Property Management 101 With Nicholas Meyer


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This slide show covers my presentation on the situations that occur for property managers, and how we look after our clients' suites to avoid some of the problems listed here.

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Property Management 101 With Nicholas Meyer

  1. 1. Leave the renting to us! <ul><li> </li></ul>
  2. 2. Property Management 101 Nicholas Meyer President/CEO Downtown Suites Ltd. Phone: (604) 694-8806 Toll Free: (877) 454-8179 Fax: (604) 682-5634 Office: Conference Plaza, #247-515 West Pender St., Vancouver BC
  3. 3. Why Own a Condominium? <ul><li>Relatively inexpensive form of investment ownership </li></ul><ul><li>Common areas are professionally maintained </li></ul><ul><li>Capital gains advantage </li></ul>
  4. 4. Some points to consider <ul><li>Ensure the manager is licensed </li></ul><ul><li>Real Estate Council </li></ul><ul><li>Trust account </li></ul><ul><li>Insurance </li></ul>
  5. 5. Recent Nightmares <ul><li>Flooding </li></ul>
  6. 6. Flooding
  7. 7. Flooding
  8. 8. Insurance <ul><li>Concerns </li></ul><ul><ul><ul><li>loss of rent </li></ul></ul></ul><ul><ul><ul><li>liability to other owners if it is deemed your fault </li></ul></ul></ul><ul><ul><ul><li>if there are upgrades and it is deemed a strata problem their insurance will only cover restoration to original condition </li></ul></ul></ul><ul><ul><ul><li>Strata deductible PER SUITE </li></ul></ul></ul>
  9. 9. Time is of the Essence <ul><li>Go and look at the problem. </li></ul><ul><li>You must show to have acted promptly and with the best interests of the tenants. </li></ul><ul><li>Immediately call a restoration company. </li></ul><ul><li>Liaise with the building caretaker and property manager and various insurance adjusters. </li></ul><ul><li>Document everything. </li></ul>
  10. 10. First Pitfall: The Wrong Tenant <ul><li>Always take a detailed application form. </li></ul><ul><li>Always check references, employment and past landlords. </li></ul><ul><li>Verify income and have a credit check through a credit reporting service like Tenant Verification. </li></ul>
  11. 11. Recent Nightmares <ul><li>Bad Tenants </li></ul>
  12. 12. Bad Tenants <ul><li>Door Lock </li></ul>
  13. 13. Bad Tenants <ul><li>Dryer </li></ul>
  14. 14. Bad Tenants <ul><li>Living Room </li></ul>
  15. 15. Bad Tenants <ul><li>Mess </li></ul>
  16. 16. Where this Happened
  17. 17. Second Pitfall: The Agreement <ul><li>Go to the Residential Tenancy Office website for lease </li></ul><ul><li>Downtown Suites Addendum </li></ul><ul><li>Tenant cooperation </li></ul>
  18. 18. Agreement
  19. 19. DTS add
  20. 20. Third Pitfall: Move in Statement <ul><li>Without this, you have to pay back the damage deposit in full, whatever tenants may have done to the suite. </li></ul>
  21. 21. Fourth Pitfall: Late Rent <ul><li>Late rent and Non-Payment </li></ul><ul><ul><li>Written warning </li></ul></ul><ul><ul><li>Eviction </li></ul></ul><ul><ul><li>Remember: tenants are not your friends. </li></ul></ul>
  22. 22. Fifth Pitfall: Illegal Activities NOT ONLY IN HOUSES! <ul><li>Grow ops </li></ul><ul><li>Meth labs </li></ul><ul><li>Drug houses </li></ul><ul><li>Prostitution </li></ul>
  23. 23. Move Out <ul><li>Condition Statement </li></ul><ul><li>Damage Deposit - timely return or you pay double! </li></ul><ul><li>Last Resort - damage not covered means time for arbitration </li></ul>
  24. 24. Why Professional Property Management? <ul><li>Familiar with all the potential problems </li></ul><ul><li>Excellent dealing with non-resident owners </li></ul><ul><li>On call 24/7 </li></ul><ul><li>Experienced and able to deal with all the problems fo </li></ul><ul><li>The fee is tax deductible </li></ul><ul><li>Buffer between the owner and the tenant. </li></ul>
  25. 25. Leave the renting to us! <ul><li> </li></ul>