What is included in property management?
If the property already has a tenant, we will take over collecting rents, arranging repairs, the accounting for rental property, and we can arrange paying for any repairs out of the rental income.
We can also help to find a tenant. This process will start by us listing the property for rent and arranging showings with potential tenants. We’ll do a thorough application process and then run results by you for approval. Once an approved tenant has been found, we will sign a lease, and do a move in Condition Inspection Report with the tenant. After that, we’ll do all the items included in regular management.
What are the benefits of having a property manager?
Property managers have a good list of trusted vendors that can handle repairs on your property, they’ll have a realistic view of what your property is worth, and they’ll be able to give you suggestions and tips of what you need to change if the property isn’t renting. Property managers will also have a fair size following of people interested in renting.
Do you guarantee your tenants?
Yes. We’ll cover the cost of finding a new tenant should the current tenant move out within three months. *Conditions do apply.
How much of a deposit can the landlord ask for?
The landlord is allowed to ask for a security deposit of an amount up to half a months’ rent, and a pet deposit of up to half a months’ rent.
What is subletting and is it allowed?
Subletting is when the tenant on the lease with the landlord, rents out the suite to someone else (usually without getting landlord permission). Vantage West Realty doesn’t allow subletting as we want to know who is living in the property at all times.
Can you guarantee an arbitration outcome?
We cannot guarantee a successful outcome with Arbitration due to the different contributing factors.
Do you inspect the property periodically?
Yes, with our management contract we include two walk-through inspections a year but additional walk-throughs can be arranged if needed.
What is on the rental application?
Our applications look for references from two landlords, a work reference, a credit check, criminal record check as well as looking as social media accounts.
Should I make my property pet friendly?
We recommend having your rental property be pet friendly as it opens a wider range of applicants for your property. If you are allergic and want to move back, or the home is furnished, you can also limit the type of pets you’d allow.
What type of licensing does a property manager need?
The province of BC requires the Property Management course be completed through Sauder school of business before being able to legally manage properties.
If an applicant has a pet, is there additional steps to the screening process for them?
We usually ask the landlord references about the pet to see if they had any issues. If possible, we do try to meet the pet as well.
What length and type of tenancy do you recommend?
We usually start tenancies on either six months to a year fixed term lease.
Is it ever too late to hire a property manager?
No. We are happy to take over at any point to help with your management needs.
How do I properly serve a notice to a tenant?
A notice is deemed received that day if served in person with proof. Three days later if posted to the door and five days if sent through registered mail.
What are the different types of leases? (Fixed term, month-to-month, must move)
- A Fixed term lease means that the tenant and landlord expect the tenant to live at the property for a pre-determined amount of time.
- A month-to-month lease means that the tenant may give one months notice to vacate and is not expected to stay for a specific duration.
- A must move out clause, means that at the end of the fixed term the tenant must move from the property.
My tenant has lived at my property for a year and they now want a pet, what steps do I need to take to protect my property? (pet deposit, new tenancy agreement)
You will want to create an amendment to the tenancy agreement stating the day that the pet is to start occupying the unit and any restrictions that will need to be signed by both the landlord and tenant. If you charge a pet deposit to cover any damages caused by the pet, you will want to include this amount onto the amendment as well.
How do I choose a property manager?
We recommend that you research reviews and websites on different companies before you start contacting anyone. When you’re ready, call a few places. You should feel confident in how quickly someone responses and how you feel about their responses. A good property manager should be able to give accurate information about the current rental market, the area of town your property is in, and give suggestions about how to make the most of your rental income.
What happens when a tenant doesn’t pay rent?
Property managers usually serve a 10 day notice to a tenant on the second. This notice allows tenants five days to pay rent, or ten days to vacate the property.
Do you allow short term rentals?
Only if that is what is requested by the owner, otherwise we prefer long term leases usually starting around a year.
What happens if a tenant is evicted and they do not move?
The landlord will need to file for an Order of Possession through the Residential Tenancy Board. If the tenant was served this documentation and still didn’t move, you will then need to file for a Bailiff.
How does arbitration work?
Arbitration allows a mediator from the Tenancy Branch review all evidence over a dispute, hears both sides of the arbitration and then decides what the next step(s) will be.
How long does it take to find a tenant?
There are many different factors to finding a tenant. There are three major components to finding a tenant: The product (rental unit), the price, and the exposure. If a property isn’t renting, it could be a combination of issues with the three factors. Such as, the price may be too high or the unit isn’t being marketed enough.
What if I need a repair done on my property?
Our team is able to arrange and oversee repairs being done. We can use a company that you recommend or we can bring in one of our trusted vendors!
Will a property manager be able to make recommendations for renovations?
A property manager can absolutely give recommendations for items that could be upgraded.
What happens if there is an emergency at my property after hours?
While our office hours are Monday to Friday 8:30am to 4:30pm, our property managers do respond to emergency situations at all hours.
How do you screen tenants?
Potential tenants are put through a thorough application process after they have met with a property manager at the property they are interested in renting.
How do you determine the best rent for a property?
Rental rate is based upon many different factors including but not limited to: the area the home is in, size of the home, utilities, furnished, appliances provided (washer/dryer, dishwasher), yard space, parking, how old appliances are, if pets are allowed, the time of year.
How often should I hear from my property manager?
Once a relationship has been established, you should expect to hear less from your Property Manager. The less you hear typically means that the property is probably running smoothly.
What are the different types of notices? (2 month notice, 10 day notice, 1 month notice)
- A two month notice is used when the owner is doing renovations, sold the home, is moving back into the home. The tenant can give ten days notice to move any time after received this notice. The landlord is required to pay the final month of rent. For more information on Two Month Notice, click here.
- A ten day notice is served if a tenant owes rent or outstanding utilities. This gives the tenant five days from when the notice is deemed received to pay, or ten days to move. If the tenant pays in the five days, the notice is then void. For more information on 10 day notice, click here.
- A one month notice can be given if there is cause. This includes but is not limited to: the tenant pays rent late 3 times; The tenant significantly interfered with or unreasonably disturbed the landlord or other occupants; The tenant caused extraordinary damage or put the landlord’s property at significant risk; The tenant has broken a material term and, after receiving notice of the breach, has not complied with the tenancy agreement.
For more information on One Month Notice, click here.
How much should I charge for security and pet deposit? What is the max amount I can ask?
You are allowed to ask for half a month security deposit and half a month pet deposit.
What is a “Condition Inspection Report” and why do I need one?
A condition Inspection Report is a document used to note any damages or issues with the property at the time a tenant moves in. This report will be used when a tenant moves out to determine if any damages were fault of the tenant.
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