Question 1

Q: What does a property manager do?

Accepted Answer

A property manager oversees and manages real estate properties on behalf of property owners or investors. Their main goal is to ensure efficient, profitable, and hassle-free property operations.

Key responsibilities include:

Tenant Relations:
·        Finding and screening tenants
·        Handling tenant inquiries and concerns
·        Managing leases and rent collection
·        Enforcing lease terms and resolving disputes

Property Maintenance:
·        Regular inspections (optional, at cost)
·        Organizing repairs and maintenance
·        Managing contractors and service providers

Financial Management:
·        Advising on rental rates
·        Budgeting and financial planning support
·        Accounting, record-keeping, and bill payments

Marketing and Advertising:
·        Promoting vacant units
·        Attracting qualified tenants

Legal Compliance:
·        Staying updated on housing laws
·        Managing evictions if necessary

Tenant Screening:
·        Conducting background, credit, and reference checks

Communication:
·        Maintaining open communication with owners and tenants
·        Keeping all parties informed of policies, bylaws, and procedures

Question 2

Q: I am a landlord. What fees does RTE Property Management charge?

Accepted Answer

Our fees are determined on a case-by-case basis, depending on the nature of your investment. Typically, fees are a percentage of the gross rent collected. Because every property is unique, ranging from basement suites to entire buildings, we recommend speaking directly with one of our representatives to discuss your specific situation.

Question 3

Q: How much rent should I charge my tenants?

Accepted Answer

RTE Property Management stays current with market trends and pricing data. Combined with our experience, this allows us to accurately and competitively price rentals for quick occupancy.

Question 4

Q: Should I hire a property management company or manage my property?

Accepted Answer

Managing your property offers:
Pros:
·        Cost savings on management fees
·        Full control over decisions
·        Direct communication with tenants

Cons:
·        Time-consuming
·        Requires knowledge of tenancy laws
·        Potential for challenging tenant relations
·        Maintenance coordination demands

Hiring a property management company offers:
Pros:
·        Saves time and effort
·        Expert knowledge of laws and market trends
·        Thorough tenant screening
·        Efficient maintenance handling

Cons:
·        Management fees reduce profit margins
·        Less day-to-day control

RTE Property Management & Services Ltd is ideal for property owners seeking a hands-off, professionally managed experience. However, if you have the time, experience, and desire for complete control, self-management may be the right choice for you.

Regardless of your choice, staying informed about Ontario tenancy laws is crucial for protecting your interests.

Frequently Asked Questions (FAQ)