LLR has been in business since 2009 and has over 30 years of combined experience in investing in real estate. We have been managing our own real estate portfolio of 140+ units since 2001. Our personal portfolio continues to grow as we are still actively buying rental properties.
LLR currently manages 300 single family rental units. As of (Sept 2013)
We service Edmonton and its surrounding area within a 30 minute radius and have an office in Grande Prairie. Our head office is located in Edmonton.
As a Landlord Resource Centre we provide a wide range of services for a large number of single family properties. Our clients are a diverse mix of real estate investors who have a wide range of needs. Within the structure of our business model our policy is to maintain a maximum of 40 tenants per staff member in order to sustain our normal high level of service.
We are not a licensed property management company. As our business name suggests LLR is a resource for real estate investors (Landlords). We provide a broad range of services for investors and have designed our systems and policies in a way which is meant to keep them in control of their investment (to the degree they choose to be).
As outlined within RECA regulations; by not having a PM license there are some tasks and services LLR is not permitted to offer or provide our clients.
In early 2012 and again in 2013 we submitted to RECA the full scope of our business protocols, forms, policies and procedures.
Yes we will.
Conventional Property Management companies charge a percentage of the gross collected rents… i.e.: 8-12%. They collect your rents, deposit the income into their bank account, do the book keeping, decide on necessary maintenance and repairs, the cost of which they deduct from the rent collected. You are then sent the balance of money remaining to pay the mortgage principle, interest, taxes, and insurance. The PM Company will also rent out your property and arrange all repairs and maintenance; however they are not obligated to inform you of the associated cost prior to deducting it from your rental income.
LLR is 10-14% of gross monies collected depending on the size of the portfolio. We are an average of $20-$30 more a month then conventional property management.
Most PM companies assign a manager per portfolio and this is the only person you will communicate with.
LLR has 13 full time staff, which deals with all clients and tenants needs. We have developed a system where any staff member can and will assist with the needs of the client or tenant. Our philosophy is to have a high staff to client/tenant ratio. We like to maintain a ration or one staff per 25-35 clients/tenants. PM companies can be a ratio of one staff per 100-150. By having a lower client/tenant ratio LLR believes it is able to provide better customer service to both the client but more importantly the tenant . By having a 1 staff to 25-35 client/tenant ratio with are able to meet the needs of the tenants.
We built LLR based on the service and management gaps we were at the effect of during a time when our own real estate portfolio was managed by a conventional property manager. We determined the gaps were significantly impacting our level of success. We decided the difference intention with thefor the LLR model is for real estate investors like us-, was to fill those gaps.
Our business philosophy is simply meant to support you, as the owner/investor in having control of your business decisions and cash flow. As an owner we believe you need to have a timely and direct voice for how your real estate is being managed and your cash spent!. That is why YOU get paid FIRST. You decide what to do with YOUR cash and how you want to spend it (or not). We have created systems that allow us to manage the expectations of your tenants while at the same time keeping you informed. It’s not that LLR is better. In fact for some it may not be. However, we systematized a way to include you as an owner/real estate investor in the decision making and management process.
When we deal with your property we view it as if it is one of our own. As the owners of LLR and as successful real estate investors who have built an extensive real estate portfolio, we understand all that is at stake for you. When we make suggestion to you it is based on the same decision we would make for our own property.
Its not that LLR cannot collect your rent. We can and we do. However, we are not permitted to deposit your rent into our LLR bank account and hold it there for you. When a tenant moves into your property we collect either:
A) postdated cheques on your behalf ( made payable to your personal or businesses name),
B) completed EFT (Electronic Funds Transfer) forms from the tenant
C) the tenant drops rent off at our LLR office monthly.
In option C. LLR will deposit the rent payment directly into your account. As investors ourselves we feel feels it is important you are paid first…not last like traditional Property Management. It is your business not LLR’s so you should receive your rental income first. All rents or security deposits are made out to the owners name or company name and not to LLR.
LLR has a maintenance agreement for each unit being rented. Maintenance or repairs costing $650.00 or less is pre-approved by when you sign on with LLR. This provides excellent customer service to the tenant which is the main focus of our model. You are always made aware of the task being done.
We have an after hours emergency line for tenants to contact. The main objective isf to ALWAYS protect the asset which is your house so we will do whatever is needed to do this. The following morning once all information is in,on an LLR team member will contact the owner to inform them of the issue and what was done and what to do next.
Tenants will always call us. Subsequent to receiving and screening the call we will inform you of the issue and our suggested solution for resolving the issue.
YES!…We will find a tenant that YOU approve. Our experience has proven that having more than one person involved in the tenant selection process significantly increases the probability of placing an excellent tenant. LLR does not own your property so we do not make final decisions. We are happy to provide you our guidance based on our extensive experience. Our goal is to always bring you the best candidate for your home for you to approve or decline. We are always motivated to bring you a great tenant ASAP!
Renting residential real estate can be a very simple process IF you have all the information to make a decision. While your property is for rent you will receive what we call a “weekly rental update”. This one pager is sent out every Wednesday and will tell you:
We find that clients who listen to our recommendations are able to rent out their units within 7-21 days. If our suggestions are not followed and nothing changes then the chances of renting continue to decrease. This one page document is important as it supports our suggestions. Most often PM companies will adjust rents down by $100-$200 or more but do not have the any supporting facts as to why they are doing this. Sometimes it’s NOT about the amount!
We have developed a proven 6-point check system, which dramatically increases the chances of finding you an excellent tenant.
Once an LLR Manager has reviewed the tenant application, it is then presented to the Client/property owner for them to approve or decline
Each of the preceding steps/tasks are completed by different individuals. It’s important that the person who does steps one and or two are not involved in steps 4 and 5. This keeps emotion out of the decision making process. LLR is not approving the tenant for you. We are providing our clients with all the information needed to make an educated non-emotional decision.
All applications are presented to the client. Even if a potential tenant does not pass our proven 5 point check (6 step is the clients viewing) the information is still passed onto the owner to make the decision. LLR does not use its own discretion for the approval process of a potential tenant application
You are told everything. This is YOUR tenant NOT LLR’s. We will complete and provide you a two-page report that clearly outlines the recommended tenants personal references and work references (2 for each) and what they said. We will also inform you what their credit history is. The privacy act does not permit us to tell you the credit score however we grade it with a poor, good or excellent.
Once you approve your tenant we will provide you the lease agreement to review and sign. Once you sign you then return the signed lease to our office. An LLR employee will then meet with the tenant for review of all paper work and have the tenant sign the lease agreement and all other documents. Once signed, the originals will be returned to you and a copy given to the tenant in accordance of the Provincial Tenant Act.
Our tenant relation’s manager will do the move in inspection with the tenant. During the move in process a detailed report is completed WITH the tenant. We will also take several digital pictures of the move-in to document and support everything that is written down and discussed with the tenant. This protects you as the owner but also the tenant. All pictures are sent to the client and the tenant along with the move in report.
LLR will perform the move-out inspection as well using the same methodology and thorough approach as the move-in inspection.
In the event a tenant fails to pay rent or it is NSF then it is your responsibility to inform the LLR office of the situation. Because LLR does not deposit your rent into our account we have no way of knowing if a check or EFT clears or not. Once you notify us we will take the necessary steps within the Provincial Tenant Act for the collection of the rent owed to you.
All your book keeper or accountant requires is a copy of your monthly bank statements to show the rental payments for each property, plus all copies of LLR invoices which we provide you. This is the same as any conventional PM company would provide you.