Leave the renting to us! www.downtownsuites.com

www.downtownsuites.com

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

Why Own a Condominium? Relatively inexpensive form of investment ownership Common areas are professionally maintained Capital gains advantage

Relatively inexpensive form of investment ownership

Common areas are professionally maintained

Capital gains advantage

Some points to consider Ensure the manager is licensed Real Estate Council Trust account Insurance

Ensure the manager is licensed

Real Estate Council

Trust account

Insurance

Recent Nightmares Flooding

Flooding

Flooding

Flooding

Insurance Concerns loss of rent liability to other owners if it is deemed your fault if there are upgrades and it is deemed a strata problem their insurance will only cover restoration to original condition Strata deductible PER SUITE

Concerns

loss of rent

liability to other owners if it is deemed your fault

if there are upgrades and it is deemed a strata problem their insurance will only cover restoration to original condition

Strata deductible PER SUITE

Time is of the Essence Go and look at the problem. You must show to have acted promptly and with the best interests of the tenants. Immediately call a restoration company. Liaise with the building caretaker and property manager and various insurance adjusters. Document everything.

Go and look at the problem.

You must show to have acted promptly and with the best interests of the tenants.

Immediately call a restoration company.

Liaise with the building caretaker and property manager and various insurance adjusters.

Document everything.

First Pitfall: The Wrong Tenant Always take a detailed application form. Always check references, employment and past landlords. Verify income and have a credit check through a credit reporting service like Tenant Verification.

Always take a detailed application form.

Always check references, employment and past landlords.

Verify income and have a credit check through a credit reporting service like Tenant Verification.

Recent Nightmares Bad Tenants

Bad Tenants

Bad Tenants Door Lock

Door Lock

Bad Tenants Dryer

Dryer

Bad Tenants Living Room

Living Room

Bad Tenants Mess

Mess

Where this Happened

Second Pitfall: The Agreement Go to the Residential Tenancy Office website for lease Downtown Suites Addendum Tenant cooperation

Go to the Residential Tenancy Office website for lease

Downtown Suites Addendum

Tenant cooperation

Agreement

DTS add

Third Pitfall: Move in Statement Without this, you have to pay back the damage deposit in full, whatever tenants may have done to the suite.

Without this, you have to pay back the damage deposit in full, whatever tenants may have done to the suite.

Fourth Pitfall: Late Rent Late rent and Non-Payment Written warning Eviction Remember: tenants are not your friends.

Late rent and Non-Payment

Written warning

Eviction

Remember: tenants are not your friends.

Fifth Pitfall: Illegal Activities NOT ONLY IN HOUSES! Grow ops Meth labs Drug houses Prostitution

Grow ops

Meth labs

Drug houses

Prostitution

Move Out Condition Statement Damage Deposit - timely return or you pay double! Last Resort - damage not covered means time for arbitration

Condition Statement

Damage Deposit - timely return or you pay double!

Last Resort - damage not covered means time for arbitration

Why Professional Property Management? Familiar with all the potential problems Excellent dealing with non-resident owners On call 24/7 Experienced and able to deal with all the problems fo The fee is tax deductible Buffer between the owner and the tenant.

Familiar with all the potential problems

Excellent dealing with non-resident owners

On call 24/7

Experienced and able to deal with all the problems fo

The fee is tax deductible

Buffer between the owner and the tenant.

Leave the renting to us! www.downtownsuites.com

www.downtownsuites.com