Imagine an investment where you can pool the rental income with other owners, where you share some or all of the expenses. Rental Pools give you the option to combine a group of rentals into one financial portfolio that equally shares expenses and/or income. This type of investing helps ensure owners a monthly payment regardless of turnovers, market fluctuations or other unknowns. When you think of Magnum York think Rental Pool Management.
There are several benefits to being a part of a rental pool. Firstly, the management costs are usually 1% – 4% cheaper than single unit management. Our single unit management fees start at 10% of collected rent. Since all units of the rental pool are in the same location, there are shared sets of accounting records which make it easier for us to manage, and the savings are passed on to you as the owner! Other advantages include shared banking fees, administration charges, and the advertising of your property for rent.
Rental Pool Management Advantage
Much like our single unit management, the rental pool is a full-service management program. This means that you can have more time to focus on the important things in your life and leave all the day to day tasks that come along with being a landlord to us. “MY” Advantage working for you.
There are monthly fixed costs that the rental pool pays. These include condo fees (the rental pool pays these on behalf of the owner), resident manager pay (if applicable), and the management fees. There are variable costs as well, which include unit repairs, painting, appliance repair or replacement. The rental pool does not pay the mortgage, property taxes, or insurance premiums.
Pooling is the way to go!
If we are managing a rental pool in your complex, you are most often able to join at any time. To cooperate with an existing rental pool, your unit must meet standards for both upgrades and maintenance. Once inspected and approved all you need to do is sign the rental pool agreement. Your unit will officially join the rental pool once we rent it for the first time. Welcome to a better way to rent! Your management team is here to serve you all year round. Ask questions to your assigned Manager, Accountant, and Administrative Assistant.
Magnum York Property Management Ltd. has been around since 1992 and prides itself on consistent and effective management allowing our owners to have a fun and carefree lifestyle. We manage properties across Alberta including Fort McMurray, Edmonton, Red Deer, Olds, and Calgary. Magnum York is a licensed Brokerage through the Real Estate Council of Alberta, and we currently employ five licensed Property Managers.