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Performance Property Management
Over the years, we have evolved from a small boutique rental management firm, managing a few condos and single-family homes in Toronto, to one of the largest signally owned firms in the GTA. With growth, comes expansions like our Condominium Division as well as an in-house Real Estate Brokerage. Although working independently, each company lends its knowledge to one another and ultimately improves the overall customer experience.
Working with PPM
When working with PPM, you will be working with a customer focused firm that puts transparency, customer service, response time,and ensures that your property is tenanted by AAA tenants above all else. PPM is only as good as the people it employees. We believe that an enjoyable and positive work environment translates into productive Property Managers. We accomplish this by streamlining employee services and roles and by ensuring an equitable division of labour.
Unlike our competitors, accounting is done by accountants, management is done by certified property managers and leasing is done by leasing agents. Our managers have the lowest “manager to property ratio” in the industry which allows PPM to provide additional time and resources to each and every one of its clients. This is one of the reasons why Performance Property Management has been ranked #1 on TorontoPropertyManager.com for the second straight year.
In Toronto, one of the biggest mistakes you can make is leasing your condo or home to the wrong person. In Ontario, every tenant has certain rights under the Landlord and Tenant Board. That said, the Landlord and Tenant Board heavily leans towards the side of the tenant and places many limitations on what a landlord can do in the event that their tenant does not pay rent. Due to this Performance Property Management ensures that every tenant’s application is evaluated based on their credit, social media background, employment verification and previous rental history. Once an approved tenant is found, PPM conducts the signing of the lease as well as a move in inspection.
When working with PPM, you are assigned a leasing agent as well as a property manager for your property. Your leasing agent is also a certified Real Estate Agent, licenced by OREA and RECCO. The benefits of this is that all listing will be placed on the MLS and Realtor.ca. As a result, your listing will be viewed by thousands of other agents and their clients. In addition to MLS and Realtor.ca, PPM uses its own resources, such as our executive placement agencies, our inhouse real estate brokerage and paid online advertisements, to ensure that only AAA tenants are placed in your property. All offers are vetted and presented to the owner for final approval. PPM cannot move forward with any tenant unless approved by our owners.
Finally, the leasing agent and approved tenant conduct an inspection to document conditions of the property. This inspection assists in accurately assessing any changes in conditions when the tenant moves out.
Timely and effective rent collection is key when it comes to property management. Nothing affects your cash flow more than late or missing rent payments. We collect the rent on the 1st of every month and deposit the funds it into your account within 5 business days. If a payment is not received on the 1st of the month, N4 documents are sent to the tenants the following business day.
Performance Property Management prides itself on being customizable and accommodating to tenants with how they pay, as long as they pay on time. Tenants are offered a variety of ways to pay rent, so that you can get your money on time. We also utilize technology so that the funds are automatically deposited directly into the account of your choosing.
Professional inspections are conducted on your property every 6 months for the duration of the lease term with your tenants. PPM will also do an additional inspection at the owners request at any point during the year. Inspecting your property, both inside and out, helps to ensure that tenants are complying with the terms of their lease.
Performance Property Management uses an online platform, designed in-house, for fast and efficient inspections. Pictures and comments are captured to provide our property owners with a detailed report which is posted on the owners online portal so that they can view it in real time.
Property maintenance is a necessary expense in owning a rental property in the Greater Toronto Area. Lack of proper maintenance can greatly impact both your rental income and the final listing price when you decide to sell. At PPM, we understand that maintenance costs can add up. When you work with Performance Property Management you will receive discounts on every work-order received. PPM works with a long list of preferred vendors who in-turn provide us with significant discounted rates. We are happy to pass those discounts on to all of our clients. All of our vendors must provide us with WSIB documentation, as well as valid insurance forms before they begin working on your property. Unlike our competitors, all of our maintenance work is outsourced to ensure that there is no conflict of interest when it comes to quotes. PPM fights for our clients to get the best possible price and will only pay if the work is done right the first time.
One of PPM’s objectives throughout all facets of its business is positive and timely communication. In this industry, we often deal with issues and tasks that require immediate attention but at the same time need approval from multiple people. With swift and clear communication, our owners can make educated decisions and we can dispatch our vendors to resolve the issue in a timely manner. PPM has a 24/7 emergency line that is monitored by a live agent to ensure that no matter the time of day someone is here to help. All communication is logged in our online portal so that owners, managers and tenants alike can have real time access to current and past issues.
One of the most concerning issues in the rental market today is “problem tenants” or “professional tenants”. These individuals or couples are tenants that have stellar credit scores and high earnings but, for whatever reason, decide not to pay rent once they move into your property. Due to backlogs at the Landlord and Tenant Board, as well as new regulations, removing said tenants can take upwards of 2-4 months.
Our staff is extremely knowledgeable when it comes to the Landlord and Tenant Board. If the tenant does not pay rent on time or breaches the terms of the lease, we will initiate the proper legal steps necessary, in the fastest possible time frame, to minimize your costs and get the property leased again.
Timely and accurate accounting is very important whether you have one investment property or many. PPM hires certified accountants to manage everything from receiving rent and paying invoices to filing your non-resident taxes. When working with Performance Property Management you are provided an online portal which will show you everything pertaining to your property – including financials. When logging on you will be able to print or email multiple reports including your monthly, quarterly and yearly financials along with rent roll dates and expenses.
Any owner that lives outside of Canada is required to file non-resident taxes with the Canadian Revenue Agency (CRA). They are also required to pay 25% of their gross income to the CRA. When working with Performance Property Management we ensure that all of our owners who do decide to file non-resident taxes submit an NR6 and NR4 form. This form ensures that the owner pays 25% of their net income as opposed to 25% of their gross income.
HST rebates are commonly missed by new purchasers as the process can appear overwhelming. Property owners who purchased a newly developed home or condominium are eligible to receive up to $30,000 in HST rebate.
This program is offered by the government of Canada as long as the purchaser and property complies with criteria of the rebate.
Contact us to discuss how PPM can help you with securing your HST rebate today.