We know all about property management.
Real estate management in three main areas
01
Rental management
This is the main activity of property management. It consists of finding tenants, negotiating leases, collecting rents and providing good customer service. In addition, it is not impossible to have to settle possible disputes before the Tribunal administratif du logement (TAL).
02
Operational management
For a quality operational management, it will be essential to know well the functioning of your property in order to be able to foresee the repair and maintenance works. In the same way, it is important to take care of the maintenance of security elements to avoid fires, water damage and others. Your property will also need to be inspected periodically and to maintain the building to the desired standard, the choice of service providers is also an important point to consider.
03
Administrative management
This consists of managing the administrative and legal aspects of property management, i.e. keeping tenant files up to date, drafting lease agreements, negotiating and applying lease renewals, producing the RL-31 (relevé 31), carrying out the inventory of fixtures at the beginning and end of the lease, etc.
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Knowing the local real estate market
It is important to know the local real estate market, as it is necessary to follow the different cycles of the real estate market in order to be able to adapt one’s management accordingly. It is also essential to know the laws and regulations in force in the local or national real estate sector. This knowledge will allow you to better understand all the ins and outs that will allow you to make better decisions regarding properties to avoid disputes and also to ensure that you are moving in the right direction.
Good interpersonal skills
Why is communication an important element for the success of any property management project? Because all good interventions need clear communication to manage different types of situations such as a possible complaint, manage an emergency situation, interact with the Housing Administration Tribunal or simply to negotiate contracts with suppliers.
Optimal time management
In property management, when managing a large number of properties, it is essential to focus on planning regular tasks, maintenance and repairs in order to execute the plan on automatic pilot. Planning and organization must be the pillars of a good strategy for efficient time management in property management. To achieve this, it is essential to define the needs of the building and to execute the action plan with diligence.
Learn more about property management
Property management is the process of managing, maintaining and improving a person’s or company’s property. Our property management company Momemtum2 manages buildings, rental units and income properties. The objective is to maximize the value of the property and to maintain its proper functioning to ensure its sustainability.
Managing a building is not without its challenges.
Indeed, it is necessary to take into account various constraints such as unpaid rents, vacancy rates, legal procedures, protection of real estate assets and others. To perform well, it requires expertise, methodical organization, strong administrative, communication, time management and leadership skills.
Quadruplex managed by Momemtum2 in the Westmount area.