Here are some recent testimonials from some of clients and tenants!
Carey was very professional and was a absolute pleasure to work with. What a nice change from what's out there. I'm confident that his agency will be a dominant force and will expand. I look forward t ...
As a working professional looking for furnished rentals, I can honestly say that Carey is what you are looking for. He is prompt, professional and honest. What a breath of fresh air and a joy to work ...
We really appreciated your meticulous professionalism and will definitely refer you to our friends, and look forward to using your service again soon!
My wife and I would like to thank you for finding us these great tenants! I should email you earlier but we were also in the process of moving. Now things are settled, once again thank you for a gre ...
Carey, you are a great landlord and I do had great time in this apartment, it was hard for me to decide moving out.
Urban City Rentals Inc. provides professional rental property leasing and management services for unfurnished strata titled apartments, condominiums, lofts and townhouses in the metro downtown Vancouver area Richmond and Burnaby BC.
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.
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.
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.
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.
Many property managers and owners of residential real estate are lowering their standards and trying their best to make it easier for potential residents to sign that rental agreement. Yes, it’s still a tough situation for the property management business because the supply of vacant properties, if you look back, has been increasing over the past few years and if there is one thing that all property managers want is a plenty of qualified potential tenants who need to rent or lease a home.
In property management today, the tenants have now taken the control. Would you believe? Property managers are require to inform the owners to work with the tenant and understand it is a ‘tenant’s market.’ This means tenants are more likely to shop around for better prices on properties to rent, especially if they are being treated carefully.
To keep tenants and maintain their happiness, property managers are more cautious than ever to respect their privacy like giving them advance notice as much as possible if we want to inspect their homes. Also, tenants expect quick responses on requests for repairs and good service. They don’t appreciate property managers who cut corners or keep them waiting when requests for service and repairs have been submitted.
When it comes to keeping owners happy, owners hire the property management company because they want a professional to run both the property and the tenants. If a property manager fulfills every owner’s need the more likely the owner will be satisfied and desire to stay as your client.”
To learn more and to keep up with the latest trends, laws and solutions, it is recommended that property managers connect to an apartment or residential rental owners’ association. This is a good source for ideas where you can have your questions answered. One of the biggest advantages of becoming a member to these organizations is how they help out owners and managers keep up-to-date on the new laws and regulations. Most owners and tenants nowadays are looking for knowledgeable, experienced and reliable property managers than ever before. The opportunities for property managers who are starting to create an exceptional reputation for gratifying the needs of their clients and residents are huge.
There are so many things that you can carry out to give your place a fresh new look without investing a lot of time or money. If your property includes rental units, keeping it clean and appealing can significantly upgrade the quality and duration of your tenants, which is great news no matter how you slice it.
Attractiveness of the Exterior - the most major change that you can make is to give your property some serious curb appeal whether it’s a condo, an apartment building, complex, or a home. Beautification project of your garden or improving the parking area including custom parking signs can really improve that first impression. Custom parking signs will also explain people that your rental property is organized and cared for.
Paint your Walls - Try to consider a fresh coat of paint in a lively complementary color for all of the front doors or maybe the trim? Getting the exterior walls of your property painted provides a great deal of bang for your buck.
Interior Common Spaces - Mailboxes or reception area are seen by everyone so make certain they mirror the way you want them treated. If the walls are dirty and the carpet hasn’t seen a vacuum in over a year, then chances are people won’t respect the areas or care whether there’s rubbish on the floor or dust piled up to the ceiling. If the area is vivid and clean then people will be much more apt to pick up the occasional dropped piece of trash.
Match your tenant - If your tenants get on well, it will considerably improve the overall vibe of your property. More responsible tenants will automatically magnetize more responsible tenants because people who have the same type of routine will be much more likely to be able to live pleasantly. If you have a building full of young professional families then advertising for a gang of college boys looking for a party venue will surely not produce a long term relationship for anyone.
Keep in mind that an upgrade doesn’t have to leave a hole on your pocket or even will asked a lot of your time. You only need to have a clear vision of your goal and the capacity to make smart options.
Property managers spend quite a bit of time thinking about how they should communicate with the residents of the properties they manage. Sadly, most residents give little thought to how they communicate with their property manager or landlord. Almost every one of these landlord/tenant relationships last a minimum of one year and some last many years, even decades.
Throughout the country, it is surprising that few of us really understand how to communicate well with our landlords. Would you agree that the relationship that you enjoy with your landlord can directly impact your lifestyle, comfort, image, and financial standing? Establishing a healthy relationship with your landlord can go a long way in helping you live in the best conditions possible, getting you the fastest responses to maintenance requests, and keeping your rental rates realistic.
Below are tips which could help you maintain and get better on landlord/tenant relations:
Know what your requirements and expectations. Don’t expect a landlord to add an unreasonable amount of amenities or upgrades to an existing rental.
Tender completely accurate rental applications regardless of your limitations. Do not exaggerate your income or lie about credit problems.
Ask the right questions. In most cases landlords/agents are not required to disclose some information that may be important to you.
If a landlord has promised a repair, new carpet, new appliances, or anything else will be done as a condition of your lease then is absolutely sure to get it in writing, preferably on the lease document.
Read your lease completely. Read it thoroughly before you sign it.
Complete a walk-through to assess any existing wear or damage. This will ease many disputes at the time of move out.
Make sure that you know all of the relevant property information (garbage day, utility info, entry systems, sprinkler systems, strata fees). By knowing this, you can eliminate several calls to your landlord over the first weeks of tenancy.
Ask landlord the exact process for contacting him/her in case of any questions or repair issues. They usually take action quickly to those who operate the way that they prefer to.
Pay your rent on time.
Be reasonable with your requests. If the issue is not urgent, don’t require that it should be handled on an emergency time frame.
By making yourself as an honest tenant, educating yourself on your lease terms and rules and making reasonable requests using the proper channels it is very likely that you will have a smooth and a more pleasant stay in your rental home.
For new landlords, starting and building a tough relationship with a new tenant and protecting your real estate investment is of supreme significance when making a lease agreement. There are a huge number of considerations at this point in time that are necessary to know. Here are fresh tips for new landowners as a helpful instrument for navigating lease making and the ongoing considerations of managing rental assets.
1. Be acquainted with your tenant by carefully screening each potential renter to avoid problems. This can be accomplished by a few simple steps. First, conduct a credit check to find out an applicant’s credit history and if they have been monetarily responsible in the past. Bad credit can serve as a red flag and you may wish to avoid such tenants. Then, you may want to ask for references from their previous landlords. However, be careful that while references from prior landlords are worth a quick phone call, they are no exactly telling, because these tenants can give fake names and numbers, and even if they don’t, the old landlord may well be painting a good picture of the tenant in order to get rid of them.
2. You should be aware of the law governing and how it can be useful to your rental. When advertising for a new tenant, it is important that property managers and landlords both understand and obey with these laws. What landlords can and should focus on is by evaluating these potential tenants’ financial data and credit history. Among these are the rental applicants’ credit, employment/income (and historical stability), criminal background, and eviction history. When landlords do these checks, not only can they conclude the best applicant, but the landlord can protect against any discrimination lawsuits by producing hard data he utilized to choose one rental applicant over another.
3. Build an airtight lease agreement by being aware of the laws that apply in your state. E.g. every state has different limits on security deposits, late fees, etc. Be sure to be clear on just about everything like who is accountable for paying the utilities, which appliances are included and who is liable for maintaining them, whether the lease auto-renews and for what term, details on fees and deposits, etc.
4. Understand the move-out process. It is important to become familiar with the eviction process and be ready to start the process right away when a tenant violates the lease. While the specific documents required are different in each state, all states involve the same general move-out process. The landlord or property manager must hand out the defaulting tenant with a particular notice, wait a specified period of time, file in court, attend a court hearing, schedule a date for the actual eviction, and so on, and landlords are well advised to understand this process before actually having to go through it, because it is very costly and takes far longer than most landlords foresee.
5. Establish a relationship with at least two good contractors. Landlords and property managers need at the very least a licensed contractor who can handle large jobs, and an reasonably priced handyman who can affordably fix minor issues. Form these relationships before you actually need them, and then you will simply be able to make a phone call or send an email and problem solved immediately.
6. Always be financially equipped. One of the most serious problems small landlords face is be short of cash, be mindful that being a landlord involves unforeseen expenses like suddenly ceasing to pay the tenants rent, unexpected repairs, lawsuits, etc, but the only unsurprising aspect to these unexpected expenses is that they will happen, and with some regularity. Set aside a hefty sum of money exclusively for rental operating cost, and refuse to go along with the enticement to use it for anything else.
Almost every day we hear a warning about rental scams on our national morning news broadcast. Logically we stop and listen to what it was all about. Frequently we hear our real estate business being slammed because of displeased clients. But we only ever hear one side of the story – the tenants. However, it was nicely surprising to see that we can in fact profit from this news story. Here’s our break to promote the benefits of using a licensed property management agency.
Rental scams are easy to plan and are fronts for many other illegal activities. There are internet scams whereby businesses or scamming folks rent out properties that do not exist. The property does exist, however it is absolutely not available for lease because it is not owned or even managed by the person marketing it. The property’s promoter asks the applicant to provide all their personal details, including driver’s license, reference contact details, copies of passport, and even pay all the money upfront on approval. The business or individual scammer, pretending to be the legal property owner, supplies the applicant copies of their own passport, credit card, teacher’s union card and photos of the property. This should be the applicant’s first caution sign that something isn’t right! Why do property owners need to supply information confirming their identity? Why would an applicant need any of this information from a property owner? The applicant is then sent a tenancy agreement from the property owner’s ‘lawyer’ requesting money to be transferred to a particular (usually out o the country) bank account. The applicant signs the lease and pays the money.
So we’ve seen just how effortless it is for fake property owners to promote real properties and rent them to innocent tenants. These businesses or individuals don’t even have to live in the area, or country for that matter, to ‘rent out’ real properties. Make sure to always check and verify yourself if the company exist. Maybe a face to face appointment would be helpful.
There are a few things you should consider if you’re considering purchasing a buy-to-rent investment and becoming a first-time landlord. Below are the top five pointers to consider about before taking the plunge.
1. Make sure you know what you are doing - Make sure you comprehend the processes and lawful obligations involved in renting out your property. Not only you need to read about your tax obligations and understand how security deposits are handled, you also need to draw up a tenancy agreement.
2. Location, Site, Setting - It’s essential that you carefully consider the site of your rental property before investing. The location will influence the appeal of your property, and that in turn will impact the amount of rent you can charge. Consider your marked market – is the area primarily home to young families? If so, consider the closeness of the rental property to good local schools. If it’s a student area, try to find a rental investment that’s close to the main campus buildings. Also, are there good train and bus stops nearby as well as local facilities like shops and banks? Location can also influence the amount you pay for landlord insurance. E.g. You’ll probably be charged more for your insurance policy if you live in a high crime area.
3. Conservation and Preservation - Ponder about how you’ll keep up the property. Do you have to call for help from a qualified person or do you have the cleverness to carry out work yourself? You’ll want to carry out regular maintenance checks at the property to observe that it meets all health and safety regulations. If you fail to sufficiently maintain the rental, you could be at risk of a negligence claim. Also, if the property isn’t in fine condition it may fail to supply you with an enough rental income.
4. Finding tenants - To endorse your property effectively is to guarantee it doesn’t sit vacant. For a charge, you could utilize a property management company to work on the entire tenant finding process for you. If you decide not to, make sure you carefully vet possible tenants and take the necessary references and deposits. Mainly, people look to the web to find rentals, so make sure to feature your property on all the major property websites.
5. Insurance - Landlord insurance is considered a must-have purchase for most buy-to-rent owners. It’s highly likely that a typical house insurance plan will not be adequate if your property is being rented to paying tenants.
Urban City Rental's is excited to announce it's expansion into the Surrey, Ladner, Delta and White Rock areas! In response to the ever increasing demand for rental property management services in the Fraser Valley, Urban City Rental's has added a team of local experts who are ready to take on the challenge in helping investment property owner clients in this area. With the ever increasing Vancouver area rental prices, many residents are seeking more financially friendly accommodations - and with the recent development of many new residential complexes in the area, the explosion of new rentals is a great opportunity for renters and landlords!
Here is a list of the areas and neighborhoods Urban City Rental's will be focused on:
City Centre/Whalley: Bridgeview, Port Mann, South Westminster, Brownsville