From property management to leasing, tenant screening and evictions. We do it all!
With TPC, property owners can completely relax.
PROPERTY MANAGEMENT SERVICES FOR LANDLORDS IN TORONTO
We help landlords rent and professionally manage their rental properties. We provide all aspects of professional management including finding and screening tenants, rent collection, maintenance, inspections and access to your information via our online portal.
We have spent the last decade building a first-class reputation in the industry that provides our clients with peace of mind.
Here's a summary of our property management services:
Full service property management is what you can expect. Rent Collection, timely and accurate rent disbursements, high quality repairs at a reasonable cost and access to all the information at your fingertips through our online portal. We make it easy.
Your property will be visibly advertised and exposed to not only all renters in Toronto but to our private network of relocation companies and tenant database of over 16,0000 tenants. An MLS listing is of course included in the cost of our service.
We leave no stone unturned. Our 14-point screening system ensures that only qualified tenants rent your properties. We check everything from credit, employment, landlord and personal references and salary confirmation. We will find you great tenants.
We use trusted trades who are qualified and are trusted based on years of experience and successful projects. All of our Trades carry liability insurance and have WSIB certification. We have trained them to report tenant damage when found.
Get access to all the information related to your property from any mobile device or computer. Our automated updates keep you in the loop at all times and if decisions are required, then you are always consulted. Have access from anywhere in the world.
Comprehensive eviction services when you need them. Many landlords have approached us in difficult times and we have helped them weather the storm in a favourable manner. If you need help, then contact our property management company for help.
Inspections are integral to ensuring the overall well being of your property. As a property management company, we provide inspections to ensure that your property is in a good state of repair; ultimately protecting your investments.
Easy to read and accurate financial statements are vital to understanding the overall financial health of your investment property. We provide detailed reports in over a 100 different formats in a transparent, easy to access manner.
FREQUENTLY ASKED QUESTIONS
Renting out your property can be overwhelming and we understand that you may have many questions about our company and our services. While we are happy to answer many questions that you may have, here's a list of questions and answers that clients like yourselves have asked us in the past.
We advertise our properties all over the internet appealing to young professionals and families. Our ads of your property are located on the leading rental platforms including but not limited to MLS, Kijiji, Craigslist, and View It.
We ensure maximum exposure to as many different sites as possible as to not rule out any worthwhile prospective tenant.
How long it takes to find a new tenant depends on whether a property is vacant, tenant occupied or owner occupied. It also depends on the location, condition and rental price. From the time that the advertisements have been posted, a tenant is usually found within 30 days. However, some rentals may take up 60 days to lease based on a variety of factors. On average though, we lease properties within 30 days.
Typically, the speed at which your property will rent depends on 3 important variables. These consist of your property's location, the price and the current condition of your property. Assuming that you have a desirable property in a good location and that is priced at fair market value, we should be able to find a great tenant relatively quickly.
Depending on whether a prospective tenant has provided all of the supporting documentation that we request, our turn around time to process and screen a tenant is typically 2-3 business days. We set this expectation so that tenants and owners alike understand that verifying references is a time consuming and cumbersome process. We want to ensure that all references and documents are checked. We would rather spend the extra time before a prospective tenant becomes a legal tenant and avoid a larger problem once the tenant has taken occupancy. The law requires that the owner and/or the owners agent do as much due diligence as they can because once a tenant has taken occupancy of the unit, it is more difficult to have them removed.
The amount of rent that your property can command is based on a wide array of variables, including demand for location, condition of property, supply and demand, curb appeal, comparables in the area, etc. Market analysis is conducted by our team to determine fair market value based specifically on your home. We will always discuss the rental price with you prior to making any decisions.
The simple answer to this question is no. We understand that many of you are eager to learn how much rental income your property can generate. We also understand that you will have expenses associated with the operation of your property that need to be covered in order for it to make financial sense. With that said, without physically looking at the property, we will not be able to give you an exact opinion on rental price. Sometimes, based on descriptions that you provide, we may be able to give you a range, however, without seeing the property first, it is difficult to give you an exact amount.
Absolutely not. In fact, you will become more aware of the things that are taking place and how they are being handled. Our robust property management software allows us to keep you in the loop in real time and will provide you with all of the information you need regarding your rental property when you need it. You will have the final say when it boils down to everything.
We do not offer internal insurance policies to our clients. However, we strongly recommend contacting your insurance broker to inform them of the transition to a rental property. Some insurance brokers will not insure your property if it is converted to a rental property. If this is the case, we can put you in touch with our insurance adviser on a no obligation basis and they will be able to find the right policy for your situation.
Most of our leases start on the first of the month. As such, it takes us some time to clear the tenants funds. As such, our clients receive their payments by the 15th day of each month.
Collecting your own rent when you hire our company to manage your property only serves to complicate matters. Our accounting software ties into our property management software so that we can ensure that we are on top of all rental payments made by tenants. When owners want to start collecting rent in their own accounts, it takes away from the accuracy of our reporting and therefore makes managing your unit and staying on top of things more difficult. As such, we must collect the rent for the properties we manage.
We process payments through direct deposit into the bank account of your choice. Simply complete and return the direct deposit form that you are provided upon signing up with our company and leave the rest to us.
Owner statements provide you with an accurate snapshot of how your property is performing. Our statements are posted once a month and you will be notified that they are ready via email. We will also post your year end statements at the end of every annum.
Your statements are stored in chronological order in your portal. Simply sign into your account from anywhere in the world and click on the statement you need.
Statements provide a detailed breakdown of money in and money out. Rental income is usually the only source of income for many of our clients. Expenses will be broken down by category and then subtotaled. You will also see the net income on each report. If there are any closing or opening balances, these will also be reflected in your statement.
Any time that a tenant submits a maintenance request, it will be logged in detail in your portal. You will be able to see who made the request, the urgency or the request, the description and location of the request and the status of the request. Our system will automatically notify you by email that a maintenance request has been received by your tenants. We will then prepare estimates and send for your review.
We send estimates to you directly prior to any work commencing. Once approved, we will schedule the work.
In most cases no. Many of our trades are happy to provide estimates free of charge. However, specialized trades such as electricians, appliance repair technicians, plumbers may charge a site visit fee which is then deducted from the estimate if the repairs are approved.
The Residential Tenancies Act stipulates that property owners are required to maintain the property in a good state of repair. They don't delve into the details of what is covered under this duty but through our research into past decisions the Board has made, we've seen some pretty ridiculous requests made by tenants that were enforced by the Board (i.e. changing of light bulbs, etc.). As such, when rejecting a request from a tenant, caution must be exerted. Obviously if the request is more of an aesthetic (change the colour of the walls) or a lifestyle request (can you install a bike rack for me) rejection is permitted. But if the tenants have a valid request (i.e. my dishwasher broke), then you are obligated to have it fixed within a reasonable amount of time.
The cost of repair will automatically be deducted from your rental income. If there are not enough funds in your account to cover the repair, you will be requested to advance funds to ensure that payment can be made.
The frequency of our inspections depends on your need to have someone walk through the property to ensure everything is physically fine. We have two mandatory inspections that we conduct: a move in inspection and a move out inspection. This is done for legal purposes to record the condition of the property at the time it is handed over to the tenant and vice versa when the tenant leaves. That way, if there is a dispute regarding damages, there is evidence to back a claim. With that said, each quarter you will be sent a notice that we will be conducting inspections. Should you wish for an inspection to be done, simply let us know and we will schedule it.
We do a visual and physical walk through of the property. We examine the property for obvious signs of damage. Our reports are in written and photographic in nature. We also test smoke alarms and carbon monoxide detectors. We do not move furniture, test mechanical functioning of dishwashers, washers and dryers for safety purposes. We walk through the property to ensure that the tenant has not caused any physical damage.
We charge $100 per inspection plus applicable taxes (HST).
3-4 business days.
Unfortunately we must conduct a move in and move out inspection for any tenant that we have found. We will however not inspect a property for which you found a tenant and are comfortable with.
The law prescribes a defined number of ways in which a lease can be cancelled. Most of the time, a 60 day notice period is required. You may also need to complete an affidavit and/or attend a hearing. Each situation is unique so it is best to contact our office to ensure that you are taking the right steps. Quite recently, the government has made changes to residential tenancy laws requiring owners to pay tenants the equivalent of one month's rent if owners want to move back into their properties. It is important to consult our office is you are considering moving back into your property.
There are different avenues for resolving these issues. Usually, if we notice some damage during an inspection, our tenants are compliant and will remedy the damages. Sometimes though, more serious strategies must be taken including sending a written or formal notice, which effectively seeks to terminate the lease with the tenant based on the damages. We have very rarely seen situation in which a tenant will cause damage but not rectify it - so you don't have too much to worry about. Also keep in mind that the tenant is permitted some wear and tear - meaning that you can't expect the property to be returned to you in perfect condition.
If your tenant misses a payment on the day it is due or our bank notifies us of an NSF, we will immediately contact the tenant to see why there was a default. Normally, there are some budgeting issues and the tenant will apologize and pays their rent immediately. In rarer cases, the tenant may have experienced financial setbacks, such as job loss or divorce. In these situations, we quickly try to resolve the situation in a timely and cost effective manner. We should add though that we take immediate steps to rectify the default as to avoid any delays in potential proceedings that may be required.
If the tenant consistently pays their rent late and this is becoming increasingly inconvenient to you, we may apply to terminate their lease at the end of their term. Usually the board considers the rent persistently late when a tenant has had 6 or more late payments. It should be noted that just because the landlord and tenant board finds that the tenant has paid their rent persistently late, they may not always immediately terminate the lease. Often times, the tenants will be placed on a strict payment plan requiring them to pay their rent on the due date. If there is another missed payment, then the board will order the termination of the lease without a hearing.
The price of an eviction varies. We have internally carried out multiple evictions without having to go to court. Our strategies resolve these issues in a timely manner. If the case must go to the tribunal then it depends on the complexity of the case. Our paralegal offers extremely competitive rates for when court is required.
We have worked with many of our competitors in Toronto and have great relations with them. Sometimes this is the nature of the industry and keeping relationships positive makes transitions much smoother. As such, we have our own internal checklist that we send our competitors if and when you decide to make the switch to our company. If the company you are with has a penalty clause, in some cases, we may pay this penalty on your behalf.
If you have a relative or friend who specializes in a certain trade and can help you complete a repair then we certainly do not have any problems with this.