Frequently Asked Questions
Review our FAQ’s to find answers to the most common questions or feel free to contact our support team
Rent Guarantee Program Info
What is included in the rent guarantee program?
1. Tenant screening
a. Employment & Income verification, Credit Check
2. Rent Collection
a. Rent transferred from tenant to landlord bank account via Pre-Authorized Debit
3. Rent Guarantee
a. We co-sign the lease, acting as a guarantor to the tenant
b. If the tenant doesn’t pay, we pay the landlord missing rent payments up to 12 months
or until we remove the tenant from the unit
4. Eviction Costs
a. Our paralegal team will remove delinquent tenants at no cost to you
b. We cover the legal fees up to $2000
5. No deductible
a. Landlords do not pay a deductible for any losses they incur
⍰ Pricing is all-inclusive and is 3% of the monthly rent, paid monthly
⍰ Pricing can vary between 2% to 5% depending on tenant risk, allowing us to approve most
applicants and encourage landlords to chose low-risk tenants
⍰ Required commitment of 12 months or the duration of the lease. Minimum lease, 6 months
Why do I need the Rent Guarantee?
The average eviction cost in Ontario is $10,000 plus 30+ hours of filing and serving documents, and appearing before the Landlord and Tenant board.
Most evictions happen to tenants that were properly screened. Life happens and sometime tenants lose their job, having to unexpected bills or went through a divorce. Our Rent Guarantee allows you to have complete peace of mind and avoid the headaches, time and cost of dealing with a delinquent tenant.
How do I submit a claim for non-payment of rent?
There are no claims! Since we process your monthly rent payments, we will know within 3 business days of the 1 st of the month if a tenant incurs an NSF on their rent debit transaction. We will send the rent payment to your account within 5 business days from the 1 st of the month, so that you can continue to make your mortgage payments!
If the tenant does not pay, do you start the eviction process right away?
No, we will work with the tenant to make arrangements to collect their rent payment. If they refuse to work with us, our paralegal team will start filing the N4 forms for eviction within the first week of the missed rent payment in order to start the process. If during the process the tenant makes a payment, we will halt the eviction process.
How does the Rent Guarantee work with Roommates?
All roommate needs to be on the lease and screened prior to starting the rent guarantee.
The fee will apply to the total combined rent amount of the residence.
Why do realtors recommend the Rent Guarantee service to their Landlord clients?
As a realtor, you often place tenants for clients who have purchased an investment property. The last thing you want to happen is that tenant not paying rent as it will strain your relationship with your client (landlord) and they will be calling you to help deal with this headache. Our rent guarantee saves you time, headaches and most importantly your relationship with your client. If the tenant doesn’t pay, we deal with it.
If a tenant needs to be evicted, do I need to be involved in the process?
You will have to sign the eviction documents, we may need to collect information from you, and you may have to appear at the Landlord/Tenant Board hearing for the eviction to take place.
Can I guarantee a tenant who has already started the lease?
Only leases that have started less than 1 month from present day and the landlord has collected first & last rent payment, are eligible for the rent guarantee.
What happens at the end of the lease when the tenancy goes month-to-month?
The guarantee will continue to cover you for non-payment of rent as long as the tenant choses to stay in the property. There are no limits to the length of the coverage. If the tenant misses rent payments after the first 12 months of the lease you are still covered.
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As a Realtor I'm a huge fan of the Rental Platform. From posting listings, to tenant applications and auto-filling leases - saves me a lot of timeSanak,Realtor Century 21
I often use SingleKey for doing Tenant Background Checks. They are located in Canada, so I can call and get answers right away. The report is well laid out and has all the info I need.Marie,Landlord
I signed-up my three rental units for the SingleKey Rent Guarantee program. I was getting tired of chasing tenants for rent and now thanks to these guys, I don’t have those headaches. Great service!Jim,Landlord
I have been using SingleKey for my 3 rentals since 2017. The Tenant Background Checks are very thorough and quick. They have a lot of experience and knowledge of the rental space in Ontario.Kim,Landlord
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