Primecorp Property Management Services - Frequently Asked Questions

The following will answer many of the questions our potential clients frequently ask us before signing on with Primecorp (if we've missed something, just drop us a line… we'd be happy to see how we can accommodate your property management requirements):

• Marketing, listing and showing properties
  • Primecorp will leverage the incredible power of the web through our website and various online marketing channels as well as traditional media outlets as required to fill any vacancies as quickly as possible.
• Tenant screening, pre-qualification and rental applications
  • Primecorp will process all rental applications to ensure that only tenants who meet Owner-approved qualifications will be considered and approved as tenants.
  • We aim to avoid turnover in our units, by attracting tenants who will respect their rental units and their neighbours and will uphold the obligations specified in their lease.
• Answering lease inquiries
  • Primecorp will answer all leasing inquiries in a timely fashion, to the extent that our internal resources allow at any given time.
• Lease execution
  • Primecorp will ensure and enforce all stipulations outlined in any leasing agreements associated with specific rental units.
• Rent collection and deposits
  • Primecorp collects all rents and payments due, additional rent and any other amounts payable by Tenants so that they are regularly received at the earliest possible date, by Primecorp, in accordance with the terms of the respective Tenants' Leases.
• Institute proceedings as required
  • ​Primecorp will monitor your property for any breaches of covenants by Tenants and shall prepare, execute and serve on behalf of the Owner such notices as are necessary to collect arrears of rent and other payments from Tenants.  Upon prior approval of owners, Primecorp shall:
    • enforce breaches of covenants of Leases;
    • institute and prosecute legal proceedings or exercise other legal remedies for these purposes;
    • distrain for rent as appropriate in the applicable province;
    • evict Tenants and recover possession of the premises; and settle, compromise, discontinue and release claims or reinstate tenancies.
• Monthly and annual reporting
  • Primecorp will keep proper books and records in accordance with generally accepted accounting principles.
  • Primecorp covenants and agrees to prepare and submit to the Owner: for each month, within fifteen Business Days after the end of such month, the following:
    • a Real Property balance sheet and a Real Property profit and loss statement (including copies of all invoices) for the preceding month comparing actual expenditures with budgeted expenditures as set out in the Approved Budget and collecting for the year-to-date;
    • a statement of arrears of rents on an aged basis;
    • a report on the status of existing litigation and contemplated litigation;
    • a report on Tenant sales (if required) in the Real Property obtained in accordance with the provisions of Leases with respect to all Leases to which percentage rent is payable;
    • a leasing report including vacancy rates at the start of the Financial year, current month and year-to-date vacancy rates and a schedule of Lease expiry terms for the balance of the current financial year;
    • a report apprising as to any damage to the Real Property and the repair and replacement thereof, and as to any anticipated or required change or alteration or improvements to the equipment or systems, in each case comprising part of the Real Property.
• Maintenance of property records
  • Primecorp shall have available the books and records it maintains in relation to the Real Property. Primecorp shall assist in the conduct of any spot or internal or external audit (including Owner audit, operational cost audit and ad hoc audit) that Owner performs, requests to be performed from time to time or otherwise authorizes.
• Property inspections
  • Primecorp shall carry out, at reasonable intervals, physical inspections of the Real Property including inspections of the roof, foundation, walls, sewer, water, electrical, structural, plumbing, mechanical, ventilation and air conditioning systems and recommend to the Owner preventative maintenance procedures to preserve the long-term viability of the Real Property.
• Provide on-going preventative maintenance
  • Primecorp will operate, manage and maintain the Real Property in a competent, faithful, economic, and efficient manner as would a prudent and reasonable owner of a similar property in the geographic area.
• Pricing for property management services
  • Our pricing structure varies based on the numbers of units and the extent of our property management contract:
    • Please inquire about further pricing details regarding your specific property management requirements.
• Additional Services
  • Primecorp can also provide additional services, related to a given property, to be negotiated upon sign-up.