Once a property is rented and the tenant is settled in their new home we continue developing the relationship to ensure effective lessee and tenant relations.
We also believe that properly maintaining your property will contribute towards retaining the value of your real estate asset. We work closely with tenants and proactively address issues that may lead to costly service calls if ignored. We are committed to excellence when it comes to this vital aspect of property management. Our expertise in coordinating and ensuring maintenance and repairs jobs are done in a timely manner and cost effectively is one of our biggest differentiators. We utilize the best trades people at the most reasonable rates.
Our Residential Management Services program covers: Condominiums, townhomes, single family homes, duplexes, triplexes and multi-plex residential properties.
We are available 24/7 365 days a year to make sure tenants are well taken care of and your investment is protected.
We strive to deliver outstanding results to both landlords and tenants alike and work hard to ensure they have a one of a kind experience when working with us.
Our Comprehensive Residential Property Management Services for Landlords Include:
Access to online portal for Landlords
Transparent and timely communication is a must especially for non-resident investors that live on a different continent and time zone. Our online portal provides detailed financial reports to include rental income generated and monthly expenses paid out on your behalf. We also save all pertaining documentation to include contracts, inspection reports with pictures so that you are informed at all times if you wish to checkup on your investment.
Bookkeeping, including monthly and year end financial statements and copies of bills paid
As an investor you are looking for monthly and yearly financial statements to provide your accountant for tax purposes. Your financial statements are easily accessible through our online portal which will also include copies of bills paid on your behalf. We make sure you are fully informed and have supporting documentation regarding your investments.
Timely payment of property expenses: Condo Fees, Property Taxes, Utilities, Maintenance, Repairs & Services (i.e. cleaning, etc.)
We know how time consuming it can be to pay bills especially if there is a discrepancy/dispute and you are out of town. Rest assured, this service is covered in our service offering and we take care of paying your expenses on-time to include but not limited to: Condo Fees, Property Taxes, Utilities, Maintenance, Repairs & Services…
Coordination with building association and management companies
We notify the building management of our contact details in case they need to reach us for anything pertaining to your unit. We also arrange for payment of monthly condo fees directly to the building management, if the property owner opted for this option, free of charge. When a new tenant is located, we provide the building management company with a copy of the lease agreement, if requested for their records.
Initial property inspection
The purpose of the initial property inspection is to make sure the property qualifies for rental and doesn’t have issues that will jeopardize the health and safety of the tenant. This includes smoke and carbon monoxide detectors, hand rails, caulking, how the property shows and whether it requires painting, carpet cleaning, water leaking, windows and cabinets…
We use an industry leading software to conduct our inspections and store reports on the online portal for your reference.
Timely rent collection and depositing is done on your behalf. In case of delays or non-payment of rent we pursue this on your behalf with the tenants and paralegal services if necessary. Tenants have a few options for rental payments including: Checks, Post-Dated Checks, Online Payment…
24/7 emergency availability: 24/7 365 days a year emergency call service for tenants
We are available 24/7 365 days a year for emergencies so that you don’t have to deal with the hassles associated with rental properties. We are available evenings, weekends and statuary Holidays so that you don’t have to be. Ensuring great property management and rental service is a job that never ends and we have a team of professionals ready to address any emergencies and can be reached at: 416-835-7191
Responsive handling of planned property maintenance and repairs
We know that you value your time as a real estate investor and this is why you hired us to take care of the below maintenance and repairs tasks on your behalf:
Schedule maintenance, respond to emergency repair calls, book plumbing services as needed, repair appliances, furnace inspection, book electrical work as needed, clean out the eaves troughs, smoke and carbon monoxide testing, coordinate repairs, maintaining the common areas in commercial units including landscaping, snow removal, and cleaning common elements.
It takes fineness to coordinate among various parties to include tenants, trades, building management…The goal is to treat everyone with the respect and dignity they deserve and get the job done right in a timely and cost-effective manner.
Here is a link to the maintenance request form, please fill it up and one of our associates will be in touch shortly.
Expert tenant management: Managing effective lessee and tenant communications and resolving tenant disputes
We will attract and vet applicants to find you the best tenant for your property. More importantly, we will maintain the relationship and lines of communication to ensure
property maintenance for the property and tenant satisfaction in their new home. A happy tenant will treat your property well and we know that first hand. We are attentive, fair and professional in dealing with all our clients.
Fall walkthrough visual inspections / reports
We usually conduct fall walkthrough visual inspections around the daylight savings time change late, from October to early November. It’s our way of officially visiting and inspecting properties, at least once a year. One of the major tasks we complete during the fall visits, mainly for homes, is to shut off the outdoor water taps and drain the pipes before the weather temperatures drop below zero degrees and risk pipes freezing. In addition, we check smoke alarms and Carbon Monoxide (CO) detectors. We also check for leaky taps, caulking around bathtubs and kitchen, take photos of potential areas that need attention, check for burned lightbulbs…
When conducting this task, we take into account previous inspections and compare with current condition to assess how the property is faring and document any issues that need to be addressed immediately or planned for in the near future.
Issues found that we believe jeopardize the health and safety of tenants and/or safeguarding the property will be automatically addressed as long as the estimates cost is below $500 + hst. For maintenance issues that are above $500 we call property owners and get their consent before proceeding with the work.
Spring walkthrough visual inspections / reports
The Spring walkthrough visual inspection is a scaled down version of the fall inspection. The main goal of this exercise is to see how the property faired over the winter season and check to see if any maintenance is required to be taken care of. We usually conduct this late April to early May and both landlords and tenants have access to our documented findings through our online portal.
Move-in / Move-out walkthrough visual inspections / reports
We complement having a solid landlord/tenant contract to ensure both interests are protected with visual inspection reports at move-in and move-out. Sometimes a picture is worth a thousand words – we take pictures and notes at move-in to document the property’s condition and have the tenant sign on the report prior to handing over keys to their new home. We then do the same at move-out and highlight issues that are not part of normal wear and tear for the tenant to either fix themselves or pay us to address the issues on their behalf.
We do our best to document property condition and set expectations from the onset. Having said this, the difference between Normal Wear and Tear as opposed to Tenant Damage isn’t always crystal clear and a lot is left for interpretation.
Over the years we have learnt that if something is not obviously a tenant damage the Landlord & Tenant Board could rule more favorably towards tenants.
Non-resident tax remittance on rental income
For out of the country real estate investors, you need to report and remit taxes on rental income to Canada Revenue Agency (CRA).
We charge a nominal fee of $25 per month to do this on your behalf.
The Greater Toronto Area is a transient city with many foreign investors owning investment properties in the city.
It’s also estimated that 3 million Canadians live and/or work abroad.
We observed that Canadians leaving Canada like to keep their real estate investments for the long-term to appreciate, especially due to rising prices.
As a non-resident of Canada, if you own and rent your Canadian property you are subject to 25% tax withholding on the gross rental income which must be remitted to CRA by the 15th of the month, after the month the rental income is paid.
If a non-resident opted to withhold 25% of gross rental income, a return can be filed within 2 years for the non-resident to claim a refund of all or part of the amount withheld based on the actual income and expenses incurred.
Another option that is available for non-residents is to withhold 25% income tax on expected net rental income instead of gross rental income. This can be established by completing and submitting the appropriate paperwork to CRA, which includes the NR6 form and corresponding expense sheet to be submitted prior to the first due rental payment. This will need to be filled up on annual basis each year the property is rented.
Some of the expenses that can be added to determine the estimated net rental income are condo fees, property taxes, mortgage interest, rental fees, repairs, property insurance. Should the estimated expenses be higher than the estimated income, remittance can be nil. This is of course after receiving CRA approval of the submitted NR6. The NR6 form needs to be signed by the non-resident and a local/resident agent, which in this case would be your property management company. Then the NR6 form is submitted to CRA for approval.
If the non-resident opted to sign an NR6 then there are some filing requirements required. Tax returns are to be submitted by June 30 following the rental year on the appropriate tax form section 216. If the tax calculation adds up to more than the amount withheld throughout the year, then the non-resident will be expected to pay the difference to CRA. If the amount withheld is more than the required, CRA will reimburse the non-resident the difference. If a non-resident filed their taxes after the June 30 deadline, then they will be taxed 25% of the gross rental income.
We recommend you connect with your accountant for further advise. If you do not have an accountant, we are happy to connect with one that works with section 216 filings.
Here are links to some forms that may be helpful:
Access to discounted trades rates and materials
Given the volume of jobs we provide to trades people, we have a discounted rate for most services as well as supplies. These discounts are passed along to you directly which ultimately contribute towards better returns on your investment
Major renovation work
Any maintenance, repair or renovation project under $3,000 is managed by Buttonwood without any additional markups to the service fee rendered by a 3rd party. However, for bigger projects over $3,000 for which we solicit multiple quotes and oversee the work, we charge a 10% of the cost of the project +hst
We believe in creating value through building and renovating our investment properties and recommend the same to our clients. A renovated property commands better re-sale price, but if you are like us and hold on your investments for generations to come, then renovating a property will get you higher rent and better caliber tenants.
Umbrella landlord insurance
Very few insurance companies are willing to provide property insurance coverage for non-resident property owners. We are pleased to have worked out an option with our insurance provider allowing us to provide an option to our clients to add their condominium rental properties under our umbrella insurance for a very competitive rate, and significantly higher liability coverage.
Rent Guarantee Program
How does the Rent Guarantee program work?
If a tenant defaults on monthly rent payment, the Rent Guarantee program kicks into effect.
- We ensure you receive your share of the monthly rent payments for up to (7) months or until the situation is corrected, whichever comes first
- We also pay for eviction costs if the situation is not resolved through mediation
Go ahead and contact Buttonwood Property Management today for your free, no obligation consultation, we look forward to service you.
Call us: (416) 835-7191
Please note that the Rent Guarantee Program is available for qualified properties and where Buttonwood Property Management Inc. placed the tenant.
***Due to COVID 19 the Rent Guarantee Program is temporarily suspended for new clients until further notice***