What to Expect as an
Island Rentals Client
Before signing your management contract, please review the services included,
contract terms, and the Renovation Spending Cap Agreement below.
All owners must agree to a pre-set spending cap authorizing immediate action in emergencies.
Renovation Spending Cap Agreement
Agreed to at contract signing — applies to all management packages
All Island Rentals management contracts require the property owner to agree to a Renovation Spending Cap — a pre-authorized maximum spend per incident that Island Rentals may action immediately and without seeking owner approval.
In the event of an emergency — such as a burst pipe, heating failure, roof leak, or structural hazard — Island Rentals must have the authority to act at once. Waiting for owner approval in time-critical situations risks greater property damage, tenant safety issues, and legal liability. The spending cap ensures we can protect your property and tenants without delay, while all actions remain fully documented and reported.
The cap amount is agreed upon at signing and tailored to each property. Any work exceeding the cap will be communicated to the owner as soon as reasonably possible. If the owner cannot be reached and the situation demands immediate action, Island Rentals reserves the right to proceed in the owner's best interest.
When It Applies
Emergencies
Immediate action required
Cap Amount
Set at Signing
Tailored per property
Owner Protection
Full Reporting
Receipts & documentation
Contract Terms
Minimum Term
All management agreements are subject to a 1-year base contract period commencing on the signed start date.
Renewal
After the initial year, agreements automatically renew month-to-month unless 30 days written notice is provided by either party.
Early Termination
Terminating within the 1-year base period requires an Early Termination Fee equal to one (1) month's placement rent. Exception: if Island Rentals is unable to secure a suitable tenant within thirty (30) days of the subscription start date, the client may cancel the agreement without penalty.
30-Day Tenant Guarantee
If a suitable tenant has not been placed within 30 days of your subscription start date, you may cancel your management agreement with no Early Termination Fee. This guarantee applies only to the initial placement period and requires the property to be available, legally compliant, and accessible for viewings throughout the 30 days.
Applicable Law
All agreements operate in compliance with PEI's Rental of Residential Property Act and applicable island landlord-tenant legislation.
Services Included in Your Package
Rental Ad Placements
Your property promoted to our 17,500+ member Facebook community and listed across our online network for maximum visibility.
Property Inspections
Regular scheduled inspections to document property condition, identify maintenance needs, and protect your investment.
Tenant Screening
Thorough background checks, employment verification, and reference reviews to secure reliable, quality tenants.
Maintenance Coordination
We coordinate all maintenance and repairs through our vetted PEI contractor network, with emergency callouts included.
Rent Collection & Reporting
Streamlined rent collection, arrears follow-up, and detailed monthly financial reports for your records.
Lease Administration
Preparation, execution, and storage of lease agreements in compliance with PEI's Rental of Residential Property Act.