For homeowners that want us to deal entirely with the tenant.
- Rental evaluation of the rental property Online marketing and advertising for tenants
- Providing property information to potential tenants Arrange and conduct showings of the property
- Interview prospective tenants. Reference and credit checks Prepare lease agreements
- Collect security deposit when lease is signed
- Collect monthly rent by pre-authorized debit
- Prepare Form K’s as required
- Detailed move-in inspection including photos. Handling all tenant concerns
- Arrange maintenance and repairs with Owners approvals Coordinate property maintenance services as required Coordinate seasonal annual maintenance as required
- On-site Inspections as required by the BC Residential Tenancy Act On-site inspection on an annual basis included
- On-site inspection on an every 3 month basis (extra service charge)
- Pay approved expenses on Owners behalf
- Provide the owner with monthly financial statements Provide Annual Income and Expense Operating Statement Annual evaluations as required for insurance purposes
- For non-resident owners we will assist you with the non-resident taxes and assist with annual filing as required by Revenue Canada (extra charge applies).
- Prepare tenant notices for arrears rent, eviction as per the Residential Tenancy Act . Represent Owner at any proceedings they cannot appear at
- And more
For homeowners that want us to find them the right tenant and then take over.
- A free estimate and evaluation of rental property
- Online & MLS marketing and advertising for tenants
- Providing property information to potential tenants
- Arrange and conduct showings of the property
- Interview prospective tenants. Reference and credit checks*
- Collect security deposit when lease signed
- Prepare lease agreements
- Accept post-dated cheques and security deposit on the owner’s behalf
- Prepare Form K’s as required
- Detailed move-in inspection including photos.
- Turn the property and tenant details over to the owner with all the documents required for tenancy
- And more.
This service is for owners that manage their rental themselves. We provide a service for pre-authorized debit (PAD) from the tenants account each month and pay their rent to the landlord. This way you don’t have to collect post-dated cheques or wait for your tenant to etransfer their rent.
10 Reasons Why You Should Hire A Property Manager
If you have owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you’ve also likely discovered that property management requires a large commitment of time and effort.
While it may make sense to take the do-it-yourself approach if you’re a handy person, live close to your property, and don’t mind devoting several hours per month to the task, in many cases this just isn’t practical—especially if you hope to expand your business. With this in mind, here are some critical tasks Coldwell Banker Marquise Property Managers can help you with:
1. Setting the right rental rates:
While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, we will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate. When it comes to setting a monthly rental rate for your property, there is a basic equation to follow- you want to make the most money with the least amount of effort. Establishing the ideal rental amount without having vacancies is crucial to making a profit in this equation.
There are factors that will influence the rental price you are able to set for your property, and the most important of these is location. If your property is close to where people want to be (such as a college or university, major shopping area, or office park), or close to major transportation you will have the best chance of collecting a higher rent. However, if there are many rental units in this same area, you have to make sure your rental price is competitive. The opposite can also be true- if your home is in a less than ideal location, you may have to lower your rate to attract tenants.
2. Collecting and depositing monthly rent payments on time:
We collect monthly rental payments from the tenants via Pre-Authorized Debit (PAD) on the 1st of each month.
We forward you the funds, less our fees and any maintenance receipts to you on the 10th of each month by way of Pre-Authorized Payment (PAP) right to your bank account. You’ll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
3. Marketing and advertising your property:
Through long experience, our Property Manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
4. Finding the right tenants:
Our Experienced Property Managers are experts at finding good tenants, and will take care of all the details, which can include researching criminal background, running credit reports, verifying employment, and collecting previous landlord references.
5. Managing tenants:
In addition to finding good tenants, a Property Management company will manage all aspects of the tenant-landlord relationship. The Property Manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
6. Managing vendor relationships:
Property Management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your Property Manager get you the best work for the best price, they’ll oversee any necessary maintenance projects.
7. Ensuring that you're in compliance with the British Columbia Tenancy Act:
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property.
8. Enabling you to invest in geographically distant properties:
If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a Property Manager, you can take advantage of investment deals in any location you wish. Coldwell Banker Marquise Realty will take care of Non-Resident Tax paperwork for you on a monthly basis.
9. Maximizing the profitability of your time:
By having a Property Manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.
10. Maximizing the profitability of your money:
Coldwell Banker Marquise Realty Property Managers charge a percentage of your property’s monthly rental rate in exchange for our services. The rate typically runs anywhere from 8-10%, which is generally less than the money you save by hiring a professional to take care of your property.