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WE THINK LIKE LANDLORDS

How Landlord’s Benefit

Hundreds of Owners and Landlords put their faith in LPM and have been rewarded with increased property value and improved building conditions in their properties. Many Landlords cannot justify paying management fees because they think their property is too small, but LPMs management style pays for itself. Not to mention, all fees are a tax write-off as well!

Thinking like a Landlord means we scrutinize every invoice, not blindly paying it (like many other companies do). We are always in constant communication with our Clients to inform them of violations, maintenance issues, Lease negotiations, etc. Thinking like a Landlord means we act like partners and hide nothing.

Managing from a Landlord’s viewpoint means not spending money foolishly. It means doing our due diligence and investigating issues before calling a general contractor. It also means we do our best to not allow units to sit vacant and we work tirelessly to minimize downtime. Managing like a Landlord means we work on Tenant retention because we know vacancies are expensive and when Tenants are happy and comfortable in their living environment and know that a trusted company is managing them, they ultimately will take care of your investment too.

A small sample of what we do is:

  •  Re-stabilize Tenant issues in buildings
  • Perform Fall and Spring inspections
  • Our Manager’s visit their properties on a weekly basis
  • We get to know and develop long-standing relationships with our Residents’
  • We actively employ methods to reduce expenses, where necessary
  •  Cash flow is constantly monitored

DO’S AND DON’TS OF HIRING A PROPERTY MANAGER

Don’t…

  • Assume anyone can be a Property Manager
  • Use initial fees as the only comparison
  • Settle for those who juggle real estate sales, property management, and other ventures
  • Skimp on maintenance
  • Let one bad experience with a property manager colour your perspective of the industry
  • Hire a Property Manager without team support and an office environment

Do…

  • Research the complete fee structure, including hidden fees that may apply
  • Look for an online portal to view all property activity and financial statements
  • Research the companies Google reviews (there’s a difference between ‘made-up’ reviews and authentic reviews)
  • Expect responsiveness – Your call or email should be answered or quickly returned.
  • Call references. Who else uses the Property Manager? What is their real experience with them?
  • Invite your Property Manager to clearly explain all the terms of the Agreement
  • Check out their office. Is it inviting? Is it organized? Is it easily accessible?

Disadvantage of self-managed properties

We think you are doing a great job by yourself, but there’s always room for improvement!

If you are managing your own properties, chances are good that you have been stressed about maintenance issues, responding to Tenants inquiries or tangled in the legal notices. Does advice from family, friends, and casual legal advisors backfire? Do you have violations that you feel are unfair or unexpected?

If a self-managing landlord or a management company is not absolutely educated in maintaining properties and buildings or up-to-speed on regulation laws or city by-laws, it could result in large costs and repercussions. One violation or a missed date on a notice can cost more than several months of management fees.

At LPM we never stop searching for ways to cut costs. We prepare detailed accurate budgets for our Clients and monitor them closely. Many expenses are fixed, but for anything we can control, we are diligent in doing so. For example, there are many ways to improve the efficiency of the heating system, yet most Landlords are not aware how to take advantage of these small corrections. We put in the time and effort at no expense to the Landlord unless repairs or necessary upgrades are required to be done.

When you choose Limestone Property Management to manage your property, the transition will be smooth and trouble free. Over the years, we have developed a thorough transition checklist, ensuring that we secure all necessary documents and prepare accurate files. The process is very quick, easy and you will feel confident about LPM early on.

Serving

  • Kingston
  • Napanee
  • Gananoque
  • Brockville
  • Ottawa

Head Office

110 Railway Street
Kingston, ON K7K 2L9

Phone: 613-530-3340

Fax: 613-530-3459

Email: [email protected]  

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