Property Management 101 With Nicholas Meyer

1,272 views
1,217 views

Published on

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.

Published in: Business, Technology, Real Estate
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
1,272
On SlideShare
0
From Embeds
0
Number of Embeds
72
Actions
Shares
0
Downloads
37
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Property Management 101 With Nicholas Meyer

  1. 1. Leave the renting to us! <ul><li>www.downtownsuites.com </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>www.downtownsuites.com </li></ul>

×