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Frequent questions and answers
If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might want to consider a property manager. If you’re a first time investor, you may not realize how time consuming effectively managing that property can be – you may become overwhelmed in no time at all.
Even if you’re a veteran investor, you may think you have enough experience to forgo the expense and manage things on your own, only to find out you’re completely in over your head. Both of these scenarios are fairly common, and a property manager can help you with operations of your property.
- Have you ever had a tenant not pay rent, but remain in a unit for longer than 60 days?
- Have you ever had a vacancy for greater than one month?
- Have you ever been on vacation or unavailable when an emergency occurred at your property?
- Have you ever asked family or friends to help you with your property in some form in the last year?
- Do your tenants frequently call you regarding their rental unit?
- Have you enlisted the help of more than one contractor in the last year?
If you answered, “YES” to one or more of these questions, you would likely benefit from the professional property management services and assistance that Pace provides.
Your property, along with professional photos, will be advertised on our website and our Facebook page, as well as Kijiji (for an additional fee). A yard sign will be placed on the property and our office will schedule viewings or answer any questions that prospective tenants may have. We also thoroughly screen applicants, so you can rest assured your property will remain in prime condition.
We check for:
- Stability of employment – tenants must provide proof of income. This will give you an indication of whether the tenant will be likely to stay for the lease period and whether they will have the funds to pay for it.
- Good credit history – ability to pay the rent. We do perform credit checks.
- Avoid over crowding – ask about the number of people who will be living in the property. Over crowding can cause excessive wear and tear.
- Proof of identity – Our property managers can obtain a photocopy of a drivers license or BC ID if necessary.
Yes! Typically, bad tenants will target owner-managed rentals because they know that when a property is for rent by owner, the rent will be less and there will be less scrutiny of their financial situation. Because bad tenants can’t be evicted without notice and an eviction can take months and cost you money, property managers will track references and do their very best to avoid potential bad tenants and associated eviction problems.
Often, good tenants will rent only through a reputable property manager because everything from initially viewing the property, to negotiating and signing the lease agreement, to dealing with maintenance and repairs, to making rental payments is more efficient and streamlined if a professional company is providing the service.
We use property management software and programs to keep track of repairs, rent collection, communications, inspections and lease renewals, etc. Our property managers are detail-oriented and organized and remain connected to each and every property, no matter how many.
Regular inspections of the property are completed by the property manager when taking on the rental, midway through a lease term, when a tenant moves out, and yearly, as well as any other time as requested by the owner. Periodic inspections are recommended to determine preventative maintenance due and to gauge the extent of tenant damages (if any) to the property.
1. Purchasing a property in poor condition.
- Even though the purchase price may be attractive, the amount of corrections required to make it inviting to potential tenants can consume every bit of profit made available by a tenant occupying the property.
2. Requesting a rent amount that is too high.
- This mistake leaves you with long term vacancies while generating no monthly income. Tenants in the rental market have a good idea of what current rent costs should be.
3. Not keeping an open mind regarding applicants
- The changing economy has forced us to make decisions and review tenant applications differently. On average, tenant prospects have lower credit scores than the applicants from a few years back.
4. Failure to take advice from your property management company.
- The rental property business is complex. But years of experience have introduced us to almost every obstacle rental ownership may present. Trust in your management company. We are here to protect your best interest.
5. Not addressing tenant concerns in a timely manner.
- Failure to respond to tenant requests can create additional issues for a rental owner. The rental market is highly competitive and tenants in the same area talk with each other. Failure to respond can lead to a search for better managed living opportunities.
We Communicate Timely and Accurate Information
We research comparable rental properties to determine the highest market rent possible for your rental property. We provide a timely turn around of your vacant properties so they can be re-rented quickly. We seek to obtain the highest market rent possible for your rental property and immediately providing a timely turn around of your vacant properties so they can be re-rented quickly. We handle all tenant calls for maintenance, supervising and inspecting all major repairs of the homes, and thoroughly screening all applicants to provide the most qualified Tenants possible.
Frequent questions and answers
The first thing that any prospective tenant will need to do is to schedule an appointment to view the property with one of our team members. You may also drive by a property beforehand to see if you like the area. If you would like to rent the property once you’ve viewed it, you will need to complete the Application for Tenancy. Once the application is approved, you will need to provide a cheque or money order, or sign up for e-transfer to pay the Security Deposit, and sign a Lease for the property. You will then have to open Utilities accounts (Electricity and/or Gas, depending on the terms of the rental) prior to moving in. A Move-In Inspection will be done by your Property Manager with you at the time of move in and, once completed, you will be given the keys to your new rental home!
This depends on a few factors. Firstly, ensure that your application is complete, and that your references are aware that we will be calling them. We receive multiple applications from qualified tenants for each property we rent and if we are unable to speak to your references and previous landlord in a timely fashion, we may end up renting the property to another applicant. A properly completed application can be processed in as little as 20 minutes.
We do not. This is to minimize the disruption to the current tenants. All viewings will take place Monday to Friday, between 9:00am to 4:45pm.
The damage deposit is half of one month’s rent, and is due at the time of lease signing.
Any tenant who has been approved to have a pet at a rental property must pay a pet deposit. The pet deposit is half of one month’s rent, and is due no later than 60 days after the lease signing. Failing to pay the pet deposit constitutes a breach of the terms of your lease.
Yes, once your references and employment have been satisfactorily checked, a Credit Check is run.
In most circumstances, no. We understand that a lower Credit Score or a lack of credit only tell part of the story. If you know that a Credit Check will reveal poor credit, let us know, and most importantly, be honest about it.
Rent is due on or before the 1st of the month. As our offices are closed, if the 1st of the month falls on a weekend (and you pay rent in person) you must come in on the Friday before, not on the following Monday.
You may pay in person at our office by cheque, money order or debit. Please note that we do not accept cash for rent payments. You may also sign up for Pre-Authorized Debit or email transfer. The form to enroll for these services may be found on our Tenants > Forms & Resources page.
Non-emergency maintenance issues may be reported by phone, email (email@example.com) or in person at our office during business hours. Visit our Contact page for your location for more information. For emergencies during business hours, call us at 250-562-6671 for immediate assistance. Visit our Emergency Contact page for info on after-hours maintenance emergencies.
No – smoking of Tobacco or Cannabis is prohibited at all rental properties managed by Pace Realty. Failure to comply constitutes a breach of the terms of your lease. Smoking areas are permitted as per the provincial guidelines – At least 6 metres from the property.
Notice to vacate must be given in writing. For your convenience, you may use our 30 Day Notice to Vacate Form, found on our Tenants > Forms & Resources page.
Tenants wishing to end their tenancies must give 30 days’ written notice. Please check your rental agreement to ensure that you are not breaking your lease terms. Notice must be given before the last day of the month; for example, if you wish to move out on August 31st, notice must be received no later than July 31st.
Frequent questions and answers
This is dependant on the strata you reside in. An owner’s ability to rent out his or her strata lot may be limited, or prohibited altogether, in amendments to the strata bylaws. Consult your strata manager for more details.
An owner’s ability to keep a pet in his or her strata lot, or allow that pet on the common property, is limited in the schedule of standard strata bylaws. Additionally, pets may be further limited, or prohibited altogether, in amendments to the standard strata bylaws. If your strata is pet-friendly, there may be restrictions or regulations in place. It is best to consult your strata manager for more details.
The standard bylaws allow owners to attend council meetings as observers. They do not have the right to speak without council permission, and they may be required to leave by the chair of the meeting or by a majority vote of the council. Observers may not be present during council meetings or hearings relating to contravention of bylaws, rental restriction exemptions, and any other matters that would unreasonably interfere with an individual’s right to privacy.
Although this bylaw may be amended by a 3/4 vote at an Annual General Meeting, the Personal Information and Privacy Guidelines would still apply.
The Strata Property Act is “self-enforcing” meaning that strata corporations themselves must enforce the Act, bylaws and rules. SPA 26 requires the strata council to exercise the powers and perform the duties of the strata corporation including enforcing the bylaws through such measures as levying fines for offences or placing liens on strata units that do not pay their assessments.
Until now, the only external means that strata councils had of enforcing compliance was through the courts, but this has changed with the establishment of the Civil Resolution Tribunal which has the legal authority to make judgements on most of the common issues faced by strata corporations and strata owners.
Frequent questions and answers
Obtaining a loan to finance the purchase of your new home will probably require you to sign a document called a mortgage. This document will set out the terms and conditions for the loan and its repayment. If you fail to meet your debt obligations, the lender may have the right to claim your home to pay off what you still owe.
There are two basic types of mortgage loans:
- A conventional mortgage loan allows you to borrow up to 75% of the purchase price or the appraised value of the home, whichever is less.
- A high-ratio mortgage loan allows you to borrow more than 75% of the purchase price or the appraised value of the home, whichever is less. But the borrower must pay a mortgage default insurance premium to protect the lender if payments are not made. Check with your lender to find out the amount of the insurance premium.
Typically, the size of a mortgage loan payment is calculated as if the loan payments were going to be paid over 20 or 25 years. This is called the amortization period. Each payment will repay the interest due up to the payment date along with some of the principal owed. The longer the amortization period you choose, the lower the regular payment will be. Keep in mind that the faster you repay any money borrowed by choosing a shorter amortization period, the more you reduce the total cost of borrowing.
- Helping you to clarify the type of home you need and can afford
- Providing information about available properties and sources of financing
- Arranging appointments to view available properties
- Providing accurate answers to any questions you may have about a specific home you are considering
- Explaining the forms used in a real estate transaction and assisting you in making a written offer to purchase
- Presenting your written offer to the seller
- Familiarizing you with the steps you must take to complete the purchase after the seller accepts your offer.
Yes – there are tons of reasons why you should talk with a bank and get pre-approved before looking at homes. Talking with a bank before looking at homes can help you understand exactly how much you can afford. There is no reason to look at homes that are listed for $250,000 if you can only afford up to $200,000.
If you’re a first time home buyer, talking with a bank before looking at homes is strongly suggested, as there are many first time home buyer programs available.