Question 1

What is Property Rental & Management all about?

Accepted Answer

Property Management consists essentially of the care and maintenance of a real estate property via a third-party company. Duties include leasing and renting, finding prospective A+ tenants, rent collection, property assessments, and the coordination of upkeep of individual properties. Property Management can involve several different criteria including both residential and commercial rentals, as well as short and long-term lease agreements, and more.

Question 2

What is the Landlord and Tenant Board (LTB)?

Accepted Answer

The Landlord and Tenant Board of Ontario, commonly known as the LTB, is where tenants and landlords can go to resolve disputes. The LTB bases their rulings  on the Residential Tenancies Act of Ontario. The LTB will handle things such as mediation between parties, eviction orders, and enforcement of payment plans.

Question 3

What is our role as a Property Manager?

Accepted Answer

Property Managers offer services that help make life easier for property owners by taking away much of the day-to-day routine and dealing with tenants. This is especially beneficial for those who own multiple properties, as it allows the Property Manager to handle cost mitigation, work within established local laws, and foster a sense of trust between landlord and tenant.

Question 4

What is the difference between a Realtor (Real Estate Agent) and a Property Manager?

Accepted Answer

A Realtor or Real Estate agent focuses primarily on the buying and selling process of a property, whereas a Property Manager deals with property maintenance and the managing of the tenant relationship. A Property Manager makes sure that the relationship between landlord and tenant is good while taking care of the needs of the property itself. Once a tenant leaves, a Property Manager can assist in finding another tenant to fill the vacancy to ensure that your rental income is consistent without any interruption.
 
We do not engage in buy and sell of real estate as we are not a realty. If you need a realtor, we can refer you to one of our many partners.

Question 5

What information can I access with my owner portal?

Accepted Answer

Have conversations with your property manager
View monthly statements
Get copies of invoices
Find real time work order information
View and download lease agreement and property management agreements
Update your account information

Question 6

How do I gain access to my owner portal or reset my password?

Accepted Answer

Click here to access your owner portal. The user name is the email address that you provided to us when we set up your account. If you need to reset your password or need additional help please contact our office or click here to watch our owner portal tutorial

Question 7

When do you disburse payments to landlords?

Accepted Answer

All owner draws are direct deposited into your account for your convenience. Rent is due on the 1st or 15th and late by the 5th or 20th respectively. E-payment for rental payments collected during this time are initiated on the 10th and it takes 3-5 business days to show up in your account. Epayments for rental payments collected after the 10th are initiated on the 20th and it take 3-5 business day to show up in your account. A detailed monthly statement with income and expenses can be accessed using your customized owner portal, which allows for 24-7 access.

Question 8

Where do you advertise my property?

Accepted Answer

We advertise our properties on over 20 websites including our website and more. We also work with referrals, and put up signage to advertise available properties.

Question 9

Do you screen potential renters?

Accepted Answer

Absolutely! We screen every tenant based on the following criteria:

1) Criminal - Applicants with a violent criminal background or recent drug offenses will be automatically declined.
2) Credit - We run a credit screening for your application. In general, we like to see a score of at least 600. Items on your credit that can potentially affect the outcome of your application are:
Landlord Collections
Landlord Evictions
Outstanding Collections
Repossessions
Recent Delinquencies
Open Bankruptcies
3) Income - Combined gross household income must total 3 times the rent.
4) Evictions – Recent landlord eviction filings within the last 3 years.
5) Landlord reference for their last rental property

Question 10

What type of insurance do I need for my rental property?

Accepted Answer

Please contact your insurance agent and ask for a rental dwelling policy that includes liability coverage of at least $300,000. There are differences between a regular homeowners policy and a rental dwelling policy and your agent can explain the difference. There is little cost difference between the two and it is often times less expensive.

Question 11

Can I list my property for sale and for rent at the same time?

Accepted Answer

You can have a dual listing where the property is listed with a real estate agent for sale and our firm for rent at the same time. There is not an early termination if the property is sold before the property can be rented.

Question 12

On average, how long does it take to find the right tenant for my property?

Accepted Answer

In general, it takes about 15 business days to find a suitable tenant. It is important, however, to bear in mind that the rental timeline varies from property-to-property and depends on factors such as time of year and listing price. It is also important to remember that finding a tenant is easy, while finding the right tenant can sometimes take a bit more time.

Question 13

Can I accept or reject tenants that you choose for me?

Accepted Answer

Once we believe we have found a good applicant, we will send you an e-mail with a summary of the applicant’s information. We will not move ahead with placing a tenant without your approval. However, it is important to bear in mind the laws and guidelines surrounding when it is okay for a landlord to reject a tenant applicant – there are only a small number of reasons for which it is okay to say “no” to an applicant. For more information about this subject, please visit: http://www.ohrc.on.ca/en/human-rights-and-rental-housing-ontario-background-paper

Question 14

How much can I rent my property for? Who decides the listing price?

Accepted Answer

To determine your property’s rental value, our Leasing Department will look at comparable listings and take into consideration factors such as size, location, area, amenities, upgrades, and current market trends in order to determine how much your unit can be leased for. Our goal is always to maximize your profit while attracting the best possible tenants. Once the research is complete, our Leasing Department will make a recommendation to you for final approval with a market analysis.

Question 15

What if the tenant pays the rent late or does not pay rent at all?

Accepted Answer

In all cases, we carefully abide by the processes outlined by the Province of Ontario. Starting from our thorough financial screening and careful selection of your tenants, we do everything within our power to help ensure that your tenants will pay their rent in full and on time. Our Accounting Department keeps careful track of tenant payments. Should your rent not be received within the first few days of when the rent was agreed upon in the lease agreement, we will take immediate action. In all cases where rent is not paid within the first few days of the when the rent was agreed upon in the lease agreement (unless the owner says otherwise), we will issue a form N4. This form compels tenants to pay their rent within a set period of time and allows for escalation if the rent is not received. If ever a tenant does not comply with a request to pay their rent, we will reach out to you to confirm whether you wish to proceed with escalation. If you give your consent, we will enlist the assistance of a licensed legal representatives to take this matter before the Landlord Tenant Board.

Question 16

How do I know if my property is rental ready?

Accepted Answer

We have a rental ready checklist for all our owners to review when considering renting out their properties. Your property is rental ready once all repairs/maintenance has been completed on the property. This translates  to all items are working properly and there are no damages in the home and your annual items such as furnace cleaned etc.

Question 17

What happens if we have to evict a tenant?

Accepted Answer

Evictions can be stressful for all parties involved, however we are here to help make the process as easy and stress-free as possible. If our team is unable to get a hold of the tenant for late payment to make payment plans approved by the owner, a 14 day notices gets posted on the door. Should additional steps be required such as notice of entry, or court scheduling date. We will be here to help guide you through that process.

Frequently Asked Questions

What is Property Rental & Management all about?

What is the Landlord and Tenant Board (LTB)?

What is our role as a Property Manager?

What is the difference between a Realtor (Real Estate Agent) and a Property Manager?

What information can I access with my owner portal?

How do I gain access to my owner portal or reset my password?

When do you disburse payments to landlords?

Where do you advertise my property?

Do you screen potential renters?

What type of insurance do I need for my rental property?

Can I list my property for sale and for rent at the same time?

On average, how long does it take to find the right tenant for my property?

Can I accept or reject tenants that you choose for me?

How much can I rent my property for? Who decides the listing price?

What if the tenant pays the rent late or does not pay rent at all?

How do I know if my property is rental ready?

What happens if we have to evict a tenant?

GET IN TOUCH

Frequently Asked Questions

What is Property Rental &amp; Management all about?

What is the Landlord and Tenant Board (LTB)?

What is our role as a Property Manager?

What is the difference between a Realtor (Real Estate Agent) and a Property Manager?

What information can I access with my owner portal?

How do I gain access to my owner portal or reset my password?

When do you disburse payments to landlords?

Where do you advertise my property?

Do you screen potential renters?

What type of insurance do I need for my rental property?

Can I list my property for sale and for rent at the same time?

On average, how long does it take to find the right tenant for my property?

Can I accept or reject tenants that you choose for me?

How much can I rent my property for? Who decides the listing price?

What if the tenant pays the rent late or does not pay rent at all?

How do I know if my property is rental ready?

What happens if we have to evict a tenant?

GET IN TOUCH

What is Property Rental & Management all about?