Q: Should I include utilities in the rental agreement?
A: If your rental is long term we suggest not to include utilities. Tenants are more likely to be mindful of utility usage when they are accountable for the costs associated with it. Please note: BCHydro must always be connected, however they have made this easy for owners of investment properties, essentially turning the switch on and off so you are only billed for days the property is vacant.
Q: Should I allow my tenant to sublet or rent out their parking space?
A: This can be discussed and stipulated using a Residential Tenancy Agreement Addendum before signing.
Q: How long should my lease be?
A: This depends on your personal situation. Will you want to move into the suite in the future? Will a family member need to use the suite in the future? Once a tenant is placed, the lease is enforced even if the property should be sold.
Q: What costs are associated with hiring a professional property manager?
A: Rates range from 7% – 10% of the monthly rent. There is an additional cost to tenant placement. Some companies charge 50% of the monthly rent every time they place a tenant. Others charge a one time fee, and then supplementary tenant placement is included.
Q: How can I find the best tenant?
A: Don’t skip credit and reference checks. Ask them questions and get to know them as you show them the suite. Remember money is not everything, a high paying bad tenant is far outweighed by a fair paying great tenant who cares for your investment as if it’s their own. If your unit is carpet-free consider allowing pets with an additional pet-deposit. Meet the pet and don’t judge by size (sometimes the quietest and least destructive pets are the large ones).
These are just a sample of the great tips we have for potential landlords out there. If you are looking to purchase an investment property, we welcome you to book a call.