Discover our mission and the extent of our 360° property management services
Check out our page Mission & services.
Home / About Us / Our Story
Property Management: The Challenges We Encountered and Why Bénoline Was Born
Bénoline's journey began with a simple observation: traditional property management too often left owners to fend for themselves when faced with recurring problems. From costly unforeseen events to missed opportunities, we experienced the frustrations associated with a lack of follow-up and involvement from property management agencies.
The Orgine of Bénoline
As real estate investors, we have collaborated with the largest property management companies over the past 15 years (for short, medium, and long-term rentals). While we encountered competent teams for reservations and tenant relations, essential tasks systematically fell back on us.
With one company, we had to manage the purchase of supplies ourselves (toilet paper, soap, etc.), without any follow-up on tenant feedback regarding missing or defective equipment. With another, exterior maintenance (snow removal, lawn mowing) was our responsibility, as was identifying and coordinating repairs, without ever receiving advice to optimize the profitability of our properties.
Real-life experience & impacts
Beyond the shortcomings in day-to-day management, we experienced several situations that impacted our income. Here is our top 3 with different agencies:
Unmanaged Maintenance Problem: In a cottage in Saint-Alexis-des-Monts, a water heater breakdown in the middle of winter was not handled effectively by the property management company, which had no on-site contact. Result: 2 days without hot water for the tenants, a partial refund of the stay of $550, a cancellation of the following stay with a loss of rental income of $900 (3 nights at $300/night), and emergency repair costs increased by $300, which we had to take care of (weekend intervention).
Lack of Follow-Up on Tenant Comments: A tenant in a +31-day rental reported a mold problem in the bathroom of one of our condos in Montreal. No action was taken, and we were not informed, which led to a worsening of the problem, a bad online review from the next tenant, affecting the reputation of the property and leading to a 15% drop in occupancy over the following two months, representing an estimated loss of income of $1,200 for the months of September and October.
Absence of Value-Added Advice: In a chalet in St-Émélie-de-l'Énergie, we were never advised on optimizing profitability, particularly in terms of layout. After coordinating the addition of a wall in a double living room ourselves to create a 3rd bedroom, we saw a 20% increase in occupancy and a rise of $50 to $100 per night, representing an additional income of $1,300 per month on average.
Observations: The Shortcomings Observed in Traditional Property Management
In summary, the real-life cases illustrate a major issue: after the initial visit, the teams in charge of our properties on a daily basis lacked involvement and did not really know the properties. Their management was often limited to booking and exchanges with tenants. These shortcomings resulted in several observations:
- Unforeseen additional costs, related to emergency interventions or poorly managed repairs.
- Significant revenue losses, due to reservation cancellations, a drop in occupancy or a lack of price optimization.
- Increased stress for us, as owners, faced with the need to manage problems that should have been taken care of by the management company.
It was by not finding a company that offers 360 services in the field of property management that we decided to create Bénoline! Click here to continue reading...
