Property Management Services

Many potential investors fail to purchase an investment property because they convince themselves that they will constantly have to deal with tenant complaints and problems. They end up talking themselves out of a great opportunity by creating false barriers as to why it just won't work.

The truth is that owning investment real estate can be very rewarding and extremely profitable. But, as expected, it can also be troublesome and costly if not properly managed.

If you go through a lot of hammers each month, I don't think it necessarily means you're a hard worker. It may just mean that you have a lot to learn about proper hammer maintenance.

- Jack Handy

Fortunately this problem is easily solved by selecting a property manager you can trust. And, in order to produce maximum rental return, hiring a property manager who'll handle your asset with care is a must.

It is also important to note that according to the Canada Revenue Agency the management fees are tax deductible and can be claimed as a business expense when calculating net rental income.

As a full service property management firm Cornerstone Select Properties will perform fundamental and critical tasks such as screening prospective tenants. Anyone who is interested in renting the unit or house will be screened using the following methods:

Proof of employment and income
Credit check
Confirm the tenant's references
Verify the length of time they stayed at their previous residence
Criminal background check (if requested)

In addition to professional tenant selection and screening we will also perform the following tasks:

Aggressive marketing
Unit inspections, supervising tenant ‘move-in/move-outs'
Initiating leases, lease renewals, terminations or evictions
Collection of rents
Eviction and recovery services
Tenant communications and resolving disputes
Maintenance and repair - 24-hour emergency services

When choosing Cornerstone Select Properties as your property management company we will also provide you, the property owner, with monthly reports to keep you informed. These reports will include an explanation of any significant expenses incurred, and comment on any problems being dealt with, including lease negotiations, market rental information, insurance matters, as well as assessment and property tax information.

Being a landlord is a legally, financially and emotionally complex undertaking, which requires a lot of time and effort to be successful. You also have to ask yourself what your time is worth and whether you have the time and will to market the property, screen and qualify tenants, move them in, tend to maintenance issues, collect rent, keep abreast of all Tenancy Act restrictions and regulations, provide eviction and recovery services, and handle accounting. When the tenancy ends you also have to move the tenant out, collect keys, restore the suite and begin the rental cycle again.

The end result is to make money instead of having the rental become a liability.