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Why hire a property manager?

As an investment, owning a rental property can be an excellent way to generate passive income. The process of managing a rental property can however be a time-consuming and stressful endeavour especially if you have multiple properties. This is where a property manager comes in. Here are some reasons why it is a good idea to hire a property manager for your investment property.

Time-Saving

Managing a rental property can be a full-time job especially if you have multiple properties. A property manager can take care of all the day-to-day tasks such as screening tenants, collecting rent and handling maintenance requests. This can save you a lot of valuable time that you can use to focus on other things such as finding new investment opportunities or simply enjoying the things that you love doing.

Better Tenant Screening

One of the most critical aspects of owning a rental property is finding good tenants. A property manager has the experience and expertise to screen potential tenants thoroughly. They have access to resources that can help them verify a tenant’s income, employment status, credit score, and rental history. This can help reduce the risk of renting to a tenant who may not pay rent on time or cause damage to your property.

Improved Tenant Retention

A good property manager knows how to keep tenants happy and satisfied. They can handle tenant complaints and maintenance requests promptly which can help improve tenant retention. Happy tenants are more likely to renew their lease and recommend your property to others, which can lead to a higher occupancy rate.

Legal Compliance

The province of British Columbia has a number of laws and regulations that landlords need to follow when renting out a property. These laws can vary from each property type and can be complex and confusing. A property manager can ensure that your property is compliant with all the relevant laws and regulations such as fair housing, eviction laws, building codes, notice periods and maintenance responsibilities that are critical to sustaining an unbiased and transparent tenancy.

Cost-Effective

Hiring a property manager may seem like an added expense but it can actually save you money in the long run. A property manager can help you avoid costly mistakes such as renting to a bad tenant or failing to comply with local laws and regulations resulting in damages due to the tenant. They can also negotiate better rates with contractors and vendors which can help you save money on maintenance and repairs.

In conclusion, hiring a property manager can be a smart decision for any investor who owns rental properties. They can help you save time, find good tenants, improve tenant retention, ensure legal compliance, and save you money in the long run. At Sycamore Property Management our detailed rental assessments, aggressive marketing, protective leasing and industry expertise is aimed to find you great renters, maintain excellent relationships and use all the resources in our tool kit to show you that your investments are our priority.

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Home Inspections : Protecting your Rental Property

A phrase that is often used in our business is “you only need a property manager when you need a property manager”. Tongue and cheek plug aside, the idea it presents is that a professional property manager would have the foresight that experience creates to put preventative systems in place that protect both your home and tenancy. In saying this we wonder why home inspections are often treated as a ‘should-do’ rather than a ‘must-do’. We sat down with Victoria Ballantine, a licensed home inspector with over 25 years of construction experience and owner of Allegiant Inspections (https://allegiantinspections.ca ), who gave us some wonderful insight into the world of professional home inspections and how they can be used as a vital property management tool.

INSPECTIONS REDUCE LIABILITY: While many tenants consider themselves handy, any repairs or maintenance that should have been and were not done by licensed professionals can spell major issues. Work done without the right permits, whether electrical, plumbing, or structural will not be covered by insurance should they cause damage or injury. A common example is that all wood-burning fireplaces are dated and if not cleaned and inspected with regularity, are not covered by homeowners’ insurance should damage or injury arise. One spark through a crack in the mortar can cause significant damage to a tinder-dry wood-framed structure.

THEY SAVE YOU MONEY: Catching seemingly minor issues before they become expensive emergencies can add up to huge cost savings for landlords. Clogged gutters can back up past the “high-tide” mark and water will be absorbed into the wood sheathing of the roof, causing rot. They can also do substantial damage to concrete foundations. Gutters cost very little to clean and can save thousands of dollars in repairs. The same is true for bathroom grout and caulking; a few hundred dollars to do regular maintenance/repairs but thousands to fix structural water damage behind the tiles.

THEY HELP BUDGETING: As a private landlord, would you know the life expectancy of roofing materials? Hot water tanks? Heating systems? Plumbing materials? And are you likely to be faced with the failure of any of these in the near future? Understanding future costs can help you engage with your property manager and plan for your investment accordingly and avoid sudden and reactive expenses.

SAFETY IS YOUR RESPONSIBILITY: Did you know that electrical wires in the attic are a favourite thing for rodents to chew on? It’s likely you didn’t and since inspections do look for pest and rodent activity you can take steps to prevent electrical fires or personal injury before it happens. The same can be said for the rest of the electrical system that is inspected by a professional. A home inspection includes all visible aspects of the building. You will know if the stairs and railings are loose (a potential lawsuit) as well as if the structure itself is sound.

An ounce of prevention can protect your investment and give you the peace of mind of knowing that your rental property is operating as efficiently as possible. While a professional property manager will always be a vital resource in protecting your investment we strongly recommend leaning on the advice of experts. With this being the start of a new year, we encourage you to get in contact with your property manager who would be able to introduce you to a professional, licensed home inspector like Victoria from Allegiant Inspections and assess the overall health of your investment. On behalf of the team at Sycamore Property Management, we wish you a wonderful year ahead. Happy Renting!

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Sustainability in the home

Sustainability has been at the forefront of residential and commercial design conversations for years and as professional property managers it is something we come across quite often. The team at Sycamore ventures into many homes each year and we are noticing a significant shift in design choices at the residential level. It appears that more homes are being built with greener concepts in mind and intent on making positive contributions to the environment. Aside from creating a healthier internal space, home sustainability can lower the cost of running your property and save you a great deal of money on energy, water and maintenance on appliances.

A sustainable home is often referred to as a space that is either built or retrofitted with optimization in mind. Focus is placed on how that efficiency relates to the way the home consumes and disperses energy and water. It goes on to assess the homes use of high-performance, low-impact materials that have been produced, shipped, fitted, and maintained with a friendlier footprint on our world. Every aspect and detail of a home build can be highlighted in the hope of making it environmentally sustainable. Often builders will consider decorating choices, insulation, windows, ventilation, lighting, appliances, plumbing fixtures and smart systems. We compiled a few helpful points below that we hope help you create a more sustainable home for yourself and your tenants:

Install high-performance windows: These make a huge difference. Windows are responsible for 50% or more of lost energy. New technologies include double glazing, special coatings, nonconductive framing materials and air-tight construction with higher-quality materials. Replacing windows will result in higher energy efficiency and quieter rooms.

Invest in energy-efficient appliances for your home: After HVAC systems, appliances are the real energy consumers in your home. Think of them as having two prices: the cost of buying and the cost of operating. When you buy the most energy-efficient options you dramatically cut the latter.

Install a drip irrigation system: Keeping your yard healthy and green isn’t just about aesthetics. Vegetation can keep your home cooler, serve as a wind barrier and contribute to fresher air. If you need to keep your yard watered, you’ll reverse the benefits quickly with the wrong techniques. Drip irrigation is the better alternative as it uses gravity to deliver water to plants, focusing directly on the roots where it’s needed. You save electricity by eliminating pumps but also minimize waste through evaporation.

Use eco-paints: Eco-paints emit fewer toxins to decrease indoor air pollution. They are also less toxic to produce.

Install a cool roof: A cool roof reflects the sun’s heat instead of absorbing it into your home. This can have a very positive effect on your cooling bill.

Recycle and reuse any construction waste: Don’t just get a dumpster and send your waste to a landfill. You might want to save some materials for your own reuse, or you can sell bricks, wood, metal and even old appliances that have scrap value.

We do understand that as a landlord there are times where a retrofit is not possible due to an existing tenancy or perhaps taking on such an expense may not be financially feasible. We have shared some helpful tips to provide your renters that could serve as low-cost enhancements to make their home more sustainable and create a win-win situation in any tenancy.

Invest in curtains or blinds: Simple window treatments can add insulation value to windows by reflecting solar energy and cutting drafts.

Clean your refrigerator’s coils: Maintenance makes a difference. Your refrigerator will draw less energy and perform better if you keep the coils on the back free of dust and grime.

Install a water filter that removes microplastics: Adding a filter to your washing machine will ensure that you aren’t adding microplastics to the environment. You can also filter your tap water coming into your home to keep microplastics out of your drinking water.

Replace fluorescent light bulbs with LED or CFL bulbs: Offering longer life, greater energy efficiency and fewer toxic metals, these new bulbs are worth the switch.

Clean the filter on your clothes dryer: A dirty filter is a fire hazard and a waste of energy. Clean it often for drier clothes and lower energy consumption.

Create a compost bin of kitchen scraps: Composting keeps waste out of landfills and creates a nutrient-rich additive for your garden.

Use smart power strips: Use these in place of regular power strips to save energy. They sense when your device is in active use and will cut power when in standby.

Use cold water when washing your clothes: High-efficiency washers and modern detergents get your clothes clean without needing hot water. Your clothes will also look newer for longer.

Buy recycled products: Buying goods made with recycled materials is good for the environment and generates more demand that encourages more recycling.

Use dryer balls: Dryer balls keep your clothes separated as they tumble, increasing airflow and dryer efficiency. Dryer balls simultaneously soften clothes and saves you the cost and waste of dryer sheets.

Line-dry your clothes: Better than a dryer is to dry your clothes on a line, the old-fashioned way. We understand it may not be the most aesthetically pleasing method, but you can get the benefits of both by line-drying to start and finishing with a few minutes of tumbling in your dryer which can help remove any wrinkles.

Use natural cleaning products: Natural cleaning products keep toxins out of the water supply, out of your indoor environment and off your skin.

At Sycamore Property Management we encourage home owners, property investors and landlords to do their best when acquiring and creating spaces so that they can be made as sustainable as possible. While the investment in purchasing, maintenance and lifestyle changes may take some expense and time to get used to but trust us when we say that they will generate returns. The amount of money saved in energy and maintenance is clear, but the quality of life provided through a healthier home and the feeling of being a better friend to our environment is almost impossible to put a price tag on. As we wrap up our last blog for 2021, we want to take a moment to send a sincere Season’s Greetings to you and your family, and very best wishes for the New Year. Wishing you and your family peace, health, happiness, and prosperity in the coming New Year.

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Moisture and Humidity in the Home

This beautiful place we call home was dubbed ‘Raincouver’ for a reason. While our spring and summer seasons host great weather and a lifetime of breathtaking vistas that welcome the outdoor lifestyle, we do spend a good portion of our year under an umbrella. Yes, we are blessed with a milder Canadian winter, but we live in a fickle weather system that is affected by many factors, including rainfall. The estimated annual rainfall of Vancouver is 146 cm where North Vancouver gets an estimated average rainfall of 252 cm and if we are to look farther west, the estimated annual rainfall of Tofino is 327 cm and this can have an effect of changing weather. Water ingress, moisture and humidity can create several maintenance-related issues in homes and condos. That is why we at Sycamore Property Management highly recommend being mindful and vigilant of the moisture in one’s home as this is a sure-fire way to ensure rental costs are controlled while creating a better experience for tenants.

According to the Canadian Housing and Mortgage Corporation, household moisture problems can be solved when one or more of the following steps are taken:
– A proactive approach to investigating where any water ingress or moisture is coming from.
– When landlords and tenants adopt strategies to prevent excess moisture in the home.
– If prompt maintenance is performed to address leaks when reported.
– Using qualified contractors to make those repairs.
– For renters, they should report all plumbing leaks, water ingress and moisture problems immediately to your property manager with as much documentation as possible so the appropriate plan of action can be determined.
– For the owners of condominiums, if the moisture problem is coming from inside your unit, it is likely something you will have to undertake. Contact your strata or building manager if the moisture is coming from outside the unit (leaks through walls, windows, doors, ceilings or plumbing)

Familiar sources of moisture are:
– Showers, washing dishes and clothes, cooking, aquariums, standing water, people, pets and plants.
– For units without outdoor space, it is common to dry laundry indoors.
– Incorrectly vented clothes dryers.
– Damp basements.
– Earth floor basements or crawl spaces.
– Building envelope issues.
– Improperly set humidifiers.
– Water ingress and building envelope issues
– The Vancouver climate.

A temperature exchange can also be created by cold surfaces and that may be due to:
– Unusually cold weather outside.
– If inadequate or insufficient heat is provided to areas of the home (examples of this could be floor vents or baseboard heaters that are blocked by furniture, heat blocked off in unused bedrooms or a large unheated space like a basement)
– Changes in inside temperature (resetting of thermostats, uneven heat distribution, unheated or poorly heated rooms)
– Poor local air circulation within a room due to furnishings such as beds against the exterior walls.
– Older leaky windows, which can be quite common and source of both water ingress and temperature exchange.

Another key element for moisture buildup can arise through inadequate ventilation that may be caused by:
– Nonperforming or when no bathroom exhaust fans have been installed.
– Simply forgetting to put the exhaust fans on when using a bathroom.
– Kitchen range hoods that have been ducted outside the home.
– Broken or disconnected exhaust fans and ventilation system.
– In some cases, exhaust fans not being operated because they are too noisy or ineffective with no effort to replace them.
– In general, a lack of circulation of air within the home and the rooms in the home.

Humidity: The amount of moisture in the air is often called “relative humidity” or “RH” for short. RH is significant because it provides a way to assess moisture conditions and condensation risk in a home.

Key points about relative humidity:
– The relative humidity in a home can be measured with a hygrometer.
– RH measurements run from 10 percent to 100 percent and provide an indicator of how much moisture is in the air relative to what it can hold.
– Dry air has lower RH readings and moist air has higher.
– In very cold weather, a level of 30 percent or lower may be needed to prevent window condensation.
– In the winter heating season, the relative humidity should not exceed 45 percent.
– Upgraded, energy-efficient windows can support a higher level of relative humidity without condensation occurring.
– Low RH is suitable for controlling moisture but can be a comfort problem for household members. Low RH can be associated with dry eyes and nasal and throat discomfort.

The Solution
Solving in-home moisture-related issues for any rental property is a collaborative effort between landlord, tenant and property manager. Some examples are:

Keeping the house warm:
– Upgrading of windows to energy-efficient ones.
– Keeping drapes and blinds open during cold weather and overnight.
– Ensuring adding insulation in the home to keep walls and ceilings warm.
– Proper use of thermostats so surfaces that are susceptible to condensation do not get too cold.
– Providing sufficient heat to all indoor areas in the home and ensuring it flows over exterior walls, ceilings, windows and doors.
– Using proper sealants for windows and doors that prevent water ingress, which, in the presence of humid air can create issues with mould.

Providing adequate ventilation
– Installing the appropriate ventilation equipment to achieve the right amount of indoor-outdoor air exchange.
– Providing good air distribution throughout the home and circulation within each room.
– Using the ventilation systems as needed to maintain the moisture level in an acceptable range.

Solving water ingress and moisture-related problems in the home is possible by identifying the sources of ingress and moisture, providing adequate ventilation to deal with recurring sources of moisture and creating well-distributed air circulation. Implementing these three steps are a great start to deal with issues as they happen and may help avoid larger, more costly and disruptive problems. As professional property managers we know that maintaining an open line of communication with tenants ensures timely reporting and prompt documentation of issues while having access to an active roster of certified, professional contractors can result in the effective execution of required repairs. The property owner, tenant and property manager all have a role to play in controlling water ingress, moisture issues and maintaining the integrity of any rental property and ‘fast feet’ at all steps of the process is key. We trust that you found this article informative and since we are already well into the season that gave our city its beloved nickname ‘Raincouver’, the team at Sycamore Property Management wishes you all a safe, warm and dry winter ahead.

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Rental Applications 101

Let’s paint a picture together. You’ve been scrubbing the depths of Craigslist and have finally come across a rental listing that ticks every box. You can barely contain your excitement and think to yourself, it’s perfect! You’re anxious to hear back from the landlord and can’t wait to see the space in person. It’s a sunny weekend and you travel across town to drop in and view the unit and it looks even better than the pictures do. You’re in love and you must have it! The weather is excellent, so you bike down the seawall, tend to the community garden, enjoy a patio beer and before you know it, the weekend is over so you decide to fill out an application bright and early on Monday morning so you can get ahead of the competition. Three and half hours go by and your stomach sinks as you read a polite email that is thanking you for your interest and letting you know that the place has already been rented. For a lot of you renters out there this tale sounds all too familiar, doesn’t it?

Face it, finding that dream home in Vancouver’s competitive rental market can be a challenging task to say the least and to help with that we’ve put together a few simple tips and habits that should have you stand out from the competition and give you the edge you need to call that perfect listing, home sweet home.

We believe that preparation makes its own luck so we’d advise prospective renters to put their best efforts towards ensuring that any and all potential documents that a landlord may request are prepared and scanned into email format before even beginning their rental search. Seasoned landlords and professional property management companies would request a combination of employment, residential and financial references and some standard pieces of information that we believe a rental applicant should have ‘at the ready’ could include but aren’t limited to:

–Confirmation of current employment status: This could be a letter of employment, an offer letter, a recent salary certificate and/or current paystubs that confirm the name, job title and clearly show the current date.
–Proof of finances: depending on the type of work you do, this can include but isn’t limited to two recent pay stubs, tax information about your employment, statements of earnings or an employment letter from your company that provides a clear picture of your earnings.
–Landlord reference(s): This is critical and residences that span the last three to five years would be ideal. Essential information that is looked for would include the length of the tenancy, consistency of rent payments, the unit’s condition, whether there were any pets and subsequent damage, complaints or concerns and the all-important understanding as to whether a prospect’s current or previous landlord would rent to them again. If you currently own a home, it would be great to get references from previous landlords or personal references from individuals that aren’t family members. We would even recommend sharing some proof of ownership of your current house and providing some visuals on the kind of home you own and maintain.
–Credit History: An updated copy of your credit report with certain personal information redacted can help cut down the transaction time of your application and is a common request from landlords. It may also help to have a soft check done once and provided to landlords if you are applying to numerous places and do not want multiple credit reports requested.
– Personal References: A couple of references from friends or neighbours are also great to have on hand. We would not say that they are critical to an application but are undoubtedly helpful in providing a potential landlord with valuable information on yourself as a resident.
– Personal, residential and employment references should be clearly presented and easy to reach out to. Our advice is to let your references know in advance that they may be contacted and to keep a lookout. This is a great way to ensure that the inquiring landlord receives a prompt turnaround time.

Now that you have your information available, there is no harm in dressing things up and providing a landlord with some information outside the standard employment and financial requests. A well-written cover later that explains your interests, lifestyle, hobbies, and what an ideal rental would look like or why their rental appeals to you would be great additions as they are great ways to have your application stand out for a reviewing landlord who would be able to bring to memory your brief encounter if multiple prospects were viewing the rental. Most importantly, having more information on who you are would give a landlord the increased confidence they need when deciding on who they would trust their home with.

Lastly, have you ever heard the old saying that if you are right on time, you are already late? This could not ring truer than with applications. Great listings will often have pronounced interest and it’s our experience that verified renters are often in the habit of either applying before the viewing, handing in their completed application at the showing appointment itself or in a worst-case, applying right after the showing. Timing is a crucial factor in getting ahead of the competition and if you know you have a strong application then by all means, let a landlord see it first. Most landlords are looking to rent out their homes as soon as possible and will likely review and decide on applications on a first-come, first-serve basis so don’t wait until the following day or when the weekend is over as the home could be rented by then.

We will leave you with the idea that Preparation, Presentation and Punctuality are the 3 P’s to submitting an application that stands out and we hope that these tips go a long way to helping you secure your next dream home. On behalf of the team at Sycamore Property Management, we wish you the best of luck on your search!

 

 

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Do you need tenant insurance?

The topic of tenant insurance (or renter insurance) may be the riveting conversational equivalent to watching grass grow. Still, it is an important one and no matter how we slice it, the truth remains that “you don’t need it until you need it” and if you don’t have it, you are already too late.

Alarming statistics show that less than half of Canadian renters have tenant insurance and in Vancouver, approximately 60% of renters feel that it is an unnecessary expense.

A professional property manager will be the first to advocate that the property owner and the tenant must protect themselves with their own insurance plans in place. Insurance products can differ from each provider and should suit the lifestyle of the resident. It is a smart move for any renter to speak with a broker and learn more about how they can protect their tenancy.

Over our many years in property management, we have come across several reservations that tenants have when rental insurance is brought up so we thought we would list the five most common statements we have heard and do away with any confusion around them.

The owner is insured. Do I need more insurance? Yes, you do. An owner’s insurance and tenant insurance are not the same. Simply put, an owner would be insured to protect and support their property in the event of damage to it. Their policy would not be designed to cover the needs of the tenant. In most cases, the replacement of possessions or any additional living costs associated with property damage would be the tenant’s responsibility which is not a pleasant out-of-pocket expense.

Hey, I just rent here! When you tenant a property, any activity performed on that property by you or your guests is your responsibility. Property managers have seen it all, so we’ll ask you to imagine a scenario where a friend who visits your home (now that’s an imaginative thought in 2020, eh?) wants to showcase a risky new dance move. They slip, fall and seriously injure themself. As the tenant of that property, you could be responsible for all their medical expenses and lost wages created by their inability to work. Tenant insurance, when structured correctly, could cover this. Experts advise that the minimum liability coverage should be $100,000 but suggest that $1 million – $2 million in liability coverage is ideal.

I could crash at my friend’s place for a few days. The thought of your buddy with the Ikea pull-out couch is excellent when you have had too much eggnog to drive home but we can promise you that the novelty will soon wear off after a few days. It would be best if you kept in mind that repair work can be extensive and untimely. You could be in a long-term lease and even with a professional property manager involved it could be months before you can return home. Your tenant insurance could be designed to protect and support your living costs should you require to move. Else, you’d better hope that in the past, you’ve picked up a few dinner cheques for that friend with the pull-out couch.

My rental already costs me too much! Okay, sure. But what if we told you that you could have rental insurance coverage for the cost of, say, four toffee nut lattes a month? Would that be too much of an additional expense to protect your home and everything you own? More than ever, this year has proven that uncertainty is the norm so why place yourself in a state of risk? The average cost of tenant insurance in BC comes in at around $25 a month and varies depending on the type of unit you are renting and your possessions. Our advice would be to skip a latte or two, break out the coffee maker at home and invest those savings in the peace of mind that being insured can bring.

I don’t own much stuff. We appreciate that this can be a subjective statement but what about your laptop, TV, tablets, phones, appliances, clothes, shoes or that Pokémon card collection you never told your friends about? If there is no tenant insurance in place you would likely require to re-purchase all these items yourself. Coverage for the necessities needed to get you back onto your feet can be a blessing during an already stressful time. The average replacement value suggested for an apartment is usually around $20,000 but is subject to each individuals’ items. An insurance broker would be able to better advise on the best amount that would have you covered.

At the Sycamore Property Management Group, we can’t stress enough just how important having rental insurance is for a tenant. Our recommendation is to start your New Year off protected by talking to an insurance advisor today. On behalf of the team, we would like to wish everyone a safe and happy festive season, may love, laughter and good fortune carry us through 2021.

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Should you hire a professional property manager?

Managing a successful tenancy is certainly no walk in Stanley Park. A landlord has to wear many hats and often navigate legal, financial and technical scenarios to ensure quiet enjoyment is maintained. In keeping the investment property viable, any doubt or lack of understanding of the above frameworks can be damaging to an investors time, finances and more importantly, their peace of mind.

At Sycamore Property Management, our goal is to offer turn-key rental services that maintain strong tenancies and remove the stress of being a landlord.

Here are 5 reasons why hiring a professional property management team is the best decision for your investment property.

Bespoke fits better
Hands down, the enemy of a rental is a vacancy period. It is far too often that we see excellent properties sitting on the rental market unoccupied because they had the wrong rental listing strategy in place. In addition to location and marketing trends, there are several added elements that a professional property manager would include in their approach to finding exceptional tenants. This expertise, when combined with a custom strategy for your rental, could save you thousands of dollars brought on by an empty property.

Property managers are “show offs.”
A successful property manager requires to be a seasoned rental marketer. Knowing exactly where to list a property to ensure the highest amount of traction is vital. Additionally, a professional property manager will also be able to optimize a rental listing to appeal to the right demographic. Whether it is the use of captivating photography, video walk-throughs or 3D tours, a property management company will ensure that your listing is seen by as many people as possible.

When curiosity doesn’t kill
A bad tenant can be a nightmare that brings on property damage, unwarranted stress and potential lawsuits. An experienced property manager knows what to look for when interviewing and assessing prospective tenants and has had enough experience to spot the red flags. The professional approach is systematic and extensive. Employment, residential and financial history are screened so no stone is left unturned and your rental income is left more secure by placing qualified and reliable tenants in your home. Also, never discount the instinct of a professional who has been doing this for years! We’ve seen (and avoided) it all.

Been there, done that!
At best, the business of being a landlord is unpredictable and untimely. Emergency repairs, an everchanging legal landscape, life changes for tenants and inclement weather are only a few of the time-sensitive matters where if not addressed appropriately can cost you both a substantial amount of time and money. A professional property manager will have contingencies on hand based on their knowledge of the legal framework, familiarity with the rental market and access to industry resources. A wrong decision taken by an inexperienced landlord can prove to be very damaging. Ask anyone you know who has had a bad tenant experience. They are our best promoters!

Staying on top
Hiring a professional property management company will go a long way towards keeping your maintenance costs in line. An experienced manager will decide and prioritize what is needed to be done and their strong relationships with trade partners will keep price and service competitive. A qualified approach to preventative and emergent maintenance will increase overall savings and assist with property value. And don’t worry, you are involved along the way to approve costs so you aren’t surprised by your monthly financial statements.

The rent is due
We have all heard the saying “time is money” but have you ever thought about all the time you could save when you aren’t chasing your own money? A professional property management company would have systems in place that would ensure prompt rent collection each month and provide you with consistent cash-flow. It is clear that we are in uncertain times and rent may be challenging for a tenant on occasion. Even so, you can rest assured that an experienced property manager would have remedies in place to ensure all facets of rent collection were available to you as an owner and that it always remains paid.

In closing, when you make the decision to hire Sycamore Property Management you can rest assured that your investment and your tenants will be well taken care of. Our expertise and service level remains unmatched in the industry and is the reason our clients trust us with their rental homes. Connect with us today so we can discuss building and protecting your rental wealth!

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7 Tips to lower your heating bill

Residents in Vancouver are often grateful for experiencing a milder version of the Canadian winter. Even so, an ambient home can prove to be a subjective topic. As we bid farewell to fall and temperatures across the province start to drop, it’s safe to assume that squabbles around the thermostat are to ensue. But what is not so subjective? You guessed it…heating bills!

With the current climate around COVID19, we expect less travel and a lot more time to be spent indoors during this season. Here are some easy to implement tips from the team at Sycamore Property Management that can help reduce and maintain heating costs for both landlords and tenants alike.

When one door closes.
Closing all the doors and windows in the house ensures that heat is trapped in your rooms, which would mean that less energy will be used in maintaining the warmth of your home. Simple steps that can be put into practice at your property are:

– Placing a mat at the bottom of doors to prevent heat from escaping or cold air from entering.
– When starting a conversation with someone, either invite them in or step outside closing the door behind you promptly.
– Use basic weather stripping available at your local hardware store around doors and windows to prevent further heat loss.

Getting fired Up.
A fireplace can add a cozy and inviting feel to any room. However, when lit, they can draw heat from any space right up through the chimney. An easy solution to this is, when your fireplace is operating, turn down your main thermostat and adjust the damper (if applicable) when not in use to slow the rate at which heated air escapes.

The winter wardrobe.
Did you know that setting your thermostat one degree lower can actually cut your energy bill by 3% and setting it 3 degrees lower can save you up to 10%? A cost-effective method of ensuring these savings are possible involves the simple act of putting on a pair of socks, pajamas or even that cable knit your aunt so thoughtfully made for you last Christmas.

Don’t get exhausted.
Bathroom fans and oven hoods are key sources of energy loss during the winter months. Using exhaust fans only when needed and shutting them off as soon as you are done can go a long way to reducing energy bills during those colder months. 

Is your refrigerator running? 
Did you know that the condenser coils at the back or bottom of your fridge are required to be cleaned regularly and can contribute to a higher energy bill? Dirt, food, pet hair, and all that other unwanted stuff that gets lodged under your fridge causes it to work harder to stay cool. A vacuum, coil brush, and some elbow grease are recommended to easily remedy this.

Adjust your temperature.
Ensuring that your thermostat is set to the lowest comfortable temperature across the home and is turned down at least 10 or 15 degrees when you away or asleep can save you a significant amount on your energy bills. A programmable or smart thermostat is recommended to make the process both convenient and efficient.

Out with the old and in with the LED.
Winter is a good time to switch over to LED lighting. They use at least 75% less energy than traditional bulbs and provide you with a massive saving on energy bills during the winter. This applies to all your holiday lights as well.

At Sycamore Property Management, we are always looking for ways to improve the lives of our clients and tenants. We hope that these easy to implement energy tips go a long way towards ensuring your comfort, saving you money and help us all be better friends to the planet. We wish you all a safe and healthy winter.

 

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7 Tenant Tips for Renting Smarter

Renting a home can be a challenging process. Having been both owner’s and renter’s ourselves, we have put together a quick list of tips to help you find your next dream home

Tip 1 – The Rental Budget
Consider how much you can afford to pay when renting. Most financial advisors recommend not exceeding 35 percent of your monthly income. Focus your search according to your budget and though you may be forced to compromise when finding a bigger apartment in a better area, make sure it’s worth spending the extra money. If you’re looking for a cheaper place to rent, try roommate services to share an apartment, but make sure you know what types of people or habits you’d prefer to avoid.

Tip 2 – Negotiating your Lease Agreement
In the business of rentals, lease agreements are often referred back to when something is not being delivered as agreed or going as planned. We recommend all renters be clear on their requirements before signing the lease agreement, obtain the owner/agent’s approval on these items and if possible, to have them included in the lease as so to avoid any confusion and or friction in the future. A very important aspect of negotiating your lease is to be polite and not give ultimatums because you may get a quick negative answer.

Tip 3 – Communicate with your Landlord
It’s very important to know some basic information about your landlord or property manager, and most importantly their preferred method of communication when applying to, or when renting the unit. Having access to this information can ensure a timely exchange of vital information related to the status of your application or in the future, the status of a repair/maintenance request.

Tip 4- The Applicant Summary
Similar to a job application; prospects interested in renting an apartment are subject to a significant degree of scrutiny in deciding who would be the best fit. It is always helpful to have a detailed summary of your candidature that is aimed at convincing the landlord that you would be a trustworthy tenant. Items like Personal references, last addresses with landlord phone numbers, your monthly income or a copy of your credit report prove as serious and confident applications that are likely to be processed quicker.

Tip 5 – What to search for
Knowing the type of rental you are looking for, before engaging with an agent has a direct relationship to how quickly you would be able to find the rental of your dreams. Understanding your requirements for space, the number of bedrooms, the type of rental (House, Condo, Basement Suite etc.) and as to whether there are any special yard, storage or parking requirements will allow you to streamline your search to a select number of properties within your budget rather than having you viewing a countless number of homes making all the more harder to close.

Tip 6 – Look for your housing in advance
In some cities it can be really hard to find your ideal housing if you look the week before your current lease expires, so it’s always a good idea to look for your new home way in advance (or at least some weeks before). Only then are the apartments with the best value for money are still available and have not been rented out yet.

Tip 7 – Be water, my friend…
Aim for a goal of 70% of your must-have list being checked off. Each rental that you see will offer you pro’s and con’s and it is rare for someone to find a listing that is perfect on all fronts. The important elements to keep top of mind are price, location, safety, and comfort…the rest are wants. The best practice is to be patient and flexible and remember that in a competitive rental market more is lost in indecision than in a wrong decision.

PRO TIP – Working with a professional property management company like the Sycamore Property Management Group representing the home is a surefire way to ensure a smoother application process and an improved rental experience.

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5 Secrets to Maximizing Rental Potential

In a competitive rental market, experienced property management professionals will tell you that there are a number of ways to ensure that your rental is performing well. Below are 5 industry secret’s to ensure that you are getting the best out of your investment property.

Tip 1: Quality Advertising
In a competitive market, with thousands of ad’s that can be used to compare to your listing, taking measures to having your rental stand out is the first step to demonstrating ‘value’. Telling a story that includes all of the wow-factors of a particular property will peak greater interest in the home and most importantly, when a viewing appointment comes through, sell it…. don’t just show it.

Tip 2: Screen your Tenants
In our opinion, there is no better way towards protecting your rental and ensuring it gets the top market price than thoroughly vetting prospects. This is your most valuable investment and taking calculated steps towards placing great tenants who will rent respectfully and treat your home responsibly can save thousand’s …even, ten’s of thousands of dollars in repairs, arbitration and potential vacancy.

 Tip 3: Annual Rental Increases
The government of BC allows for a nominal increase to be applied to a rental every 12 months. The last few years have shown us that this can range from 1% to 4% on the monthly rental rate. Allowed increases such as this are aimed at keeping in line with inflation and/or rising costs for managing a rental property. This can, if communicated appropriately with tenants, be a relatively easy way to ensure that your property remains tenanted while increasing costs are supported.

Tip 4: Preventative Maintenance
At Sycamore Property Management our belief is that ‘a dollar saved, is a dollar earned’ and one of the best ways to increase returns is to lower expenses. Preventive maintenance can do just that. Tenants can’t be relied on to perform such maintenance as they’re investment in the property is limited. In addition, we often find that tenants can sometimes be unaware or oblivious to small leaks that can often result in thousands of dollars worth of damage. It is important to have a plan and a team in place to ensure that your home is functioning as efficiently as possible. The bottom line is that regular maintenance will ensure that units are working as efficiently as possible and extending their lifespan tremendously.

Tip 5: Communicate, Communicate and Communicate
Perhaps one of the most underrated financial tips. Simply put, communicating consistently and being responsive to your tenants has the following side-effects; a longer healthier landlord-tenant relationship, rent will be timely and consistent, potential risks to the home will be made visible at the earliest and above all your tenants will appreciate you and care for the home to a deeper degree. A little gesture can go a long way to protecting your rental.

BONUS TIP – Connect with Sycamore Property Management – RE/MAX Masters Realty to experience many more best practices aimed at maximizing the rental potential on your property. We don’t just tell you…we show you.