Frequently Asked Questions
Helping You Understand How We Work, Every Step of the Way
Here you’ll find clear answers to the most common questions we receive from owners and tenants. If you don’t see what you’re looking for, our team is always happy to help—just reach out and we’ll assist you directly.
With many Property Management companies in Kingston, why should I choose you?
In our experience, there are many factors that we believe are key ingredients to ensuring you pick the right Property Management company. We strongly believe that everything starts and ends with customer service. Our emphasis on this is shown daily in answering calls and emails quickly and politely, dealing with issues effectively and with respect, and always having our Clients best interests at heart. We truly care for your property! By conducting monthly inspections and focusing on your net income with reviewing invoices and ensuring quality of work by other contractors. We also have an in-house Paralegal that works directly with our Property Managers and a full maintenance and repair division. This allows us to not only control expenses (by offering competitive rates), but also the flexibility and speed of dealing with service calls or emergencies (mitigating damages).
These proven points are further displayed in our Google rating and reviews (with many Tenants and Clients expressing their trust and support through honest and real comments). In addition, we have a high Client retention ratio and the success we’ve had with numerous industry and local awards, being rated one of the top companies in Eastern Ontario for several years.
What Types of Properties do you Manage?
We manage a diversified portfolio of residential and commercial properties. On the residential side, we manage single-family homes, student properties, and mutli-unit buildings (from 2-unit buildings to 43-unit buildings).
Commercially, we manage industrial, office, and retail plazas (ranging from 3-units to 24-units).
How do you Handle Unusual Tenant Behaviour and Rent Collection Issues?
Tenants can be problematic sometimes. We would all love for our Tenants to be perfect, but in reality, issues to pop up that we need to control and deal with. Our Property Managers are very good at communicating with Tenants to ensure issues are resolved quickly.
If we note that a situation requires further attention, our Paralegal will assist as her knowledge in the legal framework and navigating issues will have the best chance for a positive outcome. For rent collection, we require Tenants to pay at the start of each month. In some instances, we will work with Tenants to get back on a consistent pattern.
However, we are always on-top of issuing notices and ensuring 100% accuracy in these, through our Paralegal.
Do you Oversee Construction and/or Renovations?
Yes. We handle coordination along with reviewing all site work. This can include roofing, electrical, HVAC, plumbing interior and exterior renovations. Part of our management fees include securing and reviewing multiple Quotes for your project too.
When permits are required, we assist with the City and Town where your property is located.
What is the Transition Process?
The process of bringing on your property is quick and painless. We have on-boarding specialists that make it a point to always call or email you back the same day you inquire. Whether you are considering services for the first time or switching management companies, we will take the time to answer your questions, review the management Agreement, and chat with you about your short and long term goals.
While other companies may want to sign you up and sit back, we spend time to inspect your property and obtain all necessary warranties on equipment and note all major appliances, including electrical, HVAC, washer/dryers, etc.
All details are recorded in our ‘Property Addendums’.
What do your Clients like most about LPM?
Managing investments for 100s of Landlords is not an easy task but extremely rewarding.
Our Clients love that their properties we very well maintained, inspected and as a result, increase in value. We are a one-stop shop for all property management needs, including leasing, property management, maintenance & repairs, and legal. We provide detailed feedback (with two-way communication), on-time monthly financials and completely transparent.
What software do you use?
We use QuickBooks as our main accounting system and Yardi for all our residential and commercial properties.
Do you have a separate Leasing Department?
How do you handle compliance?
How Often do our Staff Visit Properties?
As often as possible! Each Property Manager makes a point to inspect properties on a consistent basis, usually monthly. Our Leasing Division also conducts move-in/move-out inspections with incoming and out-going Tenants to ensure proper assessments are made and charge-backs are dealt with efficiently and professionally. In addition, our PMs will coordinate and meet sub-contractors and utility companies on-site when needed.
On an annual basis, our Maintenance Team does a full inspection of your property. This inspection is very thorough and includes a detailed assessment of exterior and interior items. We will run plumbing faucets, ensure building code details are looked at, test smoke/CO2 detectors (changing batters/replacements) and change out furnace filters. This is a great feature as it reduces our Client’s liability.
What Type of Education and Associations are you Apart of?
Aside from our Business Degrees, we focus on continuing education as a competitive advantage and a source of information to our Clients and Tenants. Our staff have taken courses in Property Management, specific to their department, obtained certificates from the Institute of Housing Management and a member of the Federation of Rental Housing Providers of Ontario, along with a member of our location Kingston Rental Property Owners Association.
What is the best way to keep maintenance costs down?
Does Managing my Own Property Save me Money?
Managing your own property can cause stress, headaches and 24/7 attention – How much is your time, freedom and peace of mind worth?
In addition, between tax write offs, volume discounts through our industry partnerships, avoiding mistakes and legal guidance, professional management pays for itself.
How Many Properties, Units and Tenants do you Manage?
Approximately 350 properties, over 1,000 units and about 2,200 Tenants.
What Fees do you Charge for Property Management Services?
Although we have standard rates that are similar to the industry, we do offer the opportunity to discuss further discounts depending on locational characteristics and number of Units.
We provide a hassle free and no obligation market analysis and chat with our on-boarding specialists to discuss these details and put a tailored package that works for you.
What is the Biggest Factor in being Successful in Owning an Investment Property?
From our experience, there’s two things:
- Ensuring qualified Tenants occupy your units/property is key. Our Leasing procedures and processes allow for these best results. Between making after-hour showings a priority, to validating income, to screening Tenants during the application process, we do everything we can to secure the ‘right Tenant for the right property.
- Controlling maintenance and repairs. Partnering with the right company that has the skills, experience and knowledge to navigate through implementing maintenance plans and offering fast response times to mitigate further damages, is crucial to your bottom line. At Limestone, our maintenance division has over 150 years of experience and we’ve proven to our Clients that through our maintenance request portal, we’re able to review, consolidate and ultimately fix issues at properties that require attention.
How do you Advertising and Marketing Units/Property for Rent?
Once existing Tenants provide their notice to vacate, our Leasing Team will act quickly to assess the Unit/Property and update photos and videos as required. We will correspond with Clients to detail market rent and any other items to note. We have two packages for advertising: One – Premium Package and Two – Basic Package. Both have different pricing structures and will differ based on maximum exposure to the market. Our Leasing Manager can chat with you more on these details.
While it’s listed, we will provide up-to-date market trends and data to Clients, while also sending out monthly reports.