Expectant Useful Life of Your Rentals Building Elements

For residential tenancies in British Columbia, there is a Residential Tenancy Policy Guideline pertaining to the expectant useful life of your rentals building elements – which includes components and fixtures. But what does this mean? The Policy describes the Useful Life as the expected lifetime or the acceptable period of use of an item under normal circumstances. This Useful Life of Building Elements Guideline can be helpful in determining when an item may need to be replaced (rather than repaired), and may also assist when calculating a tenant’s responsibility for the cost of replacement. The useful life of your rentals…

Is Dropping By Your Rental Property Appropriate?

We know you take great pride in your property and consider it your house. But once you have tenants renting the home, the rules change. Your property becomes a business – an investment – and because you are now a Landlord, there are rules and laws you have to follow. It’s still your house but it’s your tenant’s home and you need to respect that. So is dropping by your rental property appropriate? Dropping by your rental property The only time you and/or your Property Manager are permitted to enter the premises without notice is if there is an emergency situation requiring immediate…

Screening Tenants – A Landlords Time Investment

If you are already a landlord you know that looking after your investment and screening tenants can be extremely time-consuming and at times even disappointing. Everything could be great; the rent comes in on time, the house and yard look well-maintained and then your tenant gives notice to vacate. You post ads, re-word the advertisement, enter it on other websites trying to attract attention and still no one calls.  You might even pay money to advertise in the newspaper. Is the rent negotiable? Screening tenants to find the right tenant can be a challenge. You may get questions such as, “Can…

Managing Your Rental Property – What to Expect From Your Property Manager

Now that you are a real estate investor, you may want to consider the services of a Property Management company to look after your property. An experienced Property Manager can not only maximize your revenue by achieving the best rental rates possible, but can also minimize expenses to ensure you get the best return on that investment. If you’ve never been involved with a Property Management company before, here are a few tips on what to expect when someone else is managing your rental property. Managing your rental property Property Management firms handle the day to day operation of the property…

Protect Your Real Estate Investment

Do you own property in which you have one or more tenants?  Whether you’re a new or seasoned investor, being a landlord can be exciting and profitable but it can also be a heavy workload. So how can you ensure that you protect your real estate investment? Obligation of being a Landlord Being a landlord, you’ll experience the inevitable tenant turnover and you’ll need to advertise and promote the property looking for new tenants. You’ll also need to: arrange normal repairs and maintenance for the property deal with any issues quickly and effectively, and that can be very difficult, stressful and…

4 Pitfalls of Managing Your Own Rental Properties

There are pitfalls of managing your own rental. Have you ever gone to the property only to find that your new prospective tenant did not show up? What a waste of time, managing your own rental can be! We are here to help you handle situations just like that. 1. Screening new tenants Finding, screening and approving new and qualified tenants can be a difficult task. It involves advertising, phone calls and lots of questions. Sometimes things go wrong, especially when you’ve gone to the trouble of setting up appointments yourself. Even when you do get an application to rent, there’s…

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