If you have a group of condo units or buildings, it is essential to have professionals onside to manage the legalities and technical operations of your investment. Do it yourself management typically leads to wasted time and money and unresolved problems.
The two most important professional firms you need to have onboard are a condominium law firm and a professional property manager. The first will take care of your condo corporation, dispute resolution, and legal documents while the latter handles the mechanics of running your rental units.
There are handful of critical traits that apply to both types of firms. It’s good to start with successful firms who have a trustworthy group of managers or lawyers whose reputation and background can be verified.
One of the most common red flags for a bad property partner is that they are not communicative. Imagine a property manager that cannot be reached during an emergency or a condominium lawyer who misses a court date. Not being able to reach your management partners can lead to issues of liability and incompetence. You want to know that you can get in touch with them at a moment’s notice if necessary.
Knowledge of Building Codes and Housing Laws
Obviously, a residential lawyer or a successful property manager needs to be very familiar with the building codes and housing laws of the city of Toronto and the province of Ontario. It is a good idea to ask a prospective partner several questions about condominium special assessments that often apply to your buildings. Landlord and tenant bureau knowledge and related expertise is another critical area that you should ask about beforehand.
Connections with vendors that provide maintenance are very important in all aspects of overseeing a condo. A property management company that has connections with tradespeople, suppliers, and other vendors will be able to get better prices on high-quality work.
On the legal side, you will want a condominium lawyer Toronto based that has a solid network on both sides of landlord and tenant law. Look for a firm that has collectively logged thousands of court hours over numerous years—they will have professional insight into everyone from judges to property clerks.
Finally, in managing your investment you want to work with partners that have shown they can be successful. If they have operated for a long time, you know that they have seen every situation imaginable and know how to react to it. Don’t be afraid to ask for references and testimonials. An established company will help you have additional peace of mind.
To start with an excellent condo lawyer Toronto real estate investors often turn to, call LDDC Lawyers today. They have wide experience dealing with a variety of different property management cases and many connections throughout the landlord legal network. They will help you set-up your corporation, and stay with you through all of the legal challenges of owning a condominiums.