Understanding the services included in property management fees in Calgary can be confusing for those who are new to working with a property management company. It’s important to understand what is and isn’t covered by this type of fee so that you can manage your expectations and ensure that you’re getting the best value for your money.
The price of a property management fee will vary depending on the size and location of the rental property, and the services provided. The company may offer different packages depending on what services you require. Generally speaking, the higher the price of the fee, the more services you can expect to receive from the property manager.
So what exactly is covered with property management fees in Calgary? Each property management company will offer slightly different services, but the following are standard services that are generally covered: day-to-day management, tenant showings and recruitment, vacancy advertising, etc.
Day-To-Day Management
The property management fee generally covers daily management tasks of the property such as collecting rent, handling tenant requests and complaints, collecting security deposits, organizing maintenance and repairs, regular property inspections, legal advice, and accounting or financial management. Additional fees may or may not be charged for Non-Resident Tax assistance, ongoing property inspections, overseeing major renovations, and more. It is important to read the terms of the agreement with the property management company to determine exactly what services are covered in the fees and what is additional.
Showings and Tenant Selection
The property manager will take care of tenant screening, which includes background checks, credit checks, and reference checks. The property manager will handle the entire process of screening tenants, including advertising the available unit, interviewing potential tenants, and completing the necessary paperwork and move-in inspection.
Advertising Vacancies
The property management fees in Calgary generally cover the cost of advertising vacancies to prospective tenants. This includes the cost of listing the property on rental listing websites, as well as any print ads. In addition, property managers will often spend time directly marketing the property to potential tenants by networking with real estate agents, property owners, relocation companies, and other local businesses.
What it Doesn’t Cover?
It’s important to note that a property management fee does not cover any actual costs associated with renting or owning a property. These costs include things like insurance, taxes, utilities, and repairs. When you’re considering a property management fee, be sure to take into account the costs of these additional expenses.
Preventative and Regular Maintenance
Property maintenance extends beyond addressing issues reactively; it involves strategic planning of upkeep tasks, ideally overseen by a proficient property management team. Consistent maintenance fosters tenant satisfaction and comfort.
Preventative maintenance ensures the property remains in optimal condition, encompassing regular inspections for plumbing and leaks, pest control measures, landscaping upkeep, and waste or snow removal. Routine maintenance entails scheduling recurring tasks like lawn debris clearance or HVAC filter replacements.
How Much is the Property Management Fee in Calgary and What Does it Include?
The average cost of property management services for residential properties ranges in Calgary between 8 and 12% of the property’s rental income. While some companies offer a flat rate, it’s more common for fees to be based on a percentage of the rent.
At GIL Property Management, we offer competitive rates with a transparent fee structure.
On top of the base price, additional fees may apply depending on the services you require. The total cost depends on your unique agreement with the management company, tailored to your specific needs.
Commercial Property Management Cost
Commercial properties also require maintenance, with some owners seeking assistance from property management firms. While similar to residential management, there are differences.
What do property management fees cover (commercial)?
- Tenant selection and lease setup
- Rent collection and fee management
- 24/7 landlord availability
- Lease oversight and compliance
- Property cost management including taxes and maintenance
- Bookkeeping and monthly reporting
- Inspections
Top management firms may also assist with risk assessment and sustainability reports to ensure long-term success.
Is it Worth it?
Even though the property management fee may seem like a large expense, it can often be worth it in the long run. By taking on the burden of managing your rental, a property manager can help reduce your stress and free up your time to focus on other aspects of your life. In addition, a good property manager can help to ensure that you’re getting the best possible return on your investment and that you don’t run into any legal issues relating to the tenants’ or landlords’ rights and responsibilities.
Property managers stay up-to-date with landlord-tenant laws and regulations, ensuring that your property operations are legally compliant and minimizing the risk of legal disputes.
Property managers are available 24/7 to handle emergencies and address tenant concerns promptly, ensuring tenant satisfaction and preserving the property’s reputation.
With their expertise in the local real estate market, property management companies can help optimize rental rates, attract quality tenants, and maximize your rental income.
Hiring a property management company can streamline operations, improve tenant satisfaction, and enhance the profitability of your real estate investment.
Ultimately, understanding what a property management fee covers is essential to making the right decision when it comes to hiring a property manager. By taking the time to research the services provided and considering the associated costs, you can be sure to make an informed decision that will benefit you in the long run.
Which Company to Choose For Property Management?
By knowing what property management fees you can cover and how they are calculated, you will realize that hiring a company is worthwhile and financially beneficial.
If you need help beginning your journey as a landlord and are looking for the best return on your investment, contact us today for a free consultation!
We prioritize open and transparent communication with property owners, keeping them informed about all aspects of their property management, including tenant issues, maintenance updates, and financial performance.
By entrusting your property management needs to GIL, you can save time and reduce the stress associated with day-to-day management tasks, allowing you to focus on other priorities.
Our efficient management practices and proactive maintenance approach can help minimize property expenses and maximize your return on investment.
We stay up-to-date with landlord-tenant laws and regulations in Calgary, ensuring that your property operations are legally compliant and minimizing the risk of legal disputes.
With GIL managing your property, you can enjoy peace of mind knowing that your investment is in capable hands and that your property is being professionally managed to the highest standards.
Contacting GIL Property Management Company in Calgary offers property owners a comprehensive suite of services, tailored solutions, and numerous benefits aimed at optimizing real estate investments.
Do you still have questions about what property management fees cover in Calgary? Then our company manager will answer them at (403) 266-3550.
