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  • 22 Mar 2017
    Investing in commercial real estate can supply a lucrative revenue stream, but choosing the right property manager is crucial to your success. In order to draw the largest return from your investment, you will need to align yourself with a property manager who understands your investment goals and how you would like your property managed. Here are some tips to get you started: When it comes to finding a commercial property management company, Calgary, Edmonton, and investors throughout North America need to know where to start their search. There are some preliminary questions you should ask before you sit down to start talking seriously about how they would manage your property. This is what you need to find out, right from the start: are they licensed? what type of experience do they have, or which types of properties have they managed? how many years of experience do they have? are they willing to show you references from other clients? Really, if the answers they provide to any of the above questions don't seem satisfactory, or they aren't willing to show you references, move on. There are many property management teams to choose from. Next, you will want to ask them how, as the managers for your property, they would approach the following: setting monthly rents collecting rents from tenants performing maintenance on the properties and any necessary repairs performing property inspections attracting and keeping tenants screening tenants In addition to these questions, it's also important to find out about their management fees and the type of contract that they require for you to retain their services. If the fees are too high, they will cut into your return, and some contract terms may not make sense for your investment. Finally, it's well worth it if you take the time to meet with more than a couple of property management companies. Choosing the first company you meet gives you nothing to compare their services, contract or fees to, and there could be another property manager who's service offering or fees are more in line with your investment or business style. If you live in the Edmonton or Calgary area, a reputable company is Group Three Property Management Inc. They have several years of experience managing residential and commercial properties and a long list of satisfied clients to tell you about their positive experiences.
    115 Posted by Group Three
  • 08 May 2017
    Investing in real estate can be a worthwhile decision, but recouping the most money from your investment means knowing how to best manage the property. Often, when it comes to investing in commercial real estate in Edmonton, investors are employed in other areas and aren't able, nor do they have the experience, to manage their investments in the way that's required to draw real value. Are you currently looking into commercial property management in Edmonton? Investors should make note of the following tips for selecting the right company for the job. These are some of the tasks that any great property manager will be able and willing to do for you: Know Relevant Laws Concerning Real Estate A great property manager will be up to date in the latest laws concerning commercial real estate. They will ensure your property is compliant with all relevant laws. Be Aware of Competitors' Rental Rates A reputable property manager will also be in tune with what similar properties are charging for rent in your area, and will be willing to take steps to ensure you continue to charge competitive rental rates. Can Collect Rents for You Any company that's worth their weight will use a proven system to collect rents from your tenants and will be able to deposit them into your account. This is important, as tenants can sometimes be late to pay, which can affect your cash flow. Be Thorough When it Comes to Maintenance In order to recoup the most value from your investment, you need a property manager that is diligent about inspecting the property, addressing issues promptly and takes proactive measures to prevent the need for costly repairs in the future. Know How to Draw & Retain Occupants Whether they use proven marketing strategies or have a tried and tested approach that helps retain occupants, you need a manager that knows how to attract and keep tenants. After all, you need tenants to make money! Play a Role in Financial Management Trained and experienced property managers will also be able to provide input as far as the management of your property's finances go. It is well worth the fee you pay, when you find someone who knows how to properly manage finances and extract as much value as possible. If you live in the Edmonton area and are looking for an experienced property manager who's equipped with the knowledge and skills to help you realize your commercial property investment goals, look no further than Group Three Property Management.
    100 Posted by Group Three
  • 25 Aug 2017
    When you own property, it’s important to maintain it, enforce the property rules and perform regular inspections. This will keep your rentals in peak condition and ensure you’re renting to the best tenants possible. A good property manager can help you with this maintenance and inspection. Regular inspections have various benefits, including giving you an opportunity to learn about your property and tenants, uncovering unauthorized residents and uncovering major maintenance issues. What Should Your Maintenance Schedule Be? Your property manager should inspect your rental property on a regular basis, including: Before a tenant moves in After a tenant moves out Before a lease renewal Six months after renting to a new tenant The property should also be inspected whenever there’s a major concern or emergency repairs are needed. For example, if a tenant makes excessive maintenance requests or is abnormally late on rental payments. An inspection can uncover additional maintenance issues, deliberate sabotage or a change in the tenant’s financial situation. Inspections Are Learning Opportunities Inspections are learning opportunities for owners, managers and occupants. They can teach you more about certain aspects of your property, as well as how to care for them. Property managers can also get the inside track on common maintenance issues or neglected areas, and occupants can learn how to better maintain appliances and other major components of their rental. Additionally, the property manager can use inspections to gather feedback and provide maintenance instructions to employees and tenants. Uncover Unauthorized Tenants and/or ‘Squatters’ The best property management companies in Edmonton will set and enforce strict rules for occupancy, and perform routine inspections to uncover violations. Unauthorized roommates or occupants can be a major issue if you own multiple rentals and fail to follow a regular maintenance schedule. Regular inspections can also uncover pet policy violations. Inspections Can Uncover Major Maintenance Issues During every inspection, your property manager should take note of cleanliness and upkeep. How well your tenants maintain their rentals could reflect how well property management is performing. Maintenance of common areas, plumbing, heating and cooling appliances, major building structures (i.e. the roof) is also important and a reflection of management. Your property management expert should: Change air dirty filters Check for structural issues within the building Perform a visual inspection for mold, bug and rodent infestations Check for leaks, clogs and other plumbing issues Look out for blockages that could hinder air conditioner or furnace performance Inspect for damage or vandalism Give your property manager the room to fix every issue, as they have the knowledge and experience. Remember that any small issue can turn into a major one. If you're looking for reputable property management in Edmonton, look no further than Group Three Property Management!
    95 Posted by Group Three
  • 15 Nov 2017
    For real estate investors, property management is an essential component to maintaining their business, portfolio and rental properties. Surprisingly, however, many investors don’t understand the job of a property manager or what services they can and should provide. However, it’s important for the property owner and their tenants to understand the role of the property manager. But, understanding the job of a property manager begins with understanding the myths about their job. Below are four of these myths.   Hiring a Property Manager is Expensive:- Price is always a consideration, especially when you’re hiring a property manager. However, value of service is much more important than overall costs. The best condo property management companies Edmonton has to offer will negotiate their fees and services to ensure you receive the best value. Make sure the management firm you choose provides a property management team, marketing, maintenance, repair service, tenant screening, tenant management, payment management (e.g. rent collection)., access to vendors, marketing and handling of financial and legal matters (i.e. evictions).   The Condo’s Board Members Can’t Hire a Property Manager:- Condo boards are made up of volunteers, but this doesn’t mean they don’t have the expertise to hire and supervise a property management team. Remember that a condo board should be made up of members with real estate, rental property or management experience. Experienced members can help ensure your properties receive the best management and offer solutions to problems with tenants and more. Having an experienced property manager on your board will make it and your property management even stronger.   Managers Aren’t Involved in the Condo Communities They Manage:- Many people believe that condominium management is impersonal, but management firms like Group Three Property Management Inc. provide personal, specialized service to your tenants and your properties. For example, although they offer a management team, a single manager is assigned as a point of contact for you and your tenants. However, a team ensures that each property will receive personal service.   The Property Manager Controls the Apartment or Condo Community:- Property managers aren’t supreme overlords. They’re meant to support property owners and their rental communities. What many don’t realize is that property managers don’t manage the community. Essentially, condo communities are run by condo boards. The boards create and enforce the rules of the community. However, the manager can provide input to help increase the effectiveness of these rules and the board.   Equipped with the information you need about a property manager's role, you should be ready to make the best choice for your real estate investment.
    64 Posted by Group Three
Other 36 views May 17, 2018
Reasons You Shouldn’t Manage Your Investment Property Yourself

After purchasing an investment property, you’re likely looking for ways to maximize your profits. One idea you may have is to manage your property yourself instead of hiring a commercial property manager. This is never a good idea for several reasons.

1. You Have No Experience in Condominium Management

Managing an investment property is far more complex than it appears on the surface. You’ll need to deal with repairs and maintenance, collect the rent, and resolve an array of tenant complaints. All this calls for experience and know-how.

2. Managing an Investment Property Is a Job

Managing an investment property is at least a part-time job. In fact, if you have more than one unit, it is likely a full-time job. You’ll need to be available at any time to handle problems. If you’d rather not dedicate so much time to condominium management, you’re better off hiring a commercial property manager.

3. It’s Inconvenient

Managing your property is particularly problematic if you live far away, such as in a different city. Closeness to you should not be a factor when you’re choosing a property to purchase — but if you want to manage the property yourself, it will need to be. Furthermore, you’ll never be able to leave town, even for just a weekend, as emergencies can happen at any time.

4. There Are Regulations to Learn

When managing your investment property, you could break the law without knowing it. This could result in large fines or even a lawsuit. As regulations differ across provinces and markets, it is difficult to even learn the rules in the first place.

Should you hire a property manager who is familiar with the area, however, you’ll be receiving legal expertise. This will ensure that everything related to your property is in order. In the case that a minor legal problem crops up, your property manager’s firm will have the resources and knowledge to handle the situation quickly and effectively with minimal costs.

At the very least, hiring a property manager makes your life much easier. You are free to focus on your main business activities or whatever else matters in your life, knowing that someone is dedicated to the care of your property and will handle any situation at short notice. When you leave property management to the professionals, you maximize your income, avoid legal problems, and eliminate headaches that come from trying to manage your property alone.