View
1.097
Download
0
Category
Preview:
DESCRIPTION
This slide show covers my presentation on the situations that occur for property managers, and how we look after our clients' suites to avoid some of the problems listed here.
Citation preview
Leave the renting to us!
www.downtownsuites.com
Property Management 101
Nicholas MeyerPresident/CEO
Downtown Suites Ltd.Phone: (604) 694-8806 Toll Free: (877) 454-8179 Fax: (604)
682-5634Office: Conference Plaza, #247-515 West Pender St.,
Vancouver BC
Why Own a Condominium?
Relatively inexpensive form of investment ownership
Common areas are professionally maintained
Capital gains advantage
Some points to consider
Ensure the manager is licensed Real Estate Council Trust account Insurance
RecentNightmares Flooding
Flooding
Flooding
Insurance
Concerns loss of rent liability to other owners if it is deemed your fault if there are upgrades and it is deemed a strata problem
their insurance will only cover restoration to original condition
Strata deductible PER SUITE
Time is of the Essence
Go and look at the problem. You must show to have acted promptly and with the
best interests of the tenants. Immediately call a restoration company. Liaise with the building caretaker and property
manager and various insurance adjusters. Document everything.
First Pitfall: The Wrong Tenant Always take a detailed application form. Always check references, employment and
past landlords. Verify income and have a credit check
through a credit reporting service like Tenant Verification.
RecentNightmares Bad Tenants
Bad Tenants
Door Lock
Bad Tenants
Dryer
Bad Tenants
Living Room
Bad Tenants
Mess
Where this Happened
Second Pitfall: The Agreement Go to the Residential Tenancy Office website for lease
Downtown Suites Addendum Tenant cooperation
Agreement
DTS add
Third Pitfall: Move in Statement
Without this, you have to pay back the damage deposit in full, whatever tenants may have done to the suite.
Fourth Pitfall: Late Rent Late rent and Non-Payment
Written warning Eviction Remember: tenants are not your friends.
Fifth Pitfall: Illegal ActivitiesNOT ONLY IN HOUSES! Grow ops Meth labs Drug houses Prostitution
Move Out
Condition Statement Damage Deposit - timely return or you pay double!
Last Resort - damage not covered means time for arbitration
Why Professional Property Management? Familiar with all the potential problems Excellent dealing with non-resident owners On call 24/7 Experienced and able to deal with all the problems fo The fee is tax deductible Buffer between the owner and the tenant.
Leave the renting to us!
www.downtownsuites.com
Recommended