Whether you have a residential, commercial or industrial property, hiring a property management firm in Barrie is an essential component of turning your real estate investment into a financial success. Professional property management firms are well versed in their industry and can improve the quality of a property by utilizing their vast wealth of industry knowledge. While it may be tempting to manage your own property, consider the following reasons why you should hire a property management firm.
Rental Property Legislation
A residential property management firm understands how to minimize vacancy loss while also observing all applicable tenancy laws under the Residential Tenancies Act. It is imperative to follow these laws and failure to do so can result in large penalties. Hiring a professional property management company will enable you to focus on the big picture, without having to be concerned about potential lawsuits from tenants and dealing with the Landlord and Tenant Board.
Competitive Industry Knowledge
If you own a commercial property, then an integrated commercial property management and leasing firm is the perfect choice. They will have a strong working knowledge of the area and will be able to maximize the amount of rent that you can collect based on neighboring trends. When businesses lease space, they generally prefer to work with a professional company that has a solid reputation, and a commercial property management and leasing firm can provide this for you.
Finding the right space for an industrial business is difficult and most potential lessees of this type will work directly with a trusted and knowledgeable integrated industrial property management and leasing firm to find the right building. Attempting to lease your industrial space without the assistance of an experienced industrial property management and leasing firm most often increases vacancy rate. A great management and leasing firm will increase tenant attraction and retention with effective strategies while focusing on maximizing rental income.
Marketing
Integrated property management and leasing firms of all types place a strong focus on marketing. Getting the word out about an available property is a time consuming process, and if the ads are not eye-catching enough, they will simply be a waste of time. By hiring a property management firm you can avoid wasting time and money on ineffective advertising. Integrated firms by law must be registered under the Real Est
ate and Business Brokers act and usually are members of the local real estate board. Therefore, they are able to expose your property to the MLS system.
Resources
In order to make money, it is imperative for your property to remain full. A property management firm has the time and resources to devote to not only minimizing your vacancy rate,but to also increasing tenant retention. Most private owners cannot devote enough time to this vital aspect of renting, but a property management firm can focus on it every day. A property management firm has the expertise to keep operating costs low resulting in a lower overall rental rate for tenants. Lower rental rates naturally help to attract and retain tenants.
Running a property without a professional company at the helm is a difficult and time-consuming process. Hassey Management understands these challenges and has the experience, talent and resources to add real value beyond day-to-day property management. Contact Hassey Management Corp. today at 705-737-9595 today, for more information on property management in Barrie.
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