Managing tenants ccf day 2

Management Plan

①  Starting the relationship

②  Staying organized

③  Maintaining the relationship

④  Go over and above expectations

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Case Study Underperforming Property

Case Study Underperforming Property •  4 bedroom, 3 bath 1800sqft, unfinished basement •  Purchase Price $270,000, EMV $325,000 •  20%down = $54,000 •  Principle Balance= $216,000 •  Renovation and Rent= $41,000 •  Appraised ARV= $355,000 •  Refinance 80% LTV = $284,000 - $216,000 •  = $68,000 after paying original mortgage •  =$68,000 - $41,000 = $27,000

CASH FLOW

$1700/Month

Case Study 4 Underperforming Property

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Ø Welcome Gift

Starting the Relationship

Ø Monthly/Quarterly letter/email/phone call  

Ø Welcome info sheet  

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Route 59 University Gordon PM OnlyFebruary 2008

Accessible Stops

Starting the Relationship

Ø Welcome gift

Ø Monthly/Quarterly letter/email/phone call  

Ø Welcome info sheet  

Ø Deluxe welcome package

Ø Be there

Move In

Ø Document everything

Ø Have them sign off on property condition

Ø Be there

Move In

Ø Document everything

Ø Have them sign off on property condition

Ø  Fire safety

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Ø  Set it up right the first time

Stay Organized

Ø  Leverage technology! AUTOMATE

Stay Organized

Stay Organized

Date: March 6th

Stay Organized

Stay Organized

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Communicate Every 90 Days

Ø Quarterly inspection

Ø Maintain and repair items before they ask

Ø Repair items within 48 hours

Ø  Furnace/AC/Appliance protection plan

Ø Have more than one handyman on call

Ø  Submit repair requests via online form

Repairs and Maintenance

Easy Payments

Post-dated cheques

Accept credit cards

Easy Payments

www.squareup.ca

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Ø Holiday card and gift

Go Over and Above

Ø Annual party for all your tenants

Ø Coupons and special offers

Ø  Property safety: security system

Go Over and Above

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Ø  Set up a system of rewards for referrals ² Gift cards ² Cash

Repeat Customers and Referrals

Ø Keep all past tenants in your database.

Stay in communication with them.

Repeat Customers and Referrals

1. Suspect

2. Prospect

3. Shopper

4. Customer

5. Member

6. Supporter

7. Promoter

①  Starting the relationship

②  Staying Organized

③  Maintaining the relationship

④  Go over and above expected

⑤  Repeat customers and referrals

⑥  Know your rights and responsibilities

Tenant Management Blueprint

Common Reasons to Evict a Tenant: 1.  Non payment of rent 2.  Unit owner is moving in 3.  Damage to unit 4.  Interfered with safety or enjoyment of another tenant 5.  Too many people living in the unit 6.  Tenant engaged in illegal action

Know Your Rights and Responsibilities

Document everything the moment you suspect a problem. Ø  Time/date logs Ø  Pictures and videos Ø  Testimonials: neighbors, tenants, contractors, etc

Know Your Rights and Responsibilities

Governing Body in Ontario

The Landlord and Tenant Board

Governing Legislation in Ontario

The Residential Tenancy Act 2006

Know Your Rights and Responsibilities

Know Your Rights and Responsibilities Common Scenario

“My tenant has not paid the rent they owe”

1.  File Notice: N4 2.  Wait 14 days (7 days for a daily or weekly rental) 3.  File application: L1 $170 4.  Receive hearing date from the board 5.  Notify tenant of hearing date 6.  Appear at the hearing

Document everything the moment you suspect a problem. Ø  Time/date logs Ø  Pictures and videos Ø  Testimonials: neighbors, tenants, contractors, etc

Know Your Rights and Responsibilities