Property Management Company in Toronto and the GTA
BluePrint is one of Toronto’s premiere property management companies. High standards and attention to detail have resulted in a reputation for excellence that is second to none, and our experienced team of professionals pride themselves not only on their top-tier customer service, but their commitment to go the extra mile whenever necessary.
Whether you own a single family home, a condominium, an apartment building or anything from a duplex to a four-plex, BluePrint Property Management will save you time, money and stress. By bringing value to each investment property under our care, at BluePrint we take the worries associated with day-to-day property management off of your plate, leaving you free to place your focus where it is needed most.
With years of experience providing professional property management services to real estate investments of all stripes, you can trust us to get you where you need to be. We’re the property management firm that does it all. Call us today, and take your first step towards a less stressful and more worry-free ownership.
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What Does a Property Management Company Do?
A property manager is someone hired by a landlord (or property investor) to manage the daily operations at a rental property, whether that rental property is a residential or commercial one. Ultimately, the goal of a property management company is to provide peace of mind to the property owner. Both commercial and residential property management consists of a number of duties, including (but not limited to):
Maintenance and Repairs
A professional property manager will have the experience necessary to take care of a property’s upkeep, update and maintain facilities such as parking and laundry rooms, perform landscaping, trash removal, or attend to any troublesome issues, from plumbing issues to pest control.
Screening and Signing Tenants
Not only will a good property manager fill any vacancies, they’ll find tenants that are a good fit for the building. These duties include advertising the space, showing the apartment, screening the tenants by running credit checks and verifying references. It also includes setting the rent, which requires a deep understanding of the local property market.
Managing the Budget
A good manager will work within a predetermined budget and use their discretion to balance the needs of the property under their control. Work of this sort will include making improvements, hiring people to do repairs, keeping detailed financial records, and even filing taxes in some cases.
Managing the Law
Because property rentals sometimes result in disputes, good property managers will know the law, including the processes involved in security deposits, terminating leases and handling evictions, among others.
How Much Does Property Management Cost?
The fees vary based on location, but generally speaking, whether you live in the hustle-hustle of a city like Toronto or somewhere more out-of-the-way, a property management company’s fees will depend on the services and maintenance you expect from them.
If a rental property owner only wants to delegate certain tasks, the fees will be lower. In other cases, where the owner wants complete independence, the fees may be higher. As a general rule of thumb, however, you can expect to pay a property management company somewhere near 10% of the monthly rental value, plus or minus extra fees, depending on the specific arrangement.
For example, if your rental property is empty when you contract the property management team, some of the extra fees might be directed to pay for a commission for a real estate agent, or to pay the salary of a person contracted to show the apartment after it has been listed. Or, if the manager advertises and shows the rental property themselves, a fee of 50% of the first month’s rent is not unusual.
In general, the standard fee structures fall into one of a few categories: flat fees, project-based fees, or a fee based on a percentage of the rent. No matter which fee structure you end up using, it is always a worthwhile investment of your time to have detailed discussions related to cost prior to hiring any property manager to handle your property.
For example, there is a big difference between a property management company that agrees to collect a fee based on the rent due vs the rent collected. In the latter case, the property management company will have a much greater incentive to be diligent about collecting the rent.
In the end, however, the key to a positive and healthy relationship with your property manager is to regard it as a partnership. And as with many partnerships, communication is key. So whether you are in need of a property manager for a vacant house, a multi-story building, or anything in between, if you live in the city of Toronto, BluePrint Property Management should be your number one choice.
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