Leasing or Renting of the Property (The securing of new tenants)
Initial Evaluation of the Property:
An on-site review of your property is conducted to determine the optimum
market rental rate. In addition, we inspect the overall condition of the property
to determine if any changes can be made to increase this rental rate.
Suggestion of Possible Improvements to Maximize Rental Income:
Simple items such as a freshly cut lawn, clean carpets, freshly painted walls, and finally what we consider the most important, cleanliness, all attract superior tenants. If we feel improvements can be made to the property, these are discussed in detail with the Owner. We look at the increased rent each of these improvements would offer. Improvements that are deemed necessary or will improve the rental rate will be implemented after the Owner’s approval.
Implementing Improvements at Owner's Discretion:
As we are a full service management company, we have the necessary resources available to complete a wide range of repairs and improvements at very competitive rates. From a simple cosmetic upgrade by way of painting to a major renovation such as a new roof, we have the experience to handle the job from start to finish. We only use proven independent contractors to undertake the work.
Placing of Appropriate Advertising:
The placement of appropriate advertising is critical to attracting the right tenant for your property. By targeting print advertising in the right publication we are able to obtain the best results at the lowest possible cost. Our own corporate advertising is provided at no cost to our clients, yields calls from qualified prospective tenants looking for accommodation. A listing of these prospective tenants is maintained on our database. In addition, many prospective tenants are referred to us from our current residents. We find that these referrals yield very qualified tenants. With this website we are able to showcase the properties available for rent, complete with digital pictures and a detailed description.
Fielding of Rental Inquiries:
Time is of the essence. Experience has shown us the best tenants are secured within the first two weeks of the beginning of the month. In this regard, our property manager is available to field calls regarding your property from prospective tenants at any time. In addition to providing prospective tenants with information about your property, preliminary screening before an appointment is scheduled is also done at this time.
Showing of the Property to Qualified Prospective Tenants:
Appointments will be confirmed with only qualified prospective tenants. Once a tentative appointment is booked, the current tenants, if the property is occupied, will be contacted. The appointment is then confirmed for a suitable showing time. The prospective tenant is escorted during the viewing and at no time will an appointment take place in the absence of the property manager. During the showing, a personal interview is conducted with the prospective tenant to determine in advance their suitability for a specific property.
Reviewing and Verifying References from Prospective Tenants:
From time to time we field calls from distressed Owners who have had troublesome tenants. We value good tenants just as you do and pride ourselves on our screening procedures. Screening is the most important step we take prior to entering into a lease agreement. All prospective tenants must complete our detailed "Tenant Application Form". This reveals where a tenant currently lives, the duration of the current tenancy, the Agent/Owner of this property, his or her occupation, the number of people that will be residing in the property, personal information to enable a credit report to be obtained, and questions confirming whether any residents smoke or own pets. This information is used to determine whether this individual will be a suitable tenant. Only if all references are positive then we will proceed to the next step.
Signing a Binding Lease Agreement:
Residential tenancies in British Columbia are governed by the Residential Tenancy Act. This Act is very specific with respect to terms and conditions that a lease may contain. Every lease written by our company conforms to this Act; otherwise the term contained is not enforceable. It is important to review the prepared lease agreement with the tenants. We want to give the opportunity for the tenants to clearly understand this legally binding document. This review process also gives us a good opportunity to answer any questions and clarify any terms of the agreement. If the Owner approves a pet, applicants with pets are required to complete a "Pet Permission Form". At this time a security deposit at the maximum rate allowed under the Act is obtained from the new tenants.
Preparing the Property Inspection Report:
A "Unit Condition Report" outlining the condition of the property is prepared by the property manager. The tenant's must sign off on this report and a copy is kept on file until the end of the tenancy.
Coordinating the Tenant's Move into the Property:
It is crucial that moves out of and into a property are scheduled well in advance. As well as being helpful to the new tenants moving into the property we must also coordinate the current tenant’s move. For this reason moving times and any minor maintenance items, such as carpet cleaning and general cleaning are scheduled well in advance. On the move-in day, the tenants are instructed in the proper use of the amenities available in the property. Tenants are supplied with emergency numbers, in the event that a problem develops after regular office hours.
Management of the Property
Handling tenant relations:
Whether a simple request or a major problem we will respond quickly. Our management agreement mandates us to make decisions based on your best interest. Any major non-emergency problem or concerns will be discussed with you prior to taking action.
Collection and Placement of Rental Funds in a Trust Account:
As we operate under the Real Estate Services Act, all rental monies, by law, must be placed in a trust account. This trust account and is subject to an annual review and this review must be submitted to the Real Estate Council of British Columbia.
Management Fees:
Vacancies are expensive for both of us. We make every effort to keep our vacancies to a minimum. Since our job is to keep your property occupied, management fees are not charged if your property is vacant.
Payment of Disbursements Authorized by Owner:
To simplify your accounting, we can pay property taxes, mortgages, maintenance fees, and utility accounts payments as authorized by you.
Providing Owners with Monthly Financial Statements:
Every month a detailed statement is forwarded to yourself showing rental receipts collected, management fees paid, any authorized disbursements made and the net amount that has been deposited into your bank account. Again, because of the requirements of the Real Estate Services Act all receipts and disbursements are maintained in our trust account ledgers for review. Copies of all invoices are also kept on file.
Arranging for any Maintenance and Repairs of the Property:
Our main goal is to protect your investment. We do this in a number of ways. Firstly, we try to anticipate problems before they happen. Preventative maintenance is the key. Our lease clearly states the responsibility of both the Owner and tenants in providing proper preventative maintenance to your property. If the tenants has not completed this requirement, then we will correct any problems at the tenant's expense. Maintenance that is performed on your property is handled by independent contractors. They have been selected because of their ability to provide the best possible service at a competitive price. For major repairs and renovations we obtain written estimates, and notify you to obtain your approval before proceeding. We follow up on completed work to insure the work has been properly completed. Our management agreement clearly states a dollar value that we may spend and you reserve the right to schedule and control any or all repair and maintenance on your property if you desire.
Providing 24 hour Emergency Call Out:
Inevitably, despite following prudent maintenance procedures, emergencies do happen. Your property manager or her designate is on call 24 hours per day.
