Farbod Gharbi Strata Property Manager

#FarbodGharbiStrataPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos #Strata Photo accredited: my_dream_houses

Rent Increase: Setting and Collecting How is the rental rate determined? The contributing factor that determines the rental rent is market price. Market price is the established price of the market that a similar property such yours goes for. The right property management company would tell you what that market price is since they work in the industry and have an up-to-date knowledge. Then other contributing factors include how new or old the property is, the location of the ...property, the amenities provided within the property and so forth. The right rental rate will bring about the right tenant and that would prevent your property from being vacant for too long. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting How often can there be a raise in rent? According to LandlordBC, Landlords can only increase the rent once a year by an amount permitted by law or an additional amount approved in advance by an arbitrator they need to use the right form and give the tenant three full months’ notice of the rent increase. Furthermore, there is a limit for rent increase each year since this amount changes every year. For example, the allowable rent incre...ase for 2017 is 3.7%. EXAMPLE: Rent as of Jan 1st 2016 is $1,400. Based on this information then the rent can be increased on July 1st, 2017 by up to $51.80 as long as the tenant receives the rent increase notice no later than March 31, 2017 (Landlords must ensure the tenant receives 3 FULL rental months’ notice of the rent increase). With this increase, the total rent will be $1451.80. According to LandlordBC However if no tenant resides in your property, then a property manager can accordingly increase the rental rate by 3.7% in 2017 from the current market price. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting Are there any contractual escalators in the lease? Contractual escalators are when the rent rate for the tenant is increase automatically without the need to negotiate with the present tenant or provide further explanations. Within this context, each property management firm is different. Some have this set-up within their tenancy agreement and inform the tenants in advance. Others increase rent by providing that the tenant receives a 3 f...ull month notice. Or sometimes landlords have a really good tenant and they don’t require a rent increase for the sake of keeping the current tenant, therefore they request property managers to increase the rent once the property becomes vacant. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting How is the right tenant chosen? (One of the most important factors that contributes to rent collection)... Perhaps one of the most important things is choosing the right tenant. It is important to be objective and as the saying goes Don’t judge a book by its cover, however there are certain things a property manager can do for you to pick out the best tenant possible. It is important to note that discrimination laws hold the same standard for all tenants. That being said there are certain standards that have to be met by applicants that will lead them to the final stages of the rental application process. First objective is that the prospective tenant must meet the income requirement. It should reveal that they are capable of paying rent and also provide an established history of paying rent on time with their most recent landlord. Second objective is good credit history, although there may be certain flexibility in this area based on the discretion of the property manager. The third objective is letter of reference from prior landlord and/ or a letter of work employment from present employee. Through these criteria a property manager can determine if the tenant can provide rent on time and other attributable characteristics of a good tenant. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting How is rent collected? The best way to collect rent is through a defined amount of year rental agreement that is paid through Pre-Authorized-Payments. This would create an automated monthly payment that goes from the tenant to the property management firm. Also this process is secured and no payment gets lost or forgotten. However there are other forms of payments as well, such as: cash and post-dated cheques. It is important to note that... post-dated cheques can only be requested for the duration of the term of agreement and when the tenant moves-out then remaining cheques must be returned. In the case of cash payments, receipts should be provided to the tenant. In this manner it becomes evident that the tenant paid the rent and the property manager is aware of it. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting How are unpaid checks or utilities dealt with? Property management firms should have a provision within their rental agreement that states that tenants agree to pays for entire amounts of returned checks. In this manner, the property managers can point directly to the agreement and allow the NSF (non sufficient funds) Clause do the heavy lifting. Therefore the responsibility falls upon the renter since they did agree and sign off on the r...ental agreement in the first place. Therefore the first step is to notify the tenant that they have insufficient funds. A competent property manager will inform them of this via Certified Mail, which is a good idea since it will indicate the property manager that the tenant has received the mail and there is proof of that if this issue proceeds and goes to court. At this point onwards all conversations should be noted down. Now when a 10 Day Notice to End Tenancy for Unpaid Rent or Utilities is initially provided then tenant has five more days to either pay the overdue amount or dispute it. This is called a Direct Request. Within this process, an adjudicator will consider a landlord’s possession of a rental unit only through the written evidence provided by the landlord. From then on a Landlord can use a Direct Request to claim for an Order of Possession when a tenant hasn’t paid their rent or utilities and a Monetary Order for unpaid rent or utilities. As stated in Landlord BC. Now it’s inevitable that a bounced check or unpaid utilities will never happen to your property over the years of renting to multitude of tenants. However when it does, your more likely to succeed with a discretion of a professional property manager as they have the knowledge, experience and skills to apply for a Direct Request and write a letter to the adjudicator that will more than likely succeed. This will save you time, money and headache. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Rent Increase: Setting and Collecting How are delinquent payments dealt with? The main objective of a property management firm is to provide quality service. In this manner two things happens: 1. The tenant is receiving excellent service and when they are satisfied, they would have no reason to be delinquent in their payments; 2. The property management is on top of their game being alert to any late payments and keeping a close eye on any further issues. Now when a late pay...ment occurs, for any reason, then a property manager should be firm upon the executions of the terms of the agreement. For instance: this means to inform the tenant of their late payment, and let them know as stated in the agreement that added charges will apply for any future late payments. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 1. How well do you understand the laws relevant to real estate and land lording a property? It is very important that how you rent your property is within the legal context of law. Otherwise it can get you into a lot of trouble, wethere it is receiving a fine from the real estate council, legal issues within the contract or any sort of liability that can lead into lawsuits. Remember the only thing that is binding you with a... tenant is a contract and the terms within those contract plays a key role in insuring that your investment is safe. On the other hand there are also some particular laws that you would have to abide with prior to rent increase or asking a tenant to leave (not necessarily eviction). And if those laws are not followed accurately, then you will be in a disadvantage if a tenant complains to Residential Tenancy of British Columbia. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 2. Are you able to confront tenants in regards to late rent? And if necessary evict them from the property? Sometimes this could be hard, even heart breaking when someone is unable to pay rent on time. They may come up with a million valid excuses, and some homeowners hate to be the bad guy as a result they end up providing exceptions. Well, where does all these exceptions endhow many times do you have to listen to excuse a...fter excuse. Then when you demand for the rent to be paid, this creates an uneasy confrontation or a sense of discomfort every time you cross path with the tenant. Well, property managers can act like the middle person that sets out the rules and means business. No excuse, no bullshit. After all your investment is not a charity case. If the tenant doesn’t get the point, then a property manager won’t hesitate to evict them, and find you a better tenant. This will save you a whole lot of headache and heartbreak. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 3. Are you willing to be on call 24 hours a day for everyday of the year? Imagine this, you get a call at 2 am and get informed that the kitchen sink is over flowing. You get up to check on your property, but then they call you back and they say the water has resided. Then you try to get back to sleep as the next day you have an important meeting. You go to work, in the midst of your meeting you get a call, which you ignore.... Then you get an urgent text, saying: It’s happening again and it’s filling up faster!! You try to re-focus and finish your meeting in a rush with a lucrative clientele. By the time you call a plumber to get to your property, the kitchen and the living room is sitting under 4inches of water, destroying the flooring, and your tenant is in distress. That lives you with a costly bill from plumbing and another bill for flooring repair; an angry tenant whose needs were not met immediately; and a lot of stress along with sleepless night for yourself. Now imagine if this occurred on your family vacation, holiday celebration or any other time that would only leave you with a lot of stress. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 4. How do you take care of maintenance and repairs? For each tenant change over, you may need to do maintenance and repairs such as changing the lock, painting the wall, washing the carpet, repairing the dishwasher and so forth. Can you do such maintenances and repairs on your own? If not, then do you have someone reliable and licensed to do all these handy work at a decent rate? Some of these fixes require specialized perso...nnel who are certified to do the job. Sometimes, especially at odd hours, finding a certified contractor to do a single task could charge you a fortune. However going with a property management firm will provide you with a bundle of services such as in-house maintenance crew or fully vetted licensed contractors at a reasonable rate. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 5. When it comes to accounting and record keeping, what do you do? For larger portfolios many require to hire accountant just to keep track of their book keeping. This may not be an issue for someone who has an accounting background. However in keeping track of properties it is important to keeping track of financial statements, operational budgets, capital budgets, and accounting. If you find yourself weak in these area’s t...hen the best thing to do is to hire a property management firm that will keep track of it all for you. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 6. How fast can you get your property rented? Time. Time. Time is the most important thing to have. Do you have the time to create the perfect advertisement, set it for your targeted audience, provide viewing times that meets with the prospective tenants available schedule and finally screen from the many, the tenant that meets your criteria. All this takes time. How fast can you fill that vacancy, when your own busy life in...terplays with the time required doing the job right? However, if you decide to go with a property management then that vacancy will be filled up a lot faster. That is because they have the resources for advertising, they have the time for show casing the unit to individuals during their best-suited time and they know what to look for when it comes to finding the right tenant. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors

Determine If You Require A Property Management Firm 7. Are able to effectively manage a multitude of rental properties and also expand? Many property owners begin to have a difficult time managing growing portfolios, as they get restricted with the accumulation of work. Slowly their quality of work begins to drop, as they attempt to make time for other aspects, for instance proper tenant screening or maintaining accurate financial statements. However even if they manage to up... keep the quality of work from slipping in between the cracks, they will be too busy to expand in attaining new properties and expanding their portfolios. If efficiency in quality work and expansion in attaining new properties is the focus for expanding property owners, then hiring a property management should be a key consideration towards building a successful enterprise. Stay tuned for more interesting tips coming up. #FarbodGharbiRentalPropertyManager #InformativeArticles #PropertyOwners #Landlords #Renters #Houses #Apartments #Condos Reference available on full article postings. Photo Accredited To: Lifestyle.interiors