As with all investments, the most important part of purchasing a rental property is to maximize your profits. Given that all rental properties have fixed revenues (a pre-agreed upon rental income), the best way to maximize profits is to minimize expenses. An experienced property manager can reduce your wasted time, money and frustrations.
The reality is, you can theoretically do what we do. However, like most other things in your life, there is a benefit to having someone with more experience who specializes in the specific task complete the work. For example, when your car needs an oil change, most people don’t think twice about taking it to the mechanic. Not because they can’t change their own oil, but because the mechanic has the necessary tools and equipment to complete the job quickly, correctly, and most likely, at a lower cost. Property management is similar in that regard. Do you want to be committed to the property 24/h and day, 7 days a week, 365 days a year? Do you want your tenant having the ability to contact you regardless of the hour should a toilet back up at 3am? Do you already have a trusted, reliable plumber, carpenter, handyman and electrician on hand? Do you have time to research what contractors are licensed, insured and reputable? What about if your tenant un-expectantly loses their job and can’t make the rental payments, or while they were on vacation the washing machine floods damaging the unit in the floors below, what would you do? And do you really have the time and resources to deal with it? How well versed are you in the landlord Tenancy Act of Ontario? Do you know the depths of both yours and your tenants’ rights and responsibilities?
As a property manager, our job is to know, prepare and be available for all of the above. Just as you have your job specialization; a successful property manager already has the above established in their procedures.
The straightforward answer is: to have someone else, who specializes in the management of rental properties, take care of the stresses and hassles involved in leasing, renting and maintaining your property.
At Almega we provide the following services:
Finding And Screening Tenants
Research of Rental Comparables to Maximize Rent
Facilitate Move In / Move Out
Monthly Income Statements
Monthly Rent Directly Deposited Into Your Account
24/7 Service For Tenants
Proactive With Tenant Issues
Comprehensive Maintenance Issue Resolution
Owner Representation At Condominium Board Meetings
Keep You Informed of Important Condo Board Updates And Notices
Evictions When Necessary
In Short, We make owning an investment property easy.
What’s Including: When Almega first started its property management business, our only client was ourselves. The property management division was created to service our own rental property holdings (over 100 residential units and 200,000 square feet of commercial across the GTA). Because there was no third party to charge extra fees to, our service had to be all-inclusive. This mentality has carried forward now that we offer our property manager services to third parties. The following services are included at no extra charge:
Initial account set-up: A lot of companies request a set-up fee to open and prepare your file/account (some range from $100-$400). Although there is a lot of additional work to be done when a new client joins, Almega believes this should be incorporated in the monthly rate or in the work that obtaining a new client entails.
Property Inspections: Some companies are now charging for property inspections during tenancy. Almega believes this should be included in monthly fee that is being paid for the property management service. With Almega, your property will be inspected a minimum of two (2) times per year to confirm the current condition of your property, your tenant’s treatment of it, and any seasonal or preventative maintenance that should be looked into or preformed.
Unit Rental: This is what differentiates Almega from all other property management companies. Renting out a unit is often the single largest expense that an owner will incur. At a cost of one (1) month’s rent, using an agent to rent out your unit costs 1/12th of your annual revenue (8.3%). This expense can be the difference between profit and loss in any given year. Because we were landlords before we became property managers, we know how important this is. For that reason we attempt to lease all units under our management without the use of an agent. At Almega, we use our in-house administration team to post ads, show your unit and screen potential tenants. Historically we have had a great deal of success with this approach and proudly boast a 100% occupancy rate for all of the property under our management to date. To be clear, we are not guaranteeing that we’ll rent out your unit without the use of an agent, however, we’ll do everything in our power to try and save you this expense by using our expertise and in-house team.
What’s Not Included:
Third Party Contractors: It is inevitable that your unit will need some sort of repair. Whether it’s a plumber, electrician, carpenter or even new appliances; Almega prides itself on the network of skilled trades which we have built. Although our fee does not include the cost of these third parties, Almega is confident that our network can provide the best service at competitive rates.
Tenant Evictions/Landlord Tenant Board Hearings: Although we try and avoid having to evict tenants, it is an unescapable part of property management. Our team is well versed in this process and can assist in moving the process along as fast as possible so you can get back to collecting rent. However, this process is both time consuming and costly, so these charges must be added to our property management fee, if required.
Real Estate Agent Listing Fee (if required): In the event that our in-house rental team is unsuccessful in leasing out your unit we will enlist the services of a real estate agent to expedite the rental process. This option is used as a last resort, and one that we have not had to rely on often in the past. However, if it is required, the expense is not including in our property management fee.
Almega collects rental payments from all tenants on the first of every month. On the 15th of the month, funds are directly transferred from the Almega account to your Canadian account. In the days following the transfer, you will be e-mailed an income statement which outlines the funds Almega collected, minus any expenses and the amount deposited into your account, for your records.