How do we screen our Tenants?
Tenant placement is the most important part of renting your property and when it comes down to screening, we are very diligent and meticulous. We do not accept any deposits or make any promises to prospective tenants as long as we did not check the references.
We start with contacting previous landlords.
We interview the landlord in order to find out if the prospective tenant has paid the rent on time, if there where no fines assessed against the tenant, if the property was taken well care of and if there in general where any problems with the tenant.
Can the prospective tenant trick you and state a friend as the previous landlord?
The prospect can certainly try, but we do have our ways to discover lies like that. Questions we ask the landlord are usually not known even to the tenant. We make sure that we really talk to the landlord and the person knows the necessary details.
Next step is to check the financial state and the ability of the tenant to pay the rent
We interview the employer to check the stability and the pay of the job. Talking to the current employer gives us an opportunity not only to assess the solvency of the tenant, but also to learn about the personality of the person from the point of view of their managers. Letters of employment are also required.
In case of self-employed persons, we ask for details like number of years in business, bank statements and proof of income.
If there is a lack of references or history, we contact the personal references. Family and friends are not accepted. Considered as an acceptable personal references are: teachers, professors, previous managers, supervisors, public figures. In case of students we ask for Acceptance letter from the school.
What about pets?
All pets are considered on case by case basis. We want to know how old are the pets, what breed, the size of the pet and if neutered/spayed or not. We require to meet the pet prior to the approval of the tenancy. Meeting the dog or cat in person tells us a lot about the personality and the temperament of the pet.
Do you allow smoking in the units?
Definitely NO. All of our properties are no smoking properties as indicated in our tenancy agreement. Compliance with this clause is strictly enforced and violation may lead to eviction.
Do you have any other questions?
Do I need an insurance?
Yes, insurance is definitely a must. Not only to protect your property, but also to protect you from any liability arising from the use of your property. Accidents happen and home owner can never be safe enough. We will be happy to assist you with finding an insurance with suitable coverage.
When do I get my rent?
Usually the rent is collected and reaches our trust account on the first day of each month. Delays occur when the first of the month is a weekend day or a public holiday. We try to deliver the money to your account by the 6th of the month and no later then by the 10th of the month.
What do I need to equip my furnished property with?
There are few things the property needs to be equipped with when rented furnished. Think of it as of your own home and what you need for every day life and comfort. The property needs to have all the every day items: kitchen utensils, dishes, cooking ware, bed sheets, towels, TV.
Do I need to maintain utility accounts?
Yes. As mentioned earlier the tenants often stay only for a short period and setting up utility accounts does not make sense. BC Hydro, basic cable and high speed internet are a must. The phone is optional, but it might be necessary. Some, especially older buildings do not have the ability to connect the intercom to the cell phone and it is necessary to have a phone device in place. It also depends on the set up of the intercom in the building and the flexibility of the strata in changing the phone number to which the intercom is connected to. If it takes the strata couple months to switch the intercom from one number to another it might be a good idea to set up the landline for the intercom purposes.
Does the location of the property matter?
Yes, some locations are better for furnished properties then the others. In general it depends on the traffic in the area. The most successful rental properties are located in Downtown Vancouver. Other successful properties are located close to universities (UBC, SFU) and close vicinity to a SkyTrain station is also a plus. In general the farther the property is from these locations, the lesser difference there will be between the rental income of a furnished and unfurnished property. Like everything else the rental rates depend on the demand in the area. In some cases it might make more financial sense to rent property unfurnished.
Who are the tenants?
People looking for furnished properties for rent are usually people looking for a temporary accommodation. It is people coming to work to Vancouver on a contract, students, tourists, guests visiting their families or it can be people relocating from out of town. Regardless of the reason, these tenancies are generally limited to a certain period of time and are usually shorter compared to tenancies at unfurnished properties.On the other hand these tenants usually have higher disposable income and consequently there is lesser chance of any arrears in rent payments.
SHORT TERM (VACATION) RENTALS
Where do you advertise the vacation rentals?
We advertise your property on World’s most popular vacation rental websites. We have researched and tested the biggest website among the vacation rental marketing sites, just to make sure your property gets the exposure it needs in order to maximize your revenues.
Who is in charge of the utility accounts?
Usually the utility accounts are maintained by our company to prevent any abuse. Pay per view or long distance calls are available, but for an extra charge. The bills are closely monitored and extra charges are quickly recognized.
How much can a vacation property make?
If you own a standard* 2 bedroom and 2 bath condo in downtown Vancouver up to 15 years old, you can probably charge between $199 and $250 per night depending on the furnishing and the quality of the development. During the Summer peak season, with proper marketing, you can expect a vacancy of less than 10 %. Gross Revenues between $4,500 to $6,000 plus per month exceed the revenues of comparable property rented on long term basis (on average $2,900 to $3,500) by about 60%.**
A standard newer one bedroom apartment can be marketed at rates of $99 to $150 per night and $2,500 per month. Gross Revenues can be between $2,700 to $3,200 per month as opposed to $1,700 to $2,200 per month when rented on long term basis.
* a standard 2 bedroom 2 bath means a 1 level apartment between 800 and 1000 sqft with parking and at least a gym in the common amenities.
** numbers based on rates for properties currently our management. We do not guarantee results due to the nature of the market.
What happens in the slow season?
Management of the nightly rates stretches the season to the max and in the slow season comes time for adjustment.
During the slow season the property is marketed as a long term rental for people seeking temporary or transition accommodation (relocating people) for several months. A stable rental income is secured and we can get ready for the new season.
What do our guest get?
Fully equipped clean apartment with fresh bed sheets and towels. The properties come standard with high speed internet and cable. We provide 24/7 concierge service and on demand maid service. The check in and check out times are flexible with 24/7/365 availability (subject to availability).
Does my property qualify to be a short term rental?
Request a free consultation.
Rental Management Bolld 2013.