Frequently Asked Questions about Property Management
By Power Properties
Welcome to Power Properties, Calgary’s 2022 Top Choice Property Management Company. As a property owner, you have many questions about the management of your property, and we are here to help. In this blog post, we will cover some of the most frequently asked questions about property management, including topics such as property management fees, maintenance, and tenant selection. Whether you are a new property owner or a seasoned veteran, this guide will provide you with the information you need to make informed decisions about your property. So, let's get started:
How much does Property Management cost?
Property management fees will vary based on the company you hire. As a baseline, you can expect to pay a monthly management fee equivalent to 5-15% of the rent. This can vary based on the type of services they provide, their other fees and the quality of their service. Power Properties believes in transparency, so we only have three fees.
Leasing Fee: $775
Property Management Fee (All-inclusive): 12%
Lease Renewal Fee: $237.50
2. How much can I rent my house or condo for in Calgary?
It is our job to ensure that you get maximum dollar for your property. Our team of licensed Property Mangers watch the market very closely.
Detached homes average $1.50 - $2.00 per square foot (above grade) depending on quality, location and size.
Condominiums average from $2.00 - $2.88 per square foot. $3.25 per square foot for locations downtown.
While these are guidelines, one of our licensed agents can provide a complimentary rental evaluation.
3. How long will it take to rent my property?
Depending on the economic climate in Calgary, most homes will rent in approximately six weeks if they are priced properly and are in good condition. By ensuring your home is well-priced and advertised, it should not sit empty for long.
4. What’s the best way to screen tenants?
You want responsible, respectful tenants in your home and so do we. Our tenants come from a broad range of backgrounds. Some are new to the city, some are former homeowners themselves and some are lifetime tenants. No matter who they are, all prospective tenants undergo the same rigorous screening process and are held to the same high standards.
We have a three-step, three-person screening process in which we check:
Employment and income verification (as a guideline, we like to see our tenant's income be three times the rental amount)
Previous tenancy verification and references
Credit report
5. How are repairs and maintenance handled?
Your dedicated Property Manager will oversee and coordinate all repairs for your property. We offer our tenants access to an online portal for submitting requests and a 24/7 emergency line. Our lease agreements contain a repair and maintenance schedule to ensure all parties are clearly aware of their obligations. Click here for more information
6. Do I need special insurance when I rent my property?
Yes, if you have a homeowner’s policy, it is not suitable for a rental property. You should look for rental property insurance that covers the following items:
Unlimited vacancy
Rental income
Tenant Vandalism
$4 million umbrella liability
Clients of Power Properties are automatically eligible to apply for our group insurance policy.
7. I already have a tenant, do I need a Property Manager?
Yes! If your property is already rented out, there are still many benefits to hiring a property manager. Such as rent collection, repair coordination and renewal negotiation.
Looking for a property management company in Calgary to manage your rental home? Contact Power Properties for more information on our Property Management Services.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
