How to Manage Unpaid Rent

Late rent payments are a reality of property management. Sometimes tenants are forgetful or short on cash, and sometimes they’re habitually paying rent late. Whatever the situation, you need to know your rights and responsibilities as a landlord so you can manage unpaid rent. So, what should you do when your tenant doesn’t pay the rent?

Verify your Records

First and foremost, you want to carefully review your own records before taking any action regarding overdue or unpaid rent. This might seem obvious, but you’d be surprised how often landlords or property managers accuse tenants of not paying rent only to find that payment had already been collected. According to the BC Tenancy Act, rent must be paid by midnight the day it is due, so you’ll want to confirm when and how much rent is to be paid. Refer to your lease agreement and ensure that the terms of rent are clearly indicated. This agreement must include the amount of rent, what’s included in the rent, and when the rent is due.

10 Day Notice to End Tenancy

As soon as you have confirmed that rent has not been paid by the due date agreed, you have the right as a landlord to give a 10 Day Notice to End Tenancy. Technically, this notice can be served to the tenant the day after rent is due. At this point, the tenant has 5 days to remit payment in full. If payment is received, the Notice is cancelled and tenancy continues as normal.

If the tenant does not respond to the Notice within 5 days or move out after 10 days, the landlord must apply to the Residential Tenancy Branch for dispute resolution. Please note, even if rent is not collected and the tenant has not responded to the Notice, the landlord must not remove the tenant’s personal property or limit access to the property. In fact, a landlord can only act to remove a tenant’s possession once written permission is provided by the court.

For landlords, there are many stages of the application to the Residential Tenancy Branch for dispute resolution.

The landlord provides the branch all required paperwork for dispute resolution including a copy of the tenancy agreement (i.e. the lease agreement), a copy of the 10 Day Notice to End Tenancy, and proof that this Notice as served to the tenant.
Next, the landlord serves the tenant a Notice of Direct Request from the branch.
The landlord provides proof of service of this request to the branch.
The landlord and tenant via telephone conference call meet with the Residential Tenancy Branch to present evidence.
The branch reviews all evidence and then makes a final and binding decision that all parties must follow.

As you can see, the process for collecting unpaid rent or evicting tenants is quite extensive. It is especially important that you carefully vet all potential tenants in advance in order to avoid costly and time-consuming problems related to unpaid rent.

How to Manage Unpaid Rent

Verify your Records

10 Day Notice to End Tenancy

For landlords, there are many stages of the application to the Residential Tenancy Branch for dispute resolution.

The landlord provides the branch all required paperwork for dispute resolution including a copy of the tenancy agreement (i.e. the lease agreement), a copy of the 10 Day Notice to End Tenancy, and proof that this Notice as served to the tenant.
Next, the landlord serves the tenant a Notice of Direct Request from the branch.
The landlord provides proof of service of this request to the branch.
The landlord and tenant via telephone conference call meet with the Residential Tenancy Branch to present evidence.
The branch reviews all evidence and then makes a final and binding decision that all parties must follow.

What you Need to Know Before you Buy a Condo

It should come as no surprise that as housing prices across Canada continue to rise, developers and home buyers alike are looking for more affordable alternatives to single-family homes. Not only are condos an attractive option for young adults, but they are suitable for retirees looking to downsize as well. So, whether you are a first-time buyer or you’re shopping condos for other reasons, what do you need to know before you buy? Surprisingly, despite increasing demand for condos, there are few resources available to help buyers choose the right condo. Let’s take a closer look at the condo market, so you can make the smart choice.

Condo Benefits

First, let’s discuss some of the benefits of condos other than their relatively affordable price. For many urban professionals, condos are an intelligent choice simply for their location. Condos tend to be right in the centre of cities and municipalities, so access to entertainment, restaurants, and shopping can be better. But even for retirees, many condos feature a multitude of built-in amenities that make them an excellent home. From fitness facilities and swimming pools to in-house security, underground parking, and common spaces (for entertaining), condos today are built to make life more convenient. Moreover, condo maintenance is typically much less hassle than maintaining a home and surrounding yard.

Hidden Costs

Even though there are many fine benefits to buying condos, many newcomers to the market may not realize that there are often fees associated with condo maintenance – especially since there are shared spaces that need regular attention. So, when you go to the bank to get a sense of the mortgage you can have financed, you should also take into account condo fees which may include homeowner association dues (aka strata fees). Homeowner association dues typically range from $100 to more than $500 per month depending on location and amenities available. As you can see, these fees may have a significant impact on your bottom line.

Condos versus Single-Family Homes

So, what are the main differences between buying condos and single-family homes? First and foremost, condos typically cost a fraction of a single-family home. While condos usually offer less square footage than a detached home, even when you calculate the price-per-square-foot, condos tend to be less expensive. Still, this does not always factor in the cost of the homeowner association dues, which can make your monthly costs even more than those associated with buying a detached home.

So what is the take home message? There are certainly benefits to buying condos as they offer a range of amenities you wouldn’t normally find in a single-family home. In addition, while condos tend to be smaller, you can often enter the real estate market much more easily because of the affordability of this type of property. Still, you should carefully review all the costs associated with condo purchase and determine whether the condo will actually save you money.

What Tools Should Property Managers in Vancouver be Using?

Vancouver is a highly competitive real estate market whether you’re talking about property sales or property rentals. There are a great number of rental options available to residents of the city, and as real estate development continues, competition for renters is likely to become even fiercer. So, how can property managers remain successful in such a market? Simply put, they must use the most advanced tools and technology to find top notch renters. So what tools and technology should property managers in Vancouver be using? Let’s take a closer look.

Security

In major cities such as Vancouver, property crime is an unfortunate reality. Indeed, the majority of crimes committed in Vancouver on an annual basis are property crimes, so property managers need to provide advanced, integrated security solutions for their clients. When it comes to condo living, many residents are drawn to the safety element and potential residents are looking for on-site security solutions such as security guards, security cameras in communal areas such as hallways and elevators, and keyed entry to the building and parking garage. Ultimately, integrated security solutions ensure that properties are safe places for renters to live.

Property Management Software

Since we’re living in the 21^st century, it should come as no surprise that there are some highly specialized software applications designed for property managers. This software ultimately helps property managers keep on top of the many diverse aspects of their job from advertising rental units to screening potential renters to collecting rent, paying vendors, dealing with resident complaints, and even keeping tabs on property maintenance and repairs.

Using a specialized software platform helps property managers track finances, manage schedules, keep a history of maintenance and repairs, and even log resident complaints. Today, these software applications should be advanced enough so that they can sync with a mobile device such as a table or smartphone so that a property manager is informed even when on the road.

Communications

The primary function of a property manager is arguably to be that first point of contact for current or potential residents. As such, it is incredibly important to have a reliable communication system in place. As technology becomes more advanced, there are online applications that can help residents communicate with their property managers, but we also still need to ensure there is a reliable phone system to connect property managers, their clients, and renters. One of the easiest ways to deal with problems can still be a quick phone call – so be sure to set up a reliable phone system.

Resources

Finally, it is vitally important for property managers to have solid relationships with a variety of community resources. From plumbers, electricians, and carpenters, property managers need to have relationships with skilled trades-people to ensure that buildings are well-maintained and residents are satisfied.

Property Management Cost in Vancouver

While not insignificant, fees for property management services in Vancouver are a small price to pay considering the peace of mind investors enjoy knowing their property is well-maintained while they receive a steady stream of rental income. Nevertheless, if you’re considering hiring a professional property manager, you probably want to know more about property management costs. So let’s take a closer look.

The first thing to understand is that property management costs in Vancouver and other markets will vary depending on the services you receive. As such, it is always important to find a property manager that offers a full range of services at an affordable cost. Moreover, there will be a difference in cost depending on whether you’re looking for property management or leasing services.

Property Management versus Leasing Services

Property management services are designed for clients who want to take an entirely hands-off approach. In this case, property management costs will typically be much higher and services include but are not limited to rental assessments, marketing, open houses, tenant screening and selection, security deposit and rent collection, property inspections, and regular maintenance.

On the other hand, leasing services are for owners who are happy to manage and maintain the property independently but prefer to use a professional service for screening and selecting tenants. Leasing services are similar to property management services in that they may include rental assessment, marketing, open houses, and tenant screening and selection, but property management services tend to be more comprehensive. For example, you shouldn’t expect maintenance or emergency repairs to be included in your leasing services.

Breaking it Down

Ultimately, property management costs will encompass a number of different fees. Depending on the firm you ultimately work with, you can expect costs to include management fees, vacancy fees, start-up fees, and leasing fees.

Management Fees

These fees refer to the overall costs of managing your property and will depend on the number of properties managed, the number of units in the property, the location and condition of the property, and the various services negotiated in your property management contract. Typically, management fees will range from 5-15% of the monthly rent.

Vacancy Fees

Some property management companies will charge you even if your rental unit is unoccupied. This fee may be less than what is charged when the property is rented, or it may be the same. You need to ensure to ask your property manager about costs if there is no tenant (and therefor no rent collected).

Start-Up Fees

When you initially start working with a property manager, they may charge a nominal start-up fee. This is usually a one-time charge, and can range from zero to several hundred dollars.

Leasing Fees

Finally, some property managers want to be compensated for the extra time spent screening and selecting tenants for your rental property while some include this in their management fees. Make sure to discuss all the costs associated with property management before you sign a contract. offshore centre

Property Management Services in Vancouver, BC

EasyRent is a professional Vancouver Property Management Firm offering leasing and rental services for residential properties throughout the city and Lower Mainland. Because we’re based in the city, we have our finger on the pulse and use our insider’s information to effectively advertise your property so that you get the highest possible return on your investment. Working with an experienced property management company such as EasyRent will give you the peace of mind knowing your investment property is well maintained while eliminating many of the hassles associated with finding suitable tenants, collecting rent, caring for the property, and more.

If you’re looking to connect with property management professionals, you’re likely looking for a team that offers exceptional customer-focused service, years of industry experience, and a range of services to meet your needs. At EasyRent, we check all the boxes; our team of licensed property managers not only markets and advertises your property in our comprehensive listing of rentals and on common rental websites, but we carefully screen potential tenants and conduct regular rental property inspections so that you consistently collect rental income on a property that’s kept in excellent condition.

Ultimately, before you choose which property management company you work with in Vancouver, you want to be sure they offer the services and experience you need. Ideally, you want to work with expert property managers that can tailor their services to your property rental. At EasyRent, we offer a comprehensive variety of property management and leasing services for all manner of residential property. From rental value assessment and tenant screen and selection to social media marketing, rent collection, and property maintenance and repairs, we make the business of real estate investment a breeze.

Vancouver Property Management
Specializing in residential properties puts us in a unique position for renting your property. We’re well-versed in the British Columbia residential tenancy act and we have the expertise necessary to find quality tenants. But that’s not all – while we work with landlords to market and rent their properties (and everything in between), we also work with tenants. If you’re new to Vancouver or you need to find a new space, we can help you find the perfect home. We schedule regular viewings so that properties are scooped up quickly, so act fast. We endeavour to match quality tenants with quality landlords and their beautiful properties.

So, if you’re on the market for exceptional property management services in Vancouver, look no further than EasyRent. From the initial stages of marketing a property to signing a tenancy agreement and all the maintenance and service requirements involved in renting a property, we manage every aspect of an investment property with a customer-first attitude that ensures happy tenants and happy landlords.

Should I Rent a Furnished or Unfurnished Apartment?

If you’re looking to rent an apartment, you’ve probably asked “should I rent a furnished or unfurnished apartment?” And it’s a good question to ask. There are benefits and drawbacks to both options, but the right choice is usually a very personal one. Though furnished apartments are less common and usually more expensive, the hassle of buying and moving furniture make furnished alternatives an attractive option.

On the other hand, the flexibility to design your apartment according to your own needs and style are major pros for unfurnished apartments. So let’s take a closer look at the benefits of furnished and unfurnished apartments so you can make the educated choice.

Furnished Apartments

Usually equipped with basic furniture, appliances, tableware, and bathroom accoutrement, there is some variability among furnished apartments with respect to exactly what “furnished” means. As such, it’s always best to check with the landlord before you decide on an apartment. Nevertheless, there are many distinct benefits to renting furnished apartments.

Simplicity

Moving into a furnished apartment couldn’t be easier. If you move a lot because of your job or lifestyle, you probably intentionally pack light. By renting a furnished apartment, you avoid the need to move large items like beds, couches, and appliances. And that’s one of the major benefits of renting a furnished place – moving is easy!

Cost

While rent tends to be higher in furnished apartments, the cost of furniture is saved. Even in the long term, renting a furnished apartment can save you money as you’ll never be responsible for the cost of replacing old or broken items.

Emergencies

If you have to relocate on short notice, or you’re intending on only a short-term rental, furnished apartments are a great option. Especially if you already know you won’t have a lot of furniture to move, a furnished rental can take the hassle out of last-minute move.

Unfurnished Apartments

It’s obviously much more common to find unfurnished apartments. In most Canadian cities, these rentals include only major appliances (such as the fridge and oven) and sometimes a washer/dryer or dishwasher. There are also a number of benefits associated with unfurnished apartments.

Fit

Unfurnished apartments give you the flexibility to design your life as you see fit. You can style your living space according to your own personal preferences, and when you’re ready for a change, you have the freedom to make it.

Cheaper Rent

Typically, furnished apartments are more expensive to rent and often have higher security deposits. So, if you already have furniture, it doesn’t really make sense to rent a furnished apartment – unless of course you’re looking for a short-term lease. With an unfurnished rental, you’ll also have more flexibility with respect to where you live and your budget.

Liability

Finally, when you rent a furnished apartment, you’ll be responsible not only for the apartment but all the furniture. If you have some kind of accident and stain or ruin the furniture, you’ll be responsible for replacing it.

Is it Smart to Hire a Property Management Company?

To manage or not to manage, that is the question. And it’s a big question at that. Whether you are a seasoned real estate investor with a rental property or a newcomer to the world of investment properties, you might be asking yourself whether it is smart to hire a property management company. Ideally, a property management company will take the hassle out of maintaining a property, finding tenants, collecting rents, and all things related to your rental property, but the services come at a cost. So when is it a good idea to hire a property management professional?

What to Expect?

First, let’s discuss some of the expectations you should have from a property management company. There are a number of services that they should provide so that you can rest easy knowing your property is cared for effectively.

Some of the services you can expect from a property manager include, but are not limited to

Finding and screening tenants
Removing problem tenants
Maintaining properties through a network of contractors including electricians, plumbers, and other professionals
Managing owner expectations and providing excellent customer service
Collecting rent
Responding to tenant complaints
Ensuring compliance with local bylaws and regulations

Why Hire a Property Manager?

So now that you have a sense of what to expect from a professional property management company, you’re asking yourself why you’d want to hire a property manager. There are many reasons, but they all boil down to one key benefit – they take the hassle out of managing a rental property. From dealing with problem tenants and tenant complaints to chasing tenants for rental payments, managing a property can be a very time consuming and challenging task. A professional property manager has the skills and expertise to handle the job efficiently so that you don’t have to worry about it.

For most investors, working with a property manager is the smart decision. First and foremost, you likely have more than one investment property, or if you’re just entering the property investment market you likely have other work responsibilities that make it difficult to effectively manage a property. If you have your own business or career to focus on, your property manager will actually save you time and money.

In addition, the most experienced and successful real estate moguls know that they can’t be an expert in everything. Property managers have connections in the community to ensure your rental property is maintained by experts in their field. Obviously, you’re not likely to become an expert janitor, plumber, electrician, landscaper, and handyman, but it is also very time consuming to build relationships with these experts in your community. Your property manager already has the connections to manage your property.

Ultimately, when deciding whether to manage your property on your own or hire a professional, you need to ask yourself how much time you have to put into the venture. Most of us are already busy professionals and a property manager will help optimize your return on your investment property.

Top Reasons to Hire a Property Management Company

Managing a rental property can be a time consuming task – especially if you’re in a hot real estate market like Vancouver. Obviously, investing in real estate can be rewarding and lucrative, but renting the property is hard work. You have to manage the property and the tenants, so there are a lot of responsibilities from finding and screening tenants to collecting rent, managing repairs, and conducting inspections. As such, many real estate investors with rental properties prefer to work with a professional property management company. So what are the top reasons to hire a property management company?

Rental Expertise

Professional property managers have the inside knowledge needed to make your rental property a lucrative investment. They’ll offer a keen understanding of the rental market as well as rental rates and property values. More importantly, they’ll use this information to get you the best rates possible for your rental properties. You should never underestimate the importance of setting rents effectively – set them too high, and the property will sit empty, but set them too low and you’ll lose out on valuable income.

Marketing Acumen

In addition to their rental expertise, property management companies also know how to market your property effectively. Through years of experience, they’ll have developed marketing acumen specific to property rentals so they’ll help to ensure that you find the right tenants quickly. Effective marketing keeps your property occupied and maximizes your cash flow and investment returns.

Tenant Knowledge

An excellent tenant is the best way to maximize your rental property investment. In fact, tenants can make or break your investment. Nothing compares to the expertise offered by professional property managers when it comes to finding the right tenant for your property. Not only are they advertising your property and attracting good tenants, but their experience screening tenants will help in finding the right fit for your property. Your property manager will verify the rental history of your tenant, check references from past landlords and employers, conduct credit checks, and take every precaution necessary to find tenants that optimize your investment returns.

Reduce Stress

Perhaps the most important reason to hire a property management company is the fact that they’ll take the stress out of your investment. As a property owner, you probably don’t want to deal with 2am emergency phone calls or late rent payments. Indeed, managing a rental property can be a very time consuming task that is not without stress. Your property manager handles all the behind-the-scenes work that comes with renting out a property. As the owner, you just need to sit back, relax, and collect your rent payments.

Simply put, property managers are highly skilled professionals that know how to get the most out of a rental property. Their success is defined by your success so they’ll be highly motivated to do their best and ensure your rental property generates income.

How to Choose Good Tenants

Difficulties with tenants can often be avoided before they begin. If you speak to experienced landlords who have been managing tenants for years or even decades, they’ll probably tell you it’s impossible to avoid the occasional bad seed, but careful screening of and proper communication with potential renters can help minimize problems.

Screening

During the early stages of a new tenant relationship, due diligence is incredibly important. At the end of your first meeting, prospective landlords (and even renters) need to ensure their interests are met before entering into a tenancy contract. When you’re screening future tenants, you obviously want to ask for proof of identity and conduct a credit check. Some other steps in screening include:

Ask for references (from past landlords or even character references).
Contact previous landlords and ask about past renting behaviour – did the tenant pay rent on time, were there complaints about the tenant.
Confirm the renter’s income by contacting their current employer.
Confirm the number of people that will be living in the unit and don’t be afraid to screen them as thoroughly as the main tenant.

It’s your Business

Remember that your rental property is a source of income for you and you should treat it as any other business. Rental income doesn’t just magically appear every month with no effort from you. You need to maintain the property and conduct necessary repairs, not only to meet your tenant’s rights but also to ensure the quality of your property. Repairs and maintenance are tax deductible, and also give you an opportunity to inspect the property for other signs of damage. And speaking of inspections, your yearly fire alarm inspections are the perfect opportunity for you to review the property and check for any problems.

Reviewing the Property

Once you have chosen your tenant, you should always review the property with the tenant before they move in. As part of any rental agreement, you should outline current damage in the home or suite and include it in the rental agreement. If you want to be certain of proof of pre-existing damage (or the lack thereof) in the unit, you should consider recording your tour of the property with the tenant.

A Signed Agreement

Always, always, always get a signed rental agreement from your tenant. This should include all the necessary elements of the agreement including the number of parties allowed to live in the property, the cost of rent, the length of the agreement, the amount of damage deposit, and other landlord and tenant responsibilities. Many Canadian provinces, including British Columbia have strict guidelines about tenancy agreements, and you can often download free agreements online. Just remember to screen your renters properly, care for your property, and always sign a rental agreement and you should have fewer problems with bad tenants.

5 Ways to Get Tenants to Sign Lease Agreements

Whether you are working with new tenants or an extension for existing tenants, getting them to sign a lease before move-in day or the expiry of the current lease can be a real struggle. It’s not necessarily a case of tenants dodging commitments (although, they may be looking for other rental opportunities), but whatever the challenges, your agency probably has clear policies around lease agreements. If you want to save your staff from frantically pursuing tenants every month, one of these five simple methods for getting tenants to sign lease agreements should help.

Start Early

First and foremost, you want to start the lease renewal process as early as possible. By beginning the process as much as three months before the lease expires, you can secure a future term for the landlord and leaseholder well in advance. This guarantees the landlord has time to find a new tenant, but also gives the tenant peace of mind. Moreover, should the landlord prefer not to renew, you have plenty of time to notify the tenant that they must vacate.

Sign New Leases Immediately

You should always get new tenants to sign your lease as soon as they accept the rental agreement. Most rental agreements include a damage deposit, so you can always get your tenant to sign a lease once the deposit is collected. Aim to have the lease signed and deposit collected within 24 hours of the tenant accepting the property. Again, this procedure is of benefit to the tenant. Before the lease is signed, there is nothing preventing a landlord from seeking other clients. Signing the lease immediately ensures the tenant has a legal right to occupy the property. The landlord is satisfied that a tenant has been found, and you collect your commission in a timely manner. Everybody wins! More about rental agreement here.

Clearly Outline Procedures

Your agency leasing process and policies should not only be clearly outlined, but should be a straightforward and simple process. Securing lease agreements in a timely manner is the ideal situation for the landlord and the leasing agent. Set clear expectations for the tenant, including timelines so that everybody understands their role and responsibilities. When people know what to expect, they are more likely to adhere to policies.

Provide an Incentive

In addition to the security of knowing they have secured a property, small lease signing gifts can be a great way to motivate tenants to sign leases – especially in competitive rental markets. Vouchers for local events, restaurants, gyms, or salons are inexpensive but might provide the incentive you need to get your tenants to sign new leases.

Highlight the Benefits

Finally, when tenants are reluctant to sign leases, you want to highlight the benefits of signing quickly. Obviously, you can remind them that signing the lease secures the property, but they may also need to know a bit more about the location and the rental market. Having a better understanding of the value of their property by providing a bit of market research and reviewing amenities available near or on the property can be a great motivator for tenants to sign.