Tenant Finding and Screening
- 90% of The Work: We believe that attracting, screening and picking the right tenant is the single most important key element in successful residential property management. We are careful and meticulous in our detective work, and are very patient with the whole process.
- Rental Market Analysis: In-depth research and market analysis of fair rental market value.
- Ad Writing: Placing appropriate and effective advertisements in local newspapers (at owner’s costs and owner’s discretion).
- Internet Marketing: Web marketing campaign including property feature page with high quality full colour photos on http://www.MyBCrental.com and listing with other popular rental portals.
- Responding: to ad calls and email inquiries from prospective tenants 24 hours a day until it’s rented.
- Showing Appointments: Scheduling and conducting showing appointments for prospective tenants.
- Market Review: Weekly review of marketing efforts, exposure and results with investor clients.
- Screening: of all tenancy applications.
- Rental History Check: Performing current and previous landlords’ reference checks; double verify authenticity of referenced landlords’ identities via available title records.
- Income Verification Check: Performing current and previous employment references; double verify employment records on credit reports.
- Financial Analysis Check: Obtaining credit reports through Equifax Canada, and performing in-depth financial background analysis on prospective tenants.
- Cross-Reference Data Verification Check: through municipal statistics and computer data supplied by the Real Estate Board of Greater Vancouver, Land Title Office and Telephone Directories.
- Customer Service: We believe all investor clients are our bosses. And all our tenants are our customers. We strive to provide excellent customer service to all our tenants. After we’ve picked the tenants, that’s the starting point to nurture a long lasting, trusting, and mutually respectful relationship with the tenants, our customers. A happy tenant is the best volunteer housekeeper and caretaker of a rental property while contributing to the owner’s retirement funds. We know because we are investors, too.
- Tenancy Agreement: Negotiating acceptable tenancy terms to all parties involved and drawing up legally binding tenancy agreements.
- Deposits Collection: Collecting security deposits, pet damage deposits, access devices deposits and move-in fees wherever applicable.
- Condition Inspection Report: Preparing move-in and move-out property condition inspection reports detailing all deficiencies for deposits protection for both parties.
- Rental Collection: Collecting post-dated cheques from tenants; monthly rental collection on the 1st of the month in cases where monthly visits are required.
- Handling Complaints: Responding to and handling complaints promptly and professionally, and negotiating for solutions on your behalf in a professional and diplomatic manner ensuring tenants remain happy while minimizing expenses and vacancies.
- Correspondence:Handling all correspondences from tenants, local taxation departments, strata bodies, local authorities, Revenue Canada, utilities companies, etc.
- Maintenance Coordination: Coordinating and supervising on-going maintenance, renovations and any repair jobs required for the rental property with tenants, contractors, insurance adjusters, etc. We always use third party contractors and the owner is charged at cost. We usually obtain quotations for owner’s approval or we can use owner’s preferred contractors.
- Tenant Eviction: Evict tenants when necessary in cases such as: non-payment of rent, legitimate complaints from neighbours, excess damage done to the rental property, subletting without our consent, and illegal use of the rental property.
- Property Inspections: Conducting regular walk-through inspections to make sure the rental property is in reasonably maintained conditions; in certain cases we inspect as often as we deemed necessary to avoid illegal activities such as marijuana grow-ops or meth labs operations.
- Arbitration: Representing you at all arbitration hearings if a dispute cannot be resolved by negotiation.
- Claiming Deposits: Settling the amount of deposits to be returned to the tenant by negotiation or arbitration when required.
- Rent Increase: Annual review of rental market conditions and negotiating rent increases with the tenant when appropriate; drawing up and serving the notice of rent increase forms.
- Rental Deposits: Depositing rent cheques into our trust account on the first of the month or the next business day; checking for NSF cheques via advance intranet banking system.
- Expense Payments: Paying utility bills, repair bills, property taxes, strata fees, insurance premiums, and any other rental related expenses on your behalf from rental income at cost (We do not levy any surcharges).
- Direct Deposit: Wiring net rental proceeds directly into your bank account on the 15th of every month; we can mail you cheques if that is your preferred method.
- Bookkeeping: Preparing monthly income and expense statements with detail breakdowns on expenses, attached with original receipts.
- Monthly Statements: Mailing, faxing or e-mailing monthly income and expense statements to you before the 30th of every month.
- Income Tax: Preparing and synchronizing annual financial statements with your accountant for income tax preparation.
Non-residents of Canada or Foreign Investors
- Withholding Tax: Non-Residents of Canada or investors from another country who own investment properties in Canada which generate rental revenues are required to pay 25% of net annual income to Revenue Canada as income tax. Most property management companies opt for the simpler method of withholding tax remittance by simply giving 25% of gross rental revenue to Revenue Canada and have your accountant file for a tax return a year after. We prefer the more complicated method of forecasting the upcoming year’s net income and remit only 25% of the net income to Revenue Canada. Then we work with your accountant after the fiscal year ends to balance the books with Revenue Canada; thereby minimizing the opportunity costs for your valuable revenue stream. After all Revenue Canada does not pay interests on your tax return. We know because we are investors, too.
- NR6 Forms: Preparing and submitting NR6 forms and rental expense breakdown schedules to Revenue Canada before every fiscal year begins.
- Withholding Tax Remittance:On going remittance of non-resident withholding tax to Revenue Canada. 25% of forecasted NET income will be remitted.
- NR4 Forms: Preparing and submitting NR4 forms after every fiscal year ends.
- Income Tax: Preparing and synchronizing annual financial statements, NR6 forms, and NR4 forms with your accountant for income tax preparation before June 30 deadline every year.