Owners FAQ

Khanna Management Services is the premiere firm in the Greater Toronto Area. Following the highest standards of ethics, professionalism and expertise.

At Khanna Management Services, you can rest easy knowing we will provide you with services that are second to none. It’s no wonder we have such a high client retention rate.

At Khanna Management Services, we understand that everyday a home sits vacant you are losing money. Our aggressive marketing strategies deliver you a quality tenant faster than the competition, in less than 3 weeks on average.

At Khanna Management Services, we use a variety of tools to determine the rental price a unit should rent for. One such tool is using a Comparative Market Analysis.

With this nifty tool, we’ll be able to help you determine the right rent for your property. A price that is competitive and that allows you to earn as much income as possible.

Whereas the industry average to fill a rental vacancy is 42 days, ours is 17 days.

That’s how quickly we can help you get a tenant for your property. Our marketing strategies are effective and result-oriented.

We understand that paying you fast is important. We pay Owners by check or direct deposit. If rent is collected timely, you can expect to be paid on the sixth day of each month.

If, however, a tenant makes a late payment, then you can expect a payment within 2 days of the funds clearing our account. Late payments from tenants are uncommon, though.

A 12-month lease is common and recommended. If the lease will be longer or shorter, we will get your approval before executing the lease agreement.

Yes, every time. A security deposit helps cushion you against the financial strain of a negligent or careless tenant.

The security deposit amount is equivalent to the first month’s. We won’t allow a tenant possession of a property until the security deposit and first month’s rent are paid.

The security deposit can be used to restore the property back to its original condition, minus normal wear and tear. It can also be used for unpaid rents, late fees, legal fees or other delinquencies.

Examples of things that the security deposit can be used to cover include:

  • Stained or damaged carpet or flooring
  • Broken microwave glass or front panel.
  • Damaged or missing blinds.
  • Stained garage flooring from oil.
  • Clogged sinks or drains due to any stoppage (hair, food…).
  • Shower mold due to lack of regular cleanings.
  • Broken windows.

At Khanna Management Services, we require approved applicants to pay the equivalent of one month’s rent as security deposit before keys can be exchanged.

We can also require an extra deposit, depending on whether or not pets are permitted. If permitted, a tenant may need to pay an additional deposit for every pet they have.

When trying to market your property, it’s important to make sure that it’s rent-ready.

A rent-ready property is clutter-free. Nothing puts off a prospective tenant like a property that is cluttered and dirty. They need to be able to see your property as a place they could call home.

If your property is painted colors like blues, green, or other custom colors, particularly dark ones, you may have a hard time landing a tenant. To appeal to a greater mass of prospective tenants, paint your home in neutral colors.

Make sure that you have made all the necessary repairs. This will make it easier for you to hold the tenant accountable for any damage they have caused to the property when they move out.

You should also have appliances available. Many prospective tenants aren’t looking to own their own dishwasher, stove, washer/dryer, or refrigerator.

This is at the discretion of the property owner. However, we encourage you to allow pets.

According to the National Pet Owners Survey, 68% of households own a pet. Allowing pets in your property will enable you tap into a huge pool of potential tenants.

Yes, there are a lot of horror stories about pets destroying homes. From our experience this usually stems from having a poor-quality tenant and NOT because of the animal itself.

We’ll make sure that a tenant with a pet adheres to our pet policy. Among other things, our pet policy puts restrictions on the size, number and type of pet a tenant can keep.

What’s more, we usually require such tenants to pay an extra deposit of anywhere between $250 and $500.

We only rent to tenants that are above the legal age and who have passed our screening process.

Depending on the municipality, our screening process checks the tenant’s income, employment status, as well as credit, criminal and rental background.

It’s only after a tenant has passed this process that he or she can be allowed to live in one of our managed properties.

When you hire us, you have 24/7 access to an online Owners Portal.

With this account, you’ll then be able to follow up on the performance of your property in real time. You’ll be able to access past and present statements, real time accounting, and maintenance accounting.

We are one of the few management companies that regularly inspect clients’ properties every year and we will send you a full report through the portal as well.

If you are an out of province/country investor, you can rest assured that you have left your property in safe hands.

Many of our clients live out of province/country. With our effective communication, you can rest easy knowing we are taking great care of your property.

It’s in your best interest to carry sufficient insurance coverage. We require current proof of insurance to be on record for all properties under our management.

We also require naming Khanna Management Services as additionally insured on your insurance policy. Moreover, we also require tenants to get renters insurance. While not a requirement under the law, it can prove extremely beneficial in the event that disaster strikes.

Whether emergency or non-emergency, any middle of the night calls will be handled by our team.

We’ll conduct a thorough checkout inspection to determine whether the tenant has caused any excessive property damage.

If the tenant passes this inspection, we’ll then release them from the lease and return their security deposit.

At Khanna Management Services we believe that to be successful in the rental business, strict enforcement of the lease is necessary.

In the event a tenant pays rent late, our immediate course of action would be to charge them a late fee.

If the tenant still continues to neglect to pay rent, we’ll have to initiate eviction proceedings against them.

In the GTA, some utilities can be kept in the tenant’s account while others in the owner’s account.

Tenants are usually allowed to set up their own account for gas and electric.

Owners, on the other hand, usually handle those for water and sewer. It’ll be our job to make sure that the tenant receives and pays for all utility invoices.

We handle all maintenance requests on behalf of our clients. We will coordinate with vendors and tenants to make sure any repair is done efficiently and in the shortest time possible.

For peace of mind, we usually offer our clients a Cancellation Guarantee.

If you ever feel dissatisfied with our services, you can terminate the agreement using the Cancellation Guarantee.

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