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Property Management in a time of COVID19

Business as ‘unusual’ has been a common sentiment as companies across Canada adjust, re-tool and update their models in the hopes of continuing to bring their vision to customers in what is a previously uncharted space.

Property managers are deemed an essential service to the economy and in a city like Vancouver that is heavily reliant on rentals for a significant portion of its residents, renters will continue to require quiet enjoyment of their existing homes or need to find spaces to live or move into. In a business that has long been face-to-face, the challenge, that continues to remain fluid, is how do we work towards:

– Ensuring the safety of everyone that interacts with us?
– Doing our part to flatten the COVID-19 curve
– Maximizing exposure for our client’s rental listings
– Engaging transparently and showcasing properties to potential tenants
– Delivering an experience for all our customers that we can remain proud of

At Sycamore Property Management, we strive to be seen as far more than just your agent and we have been implementing the following practices that have helped us continue to deliver a level of service that will remain unmatched.

Remote Offices
We believe that social distancing is one of the key components in our control to limit the spread of the virus. In our effort to do so, we have taken the range of office services we provide, online, so that clients have access to us and their information from anywhere in the world without requiring a face-to-face meeting.

 Safety First
As a business, we are committed to ensuring the safety of all current and prospective clients & tenants. While we continue to be available to show rentals in person, we employ recommended hygiene practices including, but not limited to, sanitization, eliminating open houses, applying strict viewing protocols around the number of visitors, ensuring vacancy and maintaining distance while viewings are in progress as well as engaging the use of protective masks and gloves where necessary.

Technology
In an effort to minimize the amount of face-to-face interaction as well as the requirement to travel, we utilize video tours, 3D point of view walkthroughs of our spaces and video conferencing applications that allow maximum exposure at minimum risk, all while engaging a completely online, verifiable & time-stamped application and lease execution process. The ability to view, discuss, and apply for a property in real-time from the comfort and safety of one’s home is priceless in this current climate.

 Knowledge is Power
We communicate with our clients and tenants on a consistent basis, sharing critical rental industry updates that apply to existing and future tenancies. Through years of experience and a study of the provincial resources available to us, we provide crucial information in a concise manner to help create an informed and fair dialogue amongst owners and tenants that in turn creates positive exchanges during this challenging time.

If you are a property owner that is currently facing a challenge with marketing your rental property or have questions about navigating this rather complex environment we would happy to get connected and see where we could help. We are currently offering incentives on our services to assist during this challenging time.

We are truly grateful for the opportunity to continue to work with our clients & tenants. At this time we would like to take a moment to commend applaud the tireless efforts of our front line essential workers who, through their bravery and commitment are allowing our beautiful city to continue functioning. We will all see each other soon.

 

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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.

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How to calculate the perfect rental price?

How much do you think my place will rent for?

As professional property managers, rental assessment meetings with potential clients usually start with that one important question.

In our experience there are three answers:

Answer 1 – A rental price the client would love to hear…

This is that magical number that excites, gets the blood flowing and has the client signing right away. The truth is that, while potential rental dollars are being counted the client’s ad sits across multiple rental portals gathering cob-webs (see what we did there? )

It is important to be aware of the over-promising that under delivers. Your potential renters are equipped with a significant amount of information across multiple rental portals and are well aware of your competition.

Answer 2 – A rental price that is low enough to make renting quick…

In a real estate market that is based on competitive pricing, undercutting the rest could be a sure-fire way to achieve a lot of interest in your rental – but at what cost? Under valuing the home and rental market? Diluting the pool of applicants? And worst of all reducing your return on your investment. Short-term gain for long-term losses is not what we recommend.

Answer 3 – The right price…the only price that should be shared!

Similar to the real estate market; calculating the listing price for your rental property and accurate rental evaluations are not a soft science and demand experienced rental professionals.

At Sycamore Property Management, we believe that each home is unique and therefore demands it’s own rental strategy. We study rental trends, analyze the market and pay close attention to rental feedback in order to ensure that your home is advertised at a price that in-line with the market, garners interest for the strongest applicants and above all ensure that you receiving the best return for your investment.

Connect with us now for a Free Rental Evaluation!