Frequently Asked Questions (FAQs)
How Do I Find The Right Property Manager?
Making the decision to enlist the help of a Property Manager in maintaining your property and tenants can be intimidating to veteran investors and first time owners alike. You will be developing a relationship with them, so it is important to hire a Property Manager that you feel comfortable with and has the knowledge and experience with the Rental Properties.
What should I look for in a property manager?
Look for experience in important areas, such as maintenance, leasing, collections, marketing, advertising, tenant relations, financial analysis and budgets, and knowledge of the BC Tenancy Act.
Can a Property Manager help me avoid bad tenants?
Typically, bad tenants will target owner-managed rentals because they can’t pass muster with Property Managers. They know that when a property is for rent by owner the rent will be less and there will be less scrutiny of their financial situation. Because bad tenants can’t be evicted without notice and an eviction can take months and cost you money, Property Managers will track references and do their utmost to avoid potential bad tenants and associated eviction problems.
Can a Property Manager help me find and keep good tenants?
Often, good tenants will rent only through a reputable property manager because everything from initially viewing the property, to negotiating and signing the lease agreement, to dealing with maintenance and repairs, to making rental payments is more efficient and streamlined if a professional company located in the area is coordinating providing the service.
What types of real estate does Coldwell Banker Marquise Property Management oversee?
Our Property Managers manage all types of properties, including homes, apartments, mobile home parks, stores, offices, industrial properties, and storage facilities.
Can my REALTOR® find me a tenant?
A REALTOR® can do the following:
(a) advising on the appropriate price for the rental;
(b) Find a tenant
(c) Show the rental property;
(d) Negotiate the price of the rental;
(e) receiving deposit money paid in respect of the rental
What your Realtor® CAN NOT do
(a)Negotiate or enter into contracts on behalf of the brokerage or the owner of rental real estate; (this means completing a rental agreement for the landlord)
(b) make payments to third parties; (they can not order and pay for credit reports, carpet cleaning, cleaning etc)
(c)manage landlord and tenant matters, e.g. sign tenancy agreements, notices of eviction, inspection reports, notices of rent increases, etc.; (this means that your Realtor® can not deal with the tenancy agreement.
(d)supervise employees or contractors hired or engaged by the owner; (i.e cleaners, carpet cleaners, repair persons)
(e)Your Realtor® cannot collect rents on behalf of a property owner, or provide any other ongoing management services for a rental property unless you they are licensed for rental property management services
Always best to hire a FULLY licensed Property Manager.
What is a Property Management Contract?
A Property Management contract is a legally binding document between the owner of a property or portfolio and the Property Manager or management team hired to oversee it. A management contract is a standard requirement when hiring a manager to take over a rental property; a fair contract will protect both the owner and the manager, and clearly define each person’s role for the term of the agreement.
In general, a Property Management contract will always contain the same basic types of information. The contract will name all parties and give the address and/or legal description of the property. It will define the responsibilities of the manager or management team and include some or all of the following items: provision for advertising and renting the property; outline for maintenance, repairs and housekeeping; terms of financial tracking and responsibilities like the collection of rent or late fees; policies for responding to tenant issues and concerns; stipulations for 24 hour emergency services; requirements for ordering supplies for the building; and an outline of any rules and regulations to be enforced which were set forth by the owner in the tenant leases. The contract will also outline the responsibilities of the owner, which largely deal with communication with the manager or management team. All fees and commissions of the Property Manager, and the term for which the contract is valid are also included. The agreement includes all contact information, the dates in which the agreement is in effect, and is signed and dated by both parties.1
Property Management contracts are a staple of the real estate management industry and they are an essential and valuable way for a property owner to protect himself and their investment. Regardless of the type of property, a strong, fair, management contract is the foundation for a successful working relationship between an owner and Property Manager.
What if a tenant needs evicting?
Even though a Property Manager will do everything possible to avoid problem tenants, if an eviction is necessary, the Property Manager can help you deal with the whole process, from providing the required eviction notices, to filing court documents and dealing with the Residential Tenancy Branch.
What happens if my tenant doesn’t pay rent on time?
Our most important goal is delivering your rent to you. While some tenants are late with their rental payments, our late rent policy is to make immediately contact with the tenant to establish why their rental payment hasn’t been made. We serve a Notice to Terminate (N4) as a precaution automatically on the 3rd late day.
How do you handle maintenance requests?
Our software has an online submissions of maintenance request portal. We find this is an efficient way of dealing with problems that can arise in rental properties and a great way to document everything so that you are always kept up to date. . We use reliable and insured tradesmen and companies to complete repairs. We have developed quality relationships that are designed to provide clients with the perfect match between quality and price
I am not a Resident of Canada, can you still represent me?
Yes. We will become your agent in Canada and remit Non Resident Withholding taxes on your behalf to the Canada Revenue Agency.
There is an additional monthly fee of $25 +gst for processing the monthly returns.
What kind of Monthly Statement do you provide?
You will receive access to our online Landlord portal. You will be able to see what activity has occurred on your account. Each month we will email you a copy of your monthly statement along with copies of any repair invoices.
How do you check up on our tenants?
Some insurance companies want owners or Property Managers to view the home quarterly. Upon request we will visit the home quarterly to make sure that everything is in order and there are no issues. We charge $75+ gst per visit.