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