OWNER GUIDE

From purchase to profit.

Owner Guide

Download the mobile app today!

Owner portal overview

Our online management system provides you with a real-time overview of the finances, ongoing management tasks, and documented records pertaining to your property. You can easily generate a number of useful reports and track the performance of your real estate portfolio. If you have any requests, you just need to submit a quick request form and check on the status of your ticketed request as it is being taken care of.

Please read below or watch the video to learn more about the system and how to use it.

How to generate and review your financial statements and reports

How to generate and review your financial statements and reports
After signing into your account, the home page below will appear on your screen. It displays a quick financial overview for the last three months.

To view more details, you can expand the dropdown to see the nature of the expenses and income. You can choose to view the financials for all your properties or each individually.

The rental owner ledger shows you all the recent transactions on your account. You have options to view the ledger statements based on a period of your choice.

Your financial report

You can easily generate a real-time and comprehensive financial statement showing all income and expenses incurred for your property through your online profile. Gone are those days where you need to reach out to the administration to get updated financial records for your property. You can review the video below to see how you can generate a customized real-time financial report from your online profile and make sense of the information as presented in the report.

Reports

You can choose from a number of reports by clicking on the “Reports” button in the top right corner, as shown below. The reports include your Rental Owner Statement and all major financial reports. In addition to financial reports, you can generate reports pertaining to your rentals and tasks, work orders on a property basis. You can search the reports and add favorite or frequently used reports to your “Favorites” tab for quick access.

Where to find copies of your documents

All documents and records pertaining to your property are readily available for a view or download under the “Document” tab in your online profile. Typically we upload all tenancy agreements, inspection reports, your property management agreement, and other important documents. This gives you easy access to electronic records at any time. Please check out our video below to see how you can access your documents through our online profile and download a soft copy for your records.

How to submit a request

If you have any requests, you can submit them and make sure to keep track of your request through your online profile. You can fill out the simple owner request form in your online profile, as well as make sure to keep a tab on all open and previously completed tasks through the summary overview for all tasks related to your property. Please view our video below to see how you can submit and keep track of all running requests for your property.

How to send funds

Need more help? We will be happy to schedule a guided overview for you!

We hope the above guide provides you with helpful information, and if you have lingering questions, we want to make sure to hear from you and address all your concerns and inquiries.

Our administration team is readily available to help and provide personal attention to your inquiries and needs. If you would like to schedule an onboarding session with us, please do so through our onboarding scheduling link below.

Schedule Your Owner Onboarding with Us

FAQs

Before the Lease (Tenancy) Starts

What is the Best Way to Contact You?

Our client support team is always ready to help and address any inquiries regarding the tenancy or maintenance of your property.

All maintenance and tenancy-related inquiries from the tenant are managed through our management portal. You can reference the progress and communication of such requests through our owner portal.
You may respond to a tenant request or inquiry through the open resident request in our owner’s portal, and our client support team will take care of communicating with the tenant.

If you’d like to submit an inquiry or request, please submit an inquiry through our owner’s portal, and our team will address your query through your open owner request.

Should I Rent My Place Furnished or Unfurnished?

Unless you rent your home only temporarily and plan to move back, we do not recommend renting your place furnished.

Renting a furnished property comes with higher costs and can diminish your returns.

If you are renting furnished, additional costs will include:
– Additional maintenance to maintain unit furnishings
– Responsibility to include and replenish all furnishings regularly
– Due to the shorter nature of the tenancies, furnished properties are expected to come with all utilities, internet, and cable included
– Higher insurance premiums to provide coverage for furnishings
– A higher vacancy rate in a market where prospective tenants are generally looking for an unfurnished place and longer-term rentals
– City license to run a short-term rental business

Higher vacancy rates typically balance out the potentially higher rates you can charge from a furnished rental. The potential returns are generally not sufficient to justify the higher operating costs.

Please read our detailed post about furnished rentals [HERE].

Can I Rent My Home on Airbnb?

The first item to check will be whether strata or building bylaws and rules permit shorter-term rentals. Because of quick resident change-overs that come with short-term rentals, most buildings in metro Vancouver prohibit short-term rentals. Please refer to the strata bylaws and rules to learn of any restrictions and requirements for rentals at the building.

For private homes, whether to rent your home on Airbnb will be a personal decision. Please refer to our faq about renting a place furnished or unfurnished to learn about the additional costs and considerations for maintaining a furnished rental.

You should investigate if potentially renting furnished will bring higher returns from demand in the market.

Should I Accept Pets?

In British Columbia, tenancy guidelines allow landlords to restrict pets completely or set limits on the number, size, or type of pets a tenant can have in their rental unit. A landlord can also require and collect a pet deposit equal to a half month’s rent.
Allowing pets on your property can potentially mean:
– Higher demand from tenants who are looking for rentals that allow pets
– More stable and responsible tenants who are keen to be model tenants and less likely to move due to the challenges that come with finding a rental that allows pets

Additional costs may come from wear and tear, but restricting the type and number of pets on the property can help manage costs.

It is also important to keep in mind that marketing as a strict no-pet rental can potentially expose you to tenants who secretly harbor pets at the property.

Our recommendation will be to have a flexible pet policy that allows considerations for pets. If a tenant wants to add a pet to the property, you as the landlord maintain the right to approve or disapprove the tenant’s request.

Please read our detailed post about pets [HERE].

Can I Approve the Tenant You Choose?

Our policy is open communication with our clients, and you maintain discretion over how you would like your property to be managed within legal guidelines.

We take responsibility to exercise due diligence for screening and placing a new tenancy at your property; however, you can request final approval of tenant applications. It is important to be mindful of regulations against discrimination which may be reviewed [here].

Due to privacy regulations, our team may be restricted in sharing confidential information without the express permission of the applicant. If we qualify an applicant, an applicant has met our threshold financial requirements and background checks.

How Often Do You Update Me on the Leasing Process?

We emphasize a proactive approach to the marketing of your property. This means that responsive adjustments based on the response from the market are very important.

We will provide you with a weekly owner update at a minimum to update you on the number of inquiries, interested parties, and applications for the property.

If the numbers are low, our team will be reaching out more frequently to ensure we can correct and adjust to the market as quickly as possible.

There is an urgency to place a new qualified tenant and avoiding a potential period of vacancy.

How Long Does It Usually Take to Rent Out My Place?

Marketing and listing your property competitively can mean a new tenant placement within 1 to 2 weeks. We recommend listing at the end or beginning of the month to place a tenant for the next month; there may also be prospects looking for a place partway through the month.

How Long is the Tenancy Contract?

Depending on potential strata or building rules, the general minimum term for rentals at a building will be 12 months.

Our standard minimum fixed term for tenancies is 12 months, with automatic rollover into a month-to-month tenancy, per tenancy guidelines. If you’d like to permit a longer fixed term on your property, you can request this.

How Do You Advertise My Rental?

We advertise your rental across the most popular platforms, including Craigslist, Facebook, Rentboard, and Zumper. Renters may also browse all available rentals through our website.

How Do You Screen the Prospective Tenants?

We have a standard tenancy application that requires prospects to provide proof of income, landlord references, and employment references. Our background checks include credit checks and court records.

Do You Allow Smoking in the Units?

Definitely NO. All of our properties are non-smoking properties as indicated in our tenancy agreement. Compliance with this clause is strictly enforced and violation may lead to eviction.

How Much is the Security Deposit?

Per tenancy guidelines, a security deposit equal to a half month’s rent may be collected from the tenant and held in trust until the end of the tenancy.

Do You File the Paperwork with My Strata?

Any change in residents at a strata lot will need to be registered with strata. We will file all necessary paperwork with strata to register a new tenant at the property.

Does the Tenant Need to Buy Insurance, and Do I Need Insurance if My Tenant Has One?

We require the tenant to purchase insurance to provide coverage for their personal belongings and third-party liability.

Landlord insurance is required to protect the property itself.

Who Pays the Move-In Fee?

The tenant will be responsible for paying the strata move-in fee as part of the tenancy agreement.

Do you provide references?

We would be happy to provide references to provide you with a better understanding of our work with clients.

During the Tenancy

When Do I Get Paid My Rent?

Tenants are responsible for submitting online rent payments on the 1st of each month. The account will be funded within the next 3 to 5 business days, and we process available funds net of fees and expenses via electronic transfer as soon as the account is funded. Owner distributions generally occur on the 7th or 8th of the month.

How Often Do You Inspect My Place?

We take property maintenance and upkeep seriously, and periodic inspections are carried out every 3 to 4 months. To ensure that inspections occur in a timely manner, we coordinate periodic virtual video conferences with the tenant. Our inspections are detailed in an electronic report which is shared with owners through our management portal.

How Do I Get My Owner’s Statement?

Because all financial transactions on the property are carried out electronically, they are automatically recorded to our management system as they occur. Historical and current date statements are accessible and available for download through our owner’s portal.

Where Can I Get a Copy of My Documents?

Management and property records are securely kept and shared through our owner’s portal. You have the option to either view or download a copy of the documents shared, including tenancy agreements, formal tenancy notices, condition inspection reports, and our management agreement.

How Does It Work with Repairs and Who Pays for It?

Repairs are managed through our client support team and transparently handled through open maintenance requests through our management portal. You have the option to respond to all requests through the open request, and our team will take care of communicating and coordinating with vendors and the tenant. Repairs due to wear and tear are the landlord’s responsibility, and our team may confirm with the contractor the underlying cause of a repair. If a repair is due to negligence or misuse, the tenant will be responsible for reimbursing for the repair charge incurred and paid out from the property account.

Do You Ask for Approval Before Spending Money on My Behalf?

We will set a threshold allowance as per our management agreement. Generally, we recommend our clients establish the threshold at the cost for a maintenance visit to take care of small items for wear and tear. The threshold is based on your preference, and our maintenance care team will be happy to notify you before arranging approved repairs.

How Often Do You Increase Rent?

The rent increase policy is managed through tenancy guidelines, and the province of BC sets standards for administering rent increases. Rent increases may be applied every 12 months, and increase amounts are capped to the annual increase percentage permitted by the province. Upon your approval, we will provide rent increase notices to the tenant 3 months before the effective date of the increase.

What if the Tenant Does Not Pay Rent?

Paying rent on the 1st of the month is a material term of the tenancy agreement. If there is delinquent rent on the account, we will take the steps necessary to enforce unpaid rent. Per tenancy guidelines, a formal 10-day notice can be served to the tenant. This notice requires the tenant to either pay owing balances within 5 days or vacate the property by the 10th day after the notice is served. The notice is enforceable through the tenancy branch if the tenant is non-compliant with the terms of the notice.

What If the Tenant Leaves Before the End of their Lease?

Tenants are responsible for the fixed term of their lease. If a tenant provides notice to leave prematurely, the property will be re-listed for rent, and the tenant will be responsible for liquidated damages, which cover our placement fee and costs for finding a replacement tenant. The tenant will be responsible for the remainder of their fixed term until we can place a new tenant.

Who Pays for Strata Bylaw Fines?

As a part of the tenancy agreement, tenants agree to abide by strata bylaws and regulations during their tenancy. A copy of the strata bylaws and regulations is provided to the tenant at the beginning of their tenancy for reference. If a bylaw infraction arises from a violation occurring on the property, the fees will be the responsibility of the tenant’s to reimburse. Bylaw fines relating to late payment of strata fees will remain with the landlord.

Do You File My Vacancy and Speculation Tax Declaration?

2 annual declarations need to be filed for rental properties in the city of Vancouver. The first is the vacancy tax declaration with the city. We can help you to file this declaration online. This declaration is required for properties in the city of Vancouver.

The second is the speculation tax declaration which is filed with the province. Unless the property owner files an express authorization form, this declaration will need to be made by the property owner. We can help you make the declaration provided that you file an annual consent form with the province. This declaration is required for properties in all regions throughout BC.

End of the Tenancy

Do We Need to Renew the Lease Every Year?

Per tenancy guidelines effective December 11, 2017, all tenancy agreements can not have a fixed end date for tenancy and will automatically roll over into an at-will or month-to-month tenancy at the end of the fixed term signed for a tenancy. The landlord can renew the lease for another fixed term; however, this will not be required to maintain the ongoing tenancy. The benefit of renewing for another term is that you, as the landlord, will have the assurance of tenant occupancy for another specified period.

What Happens When the Tenancy Term Expires?

At the end of the tenancy term, the tenancy will automatically roll over into an at-will or month-to-month tenancy, in accordance with tenancy guidelines.

How Soon Do the Tenants Need to Inform Us of Their Intention to Move Out?

Under tenancy guidelines for providing notice, tenants need to provide 1-month notice in advance of their sought date for terminating the tenancy. Notice needs to be provided before the day that rent is due or the 1st of the month. If notice is served on or after the 1st of the month, the notice will not be considered to take effect until the end of the following month. I.e., if a tenant provides notice on or after the 1st of January, the notice will take effect the earliest at the end of February.

Can I Keep the Security Deposit for the Damages?

All damages and applicable deductions from the security deposit will be detailed per the move-out inspection conducted with the tenant or an authorized representative in attendance. The tenant will need to sign off in agreement with deductions from the security deposit and charges outlined in the move-out condition report. If the tenant disagrees with deductions and amounts to be held back from their security deposit, the matter can be brought to and enforced through the tenancy branch. In our experience, there is minimal chance of a tenant disagreeing due to the objective and transparent nature of documenting damages in the move-out condition report compared to the condition noted in the move-in report for the tenant.

Who Cleans the Place after the Move Out?

As a part of the tenancy agreement and per tenancy regulations, the tenant is responsible for returning the property in a clean condition. Our recommendation to tenants is to hire a professional cleaner to ensure the place is sufficiently cleaned and residue from food and use is removed from all surfaces. If deemed necessary upon the move-out inspection, we reserve the right to arrange for professional cleaning and charge costs back to the tenant.

Will I Lose Rent after the Tenant Leaves?

We aim to maintain full occupancy at your property. This means that as soon as a tenant provides notice to us to terminate their tenancy, our team will communicate directly with you to ensure we can put the place back on the rental market as soon as possible. Upon your approval to re-list, we will advertise the property again and place a new tenant for the prospective availability date for the unit.

Who Pays for the Move Out Fee?

Similar to the move-in fee, the tenant will be responsible for applicable move-out fees. Strata bylaws and rules are provided to the tenant at the beginning of their tenancy so that they are aware of all applicable change-in-occupancy fees, which will be their responsibility.

What If I Want to Move Into the Home?

Per legal guidelines, a landlord must provide a 2-month notice to the tenant for owner occupancy of the home. If you plan to complete renovations to the home before moving back in, you will need to provide a 4-month notice to the tenant. Under the landlord notice, the tenant is entitled to compensation of 1-month rent from the landlord. The tenant can also provide a 10-day notice to terminate their tenancy upon receiving the landlord’s notice. Further details regarding landlord notices can be reviewed from the official guidelines [here].

What If I Decide to Sell the Place

The tenancy runs with the home. If you decide to sell the property, the tenant has the right to continue their tenancy at the home. Options for ending the tenancy can include a mutual agreement to end the tenancy or a 2-month landlord notice for the purposes of occupancy by a new homeowner. The tenant may also decide to provide notice to terminate their tenancy.

Non Residents

Am I a Non Resident?

Under Canadian tax regulations, you will be considered a non-resident for tax purposes if you:
– normally, customarily, or routinely live in another country and are not considered a resident of Canada
– do not have significant residential ties in Canada
– you live outside Canada throughout the tax year
– you stay in Canada for less than 183 days in the tax year

Do You Help Me with the Non-Resident Filing?

Yes, as your agent for collecting rent on the property, we will be responsible for remitting applicable withholding tax amounts directly to the Canadian Revenue Agency. We will also file an official NR4 non-resident tax slip that reports gross rental income and remitted withholding tax for the filing year. As a non-resident you will be responsible for reporting all income amounts on your tax return. You may be eligible for available tax credits in your home country based on withholding tax already paid to the Canadian government.

How Much is the Withholding Tax?

Current Canadian tax regulations set the withholding tax at 25% of gross rental income. The withholding tax is to be remitted each period the rent is collected or monthly. Remittance payments are due on the 15th of the month following the month rent is collected. I.e., if rent is collected on January 1st, the related withholding tax is due February 15th.