Frequently Asked Questions
What is the management service?
Operating student rental properties is a time sensitive, 24/7 undertaking. A rental manager must be available at all times including holidays and weekends to support the needs of the tenant. At Varsity Properties our job is to take on these responsibilities on your behalf. Our team is on call to handle midnight emergencies and tenant lock out calls. Our leasing team is responsible for marketing to students, evaluating and screening prospects, preparing and sending leases, collecting lease deposits and guarantor information, arranging move in and move out, answering resident questions, resolving resident disputes, and collecting rent. If rent payments are missed or more serious issues arise, we prepare the legal paperwork and notices and will represent you at the Landlord and Tenant Board. This service frees the owner to enjoy their investment without handling the day to day challenges.
How do I get rent?
Our team collects rent on your behalf and deposits it into an account of your choice, monthly net of management fees.
Who is Varsity Properties?
We are a property management firm with 15 years of specialized experience of operating student communities for owners. For more details about our firm click here.
What is the cost of rental management services?
Rental management services are provided for the greater of fifty dollars per month, plus HST, or fourteen percent of collected rent, plus HST.
What will you rent my unit for?
Our team will give you a range based on our research and experience in the market. You as the owner, will make the decision on what price you would like it to be leased at. Risk tolerant investors may choose a higher rental rate, while risking that the unit might not get leased, While risk averse investors may choose a lower rate with a higher probability of leasing their unit.
What if my unit isn't rented?
In the situation that your unit is not rented our team will continue marketing your unit until it is leased successfully. You will not receive rent in this duration it is not rented.
Will tenants be contacting me?
As your hired representative you authorize us to manage all tenant communications on your behalf.
How does suite turnover work?
Our team will schedule and facilitate all aspects of the turnover process. This includes unit inspections, cleaning, repairs (at owner’s cost). In the event damages are caused by the tenant, we will also work collect on your behalf.
Who makes repairs?
Our team of property technicians will respond to and manage repairs in your unit. The rental management agreement authorizes us to make any repairs under $500 automatically, while repairs expected to cost over $500 require your approval.
Do you provide housekeeping services?
Yes, housekeeping services are provided monthly, this is included in your rental management fee. This includes cleaning bathrooms, wiping down the counters and other surface areas, cleaning the floor, and reporting any damages or leaks for repair before they escalate into larger, more expensive issues.
Aren't leasing services covered in the condo fees?
No, condo fees are to cover the reserve fund, insure the building, and provide common services (internet, garbage removal, snow plowing). These fees do not include leasing services.
Will you take care of my mortgage, property tax, condo fees, etc.?
No, we are your rental manager. We handle renting your unit, cleaning it, repairing it, leasing it, and keeping it operational for students.
How often do you report to me?
You will receive a full reporting package every month from us, via email.