Property Management :
Let us field the phone calls on a Saturday night during the Leaf game or at 10am on a Wednesday during your important conference call. Let us answer the question. Let us use our trusted contractor list to get that furnace fixed in the middle of a deep freeze. Let us fix the downspout, the uneven walkway, the broken window. Let us arrange for the lawn to be cut and the snow to be ploughed and the flowers to be planted. Let us pay the tenant deposit interest, compile tenant tax receipts and collect the rents.
Imagine the time you’ll claim back in your life! Most importantly, let us deal with the tenants and their issues. First, see our home page to ensure you agree with our philosophy. Once you know that we are on the same page, here’s how it works..
Radar Property Management Inc. is paid a nominal monthly fee. Fees are based on the type of dwelling and number of units. For this fee:
- We answer tenant’s calls 24/7 and 365 days a year.
- We collect the rents, monitor any NSF cheques and complete the necessary Residential Tenancies Act (RTA) paperwork to document these late payments.
- We track your rent increases and issue the required RTA notification 90 days prior.
- We deliver required deposit interest cheques yearly to tenants on your behalf.
- We perform annual battery replacements in smoke alarms and test hardwired models. We obtain a tenant signature on the required fire maintenance form.
- We provide you with a detailed monthly statement and all of the receipts for any minor materials purchased on your behalf. Oh, and our fees may also be a deduction! Consult with your tax professional.
- We deduct any invoicing from the rents collected and deposit the rest of your money directly into your bank account or mail you a cheque.
Radar Property Management Inc. has a proven, reliable database of contractors and service providers who are committed to giving exceptional service for a fair price. Radar Property Management Inc. charges a flat rate based on a percentage of the total cost of the job. On smaller jobs, we charge by the hour. Your approval in writing will be obtained before any large job commences. For smaller jobs, we charge by the hour.
Our Property Management Rates as of April 1, 2011 are as follows (and are subject to change without notice). Note: properties may be subject to a fuel surcharge if they are out of our general service area:
- Single Family Dwelling: $64.00 per month
- Multi-unit Residential
- 2 - 5 Units: $44.00 per unit/month
- 6 – 20 Units: $39.00 per unit/month
- Commercial Buildings: individually assessed
Property Management and Tenant Recruitment go hand in hand. As you saw on our home/philosophy page, we use the 99% - 1% rule and focus the majority of our energy on your greatest asset – the tenant.
What do we do that is so special?
Radar Property Management Inc. assesses your unit, makes recommendations based on your objectives and advertises the unit for you on our website, through other proven sites and in target market newspapers and other print ads as we deem necessary. All calls are returned promptly and the crucial initial screening begins.
Radar Property Management Inc. schedules showings with those who pass our initial screening and they are met by a company representative to show the property. It is at this time that they are “interviewed” for the “job” as “your tenant”. All current tenants are given notice of each showing per the Residential Tenancies Act.
Radar Property Management Inc. provides a thorough rental & credit application and, once received completed, each successful candidate is thoroughly reference checked including previous landlords, employers and personal references. A credit check is also conducted for each applicant and discussed with the prospective tenant if clarification is needed.
Radar Property Management Inc. provides tenants with a comprehensive one year lease based on the current Residential Tenancies Act, the last month deposit is collected in advance, first month’s rent is collected prior to move-in and, in cases where we also manage the property, a thorough move-in inspection and smoke alarm acknowledgement is completed with the tenant. We provide the tenant with a copy of all documentation and keep the originals in our files. Tenants are given the required RTA issued "Information for New Tenants".
It is all done for you – you needn’t lift a finger. In general, we charge one month’s rent for our Tenant Recruitment services – and it’s worth every penny. To summarize, the inclusions in our Tenant Recruitment Service fee are as follows:
- Assessment of the unit and recommendations on the improvements and/or repairs
- Market comparison to assess appropriate rental rate for your unit
- Advertising on our website and on other sites and in newspapers as we deem necessary
- All showings of the unit, all attended by a company representative
- A credit check via Equifax or TransUnion. We also check the applicant through a new national tenant rating system
- All reference checks including professional, personal and former landlords.
- Drawing up of Rental Agreement and any appropriate attached schedules
- Collecting first and last month’s rent
- Rental Agreement signing (we also send the document in advance for review in case of questions)
- Utility switch confirmation where necessary
- Contents and liability insurance coverage proof obtained or a waiver is signed refusing coverage
- A thorough move-in inspection for unit condition
- Smoke alarm acknowledgement form completed and, where necessary, batteries provided. We also note fire extinguishers and carbon monoxide detectors
- Unit keys are cut with our compliments for the new tenants
- Required RTA form issued to new tenants with signed acknowledgement
- Copy of Rental Agreement, move-in inspection and a welcome letter with contact info and instructions provided for the new tenant.
Give us a call and take the stress out of wondering if the most important aspect of your investment is really working for you.
There are some property owners out there who heard that it was a great idea to put your money in the Real Estate Market. It all sounds so easy… find a property, buy it, fill it with wonderful tenants who pay on time and want to stay there forever and keep it looking beautiful for you, and sit back and watch your bank account grow. If you have been a landlord for longer than a month, you know that this is not how it works.
If you are considering purchasing your first unit or you would like some advice on where to grow from here, Radar Property Management Inc. can help you. Our consulting services range from phone conversations, to face-to-face financial straight-talk, to surveying potential properties with you to point out the realities as they relate to tenants and viability* before you buy.
*Note that we are not home inspectors. Our perceptions of the conditions in rental units come from our experiences with our own investment purchases and years of observing rental properties. Opinions offered are just that and are simply advice. We always recommend a professional inspection prior to the purchase of any investment or personal property.