Essentially Property Management consists 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.
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.
A 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..
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.
The work involved in managing a property can be daunting, especially if one has responsibilities elsewhere. A Property Management company can help alleviate the workload by handling all the necessary day-to-day functions of running a successful property. This can yield greater ROI, a greater stress-free experience, and both time and room to invest in other properties and grow your portfolio. Opting for our management services coupled with our rental guarantee will ensure that you have a stress-free experience owning real estate.
Protocol and procedure are the two main benefits of working with a Property Management company when it comes to tenant leasing and renting agreements. A Landlord may not be savvy about details such as local laws, background checks and lease agreements. Conversely, a Property Management company understands the most up-to-date standards required for proper leasing and renting, and will work within all applicable guidelines so you can enjoy peace of mind.
There are three models that Property Management companies use when dealing with their clients.
RENT PERCENTAGE: This is a standard model that charges approximately 6% to 15% of rent for the management fee.
SET INCOME:
This model is typical when dealing with a short-term rental property. In this model, Property Management companies rent directly from the property owner for a fixed amount and then they sublet the property to generate a profit for themselves.
FLAT FEE: This model utilizes a standard set rate that is charged on a per-property/unit basis. These are calculated beforehand depending on the property and the number of units within the property.
Since Property Management companies deal with the ins and outs of leasing and renting properties, they are especially well suited to keep things running smoothly at all times. This leads to better landlord/tenant relations. Additionally, a Property Management company can correctly identify A+ tenants during the selection process while simultaneously marketing your property in the most attractive manner. Market research and knowledge of locational trends guarantees fair rent pricing as well. Finally, the ability to enjoy 24/7 support is a major advantage, especially for those with more than one property.
We are considered one of the most trustworthy and knowledgeable Property Management companies in Ontario and our reputation means everything to us. That means being transparent and honorable towards our clients without any hassles, surprise fees or hidden contract details. Our mission statement is to provide top-tier management services for each of your properties so that you can enjoy greater work/life balance, as well as the expansion of your investment portfolio.
Our research will help guide you through the process of determining fair market rental rates depending on your property and location. This fluctuates over time, but it’s our job to keep on top of any and all trends to attract the right tenants and get it leased as quickly as possible..
We utilize several channels to market properties, including (but not limited to) social media, high traffic websites and multiple-listing service (MLS) methods to guarantee that all prospective tenants have an opportunity to find your property. Our marketing system will ensure that you get the maximum marketing exposure for your property.
Our tenant selection process has been streamlined over the course of many years and molded into a reliable framework by which we can narrow down applicants and short-list the best ones for a particular property. Every single tenant is subject to a rigorous screening process where we verify who they are, their employment, and their income. We also do a number of direct credit checks with various credit and tenant bureaus. This gives us a complete picture of the prospective tenant and allows us to assist landlords in making an informed decision.
No process is one hundred percent foolproof, and sometimes bad tenants manage to slip through, while previously excellent tenants may suddenly and inexplicably develop bad habits. We have a failsafe mechanism in place in the form of a strong legal team who understands local laws and will act upon them accordingly. If your tenant is covered by our rental guarantee, we will handle the eviction process at no charge to you.
Both maintenance and inspection are especially important when dealing with properties, and our services go a cut above the rest. Our team is available to assist you 24/7-365 and our online platform makes it really simple for you or your tenant to submit a work order. Our maintenance services include everything from cleaners and plumbers, to contractors and painters. We will handle the duty of issuing a 24-hour notice of entry to your tenant in order to fix any maintenance issue required.
We also provide on-demand property assessments. Whether you just want a simple walk-through or a detailed assessment with photos and a report, we will take care of it for you.
The easiest way to know if your investment is delivering ROI is with regular financial reports. We supply accurate and clear data designed for easy record keeping and tabulation. Any confusion regarding any facet of a financial report can be cleared up simply by contacting us.
You will be emailed a monthly income statement detailing your income and expenses. All of our clients are paid via direct deposit with certified funds so that there is no hold on the funds. All we need is a void cheque to any Canadian bank and we will take care of the rest.
While we do not handle the actual transactions, we do offer consulting services to clients on where to buy and what type of property to buy. We will analyze multiple regions and neighborhoods to determine which properties are ripe for investment and which should be avoided. Our vast experience in the field of property management within Ontario allows us to guide you to the property that meets your specific needs and requirements.
Royal York Property Management does not engage in buying and selling real estate as we are not a realty. If you do not have a realtor, we can recommend you to one of our partners.
It is the landlord’s responsibility to provide smoke detectors for the rental unit which must be located on every level of the home and a minimum of a 2A portable fire extinguisher must also be provided.
Tenants are not permitted to tamper with the smoke detectors, contact your municipal fire inspector to report this situation. If the tenant has contravened the Ontario Fire Code, the local fire department can issue a ticket.
We suggest you inquire about this issue with your insurance company as the Residential Tenancies Act does not include any specific provisions about this situation.
According to the Residential Tenancies Act, it is not unlawful for a tenant to take in a roommate to help pay for the rent. The landlord cannot stop a tenant from doing this. If you were to go through the eviction process at the Landlord and Tenant Board and obtain an eviction order against your […]
Tenants are entitled to receive receipts for rent regardless of the method of rent payment and the landlord must provide them.
In order to change this arrangement, the tenant has to agree before you can cease to include hydro in the rent and reduce the rent accordingly. If the tenant does not want to change this arrangement, there is nothing you can do until the tenancy ends and the tenant moves out. At that time, you can set a new rent amount and have the new tenant set up their own account with the utility company and pay for her own usage directly.
It is your legal right to serve your tenant with a notice of nonpayment of rent using Form N4. The notice informs the tenant that she must pay the outstanding rent by the termination date which is fourteen days without counting the date of service. If she pays within that time, the notice becomes null and void. If she does not pay accordingly, you need to file the notice with the Landlord and Tenant Board and continue with the eviction process. The Form N4 can be obtained from the Landlord and Tenant Board’s website at https://tribunalsontario.ca/ltb/forms/#landlord-forms.
Since this is a weekly tenancy, you are required to give the tenants seven days’ notice to pay the outstanding rent in the N4 notice. If the tenants do not pay the rent within that period of time, you can file an application with the Landlord and Tenant Board for an eviction order after the seven days have elapsed and proceed accordingly.
The law does not have any specific rules on where rental payments should be made. It is then up to the landlord and the tenant to decide what method of payment is convenient for both parties.
If the tenant only gave you verbal notice to move out, you and the tenant should sign an N11 form confirming that she is moving out. You can find the form on the Landlord and Tenant Board’s website at https://tribunalsontario.ca/ltb/forms/#landlord-forms.
There is not a standard form that your tenant can sign stating the amount owed, so you could create your own agreement and have the tenant sign it. As of September 1, 2021, landlords can file an application for arrears of rent with the LTB within one year from the date the tenant moved out of the rental unit. The tenant must have moved out of the rental unit on or after September 1, 2021.
Pre-authorized deposits can be used as a method of payment as long as the tenant agrees to pay in this manner. Section 108 of the Act says “Neither a landlord nor a tenancy agreement shall require a tenant or prospective tenant to, (a) provide post-dated cheques or other negotiable instruments for payment of rent; or (b) permit automatic debiting of the tenant’s or prospective tenant’s account at a financial institution, automatic charging of a credit card or any other form of automatic payment for the payment of rent.
If a tenant does not give proper notice to vacate the rental unit, the landlord has an obligation to mitigate his losses and try to re-rent the unit as soon as possible. Pertaining to the last month’s rent, there have been decisions from the Landlord and Tenant Board in which they have ordered the landlord to return the last month’s rent deposit to the tenant and then have the landlord claim for the loss of rent in the Small Claims Court. These decisions were made based on the wording of the Act which states that the last month’s rent deposit shall be applied to the last month of the tenancy.
The Regulations of the Residential Tenancies Act set out different rules when providing discounted rents while protecting the lawful rent. You can review these rules under Regulations 516/06 sections 10 and 11 at https://www.ontario.ca/laws/regulation/060516. Further, you can review Part G entitled Rent Discounts from the Standard Form of Lease which discusses the legal ways of giving a rent discount. To review the Standard Lease, visit http://www.forms.ssb.gov.on.ca/mbs/ssb/forms/ssbforms.nsf/FormDetail?OpenForm&ACT=RDR&TAB=PROFILE&SRCH=&ENV=WWE&TIT=2229E&NO=047-2229E
The interest rate on the last month’s rent deposit is the same rate as the rent increase guideline. However, interest on the last month’s rent is paid annually and according to the rent increase guideline of the year in question. Based on this scenario, you owe the interest on the last month’s rent deposit for two years. Assuming the tenant moved in March 2016, you would pay the interest for the first year in March 2017 according to the rent increase guideline of 2017. You would then pay the interest for the second year in March 2018 according to the rent increase of 2018. You can find the interest rates for the past few years on our website at https://www.landlordselfhelp.com/RentIncreaseGuideline.htm or at https://www.ontario.ca/page/rent-increase-guideline.
It is fairly common for a tenant to split the costs of renting by bringing in a permanent guest, or “undertenant”. The Residential Tenancies Act includes no remedy for a landlord in such cases, because it does not consider it to be unlawful. A landlord can neither raise the rent to reflect the additional utility use and wear and tear on the rental unit, nor prevent the tenant from having the roommate, as long as local municipal bylaws on occupancy standards are respected.
If the tenant is evicted and does not pay the rent owing according to an LTB Order and you know where she is employed, you can file garnishment documents with the Small Claims Court to garnish her wages. For more information on the garnishment process, visit https://www.attorneygeneral.jus.gov.on.ca/english/courts/scc/
Landlords are able to collect an amount owing based on an LTB order by filing the garnishment document with the Small Claims Court against the employer of the tenant or against a bank branch where the tenant has an active account. If the tenant is not employed but receiving social assistance from the government or a pension, you are not able to garnish this money. Another option is to engage the services of a collection agency. Contact the collection agency directly in order to learn more about their collection process.
A previous tenant has recently contacted me asking for rent receipts. Am I required to provide them?
You cannot refuse to give rent receipts to a former tenant. The landlord must provide rent receipts if the former tenant requests them within 12 months after the tenancy has ended. It is considered an offence under the Residential Tenancies Act for a landlord to refuse to provide a former tenant with rent receipts.
Under section 14 of the Residential Tenancies Act, tenants are permitted to have pets regardless of any “no pet” clause in a lease agreement. Section 14 says: “A provision in a tenancy agreement prohibiting the presence of animals in or about the residential complex is void.” This is provided that the pet is not causing damages, disturbances, allergic reactions to other tenants or is of a breed that is deemed to be inherently dangerous.
Under the Residential Tenancies Act, you can serve your tenant with an N5 because of the presence of a pet that is of an inherently dangerous breed and follow this process accordingly. As per the Dog Owners’ Liability Act, pit bulls and other dogs bearing pit bull characteristics have been identified as an inherently dangerous breed.
The Residential Tenancies Act permits tenants to have pets regardless of any “no pet” clause in the tenancy agreement provided that the pet is not causing damages, disturbances, allergic reactions to other tenants or is of a breed that is deemed to be inherently dangerous. However, if the condo bylaws prohibit the presence of pets and the condo management has sent reminder letters to the landlord, the landlord can serve the N5 form to end the tenancy because the tenant has violated the condo bylaws.
In Ontario, cities have the authority to regulate short-term rentals. In Toronto, such rentals must be registered, be the host's primary residence, and adhere to housing eligibility. A 6% Municipal Accommodation Tax must be collected by operators. Ottawa requires proof of primary residence, insurance, and a unit floor plan for registration. Hosts need a minimum of a million-dollar liability insurance policy. Royal York Property Management assists property owners in complying with these regulations, ensuring legal and operational standards are met.
The RTA is a comprehensive set of laws that dictate the relationship between landlords and tenants in Ontario. It outlines the rights and responsibilities of both parties and sets the legal framework for residential tenancy agreements.
Property management involves the care and maintenance of a property. This includes leasing, marketing, maintenance, finding prospective tenants, rent collection, property assessments, and coordinating the upkeep of individual properties, which can range from residential to commercial and vacation rentals.
Yes, landlords in Ontario are responsible for maintaining the property in a good state of repair, compliant with health, safety, housing, and maintenance standards.
Before signing a lease, ensure you understand the terms, including rent amount, lease duration, rules about pets or modifications, and responsibilities for repairs and maintenance.
Rent increases in Ontario are regulated by the government. The annual rent increase guideline is set each year and landlords must provide 90 days' notice before raising the rent.
In Ontario, landlords must comply with the Residential Tenancies Act. This includes providing a habitable living environment, respecting tenants' privacy, and not discriminating against potential renters.
Yes, property insurance is essential for landlords, and Royal York Property Management can guide you in obtaining the right coverage. Insurance protects your property and liability in case of accidents or unforeseen events, providing peace of mind.
Landlords working with Royal York are responsible for maintaining the property in good condition. When maintenance requests arise, we coordinate repairs and ensure that tenant concerns are addressed promptly. Our proactive approach to maintenance preserves property value and tenant satisfaction.
Finding the right tenant is crucial, and Royal York Property Management specializes in this area. We employ rigorous tenant screening processes, including credit checks, background checks, income verification, and rental history reviews. With our expertise, we ensure that your property is occupied by responsible and reliable tenants, minimizing risks and maximizing returns.
A portfolio manager at Royal York Property Management takes on the responsibility of overseeing the day-to-day operations of your rental property. This includes handling maintenance requests, addressing tenant concerns, ensuring timely rent collection, and maintaining a positive tenant-landlord relationship. Our property managers are your dedicated partners in property success.
Pricing your rental property correctly is crucial for attracting tenants and maximizing your returns. Royal York Property Management takes into account various factors, including the property's location, condition, market demand, and local rental trends. Our expertise allows us to set competitive rental prices that benefit both you and your tenants.
At Royal York Property Management, we have effective rent collection processes in place. In case of late payments, we follow established procedures to ensure that rent is collected promptly. Our goal is to protect your income and handle tenant financial matters efficiently.
Transitioning to Royal York Property Management is a seamless process. Simply notify your current management company and let us handle the rest. We'll work with you to ensure a smooth transition, and our experienced team will take care of all the details, making the switch hassle-free.
Mediation and open communication are key. Address issues promptly and professionally to maintain a positive tenant-landlord relationship.
Yes, you can allow pets. Consider a pet policy, security deposit, and regular property inspections to manage potential pet-related issues.
Upgrade insulation, use energy-efficient appliances, and consider smart thermostats to reduce utility costs and attract eco-conscious tenants.
Online payments improve rent collection efficiency, reduce late payments, and offer convenience to tech-savvy tenants.
Use high-quality photos, and detailed listings, and consider social media advertising to attract potential tenants.
Landlords must provide a habitable property, maintain safety standards, respect tenant privacy, and follow eviction laws when necessary.
In many cases, property management fees are tax-deductible as a business expense. Consult with a tax professional for specific guidance.
Respond to tenant requests promptly, maintain the property, and consider tenant incentives such as renewal discounts.
Ensure the property is clean and well-maintained. Address any outstanding maintenance issues before the inspection.
Enhance landscaping, paint the exterior, and maintain a well-kept appearance to attract tenants and maintain property value.
