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Frequently Asked Questions
Frequently Asked Questions
Who is Zood Property Management Group, Inc.?
ZoodPM is a residential property management company located in Toronto, ON.
How many units do you currently manage?
We manage 100+ units.
Why should I choose Zood Property Management Group to manage my properties?
No fanfare here, we simply do what we say we are going to do
What services do you provide as part of your Property Management Agreement?
We are a full-service property management company.All items involved in managing property are handled by us, including leasing, maintenance and rent collection. This provides a “hands off” experience for the owner, and can turn investment property into truly passive income.
What is your fee structure?
We strive to be transparent and up-front about our fees.Fees (other than the fixed rate monthly management fee and lease renewal fee) are charged only for out-of-the-ordinary events. These fees are described in the PMA Contract (Property Management Agreement and on our website on the “Pricing” page).
What do you need from me to be successful?
We need to know how involved you would like to be in managing of your properties. We also need to understand what your goals are with the property.
What are the steps to have ZoodPM manage my property?
-Our Property Management will meet with you at the property if possible, to complete a walk around and review our services.
-A property management agreement will be created and signed.
-Reserve funds will be collected, along with the property keys.
-ZoodPM will list your property for rent (if vacant).
Can I view my financial statements online?
Yes. We set up a property owner portal for each client. You can login to your property owner portal anytime 24/7 and see real-time information about your property including rent coming in, expenses going out, many different financial statements, as well as scanned copies (PDFs) of all bills and invoices.
Can you provide me with a rent estimate?
Yes. Please inquire and we can work up a rent estimate.
How often do you inspect my property?
A semi-annual inspection of the detectors is part of our inspection process. However, if needed the smoke detectors and in case of presence of gas in the unit, carbon monoxide detectors will be replaced. Detectors are required to be replaced if they are at least 10 years old.
How long is your property management agreement for?
One year, but there is no early termination fee.
How do you screen potential residents and what is your application procedure?
We use a time-tested custom rental application and TransUnion background check service. As part of this screening, we evaluate an applicant’s credit score, criminal history, rental history, job history and income, as well as other proprietary factors. We require proof of income in the form of pay stubs or bank statements. We also contact their current and previous landlords.
What is your marketing strategy to locate tenants?
We syndicate our rental listings to the most effective public online locations. In addition, we post FOR RENT on our own website. We also market aggressively through social media channels.
Is a maintenance reserve account required?
Yes, a reserve amount of $500 per unit is required for most properties. The reserve is tied to the maintenance approval limit.
How do you handle maintenance issues?
Upon receiving phone calls from the tenants we ensure the maintenance is serious and the landlord’s responsibility. Once confirmed, we send out one of our maintenance crew right away.
What is your average response time to urgent problems (e.g. the kitchen is flooding)?
All emergencies are handled immediately.
How often do you check and replace smoke detectors?
Detectors including smoke and carbon monoxide (if gas is present in the unit) are checked and replaced as needed on approximately a semi-annual basis, as part of our inspection process. Detectors are required to be replaced if they are at least 10 years old.
What are typical costs for maintenance and repair work?
The following expenses may be incurred by the property
*Maintenance- General maintenance and repairs are completed at a competitive hourly rate by one of our internal maintenance team members, with materials charged at cost. Specialized repairs are completed at competitive industry rates plus a 10% project management fee. Some new rental property owners who are used to repairing things themselves can be surprised at the cost of having this work done by others.
*Capital Expenses- Replacement of long-lived items such as roofs, windows, furnaces, hot water tanks, appliances, driveways, sidewalks, electrical fixtures, plumbing fixtures, etc.
How long does it typically take to schedule a vendor for a maintenance request?
Depending on the situation, we may first have to call for homeowners approval . We contact homeowners as quickly as possible and provide them with all available information. Once we have homeowner approval, a vendor is dispatched to diagnose and fix the issue at your home.
As the Homeowner, will I get charged for every maintenance request?
Initially, yes. After the request is complete, we go through the invoices to determine what the damages are. If it is a tenant-caused issue, we will charge the tenant on their next billing cycle. If for some reason the tenant does not accept to pay, we’ll deduct from their security deposit.
What if I want to work with local vendors that I know?
ZoodPM uses an expansive affiliate community of contractors. However, we can onboard other vendors to be a part of our network.
We also want to ensure you have a great experience. If you have a vendor in mind that is not part of our network we are still happy to help coordinate repairs between your vendor and the tenant, with one small difference: You would remit payment for the invoice directly to your vendor and not through ZoodPM.
If you prefer to manage your own vendors or do the maintenance work yourself, we ask you to notify ZoodPM that you are managing your own work orders so we can document and notify the tenant (ZoodPM DIY Maintenance Program).
What about emergency maintenance requests? What happens?
If we receive an emergency maintenance request (water damage, lost heat, etc.), we will immediately call and email you for approval. If we do not receive approval from you in a timely manner, and it is an emergency, we will make our best judgment call and dispatch a vendor if necessary.
Would you be able to home stage my property ?
Yes, our sister company, 6ixdeco will stage your home with a competitive market price. You can visit the warehouse at North York and select your favourite furniture.