Property Management
LP Inc. is a property management company that provides management services for real estate investors who prefer to be hands-off. LP Inc. operates in the K-W area; Kitchener, Cambridge, and Waterloo. Services range from tenant selection, accounts receivable, accounts payable, maintenance, and capital improvement supervision.
Services
Property evaluation
- Prepare documentation and photos of the interior and exterior of the property
- Recommend improvement options that could attract and retain renters, therefore; maximizing rental rate and increasing profitability
- Analyze and compare competition rates to determine the optimal rental rate
- Identify and discuss the pros and cons of pets, children and smoking
- Analyze the location and property type to determine the target renter
Advertise and show the property
- Ensure unit or property is move-in ready
- Ensure landscape and exterior are maintained to increase curb appeal
- Create and develop an advertisement appropriate for the property to attract and retain suitable tenants
- Properly publish advertisements to attract target tenants;
- Rental listing websites, yard signs, print publications, and collaborations with relocation agencies
- Show unit to prospective tenants
- Effectively screen prospective tenants to determine suitable applicants
- Complete the rental application and gather the required documents
Tenant screening and selection
- Conduct background (via references), income (T4 or pay stub), and credit history checks
- Perform affordability analysis based on prospective tenant income and expenses (credit report)
- Rank prospective tenants according to pre-defined criteria
- Collect last month’s rent and deposit it directly into the property owner’s account
Tenant move-in
- Complete lease agreement and move-in inspection
- Verify utilities and other services have been transferred under the new tenant’s name
- Collect the first month’s rent
- Manage move-in and coordinate with the new and outgoing tenants
- Ensure lease agreements are upheld by tenants and landlords
Rent collection
- Collect monthly rental payments
- Deposit rent payments directly into the landlord’s bank account
- Recommend rent increase when necessary
Eviction
- Prepare and deliver appropriate eviction notices when appropriate
- Work with a legal representative or attorney to facilitate eviction or mediation
- If necessary, coordinate with law enforcement to remove the tenant from the rental property
Legal
- Refer owner to a qualified attorney when necessary
- Abide by the latest municipal, provincial and federal legislation relating to rental property management
- Ensure tenants adhere to the rental agreement and take necessary steps to enforce the regulation
Inspections
- Perform periodic interior and exterior inspections on a predefined schedule looking for repair needs, safety hazards, code violations, and lease violations
- Report property condition and status to the owner
Accounts Payable
- Work in coordination with the owner on accounts payable matters relating to invoices sent to the Property Manager
- Scan and forward all invoices to the owner for payment
Financial
- Detailed documentation of expenses via invoices and receipts
- Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
- Provide annual reporting, structured for tax purposes
- Provide recommendations on relevant tax deductions related to rental property
Maintenance, repairs, and renovations
- Establish a preventative maintenance policy to identify and rectify potential issues.
- On-call 24/7
- Provide a network of licensed, bonded, and fully insured contractors
- Assign jobs to different parties (handyman and professional contractors) based on the license, compliance, price, and quality
- Supervise landscaping, snow removal, and other operational services
- Supervise capital work as needed
Tenant move-out
- Conduct move-out inspection
- If necessary, negotiate with the tenant to repair willful or neglectful damages
- If necessary, ensure last month’s deposit is returned to the tenant
- Ensure the unit is renovated and ready for showing and re-renting
Reporting
- Monthly activity report to property owners
- Interior and exterior inspection report to owners
- Send the move-in and move-out inspection report
- Communicate any extraordinary event or activity that occurs on the property
Benefits
Better tenant quality
LP Inc. provides a thorough screening process that results in reliable
tenants who are:
- Accountable
- Stay in the unit longer
- Respect and take care of the property
- Generally, cause fewer problems
Fewer costly and time-consuming legal problems
LP Inc. is armed with the knowledge of the latest landlord-tenant laws and
will ensure that you are not leaving yourself vulnerable. Some areas include
but are not limited to:
Tenant screening
- Safety and property conditions of the property
- Evictions, termination, and notices
- Inspections
- Lease addendum
- Handling security deposits
- Rent collection
Shorter vacancy cycles
- Improve and prepare the property for rent
- Determine the optimal rental rate
- Effectively market rental property
- Collaborate with local area relocation specialists and real estate agents
Effective rent collection
- Rent is collected on time
- The eviction process is initiated as soon as possible to reduce financial loss
Lower maintenance costs
- Effective management and tenant screening lead to better tenant selection and protection of rental property
- Bulk service order with contractors, therefore; commanding a lower service rate
Increase investment value
- Better tenants lead to better financial performance which results in increased property value
- Increased profitability leads to increased valuation
- Effective management leads to better property upkeep and therefore higher property value