FAQ For Owners
We’ve put together a few frequently asked questions that can assist in your selling process.
If you have questions that aren’t answered in this FAQ, please contact THE PANG TEAM on 403-903-5289, and a member of our team can assist you.
Will THE PANG TEAM manage my house rental? What about my condo?
Yes! We will gladly provide expert Property Management services to our clients for their home, condo, townhome, or even acreage properties.
How much will it cost to hire a Property Management Company?
The price of peace-of-mind can be invaluable. THE PANG TEAM’s Property Management team can be accessed for reasonable prices based on a variety of factors including front-end work to make your space renter-ready, continuing maintenance needs, and a percentage of monthly rent generated from your home’s occupancy.
Invoicing and fees are generated based on the following guidelines:
- 8% of gross monthly rent amount + 1/2 month’s rent amount every 12 months
- 10% of gross billing for maintenance and other contractor work
*all fees are subject to 5% GST, rates may vary based upon location
Is it actually worth it to hire a Property Management Company?
Yes! Why muddle your way through potentially complicated situations regarding your Investment property when our experienced associates are ready to do the work for you. Allow us to save you time and money by expertly managing your home occupancy, so you can focus on your many other priorities.
How do I get my portion of the Rental Income?
Each month, the proceeds from the Rental Income, less any Maintenance billing and your Property Management company’s surcharge, will be deposited into the bank account of your choice – no hassle for you – the money just shows up.
What about Condo Boards and Housing Associations?
Our Certified Property Management associates are happy to adhere to housing associations, as well as liaise on your behalf if the Association will allow it.
Will my Property Management Company advertise my space for me?
We are excited to list your space on your behalf. THE PANG TEAM has long-standing experience in the Calgary housing industry. We are well versed in effective local advertising strategies as well as rental prices to keep your vacancy rate as low as possible, translating to more profit for you.
Who will occupy my space? Can I trust them?
Not only will THE PANG TEAM screen for and fill your space with an ideal renter, we will also handle any/all Tenant issues for you. Through thorough screening including credit checks, personal interviews, contacting previous landlords and confirming employment, we feel we can find the best fit for your space.
How will the details regarding Tenant Relations be handled?
In the event that your occupant turns out to have been a wolf in sheep’s clothing, we have the tools to help you fluidly transition to the appropriate steps based on the issue.
Periodic Home Inspections
Based on the demographics of the renter and the space, Home Inspections can be more or less frequent. We believe in respecting the privacy of our renters, ensuring happy tenants, yet confirming that the premises is well taken care of. At the completion of the Lease Agreement, the Tenant would be made aware of regularly scheduled Home Inspection(s) during their stay based on your suggestion, and our evaluation of necessary timelines. If there is reason to visit the property sooner or more frequently than previously agreed upon, the occupant would receive adequate notice and the inspection would be completed by your Property Management Company.
We believe a clear contract is key in setting your occupant and yourself up for success. You can be sure that Lease Agreements are gone over in detail by our Property Management Companies with the new Tenant before the keys are handed over. In the event that the rent is not paid by the 3rd business day of the month, we will provide the Tenant with a Notice to Vacate the premises within 14-days. If the Tenant is able to pay the rent within that 14-day period, we will void the Notice to Vacate – however, we will operate on a three-strike policy. If the renter is unable to pay the rent on time consistently, or negotiate a contract beforehand regarding extenuating circumstances, they will need to find alternate housing and THE PANG TEAM will start the screening process for a new occupant.
As discussed and agreed upon in the Lease Agreement, the tenant should be aware that there are certain practices that are allowed and not allowed on the premises. Because we adhere to the Landlord-Tenant Laws of Alberta, the rules are clear, and often times we are able to come to a happy resolution without further consequence thanks to respectful and prompt communication on your behalf.
In the event that the tenant is unable to comply and another infraction is cited within a short period of time from the last, we will issue a 14-day Notice to Vacate the premises and start the screening process for a new occupant. You, as the Property Owner can rest assured this option is only needed in rare cases.
In rare, but extreme cases, Arbitration is necessary to closing a Tenant Agreement that has been violated by either the Renter or the Rentee. If this becomes an issue, THE PANG TEAM will provide all the relevant evidence regarding the infraction, as well as support to the Property Owner throughout the process.
Will my Property Management Company take care of Insurance on the property for me?
Unfortunately, a Property Management Company is not able to complete Insurance dealings on the Owner’s behalf. As the Homeowner, you must have adequate insurance to cover the ‘building’ and ‘land’ portion(s) of your property with respect to fire, flood, etc. The Tenant is advised to, but not required to have Tenant Insurance to cover the contents of the home during their stay.
How will we navigate Pet Policies?
More and more people are expanding their families to include furry friends. Unfortunately, it can be hard to distinguish between the responsible pet-owners and the irresponsible ones, thus making it hard for the Tenant to find a happy home, and Owners to find steady occupants. Tenants are finding it easier to lie about pets than be up front. THE PANG TEAM recognizes these challenges and circumvents the problem by adhering to the desires of the owners in conjunction with those of the Homeowners Associations/Condo Boards. We offer additional Pet Contracts for those allowing pets, along with a non-refundable Pet-fee to cover potential repairs and maintenance during and after the pet’s occupancy.
If I have my property assessed does that mean I've hired a Property Management Company?
No, we offer no-obligation quotes for Property Management services and rental advice. Owners will often choose to hire us to handle the day-to-day operations of their Investment Properties thanks to the peace-of-mind and friendly demeanour we use to manage your space.