What do you take care of?
Some owners like to stay involved with certain aspects of the total operation of the building. We are willing to work with you and take on as much or as little as you would like. Click HERE for a total list of tasks that we enjoy doing.
What do you charge?
There are many factors to consider when agreeing upon management fees. These factors include: type of property, whether it is a multi-family or single family home and also how involved you, the owner, would like to remain. Once we have a solid sense of the duties and responsibilities that you would like us to take on, we will be able to give you a definite quote right away. Generally, our fees are between 8% and 15% of gross rent.
How much will my house/ condo/ suite rent out for?
Metropolitan will do a market analysis on your property/ suite. In order to do this we will have a look at similar, comparable spaces that are in your area and also consider how “desirable” it is to potential renters. Ultimately, the market will determine the market rent and we can provide you with reliable market research data and will allow you to make the final decision on the price point.
Do you do property Inspections and provide detailed photos?
Yes. We can come up with an inspection schedule as well as move in and move out inspections. All of which would include detailed photos of anything that would be of note.
How do you ensure competitive pricing with our contractors?
Hiring Metropolitan Property Management would pay for itself when it comes to hiring contractors. Most contractors will offer better pricing to a property management company as they would like to continue to win business. By being able to offer them continuous opportunities to bid on work at our numerous rental properties, they work smarter and harder and we are generally able to negotiate better pricing. Contractors benefit from this by being rewarded with more work from our office.
When will the owner receive their monthly rent?
We send out the monthly payments to the owners around the middle of the month (provided the rent is collected on the 1st of the month. This allows time for cheques to clear the bank and we can then prepare the financial statements that accompany the owner’s pay cheques.
How are tenants selected?
The first step in tenant selection is to have any interested parties complete a tenancy application. This application will provide us with necessary details, such as; contact information, current employer, current landlord contact number, list of references and credit information. Once we have this information, we perform rigorous checks on the potential tenant. We will complete the reference, credit and employment checks. Upon finding a tenant that we feel would be a suitable candidate; we will bring that information to you for the final approval. Ultimately, you will get to decide who is living in your home.
How long will it take to lease my property?
This is dependent on so many factors such as whether the property is in market ready and the market price has been accurately advertised. The vacancy time can be quite low when these certain factors are in place.
What is all included in the management fee?
As a general rule of thumb, all maintenance items would be included in the monthly management fee as well as the rent collection and books. Repair tasks would not be included in the monthly fee and would generally be billed out at 10% on each invoice. We make a commitment to our owners that we will complete repairs quickly and we will work with contractors that are giving the best price for the service they’re providing.