Hiring a property management company comes with many advantages. The company you hire is responsible for supporting your property and making decisions on your behalf. That being said, it's critical that you have all the necessary tools and information when choosing a property management company.
1- Understanding Property Management Fees.
As you begin interviewing different property management companies, take note of the types of services each firm offers.
Compare the prices offered by each firm, but don't hire a firm solely based on their low price points. A lower price may suggest a lack of quality in their services.
Make sure the services offered by the property management company meet your needs.
To better understand the cost given to you by a prospective firm, ask them to break down the fees.
Management fees have a typical range of 4-12% from rent every month. The management fee depends on the number of properties or units they will be managing. Additionally, the location of your property or properties is likely to dictate the cost.
Vacancy fees are uncommon, but some property management companies may charge a monthly fee for a vacant unit. These charges cover expenses related to finding a new tenant for your property.
A start-up fee is an additional cost for setting up a new account with the firm.
The property management company may charge you for leasing fees. These costs cover the time and effort related to finding a new tenant. Inquire about the cost of the leasing fee and the conditions of these fees.
There are several other fees to look out for when choosing a property management company. Make sure you are aware of the fees that make up the total cost. You can also negotiate with the firm to get a better rate.
2 - Handling Property Finances.
Property management companies are responsible for managing rental income, maintenance fees, reserve funds, and more.
The firm you hire will be making many decisions about your property's finances on your behalf. That being said, you need to trust the company you choose to hire.
There are several details to discuss with the property management companies that you interview. For instance, how they handle monthly payments and their method of paying property owners.
Property management companies are responsible for sending reports that provide details about collected rent, property management fees, maintenance, and more.
Ask the firm to see a sample report to better understand what to expect every month.
Discuss any other payments the firm will process, such as security deposits and maintenance fees.
3 - Determining Rental Rates.
A good property management company will have a thorough understanding of setting rental rates.
Determining the cost of rent requires a proper understanding of the local market and the average rates of other similar properties.
The rental rate you choose can also affect the value of your property.
Discuss with each firm how often they perform rental rate surveys. Typically, these surveys are conducted annually. If your property is often vacant or undergoing many lease renewals, it's likely time to revisit the rental rate of your property.
In terms of dealing with tenants and issues regarding payments, it's important to find a company that can reason with the tenant and remain adamant about receiving rent payments.
Discuss the company's policies around collecting rent payments from tenants and determine if it's the right fit for you.
4 - Maintaining Your Property.
Property maintenance is critical, especially for increasing its value over time.
Maintenance of your property requires the cooperation of tenants as well since any repairs should be dealt with promptly.
Property management companies have different systems in place to allow you to track maintenance requests and repair costs.
Discuss additional details surrounding repairs. For instance, some firms may have a maintenance team responsible for repairing the properties they manage.
Finally, determine if the firm offers any recurring maintenance such as shovelling the snow or mowing the lawn. While these services may carry additional costs, they are beneficial for the overall maintenance of your property.
5 - Finding the Right Tenant.
The most valuable service a property management company can offer is attracting tenants.
Determine how each firm your interviewing advertises their rental listings. Go a step further and locate some of their current ads to see if they catch your eye.
Discuss how long it takes on average to find tenants and fill vacancies. This should not take longer than one month.
Presentation of your property is extremely important when it comes to showings. Find out how the property management company prepares for showings, as this is often when potential tenants decide if they want to go ahead and begin renting.
Enticing tenants to rent for long periods of time should be a priority for the property management company.
There are many measures put in place by companies that prioritize tenant retention. Such efforts include fast responses to tenant needs and regularly asking for their feedback.
In terms of finding the right tenant, many companies have screening processes to ensure they choose the best tenant possible.
Ask the firms you're interviewing about their tenant screening process and what they are searching for in an ideal tenant.
6 - Get to know the company before making a final decision.
Ask each firm for a bit of background information, such as how long they have been operating. It's best to hire a property management company that has many years of experience.
Discuss the types of properties they have been managing. If a firm focuses only on condominiums and you're looking to rent houses, you may want to find a firm with more experience in house rentals.
Finally, get to know the property manager that will be managing your property. Determine how long they've been working with the firm and ask about their prior experience managing properties.
Selecting a property management company should not be rushed. Avoid making a quick decision without genuinely getting to know the company you're planning to hire. It's important to find a firm that is a good fit for both yourself and your property.
Toronto Housing Market in Spring 2021: A Seller's Market
The Toronto housing market is favouring sellers this spring due to low inventory causing prices to rise.
The average price of all property types increased by 12% in 2020 due to growing demand.
This spring, Canadian economists are anticipating a 5% increase in average home prices in Toronto.
As Toronto's housing inventory continues to decline, prices are expected to continue to rise.
The luxury housing market in Toronto has not been impacted by COVID-19.
Who is Shifting the Demand?
Buyer demand has been largely influenced by changes in lifestyle due to COVID-19.
Working from home is drawing buyers towards purchasing larger homes farther from the city.
Consequently, Toronto's condominium supply has seen an increase. Therefore, the condo market in Toronto is currently in favour of buyers.
Economic factors like low interest rates are also helping buyers remain interested and active in the housing market.
Working from home is allowing people to save on commuting, which is keeping the demand going.
Remote work is now widely available and pushing buyers towards affordable homes away from the city and farther from their workplace.
Homebuyers are looking for larger homes and more greenery.
Immigration has been largely impacted by COVID-19, also leading to decreased demand in the condo market.
The Toronto Condo Market Bouncing Back.
Since the beginning of 2021, there has been a growing interest in condominiums.
The number of condos going up for sale is also slowing down.
As the economy begins to recover and vaccine roll-out continues, the condo market will likely gain more and more interest.
The large availability of condos is driving prices down, allowing buyers and renters to take advantage of these markdowns.
If condo supply continues to decrease, we're likely to see prices rise later in 2021 and 2022.
Now is the right time to buy or rent a condo in Toronto as prices are expected to climb.
The Rest of 2021.
The housing market is expected to remain in favour of sellers for the remainder of 2021.
Urban-to-suburban buyers are driving the housing market.
The available supply of housing is likely to remain low, causing prices to continue to rise. Home prices, in particular, are expected to remain high.
Due to the affordability of condos in Toronto, there will likely be lots of activity in the condo market. This is enticing first-time homebuyers to purchase condos in the city.
Mortgage rates are expected to remain affordable. With the current low interest rates, purchasing houses is more attainable. These low interest rates are likely here to stay until the year ends.
Immigration is likely to drive condo prices up next year as people will be moving to Toronto for education purposes.
The price of housing is expected to rise by four to six percent this year.
We believe that your bedroom should envelop you with coziness, relaxation and calmness, just like this bedroom.
This master bedroom seamlessly blends a classic, simple look with a contemporary style. It encompasses an array of comfortable, intimate features:
Reading nook
A window-side desk
Two chairs in front of the fireplace
A flat-screen TV
And of course, the room has a spacious walk-in closet and lavish, sparking ensuite. What's your favourite feature in your bedroom?
This home encompasses an array of water-related features! Not only does it have a pool and hot tub outside, but during the chilly winter months, you can bath in the indoor jacuzzi. The surrounding windows allow you to appreciate the trees laden with snow from the comforts of your home while soaking alongside friends and family in a luxurious hot tub.
Would you like one of these in your home?
When we created this library, we believed in marrying a timeless design with modern necessities that make working easy. This fireplace will keep you cozy during cold winter nights when you need to work late, while the TV provides you with a much-needed work break. Once you sit down, you won't have to get up for a long time.
We wanted this library to be a place where your body can relax and feel at ease while you work or study.
Skylight, skylight won't you make my house so bright? This skylight may have been difficult to install, but the natural light lighting up the area paired with the marble, weightless look of the Venetian plaster made the installation worth it!
From a perfectly sized dishwasher to encircling stools to shelves that can hold an infinite amount of alcohol, this private bar has everything you need. You can even use the tabletop stove to make scrumptious appetizers for your guests! But that's not all... The best part about this bar? You can open the patio doors to the pool and hot tub, so your friends and family can easily meander from the bar to the pool and back.
What do you think about this fully stocked in-home bar?
When it comes to developing homes, we like to get creative! In this home, the marble mantel, the brick from the cellar, and the handles come from the original home --- these stunning pieces are around 100-years-old.
We like the idea of marrying the old with the new! We believe the modern style paired with historic furniture and accessories helps to create a cozy atmosphere within this home! Would you agree?
In this series of videos, we look at some of the latest trends and features that can be implemented into your custom home or major renovation project.
Out of your entire house, the kitchen has the most traffic. It's where you concoct meals and bake treats. We believe in making life as easy as possible for homeowners, so we aimed to design a spacious kitchen that comes with features that help to make cooking and baking easier.
Our favourite feature? The sliding panels that accompany this unique sink. These panels allow you to prepare your food in one place, and they can double as a serving station for guests!
TORONTO, Oct 23, 2019/ELVIANO/ -- On September 28th, spectators gathered at the Vaughan Sportsplex II to watch professional futsal players dazzle and wow with their uncanny, highly finessed foot skills. Both the hosts, Toronto United Futsal Club and the sponsors, Elviano hope that the event will help to propel futsal’s popularity, while also encouraging young viewers to get involved in sport.
The event featured one of the greatest futsal legends of all time: Falcão (his real is Alessandro Rosa Vieira). The Brazilian superstar inspired onlookers with his remarkable talent. Toronto United Futsal Club and Elviano provided attendees with vast entertainment, from freestylers showing off their ability to handle the ball with ease, as well as live music, dancers, and a futsal game where the kids played against Falcão.
Elviano, a design-build firm based in Toronto, hopes the recent sporting event will ignite excitement about the fast-paced sport among Canadian spectators, and inspire youth to get involved with sport.
One spokesperson from Elviano summed up the atmosphere of the magical evening: “Canada's first Futsal Show of its kind was a great success! We look forward to supporting and promoting more and more amazing events that spread joy, kindness, and unity in our community.” Elviano also commemorated Falcão “for inspiring so many young future Futsal players! We are honoured to have sponsored such an incredible event.”
Overall, attendees of the event thoroughly enjoyed interacting with Falcão, while also enjoying live entertainment, delicious food, refreshing drinks, and watching the fast-moving game of futsal. Elviano looks forward to sponsoring the next futsal show and introducing the fascinating sport to more spectators.
About Elviano
Family-owned business, Elviano has dedicated 13 years to renovating, constructing, and designing luxurious homes. Over the years, their reputation within the Greater Toronto Area has skyrocketed due to long-lasting, trustworthy relationships with their clientele. Elviano provides a plethora of services from building dream homes to renovations to innovative designs to management services for busy property owners.
We ensure the highest level of confidence by striving to deliver the highest quality of work. We understand the importance of their investment; that is why we work relentlessly to protect it and undertake to achieve the best outcome for them.
