Frequently Asked Questions
Below please find some of the questions that are frequently asked. If you have a question that has not been answered here, please feel free to contact Adil and he will get back to at his earliest convenience.
1. How do you collect rent?
Answer: Century21 Prudential Estates Property Management collects first month’s rent cheques plus security deposit in certified funds as well as post-dated cheques. We deposit rents into our trust account and makes disbursements to clients on set monthly dates.
2. What if my tenant doesn’t pay rent on time?
Answer: Our most important goal is delivering your rent in a timely fashion. While some tenants are late with their rental payments, our late rent policy is to make immediately contact with the tenant to establish why their rental payment hasn’t been made. We serve a Notice to Terminate (N4) as a precaution automatically on the 3rd late day.
3. What if a rent cheque bounces?
Answer: Century21 Prudential Estates Property Management will contact the tenant immediately to ascertain why the payment was not honored and will expediently work to collect the outstanding rent.
4. What kind of properties will you manage?
Answer: Century 21 Prudential Estates Property Management manages residential single unit and multi-unit properties.
5. Where are your properties located?
Answer: Century 21 Prudential Estates Property Management manages properties in Vancouver, Richmond, Burnaby and Richmond.
6. What condition does my property have to be in?
Answer: Century 21 Prudential Estates Property Management manages properties that are in rentable condition. Quality homes attract quality tenants which help secure a headache free experience.If your property requires work, we would be glad to find you the right team to complete any repairs.
7. How do you handle maintenance requests?
Answer: Century 21 Prudential Estates Property Management finds the most efficient way of dealing with maintenance problems that can arise in rental properties. We use reliable and insured tradesmen and companies to complete repairs. We have developed quality relationships that are designed to provide clients with the perfect match between quality and price. They handle work as insignificant as replacing a mailbox and as significant as complete renovations of a unit or house.
8. How long is your management contract?
Answer: Our standard agreement is for a 12 month term with a 30 day termination notice at any time.
9. Do I need insurance?
Answer: The premiums of your property insurance may fluctuate depending on your personal situation and tolerance for risk. We recommend our clients work with a licensed insurance brokerage that is dedicated to providing our clients with the care that they seek. If you have any questions about your insurance, please do not hesitate to contact us so we can put you in touch with an insurance agent.
10. how can I see my statements?
Answer: Our online portal allows you access to monthly and year-end financial statements.
11. What is classified as an emergency?
Answer: The RTA, 2006 states that any interruptions to a vital service (gas/heat in the winter, electricity, and water) must be provided to the tenant at all times. Because of the potential liability to owners we classify these as emergencies.
12. How are emergencies responded to?
Answer: We monitor a 24 hour emergency paging service which put tenants in touch with us 24/7 if attention to an emergency is required.
13. How do you screen tenants?
Answer: Century 21 Prudential Estates Property Management has a rigorous screening process:
Step 1 – All tenants are pre-qualified on the phone.
Step 2 – Once a tenant has been booked to view a property, they are provided with a full application form. SIN’s, driver’s license info must also be provided.
Step 3 – We conduct a full credit report in house, which includes a credit score. Our tenant selection criteria range from 600-700+ to be eligible to rent. Anything below 600 is looked at as a red flag.
Step 4 – Previous Landlord References – We always consult past landlords…just to make sure.
Step 5 – Verify Stated income – We require either a letter from their employer or their most recent pay stub.
14. I currently have a problem tenant. will you still manage my property?
Answer: We will certainly assist clients in getting out of difficult situations. We enjoy dealing with your problems so that you don’t have to. We have developed a great working relationship and pricing structure with one of Toronto’s largest and most reputable paralegal companies.
15. Do you manage vacant properties?
Answer: Each insurance policy is different and we are willing to find you a solution that meets your needs. Please contact us if you have a vacant property that you would like managed.
16. Do you manage non-residents’ properties?
Answer: Yes. We have the forms you need to get started. The onus of completing the forms and having them looked at and approved by your accountant is your responsibility. Given the liability associated with these kinds of situations, we do not directly or indirectly provide tax advice. We will however become your agent in Canada and remit non-withholding taxes on your behalf to the Canada Revenue Agency. There is an additional monthly fee of $25 for processing these types of payments.
17. What is the cost of an eviction?
Answer: Quite frankly, evictions can be costly and time consuming. Cases of tenants defaulting on their rent can run landlords up to approximately one month’s rent in costs, and that’s not including the lost rental income. Unfortunately it’s these unexpected situations that can cause significant strain on cash flow, leaving you having to cover some or all of the mortgage payments. Peninsula Property Management offer’s affordable and cost effective access to trusted, reputable and results oriented paralegal professionals will save you money.
18. What if i currently have a property manager?
Answer: We know that change is hard to deal with. Fortunately, the system that we have built takes this into account! We will contact your property manager and deal with them directly. If you are not satisfied with your current solution, and systemized, efficient and affordable property management service is what you are after, we are only a phone call or email away. Get in touch today and let us deal with the stress of current situation.