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Tenant damage is a common fear for all rental property owners – whether it’s accidental damage or worse. What happens if you place a tenant who ends up destroying your home, leaving you to pay for all the repairs that exceed the tenant’s security deposit? There will be a lot of time and costs involved in getting that property back into shape. We understand your concerns. Here’s the good news: Extreme tenant damage is rare, especially if you’re working with a Kelowna property management company. The bad news is this: You never really know how …

Pets and companion animals are extremely common in British Columbia rental properties. If you don’t allow pets in your rental property, you may have trouble attracting tenants, leading to longer vacancy periods and less rental income. As a landlord in BC, it’s well within your legal rights to prohibit tenants from having pets. You can also restrict what kinds of pets are allowed. But service animals and emotional support animals are a bit different, and the laws continue to evolve in this area. In BC, you’ll have to provide reasonable accommoda…

Landlord insurance for your Kelowna rental property is important when you want to protect your investment and rent it out with less stress. Whether you have tenants living in a single-family home, condo, or multi-family property, you need rental property insurance coverage that’s customized to your property and your financial needs. What Does BC Landlord Insurance Cover? We recommend you look for a strong insurance policy for your investment property. While no one wants to think about all the potential catastrophes, a lot can go wrong with rent…

When you want to maximize your rental property cash flow? You have to do 1 of 2 things: Increase what you earn in rent Decrease what you spend There is no magic to this real estate formula; when you increase your revenue and decrease your expenses, you’ll create more passive income for yourself. This blog shows you some of the most reliable ways to increase your rental property cash flow and get the most profit out of your investment property. Here are a few of our favorite ways to help investors get more money into the bank account and build…

As property owners, understanding the significance of tenant retention rates is vital if you expect to have sustained success in the competitive rental property market. Effective tenant retention strategies safeguard against tenant turnover and contribute to maintaining a stable & profitable rental property. Here are 12 proven strategies and tactics we use to increase tenant retention and address the key factors influencing the rental housing market. What is Tenant Retention? Tenant retention refers to the practice of keeping existing tenan…

Owners and landlords are always asking about how much professional property management costs in BC, Canada. The answer is not so simple. It depends on the type of rental property you own and the company you choose to manage it. More important than cost is value. When you’re evaluating property management fees, look past the dollar amount and talk to the management company about what’s included in those fees. You may find yourself choosing a company with dramatically low fees but also a huge lack of services. Sometimes low management fees mean e…

When you’re renting out a property, you likely understand your most basic responsibilities. You have to provide a safe and habitable home for your tenants, and you need to maintain that home throughout the length of the lease. Similarly, tenants understand that they have to pay rent on time and take good care of the home while they’re living there. It seems simple enough. Things can get complicated, however, when you’re not sure who should take care of things like air filters and pest control. Does the landlord or the tenant change light bulbs…

Hiring a property management company can feel a bit overwhelming, especially if you’ve never worked with professional property managers before or if you’ve had a bad experience and you’re not sure who to trust. You want a management company that’s a good fit for you and your rental properties. Here are five good places to start when you’re evaluating different property management companies. 1. Look for Local Market Expertise Experience is important, and smart investors will look for local experience as well as industry expertise. Choose a prop…

Kelowna is a unique market in that it offers opportunities for both long term rental property investments and short term rental property investments. With the popularity of housing sites like Airbnb and VRBO and HomeAway, it’s easier than ever for owners to rent out a property on a nightly or weekly basis, without a long term lease. There are pros and cons to owning either type of rental property, and the investment experience will be much different. With a long term rental, you’ll have a tenant in place and consistent rental income every mont…

Building a real estate portfolio requires strategy and planning. It’s not as simple as buying a house or a handful of units and then just throwing them onto the rental market. You have to be smart, patient, and somewhat resilient; otherwise you’ll set yourself up for failure before you even get started. We work with new investors and experienced real estate professionals to help them realize their real estate goals. Our 20+ years of industry experience has allowed us to compile this guide to building a successful real estate portfolio. Note: T…