Renting Out Your Condo in Vancouver
Rental Management Process
The key to renting properties in Vancouver for the highest possible price is to ensure they are clean and prepared for market, look good in the photos and video, priced correctly, and are easy to show by a professional and skilled rental agent. By deciding to use Vancouver Condo Management you will get this. The following will give you a clear is a to how the process works.
More about the rental management process…
If you don’t live in Vancouver, British Columbia or even Canada you may have a lot of questions and concerns about renting your Vancouver investment condo. We understand, we have many out of country owners from China, Australia, Europe, the United States and even Iceland. We are here to answer your questions. More information for overseas owners
Higher Quality Tenants
Screening tenants is a very important part of property management. If you don’t get a high quality tenant renting your investment suite it can become a very expensive and time consuming venture. A few of the benefits of finding a great tenant are shown on the next page.
Read about how to find high quality tenants.
Shorter Vacancy Rates
A local property manager will assist you perform a few critical steps that affect how long it takes to fill your rental vacancy.
- Prepare the property for rent – A experienced property manager will suggest and important improvements that help maximize your rental amount.
- Suggest the best monthly rental rate – If it’s too high and you could wait for a few months before you rent, to low and you’re losing money every month the tenant is in the unit. .
- Aggressively market your property – Our property management company has written hundreds of marketing ads and understands what to say and where advertise in order to get a large pool of quality candidates in a short period of time.
Great Tenant Retention
It’s easy to quickly see the effects of lost rent, although there are other serious problems with a high tenant turnover rate. Some things to think about are the turnover process which involves a thorough cleaning, changing the locks, painting the walls and possibly new carpet or small repairs, as well as all the effort associated with marketing, showing, screening, moving in a new tenant. This is expensive and time-consuming and something can often be avoided by keeping tenants happy and well cared for.
- We use Rent Moola – They are an online global payment network that allows residential tenants to pay rent, by credit card, debit card.
- The way a property manager handles payment of rent could be the difference between failure and success as a landlord.
- We use an electronic payment system that ensures our tenants pay their rent on-time each month.
- Having rent paid on time every month is the only way to guarantee cash-flow, and your tenants need to understand this is not negotiable.
- Allow your property manager to be the one who has to evict the person living in your property, if the rent isn’t paid.
- More about our Rent Collection
Assistance with Taxes
A property management company can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims. Additionally, the property management fees themselves are also tax-deductible.
Lower Maintenance and Repair Costs
Good maintenance and repairs keep tenants happy and preserve the value of your investment. When you employ a reliable property management company you gain access to their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.
Increase the Value of the Investment
Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into large and costly problems. This requires a written maintenance check, detailed maintenance documentation and regular maintenance visits. Our management firm can also offer you suggestions and feedback on upgrades and modifications, and how they will affect the rent you can charge, as well as their impact on maintenance and insurance. We have great relationships with many contractors and trades people that we can refer you to.
Personal Benefits for Owners
- Less stress – Avoid having to deal with late night emergencies, chasing down late rent payment, evicting tenants from your property, careless tenants who wreck your property, the rental scams, bad vendors, piles of paperwork.
- By working with a property manager, you can put a buffer between yourself and your tenant.
- More freedom – Live and invest wherever you want without the constraint of needing to be near your properties. Additionally you can live and travel without the requirement of always being available in the event that your tenants have a need you have to tend to. Once you have found a good management company, it doesn’t matter if you live in the same Province. Some landlords live in other countries and simply collect their check every month without ever seeing the property.
- Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties. When you focus on asset management you’re working ON your business, when you manage your own properties you work IN it. Additionally you have more time to spend with family or friends doing things you enjoy.