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Below is a list of the most frequently asked questions encountered by our Property Managers. If this information does not answer your questions please email info@adventvancouver.com for prompt assistance.
Click on the questions and the answer will appear at the top of your monitor.
What are your rates?
Should I rent furnished or unfurnished?
What is a Lease-up?
Is there a standard rate in the industry?
What makes Advent Real Estate Services Ltd. different from other Property Management companies?
Where will you advertise my property?
What criteria do you use to choose a tenant?
When do you do showings?
Do I have a choice in who lives in my property?
Do you guarantee the tenancy?
What if the tenant breaks the lease do I have to pay another Lease-up Fee?
Who does the tenant call for repairs and emergencies?
Are you Licensed and with what governing body?
How is the rent collected and how do I pay for your fees?
Who pays the utilities?
Do I need insurance and what does it cover?
What are your rates?
Rates
will vary for furnished and unfurnished Management Agreements. Rates
are based on the monthly rental income, all rates subject to GST, and
are as follows:
Unfurnished: 50% Lease-up (to locate and place a new tenancy) - 7% per month (minimum $100)
Furnished: 20% per month (minimum $200)
Lease-up Only: 50% of the monthly rental rate
Should I rent furnished or unfurnished?
One
of the most common questions from our clients is whether to rent their
property furnished or unfurnished. It may not seem like there is much
difference between the two, just simply put some furniture in a suite
and rent for a higher rate. Unfortunately, this is not the case, it is
a common misperception that since furnished rentals achieve higher
rents they must make higher profit. Furnished suites are basically
long term stay hotel rooms and come with electricity, cable, phone,
internet service and sometimes cleaning services. The leases are most
often 3 - 6 months and the vacancy rate can be as high as 30% in the
off season months. For these reasons, we will most often suggest
renting a property unfurnished for long term 1 year leases and let the
tenant pay for the utilities and cable. Other benefits of renting your
property unfurnished are that you get steady income with only a 1-2%
vacancy rate in Vancouver’s Downtown areas, you will not have transient
tenancies and damages to furniture is more costly to repair than bare
walls and carpet. There are circumstances where renting furnished makes
sense. In cases where the owner of the property is the primary resident
and will be taking extended leave. Due to the high cost of storage and
the possibility of the owner using the property throughout the year or
coming back to live permanently in this case we do support renting a
property furnished for convenience and availability.
What is a Lease-up?
Lease-up
is a term that we use to refer to the process of placing a new tenant,
including advertising, showing and approving a qualified tenancy.
Is there a standard rate in the industry?
No,
we do not have standard rates, each company charges the rates and
structures their rates to reflect the services and expertise provided.
What makes Advent Real Estate Services Ltd. different from other Property Management companies?
The
Property Managers at Advent Real Estate Services Ltd. work in a similar
structure to that of Real Estate Sales Representative. What this means
for you is that we essentially work independently for our clients to
provide them with personal service that a Property Manager working 9-5
in an office cannot. We are available for our clients 7 days a week by
mobile phone or email and we are also available to do evening and
weekend showings to make sure that we find the best tenancy for your
investment.
Advent
Real Estate Services Ltd. limits the amount of properties that each
Property Manager can effectively manage. Therefore, we do not have
assistants and other staff involved in the process, you will deal
directly with your Property Manager on every issue concerning your
property.
Where will you advertise my property?
Advent
Real Estate Services Ltd. utilizes the Internet to it’s fullest to
advertise and attract qualified tenants for your investment property.
We have accounts with many of the sites available to us as Property
Managers and also use our own website to show your property to it’s
fullest potential. Print advertising is also a popular media for
rentals, however, we have found that over the past 2 years the local
papers are becoming more costly and less effective, although we still
do some print advertising it is minimal.
What criteria do you use to choose a tenant?
Advent
Real Estate Services Ltd. takes a full application on each and every
tenant that we place in our clients’ properties. With this application
the tenant signs authorization to perform credit and reference checks
as well as criminal checks (only done if necessary). This information
gives us a history of financial responsibility, confirms previous
addresses as well as giving us work history and income verifications.
All of our Property Managers have at least 10 years experience in the
industry and we are trained in reading the credit histories and
noticing any inconsistencies in the information that the tenant is
giving.
When do you do showings?
Simply,
whenever the perspective tenant wants, within reason of course. If a
property is currently tenanted we are limited as to how often and when
we can show the property, however, with a good working relationship
with the tenant we rarely have conflict. Preferred showing times are
during the daylight hours to show the property in it’s best light but
unfortunately schedules don’t always permit and this can be difficult
in Winter months, this makes Saturdays and Sundays very popular days to
conduct showings.
Do I have a choice in who lives in my property?
Advent
Real Estate Services Ltd. will make the final decision on the tenant
but would be happy to discuss potential tenants with you prior to
approving applications and signing leases. Advent Real Estate Services
Ltd. does not deny applications based on sex, religion, race, and/or
children or for any other reason that can be considered biased or
prejudiced.
Do you guarantee the tenancy?
No,
unfortunately we cannot guarantee tenancies. This is due to basic
human nature that is not easily predicted. We could place the perfect
tenant and have no problems for years until a change in the tenant’s
life, job, divorce, or even family tragedy. With these types of
unpredictable events possible in everyone’s lives financial hardship
can change everything. In most cases, the tenant understands their
personal situation and deals with it in a professional manner with
little or no interruption to the Landlord’s income. On rare occasion
there is potential loss to the Landlord and we take immediate action at
that point to mitigate damages.
What if the tenant breaks the lease do I have to pay another Lease-up Fee?
If
the tenant breaks the lease, he/she is responsible for all costs
associated with their actions. Therefore, the cost to re-lease the
property, including our fee, is the tenant’s responsibility. The
tenant will also pay for credit checks, advertising and any other
miscellaneous charge associated with the process.
Who does the tenant call for repairs and emergencies?
The
tenant will always call their Property Manager or Advent Real Estate
Services Ltd. directly to arrange for repairs and emergencies. The
tenant will not have any contact with you and will not in most cases
know who you are. Advent Real Estate Services will be their only
contact by email and mobile phone in case of emergency.
Are you Licensed and with what governing body?
Advent Real Estate Services Ltd. is licensed with the Real Estate Council of BC as are all of our Property Managers.
How is the rent collected and how do I pay for your fees?
Advent
Real Estate Services Ltd. collects postdated cheques from all the
tenants when we sign the leases. These cheques are deposited into an
audited trust account until they clear and then on the 15th (or the
next business day) of every month we deposit a cheque directly to the
account of your choice in BC less our fee and any other costs
associated with your property during the previous month.
Who pays the utilities?
The
tenant will pay the utilities unless the suite is furnished; in this
case we receive the bills at our office and pay them on your behalf.
These costs are deducted from your income prior to depositing the rent
in your account.
Do I need insurance and what does it cover?
Yes
you do need landlord’s insurance. The tenant will insure their content
and you will insure the fixtures and the rental income. Each insurer
has different packages, please see your insurance agent for any details
about insurance.
Property Management Services
#400-1681 Chestnut Street
Vancouver, BC, V6J 4M6, Canada
Ph: (604) 736-6478 Fx: (604) 608-9292
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