Recent Posts
-
Potential Tenant Red Flags To Watch Out For
Posted by Urban City Rentals
Urban City RentalsUrban City Rentals Inc. provides professional rental property leasing and manageUser is currently offlineSelecting the right tenants is a cornerstone of successful property management, especially in the dynamic Vancouver market. In our script, we shed light on key red flags to watch out for during the tenant screening process.
Incomplete or inconsistent applications can signal a lack of transparency or accuracy, making a careful review imperative. A history of poor credit or frequent late payments might hint at financial instability, potentially affecting their ability to meet rent deadlines. Past rental behavior is often predictive, so paying attention to any signs of property damage or disputes with prior landlords is crucial.
Trusting your instincts during interactions is essential. If a potential tenant appears evasive, overly pushy, or confrontational, these behaviors could foreshadow future challenges. Unauthorized occupants could lead to complications like subletting without permission or overcrowding.
Incorporating thorough tenant screening practices, and considering professional property management guidance, can significantly enhance your tenant selection process. Remember, by staying vigilant and addressing these red flags, you pave the way for a smoother and more rewarding property management journey.
Aug 18 -
Tenant Screening and Selection – Ensuring the Right Fit for Your Property
Posted by Urban City RentalsUrban City RentalsUrban City Rentals Inc. provides professional rental property leasing and manageUser is currently offlineIn the bustling real estate landscape of Vancouver, successful property management starts with one critical step: tenant screening and selection. As property owners, ensuring the right fit for your property is not only essential for your peace of mind but also for maintaining a positive rental experience. In this blog post, we'll delve into the key aspects of tenant screening and selection that are particularly relevant in the Vancouver market.
**1. Understanding the Competitive Landscape**
Vancouver's rental market is known for its high demand and competitive nature. As a property owner, you want to attract reliable, responsible tenants who will take care of your investment. Thorough tenant screening helps you achieve this by scrutinizing credit reports, employment histories, and rental references.
**2. Effective Communication with Prospective Tenants**
Open communication is vital during the tenant screening process. Engaging with potential tenants allows you to understand their needs, answer questions, and provide a clear picture of what your property offers. This two-way interaction sets the tone for a positive landlord-tenant relationship right from the start.
**3. Compliance with Rental Regulations**
Vancouver has a well-defined framework of rental regulations, including the Residential Tenancy Act. Adhering to these regulations is not just important—it's the law. A professional property management company, such as Urban City Rentals, keeps abreast of these regulations to ensure that all tenant screening processes are legally compliant.
**4. The Balance Between Tenant Selection and Fair Housing**
While selecting tenants who align with your property's requirements is crucial, it's equally important to uphold fair housing practices. Discrimination based on factors like race, gender, or family status is not only unethical but also illegal. A comprehensive tenant screening process should focus on financial and rental history rather than personal characteristics.
**5. Professional Expertise Pays Off**
Entrusting your tenant screening and selection to experienced property management professionals can be a game-changer. These experts understand the nuances of Vancouver's rental landscape and have established processes to identify reliable tenants while ensuring legal compliance.
In conclusion, tenant screening and selection are the foundation of successful property management in Vancouver. By understanding the competitive market, maintaining open communication, following legal regulations, promoting fair housing, and seeking professional expertise, you can set the stage for a positive and lucrative rental experience.
At Urban City Rentals, we specialize in property management tailored to Vancouver's unique real estate environment. Contact us today to learn more about how we can assist you in finding the right tenants for your valuable investment properties. Your peace of mind and the success of your rentals are our top priorities.
Aug 16 -
Do You Really Need a Property Management Company?
Posted by Urban City RentalsUrban City RentalsUrban City Rentals Inc. provides professional rental property leasing and manageUser is currently offline
This article is intended to assist you decide if you should consider hiring a property manager.
1. Consider your distance to your property and number of visits you make.
The larger the distance the more chance there is to not keep a close eye on things, and that can result for a disaster. If you are near, you may be able to make the habitual visits required for maintenance, inspections, collections, etc., or else the farther you live the higher your travel time and expenses will be.2. Your response to stress.
This is a strong one. We all like to think of ourselves as level-headed and even-keeled, but at the end of the day it takes a special kind of person to deal with the ups and downs of property management. Behind the apparently simple task of collecting rent every month lie a number of erratic problems which can push people to their limits.
3. Being in Control
Managing rental properties can become rapidly overwhelmin. There is always something going on which requires attention and it takes very little time for things to get out of hand. Hiring a property manager can provide an opportunity to regain control and restore steadiness to both your properties and possibly life in general.
4. Number of Units and Rentals you have.Investors with large portfolios stand to reap important benefit by leveraging the efficiencies a property manager can offer. As your portfolio grows, your management challenges grow too and it becomes easier for things to fall through the cracks.
5. Experience when it comes to maintenance and repairs.
Maintenance and repair is a major component of land lording and if you question your skill to make certain the work is done well and in a timely manner, you might want to consider hiring a property management company. Finding dependable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unscrupulous, do poor quality work, over charge etc.
6. Success rate in getting your unit rented.
If you question whether you have the skills or the time to make this happen, OR if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company. Marketing, making calls, and showing the unit can take a substantial amount of time, but are critical tasks as vacancies will quickly eat into your profit margins.
7. Accounting and Record Keeping.
This area needs special attention and becomes an increasingly larger load for larger portfolios, from profit and loss statements to tax deductions etc. If you feel like this might be a weak point you might want to consider hiring a property management company. Some owners (especially those with a back ground in finance) will do just fine; others may opt to hire an accountant to help with the book keeping.
8. Availability.
Your important meeting, special event, vacation, or personal crisis doesn't relieve you of your obligation to your tenant. It’s important to answer this question honestly, because when an emergency happens at your property you can't disregard it. These emergencies don’t happen all the time, but when they do you have to be willing to handle them right away.
9. Confronting Tenants
Late payments must be dealt with without delay, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very challenging process ending in eviction. Running a successful rental business means enforcing the rules even it means evicting anyone who lost his job and won’t be able to pay rent anytime soon.
10. Understanding Laws Governing Land Lording.
Knowledge with contracts is also very vital as your rental agreement is the only binding agreement between you and the tenant. Ensuring the property is run in accordance with the law is serious in both preventing lawsuits and protecting yourself from legal responsibility if you are sued.
11. Your Precious Time.
At the end of the day, your decision to hire or not hire a management company should center on whether or not it is a good fit with your daily life and makes sense financially.
Nov 15 -
Signing a Contract from a Property Management Company?
Posted by Urban City RentalsUrban City RentalsUrban City Rentals Inc. provides professional rental property leasing and manageUser is currently offline
The sole determiner of what services you or will not be given, what costs you will incur and what rights you will have in the relationship is the contract you sign with the property management company. It should not be viewed as just a mere o requirement.
Don’t let positive impressions about the company’s professionalism and ethics make you less attentive when reviewing the actual terms of the contract. Not reading the contract thoroughly is the same as not interviewing the property manager before you hire them. This can lead to misunderstandings about the the property management services that are included, property management fees, the way tenants are treated and what you must do and/or owe in the event you want to end the bond. Make sure to ask questions about anything that is vague. The contract is designed to create a clear and concise mutual understanding of how the relationship will work in all predictable situations where a disagreement could arise. Also, ask for the property managements’ contract ahead while you are still talking to and interviewing several property management companies. This way you get a clear picture of what each company is accurately offering early on while you have a number of existing options.
Most property management contracts aren't exactly what you would call spellbinding. It is important that you are very much aware what is in the contract, what may be negotiable or modifiable and how, in any way, it might affect your relationship with the management company. Bear in mind that nothing is set in stone and if you take issue with a certain point, feel free to ask about it and see if they are flexible. While hiring a lawyer to review the property management contract is not totally necessary, it is suggested if you feel uneasy or just want to make sure you aren't missing anything.Nov 10 -
Collecting Missed Rent Payments
Posted by Urban City RentalsUrban City RentalsUrban City Rentals Inc. provides professional rental property leasing and manageUser is currently offline
A big fraction of success as property managers is based on formulating plans and following them step by step . .and dealing with missed or late tenant payments is no exemption.We’ve always tried our best to be human with our tenants and know that sometimes good people fall on hard times. What to do when a tenant doesn’t pay or skips? What do you do when the tenant leaves the rental prior to the termination of their lease? The process can differ and depends upon the terms of the agreement. The most vital thing to remember is not to make this too personal – it is business and whereas you can empathize with the circumstances you can’t allow that understanding to blind you to the fact that the not paying rent hurts your company. You need to have a precise policy set for dealing with the delinquent accounts.
The big picture here is you need to have a plan and follow it. What will you do if the tenant contacts you prior to the rent due date to let you know the upcoming trouble? This shows a certain degree of responsibility and an ownership of the problem. Will you be more willing to work with them? Over what period of time are you willing to spread out the payments? Is it all right for you to spread the payments over the next 3 months, etc? At what point does the risk that the tenant will default offset the demand for a vacant unit? Are you dealing with high demand and low vacancies resulting in a fast turnover or have units been sitting vacant making it cheaper to work something out rather than face the cost of a turnover? If they could not pay the rent what has changed that will allow them to pay the next month’s rent in addition to their remaining balance? A good practice would be to simply screen the tenant again based on the new payment.
If the renter has left and owes you money how do you find them? You usually need to find them to have them served with court papers – it’s uncommon that someone that owes you money lets you know where they are going so that you will have the chance to track them down. You know that will help you here? Good records! Especially place of employment and emergency contact information.
Nov 08 -
Show all entries from Property Management