Property Management Services
Thombar Property Management offers effective worry free management of real estate assets that will make a significant contribution to your bottom line!
For owners and investors, Thombar can provide improved appraisals and valuations through analysis and upgrades, better funding for client refinance/take-outs and better tenant retention, reflecting better return on investment.
General overview of Thombar Management Services and Fees:
- Day-to-Day Operations. Including bookkeeping and deposits (cheque preparation for owners is typically 4-6% of gross rent, independent bank account is typically set up, where the management firm is authorized to spend up to $500.00 as discretionary funds).
- General building maintenance.
- Pay expenses pertaining to the building on a monthly basis (not typically mortgage payments).
- Preparation of HST Returns.
- Rate is one months’ rent (Commercial and residential). Landlord may be charged up to 3 months rent when cooperating brokers are involved.
- Lease Preparation. Commercial lease - $250.00. Residential lease - $100.00.
- 5-10% surcharge on all work performed on the property requiring the property management firms’ management and overseeing.
- Tenant Relations. Constant communication with Tenants from our centralized office.
- Correspondence. The centralized office will accept all correspondence on behalf of the property.
- Errors and Omissions Insurance. Covers liabilities.
- Weekly drop-ins to each property by our property manager to liaison with on site superintendant.
*Additional attendance by property manager $100.00/site visit.
- Utility Invoicing. Can be subject to 5% management fee on all invoices.
- Correspondence with City. Officials including fire department, by-law enforcement, health inspectors, building inspectors etc., is included.
- Yearly fire inspections and certificates with a 5% surcharge on inspection and work performed.
- Emergency Services. 24 hours/7 days a week.
- Cleaning/Handyman Work. For cleaning and general handyman work, Landlord will be charged a rate of $35/hour per man plus one hour travel time
- Power of sale/Mortgagee services: We also provide Mortgagee in possession services such rent attornment, rent collections, trust accounts,notices and court attendances.
PROPERTY MANAGEMENT FEE FOR SMALLER INVESTMENT PROPERTIES
Property Management fee:
- Single-Family Home/Individual Condominium Unit/Cottage:
minimum $135/ month.
- Small Income Properties (2-4 units)
6% of monthly rent income (minimum $245/month per building).
- Investment Properties (5 units+)
5% of monthly rent income (minimum $455/month per building)
**Fees subject to change by complexity of property.