Property Management

Packages

Prescott Property Management strives to provide our clients with the highest quality of service that suits their individual needs. For your convenience, we offer two management packages for you to choose from, however, we also provide customized property management packages upon request.

Limited time offer : First month management fee waived (Terms and conditions apply)

House Management Pricing*

Change to Condo Unit Pricing*

Standard Package Details

The 'Standard Management Package' is designed for the investor who is looking for the core set of management services in order to safeguard his/her investment and ensure steady income from the property.

This program includes the following services:

  • Monthly collection of rent
  • Processing & on-time payment of any or all of the following:
    • Property Taxes
    • Condo Fees
    • Mortgage
    • Insurance
    • Utilities (if applicable)
    • Repairs & Maintenance (emergency & others, as required and approved by investor)
  • The coordination of repairs and maintenance (e.g., repair furnace or A/C unit, leaky taps, etc.)
  • Compliance with all local by-laws (e.g., smoke alarms, lawn maintenance)
  • Managing tenant communications and resolving tenant disputes
  • 24/7 Emergency Response Line with access to trades to perform repairs (e.g., plumber, electrician, HVAC technician, etc.)
  • On-line access to Financial Reports to review expenditures and income
  • Premium Package Details

    The 'Premium Management Package' is designed for the investor who is interested in a comprehensive bundle of management services that allows the investor to be at ease that his/her property is fully taken care of from day one. This package includes all services in the Standard Package. Investors who are frequently traveling or based outside of Canada will appreciate this service.

    In all cases, Prescott Property Management is committed to providing customized management options to suit the needs of each investor.

    Standard Package

    7% of Rental Income
    (Min: $125)

    Premium Package

    10% of Rental Income
    (Min: $175 - Max: $225)
    Renting Property More info...

    Vacated rental units are a natural part of the leasing cycle, requiring immediate and special attention to ensure that the unit is ready and rented as soon as possible. Prescott Property Management will take care of the following:

    • Advertising property to attract tenants
    • Answering and responding to rental inquiries
    • Application and qualification of suitable tenants (e.g., credit & reference checks, employment confirmation, income verification, etc.)
    • Lease renewals and expirations
    • Reviewing and executing lease with tenant
    • Posting “For Rent” signs (where allowed)
    • Arranging appointments
    • Showing apartments
    Get Quote Get Quote
    Initial Inspection (with Reports) More info...

    This standard service includes an on-site visit by one of our Property Managers to assess the condition of the property, determine what repairs or maintenance are recommended to be completed before the property is ready for showings and provide a rental rate for the unit. Summary report to be provided to investor.

    This visit includes noting any repairs or maintenance that should be completed prior to ensure that the unit can be rented at the best rate. Once a suitable tenant has been found, this service also includes another on-site visit to perform the tenant move-in inspection (with report) and orient the tenant to the unit and the property’s amenities (for more information on our Move-In/Move-Out inspections, click here).

    This service includes several aspects:

    • Conducting a multi-point inspection report as noted in Initial Inspections (click here for a sample report )
    • Supervise completion of repairs & maintenance items that were approved by investor, based on our recommendations
    • Catalogue and ensure the property has prescribed safety devices installed and in working order, per municipal by-laws, etc. (smoke and carbon monoxide detectors)
    • Inputting property data into accounting system and providing investor with access to online reporting system (account & login credentials)
    $150 one time
    Tenant Move-In or Move-Out Inspections More info...

    The purpose of this inspection (with accompanying report ) is to document the condition of the property prior to giving the tenant possession of the unit. The Move-In inspection is completed when giving possession of the unit (keys) to the tenant. At the end of the inspection and orientation session, the tenant will be required to sign-off on the condition of the unit.

    This report is then referred to when conducting the exit or Move-Out inspection when the tenant vacates. The tenant will be charged for damages that occurred after s/he took possession and should the tenant decide not to settle, any outstanding amounts will be forwarded to a collections agency.

    $150 per inspection + mileage**
    Financial Reports More info...

    Communication is one of our commitments to our investor clients. The key method to communicate the status of the unit is to provide the investor with on-going and secure access to our Services' web portal showing the unit’s financial performance. With internet access, financial reports are made available exclusively using this resource so that clients can retrieve their monthly property reports, along with copies of any processed invoices. Property owners will be provided access to other relevant reports so they can evaluate the performance of their investment.

    Seasonal Inspection More info...

    We recommend that each rental unit is inspected at least once a year (fall or spring) to identify any obvious tenant damage to the unit caused during the tenancy as well as to identify any required maintenance to ensure the unit is safe and safeguard the owner’s equity. Each rental unit is also inspected when the tenant moves in or out (see Tenant Move-In or Move-Out Inspections). A report will outline the condition of the unit and premises and recommendations for repairs & maintenance. In all cases, the tenant will be provided with appropriate notice, as required by the Residential Tenancies Act and relevant inspection details added to the tenant’s file.

    The on-site visit is completed to ensure that the property is in good order and ready for the winter (e.g., by turning off shut-off valves, clearing eaves of leaves, checking that garage doors are working and windows are sealed, testing to see that furnace is operational, etc.).

    With any on-site visit, an assessment of the unit will be provided in terms of damages or deficiencies that need to be addressed. Any maintenance issues will be noted in the inspection as well as any tenant damages. Any maintenance or repair issue involving the safety of the tenants or the preservation of the property will be taken care of as soon as possible, provided the repair bill falls below our spending threshold, as stated within the management contract. Cosmetic or discretionary items will be reported and left to the owner for his/her consideration.

    During an inspection, typically, the following items may be performed:

    • Testing smoke alarms and carbon monoxide detectors, replacing any batteries or replacing the detectors, if required
    • Check for leaking taps
    • Take interior and exterior digital photos including any distressed areas requiring attention
    • Clean out lint from dryer hoses and exhaust

    View a sample report that would be filled out at one of these inspections.

    $250 per inspection
    Tenant Welcome Package More info...

    This service provides tenants with a brief document to familiarize them with the amenities of the unit or property they are renting, so that they are aware of useful information, such as: any rules and regulations related to the rented unit or premises, appliance care, requesting service, who to call in case of an emergency, community resources (e.g., hospitals, libraries, schools), etc.

    $100 one time

    As part of our commitment to servicing our clients, we will obtain comparable property insurance quotations, at no extra charge. Note that insuring a condominium unit or a home differ and to protect our clients’ investments, we want to make sure that the properties are adequately insured to avoid loss or unforeseen expenses.

    $75 one time
      ENROLL NOW

    Only 7% of Rental Income

    ENROLL NOW

    Only 10% of Rental Income



    Additional Services

    Additional On-Site Visit More info...

    This inspection is an additional seasonal inspection, similar to the one explained above and can be conducted periodically at the owner's request. The purpose of this service is to formally inspect the property to see if maintenance is required (i.e., Spring yard clean up, A/C repairs, etc.) and to observe how the tenant is treating the property.

    In all cases, the tenant will be provided with appropriate notice, as required by the Residential Tenancies Act and relevant inspection details added to the tenant’s file. An Inspection Report is also included.

    $250 per visit
    Unit Pre-Delivery Inspection (PDI) More info...

    This service will be provided to inspect a new condominium unit (rather than converted or retrofitted) or home, on behalf of the owner, with the builder to identify any deficiencies that will need to be addressed. A standard PDI form needs to be completed and submitted to Tarion as part of this process.

    Useful Resources:


    With new condominium or home units, there are also other warranty periods (30-day, Year-End, and Second-Year) within which owners can report additional deficiencies about their units to Tarion. If you are interested to further protect your investment, we can perform the inspection and submit the form on your behalf to ensure that the deficiencies that are under warranty are reported, to be addressed by the builder.

    In all cases, the tenant will be provided with appropriate notice, as required by the Residential Tenancies Act and the investor will receive a copy of all documentation submitted to Tarion.

    $150 one time + mileage**
     
    *All prices for the services posted on our web site are subject to change without notice. Every effort has been made to provide the most accurate, up-to-date information and pricing. [E.O.E.]
    **Mileage rates per kilometre will vary depending upon gas rate

    Company Profile

    Prescott Property Management Ltd.
    7330 Yonge St., Unit #116
    Thornhill, Ontario L4J 7Y7
    (905) 709-6296 ext. 1361
    Fax : (905) 764-1274
    info@prescottpropertymanagement.ca

     
     

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