It is the intention of the management at Heartland Heights condominium to offer a rental program for all owners. This page describes the highlights of this proposed rental program.
If you would like to get more information on the property management and investment opportunity at Heartland Heights, Contact us!
Highlights:
- It is anticipated that the program will commence at handover of the completed Condominium.
- The program will be managed by the selected rental management company after completion of construction activities.
- It is not anticipated to have a program with a guaranteed rental return which has many rules and restrictions rather a program that gives the owner flexibility to rent out the units backed up by advertising/marketing programs.
- A rental agreement will be required to be signed between the condominium owner and the rental management company. Once the agreement is signed the owner turns over the condominium into the rental program. The owner will be able to exit the program anytime with a 2 week notice (unless the condominium has a signed lease agreement) and re-enter anytime afterwards.
Benefits
- Increase of existing income through participation in the program.
- New revenue channel for the participant.
- Property maintained in good condition at all times.
- Owners determine rental price & Owners can set the period of the rental agreement.
Services provided to Owners
- That occupies the property only occasionally.
- Who cannot or do not want to find a tenant by themselves.
- That requires scheduled maintenance on their property.
Services provided
- Active marketing to agents and through the website.
- Constant monitoring of current market prices for each type of condominium to be rented out.
- A rental agreement between the property management company and the customer is required to be signed.
- Cleaning services available to renter and owners.
- Ensuring that an inventory/checklist of condominium items is done prior to renting and after the rental period. All damaged items, accessories; furniture will be repaid from the renter’s security deposit.
- Meter check for water, gas & electricity usage.
- Accounting of the rental and transfer of monies into selected account with notification to owner.
*Based on a minimum rental period of one month.
Requirements
- The owner must provide a Bank account so that rental funds can be transferred into this account.
- The condominium must have a minimum of furnishings and accessories to be eligible. See annex of standard assets to be included, at the end of this document.
- The rental program is different from the property management duties. As such, the yearly common expense fees for the condominium must be paid to the project management team by the owner regardless if the condominium is in the rental program or generating revenue.
- The owner may set the rental price however this price must be in line with the current market rates at time of rental.
Fees
- The management of the program will be subject to a fee which will be deducted from the rental revenue. The fee is anticipated to be 10% of the rental fee. (This does not include the owners usage).
Annex 1 (Minimum equipment to be provided by condominium owner)
Kitchen: Refrigerator, Electric stove top, Microwave, Glasses, set of plates and bowls (For a family of four), Cutlery, Cutting knife, Bottle and can opener (For a family of four).
Living: Color television and DVD player, Sofa set and coffee table, Curtains.
Bedrooms: Bed with mattress, and pillows, Bed and pillow linen, Wardrobe with hangers, Curtains.
Bathroom: Towels (For a family of four), Face clothes (Family of four).
Balcony: Table and set of 2 chairs.
 |
|
 |
| Finance | Property Mgt. | Contact Us! |
If you would like to get more information on the property management and investment opportunity at Heartland Heights, Contact us!
