How to Choose the Best Property Management Firm

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How to Choose the Best Property Management Firm
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• Finding the right property management firm
  can be complex, as many firms seem to be
  completely the same and offer the same services.

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• However, the expertise, experience, track
  record, management practices and more differ from
  one firm to the next. Finding the one thats best
  for your rental property/properties will require
  some research and knowledge of what to look for.
  Narrowing down your choices is as simple as
  asking a few questions, including

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• What are the contract terms?
• How long have they been in business?
• What are their managers qualifications?
• How many properties does the firm manage?

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What Are the Contract Terms?

• Full-service management contracts usually
  last one to two years. However, some companies
  offer bonuses for renewing your contract every
  year.

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• Moreover, there may be fees or penalties for
  terminating your contract early or for violating
  the terms. This makes the terms of your contract
  a major consideration when looking at the best
  property management companies Edmonton has to
  offer. Look for a company with clearly-defined,
  flexible terms, benefits for contract renewal and
  reasonable fees.

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How Long Have They Been in Business?

• Like many businesses, property management
  firms crop up all the time. However, property
  management is an industry with a fast turnover
  rate, so unfortunately, firms also go out of
  business all the time.

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• The best way to protect yourself against this
  problem is simply to find a firm that has been in
  business for at least five years. But, ideally,
  youll want a firm with at least ten years in the
  industry.
• Years of experience will mean expertise in
  maintenance, legal matters, emergency response
  and accounting. So, if youre new to the rental
  game, a good management firm will be able to show
  you how to solve complex problems while helping
  you succeed in an often high-stakes investment
  environment.

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What Are Their Managers Qualifications?

• The qualifications of the managers from the
  firm you choose are tantamount to the day-to-day
  operations of your rental property/properties.

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• These managers should have suitable
  qualifications and proper training to respond to
  any issue. If you're looking for condominium
  management companies in Edmonton that have
  experienced management teams with bench depth and
  training programs, such as board member training
  and associate education are preferable.
  Additionally, check the managers training and
  memberships to ensure theyre properly certified
  and operating in adherence with the latest local
  laws and regulations.

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How Many Properties Does the Firm Manage?

• It may seem that having more properties to
  manage is evidence of a firms abilities and
  reputation, but thats not true. In fact, a firm
  with less properties to manage will have more
  time to devote to you and provide the highest
  level of service.

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• However, choosing a small firm to manage your
  property isnt the answer either. Small property
  management firms typically have one manager
  running multiple properties too many
  properties. This means you wont get the support
  and service you need. Working with a mid-size to
  larger company is the best solution for property
  management. These companies have more managers,
  experience, flexibility and resources to provide
  to you.
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