The CIR REALTY Property Management Rental Process
Updated: Nov 25, 2019
Many companies manage the rental process differently. As an Owner with CIR REALTY Property Management, here is what you can expect:
Our experienced team will meet with prospective tenants to view your home. When the prospect is ready to apply, we help them step by step through our application process.
Once we’ve received a competed application along with a security deposit (equal to 1 months’ rent) we begin our thorough screening process. We verify the applicant’s income, previous landlord references and credit before we present the application details to you, the homeowner. Should the applicant be unqualified or any red flags appear during the application process, using our best judgement, we would decline the application before we even present it to you. We ensure that only qualified applications are brought to you for consideration.
Once we’ve agreed to accept an application, we draft up the lease agreement, making any amendments as needed and have it signed by the tenant. Once this is received, we book the move in inspection with the tenant for key handover. At this time we also ensure that the tenant has set up any utilities and provides us with a copy of their tenant insurance for their file.
When your property is rented
Every month on the first day, rent is received and deposited into our trust accounts. Your rental income funds are allocated to your designated rental income account and is reconciled every month. Should there be any maintenance items during the month, the invoices are paid through your rental income account.
On or before the 15th of every month, your rental income, less any expenses from the previous month is deposited into your personal bank account.
For Example: Your rental income for June of $2,000.00 is received by CIR Accounting on the 1st of the month and deposited into our trust account. In this month, you must repair your kitchen sink and pay your management fees. The total expenses for you in the month of June total $300.00. on July 15th, you will receive $2,000.00 LESS $300.00 totaling $1,700.00 into your personal bank account for June’s net income.
CIR also completes periodic inspections during the tenancy to ensure your home is kept well and to catch any potential maintenance items that might go unnoticed by a tenant. The reports are sent to you for review and to begin any maintenance work that is recommended.
Nearing the end of the lease term, we will reach out to both yourself and the tenant to begin negotiations regarding a lease renewal. Should both you and the tenant agree to extend the lease, for terms that are the same (or different), CIR REALTY Property Management will have a lease renewal document signed by the tenant, extending the lease for the negotiated terms.
In Alberta, rent can only increase once every 365 days for an existing tenant, however there is no cap on the amount of the increase. There is also no limit to how many times in a year the rent is decreased.
Should it be decided that the lease would end at the end of the lease term, CIR REALTY Property Management will work with the tenant to ensure they are following proper protocol and guidelines to move out of the property and then schedule the final move out inspection at the end of the lease. At this time we work with the tenant to reconcile their security deposit and deduct costs for repairs if needed.