Are you a tenant or investor looking to learn more about what goes on behind the scenes in property management? Look no further! We have compiled a list of our most frequently asked questions and provided our local perspective on the topics.
As a tenant, consider reading through the investor-related questions to gain knowledge from their perspective. As an investor, read through the tenant-related questions to understand their point-of-view. We can all benefit from learning something from each other.
**If you’re reading this from another province or country, the answers to each question may vary slightly. The answers in this blog are specific to the Saskatoon, Saskatchewan market.
Tenant FAQ
How much is the damage deposit?
The damage deposit is one month’s rent – 50% of the damage deposit is due when the tenant signs the lease, the remaining 50% is due two months after the move-in date.
What are damage deposits used for?
Damage deposits are used to cover any unaccounted-for losses caused by the tenant during the residency. Damages might include but are not exclusive to, permanent damage to the floors, walls, appliances, or windows. If tenants fail to adequately clean the property at the time of move-out, damage deposits are used for necessary upkeep for the unit to prepare for the next tenant – for example, hiring cleaners or carpet cleaning services.
How long is the lease?
Real Property Management is always searching for long-term tenants. Therefore, a one-year lease is preferable. However, we understand everyone’s situation is unique and shorter lease terms can be negotiated if needed.
When do I have to pay rent?
Rent is collected on the first of every month.
What happens if I break my lease?
If a tenant is in a fixed-term lease, the tenant is financially responsible for the lease until the end of the agreed-upon term, or until a new tenant can be found. Once the tenant has spoken to the property manager about breaking the lease, the unit would be advertised to find a new tenant as soon as possible. Once the new lease is signed, the tenant is free from their lease obligation.
When can I move in?
This one is tricky because it is determined on a case-by-case basis. Typically, move-in dates and times are determined based on if the unit is currently vacant or not. If there is still a tenant living in the property, your move-in date will depend on when their move-out date is set.
Once you have signed your lease, the team at Real Property Management Professionals will notify you with a move-in date and time.
Have a quick question you want to ask the team at RPM about your move-in? Text us @ (306) 994-7288
Are the units pet-friendly?
There is no straightforward answer to this question, other than it depends. If a property is pet-friendly, it will say so at the bottom of the listing.
We understand parting with a furry friend is tough. If a property does not allow pets, contact us and we can reach out to the owner to ask.
Why do I need insurance as a tenant?
Mello Insurance phrases it best, “Renter’s insurance is there to protect your belongings, your betterments and improvements, additional living, as well as the liability risks that come with being a tenant of a building. The landlord’s insurance does not cover you, your actions or your stuff.”
Renter’s insurance helps tenants repair or replace personal property after a loss due to theft or damage. For example, if there is a house fire, renter’s insurance would help with the costs to replace the destroyed items.
What does the renter’s insurance cover?
Each insurance company is different. Generally, most renter’s insurance covers personal belongings and additional living expenses. Additional living expenses are incurred when the tenant needs to stay at a temporary location while they can’t stay at their residence because of a claim.
To find out more about rental insurance, check out our partners at Mello Insurance! https://melloinsurance.ca/
Can I paint my unit and hang pictures?
Real Property Management Professionals strongly value our tenants, and we want them to rent a home they feel comfortable in. Tenants are allowed to paint the walls, as long as they let us know beforehand. Tenants are also allowed to hang pictures, as long as the hole is repaired at move-out time.
Check out our blog about rental friendly decorating upgrades:
What items do I need when moving out?
Don’t worry, we’ve got you covered! We actually wrote a whole blog on this topic. You can check it out by clicking the link below:
Owner/Investor FAQ
What do property management companies do?
Property Management is a third-party process of overseeing and managing the day-to-day operations involved with rental properties. The goal is to positively impact an investor’s portfolio by aligning values and maximizing rental income. Real Property Management takes pride in looking after your property as if it were our own. We like to refer to ourselves as asset managers rather than property managers.
Long story short, property management companies are responsible for the end-to-end process of acquiring a tenant until the time of move out. To learn more about the property management process, click the link below:
https://www.saskpropertymanagement.com/2021/01/06/what-do-property-management-companies-do/
How much can my property be rented for?
Specific pricing, as determined by each Real Property Management office, is competitive to the market. Meaning, rental amounts are determined based on how the local market is performing, what the going rate is in specific neighbourhoods, and the property type (i.e., house, townhome, condo). It is Real Property Management’s mission to maximize rental income and give owners peace of mind.
Tip: If you are thinking about investing in real estate and want to maximize your wealth, contact your local property management company to get a rough estimate on the amount a property could rent for. This will give you an idea if investing in a certain neighbourhood and/or building type (i.e. apartment, townhome, house) is within your cash flow budget.
How long will it take to rent my property out?
Nothing is set in stone, so it is hard to give a definitive answer to this question. Real Property Management Professionals generally like to have a unit rented within 30-60 days of the initial listing date. However, there are several factors to take into consideration:
- Competitive pricing
- Presentation of the property
- Adequate notice from the current tenant to place the property in advertising
- Just because a tenant is looking at properties to rent, does not mean they are looking to move in the next month
Ultimately, RPM’s mission is to maximize rental income and minimize vacancy rates. However, to maximize rental income, RPM strives to find premium quality tenants through a rigorous tenant screening process.
When do I get paid?
Rent is collected from tenants on the first of every month. To verify payment has gone through and maintenance costs have been subtracted, owner statements and payouts are processed mid-month.
How does maintenance work? Am I responsible or is Real Property Management responsible?
Real Property Management prides ourselves in looking after your property as if it were our own – we are asset managers rather than property managers. Throughout the year we work towards being proactive rather than reactive to maintenance requests. When a tenant submits a maintenance request, RPM sources the work internally (depending on the extent of the work) or externally to one of our reputable and vetted vendors. The maintenance costs will appear on the owner statement mid-month.
What if a tenant does not pay? What happens?
Rent is collected on the first of every month. In certain circumstances, tenants need their rent to be deferred a couple of days. We will try our best to accommodate requests as long as it is communicated to Real Property Management Professionals in advance.
If rent has still not been paid, RPM works with the tenant to set up a payment plan to continue the lease. If the tenant does not cooperate, RPM can file for eviction based on non-payment of rent. This option is possible starting on the 16th of the month that rent was due.
Does Real Property Management check on the property throughout the year?
Property checks are determined based on the management plan the owner selects with Real Property Management Professionals. Depending on the management plan, dedicated inspections can occur every three months. As an owner, you would receive a detailed digital copy of the inspection to view the current condition of the property.
To discuss more about the management plans, call us @ (306) 244-7276
Conclusion
Did we miss a question you are still wondering about? Let us know! We’re happy to answer any questions you may have.
Call us @ (306) 244-7276
Text us @ (306) 994-7288
Email us @ professionals@realpropertymgt.ca