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Bolld Real Estate ManagementBlogFor Owners10 Steps of Renting your Property

10 Steps of Renting your Property

27 Sep
BolldPMAdmin September 27, 2012 0

Efficient management procedures ensure the your property is safe and profitable. This is how we work:

1. Definition of the best use

You show your interest in our services and we start the work immediately. After you provide us with the details of your property, just by simply filling out our Quick Market Evaluation, we gather all accessible information. We go over all recent, comparable rentals in the property area and we determine the price range your property can rent for. We take into consideration each possible use. At this point a detailed rental income analysis is prepared. The analysis will cover 3 possible options of use: Unfurnished Long Term Rental, Furnished Long Term Rental and Furnished Short Term Rental. The analysis is then presented and discussed with you to help you make the right choice considering your individual circumstances. We keep you informed throughout the process.

2. Initial Inspection

One of our team members will meet you on site to view your property. We are familiar with many downtown developments, but as the condition of each property is more or less different, the initial inspection is essential. We thoroughly inspect the property to identify any deficiencies or areas that need attention. At the same time professional grade pictures are taken to start the marketing of your unit immediately. We want to avoid any turnover loss caused by vacancy of the unit.

The purpose of the inspection is to prepare the property for the prospective tenants and to get the most out of it. We prepare a list of suggested actions and the estimated budget. The cost vs additional revenue is the decisive factor. As our client you have a choice to use the services of our in-house staff at very affordable rates. For as little as $399, your 1 Bedroom apartment will be professionally painted and professionally cleaned(including professional steam carpet cleaning). Our Maintenance Division is fully licensed and insured.

3. Positioning

Now that we have  thorough knowledge of your property we start the positioning. Depending on the possible use your property, it is now positioned on appropriate markets to maximize the potential and earning power of your investment. We expose your property to different consumers: to people looking for a long term unfurnished rental, to people seeking a furnished rental short or long term rental. This way we do not miss any opportunities. The market it self will suggest what will be the most profitable use. Renting your property furnished can significantly increase your net earnings, but it is not appropriate for every property.

4. Marketing

Your property is marketed through multiple channels to maximize the exposure. The unit is presented in the best possible light: clean, well maintained and professionally managed. Picture is worth thousand words. We are very diligent when taking the pictures. Many pictures from different angles are taken, the best pictures are chosen and then photoshopped, not to misrepresent, but to enhance the quality of the pictures. It is a standard that for our luxury listings we shoot a video presentation. We generally advertise your website through social networks and on over 5 search engine optimized websites. Our web presence is always appealing and professional. To inquiries we always respond quickly and we try to accommodate the time schedule of all prospective tenants. The showings and assistance with finding a place is offered to our prospects free of charge. This way our already pre-qualified tenants find the right place and you find the right tenants. Your unit is also promoted with an additional value. Furnished rentals feature complimentary monthly maid/maintenance service free of charge.

5. Tenant screening and selection

Finding a qualified tenant it’s our job. Your place is not rented to the first person who shows interest. The prospect must meet our strict requirements to qualify. We request a permission for meticulous, but discrete  background check. We verify the prospect’s financial standing and the current employment. Rental history and previous landlord’s references are also thoroughly checked.  We find a tenant of sound financial standings and good house keeping. Tenant’s insurance is requested from all our tenants.

6. Move-in Inspection

In order to make any claims against the security deposit, a condition inspection must be performed at the beginning of the tenancy. This inspection is conducted in the presence of the future tenants to ensure that there is a common understanding and acceptance of the condition of the property. During the walkthrough each aspect and area is inspected. From floors, through appliances ending with the   ceilings, everything is carefully inspected. Everything is on the paper and signed by the prospect. We rent the property in spotless condition and we expect it to be returned in such a condition.

7. Collection of the rent

The rent is collected promptly and securely. On the first of the month the rent is withdrawn from the tenant’s account and deposited into our trust account. The trust accounts are watched closely by the Real Estate Council of BC and the use must be in strict compliance with the Real Estate Service Act. From the trust account, the net rent rent is deposited conveniently directly to your account. Every month you will receive a detailed statement and you  have 24/7 access to our online property management system where you can track the collection of rent and any payments. Issues can be also reported and tracked using this system. Both you and your tenant will get an unique username and password.

8. Routine Inspections

Your property is safe and your tenant is comfortable. Safety of your property is ensured by the routine inspections. Depending on the use of your property and on the chosen service package, your investment is inspected at least every 6 months. We inspect furnished properties on monthly basis as a part of the complimentary routine maintenance. Any possible misuse or deficiencies are discovered on promptly basis and further damage is prevented.

9. Move-out inspection

After we receive a move-out notice from the tenant, we schedule a move-out inspection. We inspect the unit and make sure that the unit is brought back to the same condition as at the time of the move-in. We refer to the initial move-in inspection. Any damage in excess of the regular wear and tear must be rectified by a professional. We highly recommend to our tenants that they have the unit professionally cleaned as we are very demanding when it comes to cleanliness. The tenants, for their convenience, are offered our affordable maintenance services.

For unfurnished rentals we generally require a one year lease term. During this time we are protected by the tenancy agreement and the tenant is liable for the rent through out the term. If for any reason the tenants decide to leave, they will remain liable for the rent until a new occupant is found. They are also charged a lease-break fee (liquidated damages) that is used to re-rent the unit.

10. Annual report and contract renewal

At the end of the year a detailed report is generated to summarize the performance of your investment. The report can range from a  very straight forward report for the unfurnished long term rentals, to a diverse report for the short term furnished rentals. You learn how your investment has been doing and if your goals are being achieved. During the presentation we discuss your experience, any concerns or suggestions and adjust the service if necessary. For us the best prove of your satisfaction is the annual contract renewal. We believe that quality work builds strong client relationships and customer loyalty.

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