating your property portfolio and running a business takes you away from your strata and the everyday changes taking place on the property. To safeguard your property’s reputation and ensure all tenants are enjoying a quality life in your building, watch for the signs of a management issue. In this post we’ll explore the common problem signs and how property management services can help you resolve them.
The Building is Experiencing Constant Maintenance Issues
Continuous maintenance issues are a headache for you as a building owner but impact the lives of your tenants. They may even lead to tenants looking for other properties. If you’re experiencing continual issues with equipment such as HVAC systems and electrical panels, you may need a proactive property manager on-site.
Property management teams can work with local technicians to coordinate repairs and required upgrades. They can also act as the link between your tenants and the maintenance teams to communicate updates and provide clear guidance.
You Have a High Vacancy Rate
The latest data from CMHC (Canada Housing and Mortgage Corporation) shows the average vacancy rate across all buildings in British Columbia is 1.3%. If your vacancy rate is rising and reaching new high levels in recent months, it could indicate you need to make a change in how you run your building. Hands-on property management from an industry leader like Pacific Quorum can reduce your vacancy rate considerably.
Beyond making direct improvements to the property to enhance the experience of your current tenants, property management firms also know how to market effectively in the regions they serve. They know what local audiences expect from their building and can deliver with precision on those expectations.
You’re Having Difficulty with Tenant Communications
Between handling rental payments and providing updates on building changes, tenant communications can add a high amount of stress to your job as a strata owner. Property management firms can immediately remove this stress from your day-to-day life. They can handle all tenant communications for you and provide you simple methods for when you wish to speak with tenants directly.
For example, Pacific Quorum offers access to PQ Online, which provides immediate access to Strata Council meeting minutes and manager contact details, as well as allows tenants to submit emergency service requests.
You’re Spending More Than You’re Bringing In
Property management teams can help you reduce the total costs of operating a property. Without a background in property management, it can be difficult to keep track of your building expenses.
Your property management firm will employ licensed accountants to help track your spending and ensure you’re on-track to meet your financial goals both in the short and long-term. Accounting teams and financial analysts working for your property management service will also address any compliance issues and ensure you’re meeting the highest standards within the industry.
You Don’t Have Time for Other Business Areas
When you spend most of your time and resources on one building and neglect others within your portfolio, it can have a knock on effect on your other properties. It can also impact other areas of your business.
Property management firms take on your day-to-day challenges and provide clear solutions based on decades of building management service experience. Working with a property management team you can trust to take a personal approach to your building frees you to build your portfolio and spread your resources throughout your other buildings.
Pacific Quorum specializes in this area of property management. We speak with owners daily about the challenges they face and build custom management solutions designed precisely in line with their building and the needs of their tenants.
Depend on Decades of Local Property Management Experience
From Penticton to Vancouver and serving clients throughout British Columbia, Pacific Quorum has built a reputation for property management excellence. Start exploring your property management options today with your very owner property management proposal. Or contact our team today if you have any questions about the Pacific Quorum management service.