What Do Property Management Companies Do?

What Do Property Management Companies Do?

Hiring property management companies helps protect and enhance the value of your building and ensures the ideal living environment for tenants. But what can you expect from property management companies on a daily basis?

Let’s explore the work of the leading property management firms and their impact on your building and your business.

Safeguarding Against Legal Issues

As a building owner, legal issues are likely one of your primary concerns. There are many potential legal hurdles to overcome when managing a property. There are tenant relationships to maintain, documentation to complete and store securely, and building codes to meet. Property management teams will screen tenants against potential criminality. They’ll regularly inspect your properties and ensure the conditions are safe and meet the local building codes in the region. They’ll also help you handle the rent collection process – drafting rental agreements to the letter of the law and keeping all rental payments safe until they reach your account.

Quality Property Maintenance

Property management companies are highly responsive to your tenants’ property maintenance concerns. For example, Pacific Quorum offers a 24-hour service to ensure a local technician is on-site and ready to complete repairs any time. This level of proactive building maintenance ensures you meet the safety requirements set by the province and city building regulations. It also helps you retain your tenancy levels. Tenants will immediately recognize the difference when living in a building with a proactive maintenance service.

Daily and Big Picture Administration

There are many efficiency benefits to having a property management company oversee building operations. Property management firms have the skills and experience to complete all administration work. For example, they review and process rental contracts, hire repair technicians, and resolve disputes between tenants. They have their finger on the pulse of the property’s operations to streamline all procedures. Having this administrative expertise can also help you launch and complete big-picture projects such as renovations on time and within your budget. Your property manager can handle all contract elements and respond proactively should project issues arise.

Liaison Between Tenants and Owners

Your property manager is your connection to your tenants and day-to-day life inside the building. Property managers regularly communicate with tenants and get to know those living on the property. They help you respond effectively to tenant concerns and handle emergencies immediately. It’s just one way that property managers help improve the building tenants’ experience and resolve issues before they impact others in the building.

Financial Reporting

In addition to the administrative in-office duties they handle, property managers will also oversee building finances. They’ll produce timely, accurate reports for your records and help you stay within your operating budget. Pacific Quorum, for example, employs property accountants who use specialized property accounting software to streamline financial reporting and delivery. For those with multiple properties in their portfolio, this continually updated birds-eye view of operations can help reduce the workload and assure pinpoint, prudent financial management.

Pacific Quorum – Leadership in BC Property Management

Pacific Quorum has risen to a leadership position in the British Columbia property management industry by continually exceeding building owner expectations and delivering standout experiences for tenants. Our approach to management combines experience in areas such as; maintenance, finance, and administration with cutting-edge technology to provide tailored premium service to owners across the province.

If you’re searching for property management in Lower Mainland, Fraser ValleyWhistler/SquamishVancouver Island, the Okanagan Valley, turn to Pacific Quorum. Contact us today for your tailored management proposal.

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