Recently a renovator posing as a property manager has gone bankrupt. Because this company was not a legal property manager, all rents and security deposits are probably gone.
If you were one of the victims, it is critical that you file a written complaint with RECA at www.reca.ca.
These investors are also at risk of being sued by thier joint venture partners because as the real estate expert, what due diligence did you do before you hired the " Renovator-Property Manager"
5 Critical Questions to Ask Your NEW Property Manager
1. Mr Property Manager, are you licenced with RECA. Yes or No.
All Property Managers in Alberta must be licenced with the Real Estate Council of Alberta (RECA). All funds must be handled under "trust conditions". Strict handling and report requirements for all trust funds. Investors are protected by an industry Assurance Fund for up to $35,000 per client for cases of Fraud.
If Yes, go to www.reca.ca and check licence status. Check out your current property manager.
If No, DO NOT HIRE
Word of Caution, for a realtor to act as your property manager, he must have the written permission of the Company`s Broker to do so.
2. How Long have you been in Business?
There are many long term property management companies in Edmonton. The shorter time in business, the more check you must do.
3. What is your primary business? Real Estate Sales, Condominium management, or renovations?
4. How do you manage property?
Tenant selection, maintenance, accounting and reporting, how do you pay the procedes to the investors? When?
5. Referances from Investors with similar types of properties
Call and ask the hard questions.
In the Edmonton yellow pages, there are about 150 property mangers listed.
Do your homework!
Many Property Mangers restrict the number of properties that they handle.
Property Management Companies in Edmonton who do or have done single family units. This list is not complete. Please add to the list.
Bermont Realty, St Albert
Bella Management
Davies Management ( waiting list,so please don`t call)
Economy Mgt
Esquire Management
Inland Property Management
Kelly Management
Keywest Mgt
Kirkside Real Estate
Libertas Property Mgt
McCrea Mgt
Milligan Realty
Realty Canada Inc
Realty Corp
Oakwood Mgt Ft Sask, Ask for Don Grey
Redford Mgt
TRC Mgt, Spruce Grove
York West Asset Mgt
If you were one of the victims, it is critical that you file a written complaint with RECA at www.reca.ca.
These investors are also at risk of being sued by thier joint venture partners because as the real estate expert, what due diligence did you do before you hired the " Renovator-Property Manager"
5 Critical Questions to Ask Your NEW Property Manager
1. Mr Property Manager, are you licenced with RECA. Yes or No.
All Property Managers in Alberta must be licenced with the Real Estate Council of Alberta (RECA). All funds must be handled under "trust conditions". Strict handling and report requirements for all trust funds. Investors are protected by an industry Assurance Fund for up to $35,000 per client for cases of Fraud.
If Yes, go to www.reca.ca and check licence status. Check out your current property manager.
If No, DO NOT HIRE
Word of Caution, for a realtor to act as your property manager, he must have the written permission of the Company`s Broker to do so.
2. How Long have you been in Business?
There are many long term property management companies in Edmonton. The shorter time in business, the more check you must do.
3. What is your primary business? Real Estate Sales, Condominium management, or renovations?
4. How do you manage property?
Tenant selection, maintenance, accounting and reporting, how do you pay the procedes to the investors? When?
5. Referances from Investors with similar types of properties
Call and ask the hard questions.
In the Edmonton yellow pages, there are about 150 property mangers listed.
Do your homework!
Many Property Mangers restrict the number of properties that they handle.
Property Management Companies in Edmonton who do or have done single family units. This list is not complete. Please add to the list.
Bermont Realty, St Albert
Bella Management
Davies Management ( waiting list,so please don`t call)
Economy Mgt
Esquire Management
Inland Property Management
Kelly Management
Keywest Mgt
Kirkside Real Estate
Libertas Property Mgt
McCrea Mgt
Milligan Realty
Realty Canada Inc
Realty Corp
Oakwood Mgt Ft Sask, Ask for Don Grey
Redford Mgt
TRC Mgt, Spruce Grove
York West Asset Mgt
