Archive for the ‘Rental Property’ Category

Investing In British Columbia: Landlords Can Take Advantage of a Growing Tenant Pool

Monday, December 2nd, 2013

Converting Prospects to Customers - Sales Doorway

As Home Prices Rise the Pool of Good Tenants Grows for BC Landlords

In our last blog post we discussed how BC landlords can enhance our chances to rent to good tenants with proper tenant screening techniques.

With proper tenant screening, including credit checks, you improve your chances of renting to good tenants who respect you, respect your rental property, and pay the rent on time.

Some potential investors have emailed us asking “are there any good tenants in BC?”

It’s a valid question considering the media attention on so many ‘tenants from hell.”

Opportunities for British Columbia Landlords

Let’s focus on the positives of investing and becoming a landlord in BC.

According to a report in Canadian Real Estate Wealth Magazine buying a home is becoming increasingly difficult.

Difficulties in getting a mortgage are only one obstacle for new buyers. Prices are rising.

You also have to service the home.  Utilities costs and taxes are rising.

An RBC report shows buying a house is simply not affordable for many renters.

The reports states that in 2013 a house owner will have to spend over 40% of household pre-tax income just to buy a small bungalow.

Owning Investment Properties Is a Business

A successful business has lots of good, paying customers and clients.

With the increasing costs of home ownership, it means many people who plan to buy a home will:

1. If they are currently renting they will hold and continue renting

2. Non-renters will decide to rent for a period of time before buying

The Pool Of Good Tenants Is Growing More people renting means the tenant pool grows.

This isn’t only happening in Vancouver.

Landlords in places like Surrey and Kelowna will also have more opportunities to rent to good tenants.

Reminder: There are Still Bad Tenants Out There

It’s important for landlords to use the proper tools and services to find good tenants.

Whenever you get the feeling of renting to tenants on your ‘gut feeling’ read this story about a Victoria landlord who is out more than $20,000 in lost rent, for fixing damages, and having to clean up the mess her tenants left.

Remember, lots of good tenants are looking for a good landlord…they are looking to rent from YOU

Make sure you screen your tenants carefully at all times.

Know what questions to ask.

Employment and tenant credit checks are a must.

Succeeding Is Now Up To You There are lots of good tenants out there.

Make sure you find them, and help them find you!

Vancouver Tenants Celebrate! Vacancy Rates Edge Up, Landlords Offering Incentives

Friday, February 22nd, 2013
February 21st, 2013
BC landlords vancouver vancancy rates tenant competition

Increase in vacancy rate in Vancouver Leads To Competition Among Landlords

Hollyburn representative Allen Wasel says their incentives are designed to get good tenants to come and view their apartments.

Spencer says she thinks it clearly a good time to be a tenant looking for a rental property.

Joy Pecknold is one of these renters. She feels it’s about time tenants received some good news as a lot of renters feel they have been given the “shaft” in 2012.

Vancouver Landlords, As Vacancy Rates Rise What Type of Incentives Are you Going to Offer in 2013? To Discuss this and other issues British Columbia landlords are talking about, go to the BC Landlord Forum.

Tenants Watch Out! Thief Acts As the Building Manager of the Rental Property

Friday, February 8th, 2013

February 7th, 2013

BCLA imposter

Tenants Need to Be on Alert After Thief Acts As the Rental Property Building Manager in Order to Enter the Unit

It’s not only B.C. landlords who have to be cautious about their rental properties.

The RCMP are warning tenants after yet another scam involving a rental property.

A woman residing in a rental apartment complex in Langley was approached by a man claiming to be the building manager last Saturday.

He said his name was Grey. The so-called ‘building manager’ told the tenant he needed her to give him access to her rental apartment so he could look into and repair a water leak.

Water leaks are serious business so the tenant was of course concerned about this and allowed him to enter.

After he left her apartment she noticed her purse wasn’t where she left it.

She was approached by the ‘building manager’ who said he needed access to her unit because there was a water leak.

She allowed the man access and when he eventually left, she noticed her purse was missing.

Her purse was eventually spotted in the stairwell area.  Except one thing was missing – her cash!

The imposter was described by witness as being Caucasian, in his late 40s, and around six feet tall with a slim physique. He was also describes as having a very strangely coloured ‘red face’ which could have been due to severe acne.

This shows that scammers target tenants like they target landlords.

The RCMP encourages tenants living in rental property apartment complexes to take the time to get to know who the building manager and other property staff are. This way tenants can make sure they are only allowing real staff into their homes.

It’s also a good idea to call the property management company if you are unsure someone is who they say they are.

To discuss this and other BC landlord and tenant issues, go to the #1 landlord forum in British Columbia and network with thousands of other landlords across Canada.

B.C. Landlord Fined for Renting Her Garden Shed

Wednesday, December 26th, 2012

December 26th, 2012

 

A B.C. landlord has been fined $500 for renting out a garden shed to a homeless couple and their 3 dogs

Renting Out Their Shed?

It sounds unbelievable but it actually happened. It’s like a strange story you would see on television.

Where Did This Happen in B.C.?

It happened in Kelowna. A woman rented out her shed to a homeless family with three dogs.

Was She Actually Charging For It?

Yes. Rent was set at $200/month. The unit was supplied with electricity via a power cord to the landlord’s house.

How Long Was the Family Living There?

Bylaw officers are not sure. However they warned the landlord renting her shed out was not legal accommodation and the arrangement would have to end.

Did the Landlord Comply?

No. The landlord ignored the warning according to city of Kelowna spokesperson Stephen Fleming.

What Type of Shed Was It?

The spokesperson described it as a typical shed you would put out in your garden. It was metal. He made clear it was not a suitable place for a family to be living in.Not only is it a huge fire hazard, it’s also not winterized to handle the rapidly falling temperatures we are facing. No insulation, no central heating, nothing.

What’s Going To Happen to the Renters?

Fleming said the renters won’t be blamed. And he said the landlord could easily rent the family a room in her own house. Or they would help the family find a shelter that accepts pets. There are also rent banks available in British Columbia.

What’s Going to Happen to the Landlord?

The landlord was fined. We recommend is she wants to be a landlord she needs to seriously consider either renting out rooms in her house or buying an investment property. She can hire professional property managers to avoid issues with bylaw officials.

Landlords – Use the Power of Equifax to Find Great Tenants – NOVEMBER 15

Saturday, October 27th, 2012

November 15th, 2012

Tenant Screening and Credit Checks Has Never Been Easier for British Columbia Landlords!

 

http://bclandlords.ca/2012/09/01/police-investigate-possible-revenge-arson-against-landlord/

http://ontariolandlords.org/blog/barrie-landlord-wants-to-warn-others/

 

Equifax now provides the Multi-Family Housing industry with a single-source, web-based property management program to effectively and efficiently pre-screen prospective residents/tenants. Verify consumer identity, credit worthiness, criminal history, rental history, employment background and more.

The value to your business

  • Access consumer credit reports, scores, criminal searches, eviction searches, employment verification and rental history verification
  • Reports can be customized to fit your specific needs
  • Our client-specific ordering features list only the products and services you need for fast, accurate ordering
  • Includes our InstaCriminal Statewide Search, an instant statewide database search, available in 38 states
  • Reports can be ordered 24 hours a day/7 days a week from our secure online program
  • No software to install – our system is entirely web-based

 

TORONTO, ONTARIO–(Marketwire -09/30/11)- Equifax (NYSE: EFXNews) announced today the launch of their new online tenant screening service, Tenant Selector. Tenant Selector gives registered property management professionals the ability to screen potential renters quickly and easily and will be featured at this year’s PM Expo taking place at the Metro Toronto Convention Centre from November 30 to December 2.

Tenant Selector draws on Equifax’s market leading source of consumer credit information to instantly provide users with 24/7 access to a real-time recommendation on prospective tenants. No longer is it necessary to pull and review an applicant’s credit report to protect oneself against the potential threat of income loss or identity theft.

Here’s how it works: Tenant Selector is easy, fast and secure. Users simply enter the applicant’s name and other personal information into the system and Tenant Selector will do the work. Within seconds, Tenant Selector delivers an ‘accept’ or ‘decline’ recommendation based on factual information, not ‘gut feel’. Tenant Selector is a web enabled, browser based proprietary tool developed in-house by technology and solution experts at Equifax, a recognized worldwide leader in data protection and security.

Equifax invites you to visit their website (www.equifax.ca/growmybusiness) or PM Expo exhibit (Booth #2020) for a Tenant Selector demonstration and more information about how we can help professional property managers make the right tenant decisions.

About Equifax, www.equifax.com

Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.

Businesses – large and small – rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.

Headquartered in Atlanta, Equifax Inc. operates in the U.S. and 15 other countries throughout North America, Latin America, Europe and Asia. Equifax’s common stock is traded on the New York Stock Exchange under the symbol EFX.

October 1st, Time to Collect Rent and Time for Fire Safety!

Monday, October 1st, 2012

October 1st, 2012

Collect the Rent…and Check the Smoke Alarms

On the first of the month every landlord in British Columbia expects rent to be paid.

This is also an excellent time to make sure your rental property is up to the fire code.

Landlords need to be very careful of tenant issues, especially when it comes to fire safety.  Look what happened to an Ontario landlord.

Talk to your tenants, be a team, and make sure your properties are safe.  Avoid tenants from hell.

After all, all small business landlords want to create healthy homes.  And BC landlords are an amazing charitable group, like Albert landlords.

Vancouver, Surrey and other British Columbia landlords, understand the fire code and make sure the smoke alarms are working in your rental property and avoid landlord legal problems.

Ontario Landlord Warning Story – $10,000s and Over a Year Later…Tenant From Hell Finally Evicted

Tuesday, September 25th, 2012

September 24th, 2012

Let’s Not Follow the Ontario Landlord Model!

BC landlords show our support to Ontario Landlord Darius Vakili for finally evicting TENANT FROM HELL “Nina Willis” after battle battle that took over a year.

For those who think we should follow the Ontario system, make sure you read this case on abuse and manipulation of the system in Ontario.

While landlords in British Columbia face challenges our own challenges, it’s nothing like what Ontario landlords face.

Discuss the whole HELLISH story HERE.

The problems Ontario landlords face is a warning for landlords in British Columbia. The Ontario Residential Tenancy Act is not the model we should follow.