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Rental Property Management
Frequently Asked Questions
Welcome to the Precise Real Estate Group Rental Property Management Frequently Asked Questions page! Whether you’re a property owner seeking professional management services or a tenant looking for clarity on our processes, we’re here to provide straightforward answers to your most common questions. At Precise Real Estate Group, we pride ourselves on delivering exceptional property management solutions tailored to maximize value, streamline operations, and ensure a seamless experience for all. Dive into our frequently asked questions to learn more about how we can support your rental property needs with precision and care.
What are the responsibilities of a rental property manager?
A rental property manager handles tasks such as finding and screening tenants, collecting rent, maintaining the property, and ensuring compliance with local laws and regulations.
Do you need a license to manage rental properties in BC?
Yes, property managers in British Columbia must be licensed through the BC Financial Services Authority (BCFSA).
How do you screen potential tenants?
Screening typically involves checking credit history, verifying employment and income, contacting previous landlords, and conducting background checks. We ask them questions and get to know them as we show them the suites. (Remember money is not everything, a high paying bad tenant is far outweighed by a fair paying great tenant who cares for your investment as if it’s their own).
What is included in a rental agreement?
Rental agreement should include terms such as rent amount, payment due dates, security deposit details, lease duration, and rules regarding property use.
Who is responsible for property maintenance?
Precise Real Estate Group Property Management services include working (on your behalf) with the appropriate service providers to maintain the property in a habitable condition, including repairs to plumbing, heating, and electrical systems.
How are emergency repairs handled?
An agreed upon amount will be held in a trust account as a contingency for unexpected expenses. Precise Real Estate Group has in place a list of reliable contractors and will coordinate (on your behalf) the services necessary to resolve the issue.
How long should my lease be?
This depends on your personal situation. Will you want to move into the suite in the future? Will a family member need to use the suite in the future? Once a tenant is placed, the lease is enforced even if the property should be sold. Most rental contracts begin as a 1 year lease and then automatically switch to a month to month tenancy on the 13th month.
Should you include utilities in the rental agreement
For long-term rentals, we recommend excluding utilities from the rent. Tenants tend to be more conscious of their utility usage when they are responsible for the costs. Please note that BC Hydro must remain connected, but they offer a convenient service for investment property owners, allowing you to only be billed for the days the property is vacant.
Should you allow tenants to sublet or rent out their parking space?
This can be discussed and stipulated using a Residential Tenancy Agreement Addendum before signing.
Should you allow pets?
If your unit is carpet-free you may want to consider allowing pets with an additional pet-deposit. We can request to meet the pet if requested. Note – it is not always best to judge by size alone as sometimes the quietest and least destructive pets are the large ones.
What are the tax implications of owning a rental property?
Rental income must be reported on your tax return, and you may be eligible for deductions related to property expenses, such as property management fees, maintenance and mortgage interest.
How does Precise Real Estate Group handle disputes with tenants?
Disputes can be resolved through communication, mediation, or, if necessary, through the Residential Tenancy Branch (RTB) which provides dispute resolution services.
What are the key regulations that are required to be followed?
Key regulations include the Residential Tenancy Act, local bylaws, and health and safety standards. Staying informed about changes in these regulations is crucial.
How can a tenant be legally evicted?
Evictions must follow the procedures outlined in the Residential Tenancy Act, including providing proper notice and, if necessary, applying for an order of possession through the RTB.
What costs are associated with hiring a professional property manager?
Rates range from 8% – 10% of the monthly rent. Tenant placement is included with a one year residential property management contract. For tenant placement only and no ongoing property management services, Precise Real Estate Group typically charges 50% of the monthly rent.
What if I decide to sell my property after entering into a property management agreement?
In British Columbia, realtors may be licensed for Residental Property Management and / or Trading Services. (Buying & Selling). The majority of agents in B.C. are licensed for one or the other. Glenn and Lynn Cooper are licensed to provide both Residential Property Management and Trading Services, making it easier to work with landlords and tenants during the home sale process.