Next Steps for New Property Management Clients
Welcome! If you’ve signed up for our Power Properties’ full Property Management services, here are the next steps:
We’re getting your property ready for rent
This means we’re making arrangements to have your property photographed, and marketed on a number of rental listings websites. If you need help getting your property rent ready (aka. a good clean, a fresh coat of paint, etc.), just let us know and we’d be happy to coordinate the work on your behalf.
2. Your Rental Property is advertised
Your property is advertised on a number of rental listings websites, including our website and Rentfaster, Calgary’s leading online home listing service. Once the inquiries start rolling in, our online booking system will pre-screen the tenants and book a showing with them. Our online system will keep you informed on the statistics of your rental property with a weekly report sent via email. Your Property Manager will stay in touch with any recommendations.
3. We screen the tenants
If a prospective tenant is interested in renting a property, they will fill out an application form that will be processed by our team. Including an employment confirmation, a landlord reference and a credit check. Once we find a tenant that ticks all of our boxes, you will receive an email notification letting you know that your property has been rented.
4. Documents will be available on your Owner Portal
When you sign up for our full Property Management services, you will receive access to the Owner Portal. On the Owner Portal, you will be able to see all of your important documents, including your tenant’s lease, your monthly financial statements, pending work orders and more!
Frequently Asked Questions:
What if something needs to be repaired?
Included with your Property Management Fees is our $0 Coordinaton Fees for day-to-day Repairs. We also offer a 24/7 Emergency Line in the case of an emergency. When a tenant contacts us with a repair or maintenance inquiry, we take the following actions:
We troubleshoot the problem with the tenant, if we are unable to solve the issue, we will arrange for the repair with a trusted third-party vendor.
If the repair will cost less than $750, we will approve the work on your behalf, leaving you more time for the important things. You will receive an email notification that a “bill” has been created. A “bill” is us holding back money from the rent so that we can pay the invoice when it is submitted by the vendor. This amount is a rough estimation and will be reconciled with the actual amount from the invoice.
Once the work is complete, a copy of the invoice from the vendor will be uploaded to your owner portal.
2. How do I read my owner’s statement?
Beginning and Ending Balance:
The ending balance from the previous month will be the beginning balance for the current month.
Income: Rent:
The rent collected in the current month will show here as income, increasing the running account balance.
Deductions:
Deductions will show as expenses, the running balance is reduced after each expense.
Owner Draw:
Owner draw shows the funds deposited into your bank account (before the 25th of each month)
Unpaid Bills:
Unpaid Bills are the “bills” we have created for work that has been ordered, but not yet invoiced from the vendor. We create a “bill” to hold back money from the rent so that we can pay the invoice when it is submitted by the vendor. This amount is a rough estimation and will be reconciled with the actual amount from the invoice.
Portfolio Minimum:
We hold a $400 reserve in order to pay invoices that are received between the time when the rent is released to you (between the 19th - 25th of the month) and the next rental deposit is received. Your statement will be published to your owner portal on the 1st day of the following month.
Due to the Owner:
Due to the Owner shows the ending balance, minus the $400 reserve, minus unpaid bills
3. Do you have more questions?
Check out our video series where we break down our process and help answer some questions you may have.
If you need to contact our office, for the fastest response time, please use the Chatbot feature on our website, located in the right bottom corner of your screen.
Want to talk to a person? Find Your Property Manager
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
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