OWNER FAQs
WHAT'S INCLUDED WITH FULL MANAGEMENT? This service includes collecting your rent, completing owner payouts, responding to all tenant inquires and concerns, staffing a 24/7 emergency phone line, completing yearly interior inspections, applying annual rent increases, and overseeing all maintenance requests.
WHAT DOES FULL MANAGEMENT COST? Management pricing varies based on the location of the property, number of units, price of rent, and the quality of the building. To get a free, no obligation management quote, please click here to email us, or call 1-902-439-8748 and press extension 1.
WHEN DO I GET PAID? Our owner payouts occur on or before the second Tuesday of the following month. This is the date in which funds are submitted to the bank, and can take 1-4 business days to clear into your bank account, depending on which institution you bank with. By having roughly 5-weeks between rent collection and the payment date we're able to avoid invoicing owners for maintenance and renovation work and simply deduct the charges from the payout and attach detailed statements.
HOW DO I GET PAID? We will request a copy of your Pre-Authorized Debit form (PAD) so we can issue funds directly to the bank account of your choosing.
HOW DO TENANT PLACEMENTS WORK? Red Sands has a comprehensive tenant placement service that begins by taking quality photos your property, building the listing description & highlighting key details about the unit, and posting online to our website, Kijiji, Facebook Marketplace, and other platforms. Once the applicants start coming in, we complete reference and screening checks to ensure suitability. From there, we will show the unit to qualified applicants. Next up is having the lease signed, collecting the damage deposit, completing a unit walkthrough, and meeting the tenant(s) with keys. The cost of tenant placements is half a month’s rent for managed clients (or a full month's rent for non-managed clients) and it comes with a three-month stay guarantee, or else we’ll place a new tenant for free.
HOW DOES MAINTENANCE WORK? All maintenance requests submitted by tenants are received and reviewed by our maintenance office. If deemed a legitimate request, our maintenance crews will be dispatched to make necessary repairs. Owners will be notified of any maintenance item that costs more than $1,250 to complete.
HOW DO I PAY LARGE MAINTENANCE OR RENOVATION BILLS? We will deduct expenses from your monthly rent roll and send you the net balance. If your expenses are greater than your income, you will need to pay the remaining balance via cheque or E-transfer to Red Sands to avoid a monthly compounding financing fee of 2.5% on the full balance owing.
DO I NEED TO MANAGE/PAY MY UTILITIES, PROPERTY TAXES, AND OTHER BILLS? Yes, you will need to keep all third party accounts in your name. Red Sands cannot assume responsibility for any of your utility accounts or pay property taxes on your behalf. If you plan to rent out a unit with some or all utilities included it's important that all accounts are current so there aren't service interruptions.
CAN I RENT OUT MONTHLY, ANNUALLY, OR DO SHORT-TERM RENTALS? You sure can. We can work with you to customize a lease with your tenant to meet your needs. We're able to sign tenants to an annual lease, monthly lease, a fixed term lease, or operate your short-term rental.
CAN YOU HELP ME IF I'M OUT OF PROVINCE? Of course! All of our owner contracts are signed digitally, and our preferred mode of communication is email. All we need is access to your unit(s) and our team will take the rest from there.
WHAT HAPPENS WITH THE DAMAGE DEPOSIT? Red Sands will securely hold the damage deposit during the duration of a tenancy. When a tenant(s) moves out, our team will complete a move-out inspection. If that inspection results in no damage, garbage, or mess being discovered, the tenant will be refunded their full deposit within 10 days, assuming rent has been paid in full. If the unit has been damaged or needs to have garbage or other items removed, Red Sands will do this and deduct it from the tenant's deposit.
HOW DO I TRACK MY INCOME AND EXPENSES? All owners receive unique user credentials to access a secured portal where they can see all rent collected and all management and maintenance expenses charged.
WHO IS RESPONSIBLE FOR TAX REPORTING? Building owners are responsible to remit HST to the government, as required by law. On Prince Edward Island, short-term rentals and commercial properties are subject to HST. Red Sands will prepare detailed annualized statements for easy tax filing and remittance.
IF THIS RELATIONSHIP DOESN'T WORK OR I WANT TO SELL MY PROPERTY, CAN I GET OUT? We don't want you to feel trapped, so there's a 60-day written notice clause that allows you to void the management agreement with no penalty.