Why Property Management is Important for Tenants and Landlords
1.5 min read
With the increase of investors and homeowners looking to lease their properties in Ontario, property management is key to ensuring that an investment is maintained and well convened. So, what is property management, and why is it essential for property owners and tenants?
Property Management can pertain to residential, commercial or industrial real estate and involves the property's operation, control, maintenance and oversight. In some cases, the responsibilities of finding tenants and their up-keeping are assigned to a management company, or the property management company takes them on.
Finding the right property management company to oversee these tasks can make a significant difference in helping investors optimize their investments and continuously gain profit in the long run by having a well-maintained property. A crucial part of finding the right property management company is how well the managers interact with the tenants. Building a solid relationship with the tenants will create a long-term positive relationship between all parties, including the investor and property owner.
Ensuring that the management company can professionally interact with tenants and communicate efficiently while considering their needs will create a positive experience throughout the entire lease term. Overall, satisfaction with property management can decrease tenant turnover and increase engagement with the rental property over time.
Reference
Collins, G. (2020, December 1). What is Property Management? [web log]. https://managecasa.com/articles/property-management-definition/.
Chief Investment Officer, Westhaven Group
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