What is a property management service?

Rental management can be defined as the set of tasks required to successfully

keep a unit rented out. Rental management can therefore be best understood in

three stages: before the lease, during the term of the lease and at the end of the

lease.

The required tasks are numerous and varied but can further be divided into two

categories: those that concern marketing efforts vs. the unit management in

itself. Marketing is required to promote, advertise, organize visits, select the best

candidates and facilitate move-ins.

Unit management entails the proper maintenance of the unit, handling tenant

requests and coordinating any necessary work. Accounting services are required

to invoice and receive rent and provide timely statements to the landlord.

Ongoing administration is also required to renew leases and provide the tenants

with the legally required documents. Indeed, as in the real estate sector as

whole, the legal framework is constantly changing.

Consumer behavior is also evolving and new technologies emerging, making it

sometimes difficult for landlords to keep abreast of the pace of change. Turning

to a real estate professional brings investors peace of mind. Whether a single

unit or a property portfolio, working with a property manager helps lighten the

administrative and operational burdens whilst eliminating errors that could lead to

reduced profitability and slower growth of investor holdings.