You’ve worked with a real estate expert to facilitate purchase of your income property. Now you’re a rental property owner, you realize you need an expert who can manage all the aspects that coming with being a landlord. Where do you start? The first step is finding the right property management company for your needs, which will require the issuing of a Request for Proposal or RFP for property management services.
Find the Right Property Management Company with the Right RFP
There are literally thousands of property management firms currently operating in Canada. To find property management Toronto services for your condo board, rental building, or townhouse complex, you need to create an RFP that inspires suitable property management services Toronto submissions. You don’t have time to waste going over the hundreds of proposals that will likely be sent the moment you post your RFP, so it’s important to ensure the essential elements are including in the request. There are certain goals your RFP should aspire to, including introducing yourself and your property, outlining the scope of services you’ll be looking for a property management services company to provide, a potential budget range, and finally, the information required in the proposal and a timeline for submission. This should cover all bases and get you the requisite details about the company issuing the proposal.
For your part, you need to be thorough in explaining what the RFP is for. When describing the property you want managed, you should include the number of buildings, the type of building (apartment, condo?), current occupancy (number of tenants), and details like age of the building, location, maintenance history, and any current contracts related to the ongoing operation of the building. This will help the property management Toronto company ensure they put the necessary details into their proposal. For the scope of responsibilities, you’ll need to include detail the responsibilities and duties around things like tenant acquisition, lease out services, lease preparation, rent collection, maintenance, contracting services, waste collection, accounting, and administration. Cost of services will vary based on whether you want a la carte service or are hiring property management services Toronto to handle all aspects of your property.
Budget allocation will be important for the company responding to your RFP. Whether you include a budget it up to you; you don’t want property management services that lowball to secure the contract then hit you up later for additional fees. Clarity and transparency are the best ways to avoid issues later. Another important aspect of your initial RFP should be outlining how the responses will be judged. Will it be best price or the company with the most related experience in the areas of property management you’re looking for. Also, set a firm date for companies to respond so you’re not dealing with late submissions.
Hire Ashbridges Property Management for Complete Property Services
Ashbridges Property Management in the Beaches area is a full-service property management company servicing the GTA and beyond. We can help you with all your property management needs.