Here is a brief breakdown of our prices and fees.
Standard = 8%, Master = 11%, Master Plus = 12% (of rents)
There are many different combinations and options for you to choose. Here is a detailed description of our prices and fees.
1. Management Fees (back to top)
Our management fees fall into three service plan categories that we have labeled, “Standard”, “Master” and “Master Plus”. The fees are, 8.0%, 11.0% and 12.0% of ‘Gross Monthly Income Due’, respectively. The term ‘Gross Monthly Income Due’ (GMID) includes all rents and other income and charges from the normal operation of the rental property, including, but not limited to, rent, parking fees, laundry income, and any other miscellaneous income that is due to be paid by the tenant of each rental unit. Our “Master Plus” service plan is designed to be a one-price solution. By selecting this plan, you would be entitled to all of our services at no extra charge.
2. New Tenant Placement (back to top)
We charge 88.495% + HST (rounded to the nearest dollar) of the full amount of the first month’s rent for each new tenancy agreement that we enter into with a tenant. This fee is taken from the first month’s rent that the new tenant provides us.
Here’s an example of the fee:
Let’s say we rented a 2-bedroom apartment to new tenants for $1500 per month. Our fee would work out to $1500 x 0.88495 = $1327.43. We then add the HST at 13% = $172.57. Your total would be: $1327.43 + $172.57 = $1500.00. Essentially, our fee is 100% of the first month’s rent, including HST.
3. Set-up Fee (back to top)
Each property and property owner will need to have their information entered into our system. The process of inputting your personal information and all your property’s information in to our system, as well as doing a careful preliminary inspection of your property can be labour intensive and may require multiple hours of work. As such, we charge a fee for each property that we are hired to manage.
So, if you picked the:
- ‘Standard’ service plan at 8% per month, your set-up fee = $175 + HST
- ‘Master’ service plan at 11% per month, your set-up fee = $90 + HST
- ‘Master Plus’ service plan at 12% per month, your set up fee = $0
4. Inspection Fee (back to top)
Throughout the duration of any tenancy, we will perform interior and exterior inspections of the Property up to three times per year. Our job is to look for, and take care of, any repair and maintenance needs, or any tenancy agreement compliance issues, etc.
So, if you picked the:
- ‘Standard’ plan at 8% per month, your inspection fee = $75 + HST / visit
- ‘Master’ plan at 11% per month, your inspection fee = $40 + HST / visit
- ‘Master Plus’ plan at 12% per month, your inspection fee = $0
5. Maintenance and Repair Fee (M&R) (back to top)
Your property will require maintenance and repairs from time to time. We are able to get that work done for you. We charge a supervisory fee of up to 15% of the value of any maintenance work or minor repairs that we have organized for your rental property. For instance, if we hired a contractor to fix a plumbing issue and the invoice was $100, we will implement an additional surcharge of up to $15 for our role in facilitating that repair. This surcharge is variable and is dependent upon which management service plan you have selected.
So, if you picked the:
- ‘Standard’ plan at 8% per month, your M&R fee = 15% / occurrence
- ‘Master’ plan at 11% per month, your M&R fee = 10% / occurrence
- ‘Master Plus’ plan at 12% per month, your inspection fee = 0%
6. Reserve Funds (back to top)
Although the reserve funds aren’t exactly considered a fee, they are something that we will ask you for when you sign an agreement with us to manage your rental property. We will need to be able to move quickly and somewhat autonomously when it comes to minor repairs and maintenance requirements.
Therefore, we will ask you to deposit an amount of money that we will hold, in trust, and call ‘Reserve Funds’. These Reserve Funds will be used whenever we need to pay an invoice or organize any work that is needed on your rental property. We request that $500 be deposited for each Property, plus an additional $150 per additional Rental Unit for Multi-Unit Dwellings (e.g., a triplex would require $800 in Reserve Funds).
We will use the Reserve Funds to pay any expenses related to the management of your property, including but not limited to, our management fees. We are set up to continue to collect our usual management fees when your rental property is vacant, with some exceptions. Also, we collect our fees on the first of the month. If the Tenant pays late, we will access our fees from your Reserve Funds.
If the balance of the Reserve Funds becomes less than the amount required to be retained by us, then we may either, deduct an amount from the rents that will restore the balance to the full amount required, or give you written notice that we need to use the Reserve Funds and to please return the balance back to the amount required.
If you have any questions or concerns, or would like more information, please contact us.