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Condo InvestorsFrequently Asked Questions

This guide is designed for unit owners interested in the Varsity Properties Rental Management Program. It is frequently updated to reflect information important to unit owners. We encourage every client and prospective client to review it in detail, and to check back if they have any new questions.
Varsity Properties Inc. is a leading Canadian student housing firm specializing in the design, development, construction and management of premium quality residential communities near top Ontario colleges and universities.
 
Learn more about our firm here: http://www.varsityproperties.com/our-story
The rental management program is built to service the needs of the owners of individual condominium units. These investors desire a professional property manager with extensive experience operating student communities on an institutional scale. 

With our rental management program we are able to dedicate full time, experienced team members to operate condo units on behalf of investors
Owner Services is the department that exists to serve the needs of investors that are enrolled in our Varsity Rental Management Program. 

The owner services department is responsible for financial reporting and answering owner inquiries.
All communications are to be by email to: OwnerServices@VarsityProperties.com

Please always include your unit number.

For units owned by corporations or a group of investors, please assign one person as the owner representative that will work with Varsity.

We maintain a detailed Frequently Asked Questions site that owners should review prior to contacting their owner services representative.

 

We will strive to answer your inquiry by email within 2 business days
Yes. We will act as your advisors, and provide you with recommendations. We have been operating student communities for 14 years and have developed considerable experience and expertise working with investors and students.

We advise you how to remain compliant with the Residential Tenancies Act, local licensing, and bylaws.
Direct all questions to the owner services team. Our leasing team has one focus only: leasing out the University Studios community.
We provide you with a rental rent recommendation based on your unit floor, location, size, etc., and a range of rents that are expected at University Studios this year.
 
The final decision is up to you.
 
Lower rent = lower risk of vacancy, less revenue
 
Higher rent = higher risk of vacancy, more revenue
We have found that releasing all the units for leasing at the same time is not the optimal strategy. There is an abundance of inventory and no incentive for students to make a decision quickly.
 
We divide all the units up into a series of phases. Phases are grouped according to price. The lowest prices (the first phase) are opened for leasing first. The next phase is opened when all the inventory at a previous phase is leased.
 
When you sign the agreement and give us the price you are seeking, we will assign your unit to a phase and make it available for leasing at that time.
The Varsity Properties Rental Management Program will also manage your parking spot.

Similar to your unit, Varsity will recommend a target rent for your parking spot.

Your parking spot will be leased individually from your unit, and will have a separate lease.
You are hiring us to do this for you. We are professionals with years of experience leasing and operating student communities. All communications with tenants are to go through us
Construction updates come directly from the vendor. 
We will notify you in your monthly reporting package
Our team follows a strict accounts receivable process. We issue N4 notices and contact guarantors on your behalf.
 
If an L1 application is required, you will be notified beforehand.
 
Varsity is available to represent you and will quote you the expected costs prior to beginning any eviction action.
 
If your unit is vacant due to a tenant eviction, Varsity will be in contact with you to attempt to re-market the unit.
Repairs are completed by Varsity Properties Repair Technicians

The full amount of the repair is billed back to the owner (supplies at cost, labour at $67/hour + HST)

If the damage is caused by a tenant, Varsity will work to recover the funds from the tenant on the owner's behalf.

Varsity will automatically conduct repairs when the total cost is expected to be below $500, and will seek owner's approval if the total cost is expected to be over $500, except in case of emergency.
Contact us by email at OwnerServices@VarsityProperties.com. Make sure to include the address of your unit.

Alternately, contact us using the the form on this page: http://www.varsityproperties.com/on/condoinvestors
  1. You complete the sign up form online or notify us by email of your interest.

  2. We contact you if we need any additional information.

  3. If required, we arrange to inspect your unit to ensure it meets our quality standard.

  4. We send you management agreement, and a bank account agency agreement electronically.

  5. You sign the management agreement electronically.

  6. We open bank account in your name

  7. We send you our recommended pricing

  8. We begin marketing your unit to students

Tenant move in is scheduled to begin on 01 September 2018.

Varsity will coordinate move in to ensure a smooth process for all residents and their parents.