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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