7 Things To Look For In A Management Agreement

If you’re a Landlord who’s decided to hire a professional Property Manager, do you really need a written Management Agreement? ABSOLUTELY. Management Agreements outline the terms of your agreement with the management company – how long they will be responsible for the property, what they will do, how much they’ll charge and so on. Some of the important things to look for are: When the agreement commences and ends and if there are any renewal clauses. Does it automatically renew until it’s cancelled? Under what circumstances can the agreement be terminated? How much will you pay them each month? Is…

Can You Be A Long Distance Landlord?

Absolutely you can be a long distance Landlord! But how you achieve this successfully can be a bit more complex. Owning property in the Nanaimo area is a smart decision even if you don’t live here. Home prices are more affordable than in some other areas of the province and with the current exchange rate against the US dollar, now is a great time to make the leap if you’re an American looking for investment opportunities. Prices, while still affordable, have room to grow and your real estate investment will most likely continue to appreciate in value over the foreseeable…

Serving A Notice To End A Tenancy

Part 4: Notice to End Tenancy Series We’ve looked at the different types of Notice to End Tenancy that a Landlord can use. Properly Serving a Notice is as important as the notice. Keep in mind, the method of delivery is important for determining when the notice is deemed received by the Tenant, which can also affect the effective date (in the case of a 10 Day Notice). 3 ways to serve a notice In Person. If you physically hand the Notice to the tenant, or an adult person who appears to reside at the rental property, it is deemed delivered to the…

Two Month Notice to End Tenancy For Landlord Use

Part 3: Notice to End Tenancy Series Did you know a Landlord can end a tenancy by giving the Tenant two months notice to end Tenancy for Landlord use of the property? There’s only a handful of circumstances under which this can be done and as always, the Landlord should check with the Residential Tenancy Branch for details specific to their situation. When can a Landlord end Tenancy for Landlord use? The Landlord or a close family member of the Landlord (father, mother or child) is going to be moving into the rental property. This also applies to an individual (or their close…

One Month Notice to End Tenancy For Cause

Part 2: Notice to End Tenancy Series As a Landlord, what recourse do you have if your Tenant isn’t really holding up their end of the bargain?  Under a few specific circumstances, you can end the tenancy by giving the Tenant a One Month Notice to End the Tenancy For Cause. 7 reasons that qualify as a Cause to issue a One Month Notice Repeated late payment of rent (the Residential Tenancy Office defines this as at least 3 times, and it should be over a relatively short period of time, for example 3 times in 6 months) Illegal activity that has or…

10 Day Notice to End Tenancy For Unpaid Rent or Utilities

Part 1: Notice to End Tenancy Series When the tenant hasn’t paid the rent (or utilities) on the day it’s due (usually the first of each month), Landlord’s may consider issuing a 10 Day Notice to End Tenancy for Unpaid Rent or Utilities. The form is available online at the Residential Tenancy Branch website. 10 Day Notice to End Tenancy For Unpaid Rent form #RTB-30 here. Delivery effective date The day you are delivering or sending the notice is not counted, so if you issue a 10 Day Notice on the 2nd of the month, the ten day period actually commences…

How Can A Landlord Terminate A Tenancy?

Occasionally a Landlord wants to take back possession of their rental unit or investment property. At times it’s to renovate, sometimes to move back in, and other times because the Tenant is not paying rent on time. In this series, we’ll take a look how a Landlord can terminate a Tenancy and the different types of Notices to End Tenancy that are available to Landlords, and under what circumstances each one can be used. Terminate a Tenancy The three main types of termination notices are: 10 Day Notice to End Tenancy for Unpaid Rent or Utilities 1 Month Notice to End Tenancy for Cause…

Make Your Investment Property More Cost Effective by Going Green

We often hear about commercial properties going green and the benefits to the property owner of doing so. But as a residential Landlord, what can you do to make your investment property more cost effective, energy efficient and better for the environment? Is it possible to make your investment property more cost effective by going green? Lighting. Did you know that LED lights use at least 75% less energy than regular bulbs? And while they may cost a little more, they last anywhere from 15 to 20 times longer than incandescent bulbs, and 3 times longer than CFL’s (compact fluorescent lamps),…

Property Management Services for Landlords

By now you’ve reviewed our Summary of Landlord Services. But let’s take a little more detailed look at some of what Property Management services for Landlords are available – from RE/MAX of Nanaimo Property Management that is! Property Management services for Landlords ADVERTISING. Our website is a great resource for tenants looking for a new home. If a property is available for rent, it is on our website, complete with a detailed write up and current photos. This advertising will also be shared on Craigslist, Kijiji, UsedNanaimo and on the RE/MAX of Nanaimo insider page for internal groups with 100+ members. We…

How to Get Along with your Tenant

We’ve looked at how Tenants can get along with their Landlords, but what about the other side of this? As a Landlord, do you know how to get along with your Tenant? What can you do to make sure your Tenant is happy and content in your rental property? Get along with your Tenant Once you and your tenant have completed the move-in condition inspection and they are getting settled, leave them alone. Your investment property is their home now, so let them get used to it. Chances are, if they discover a maintenance problem, they’ll let you know. You’ll want…