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6 Secrets to a better tenancy

Creating personal wealth through rental income is extremely rewarding. Being a landlord on the other hand, isn’t easy. The journey can often become complicated when faced with challenging properties, strained tenant relationships, or, as we are all experiencing right now, a global health pandemic. We are in a time that has created immense financial strain for a great number of owners and renters across the globe and this can affect tenancies.

Although times can often change, the fundamentals of being a good landlord remain the same. Our advice at Sycamore Property Management is to create and maintain tenant relationships that last so that your rental property continues to see an income from great tenants rather than a vacancy. 

1. Hire a professional property manager
Being the ‘best property managers in the business’ biases us when saying this, however, hiring a professional is by far the single best decision one can make towards maximizing the potential of their investment property. Being a successful landlord is essentially a people business that merges communication skills, knowledge of rental law, experience with preventative and emergent maintenance and excellent administrative skills. Property Managers do this for a living and we can assure you, a professional will always net you a healthier and longer-term tenancy.

2. Small Investments can go a long way
We certainly don’t advocate for spending large amounts of money on vanity projects for a rental, especially in this time of economic uncertainty. What we do encourage is spending ‘time’, which is just as valuable a currency. There are plenty of small scale and affordable projects that can be done with the help of family and friends that can raise the status, cosmetic appeal and even add a few dollars to the rental price all while keeping your tenants content in a pleasant living space. Things like a fresh coat of paint, higher luminescence bulbs, power washing of deck space and drive-ways and a shampooing of carpets or buffing of floors can add tons of a appeal to a rental space without breaking the bank.

3. Honest advertising
Being honest about the strengths and opportunities of your rental goes a long way to starting a relationship off on the right foot. Pictures, specifications and listing plans should clearly highlight features that would attract your desired renter while letting them know exactly what kind of space they are renting. Be clear on price and what is included as this can avoid strained communications in the future.  Additionally, your rental property should be showcased across the correct mediums and platforms based on both location and needs. There are a number of portals that are often ignored for the ones that are the most popular or easiest to post on.

4. Be open to alternatives
These are especially tough times. Quarantines, work stoppages and business being unable to operate can make both rent and mortgage payments difficult. Having an open and honest conversation that includes discussions around government supplements, rent deferments and/or payment plans that suit both parties can go a long way to ensuring that you have a great tenant remain in your property while gaining a portion of your rental as compared to a vacancy as well as doing your part to providing an individual with safe housing during these difficult times. At the end of the day, we are all in this together.

5. A rental is a business, repairs are a business expense
Staying on top of repairs is a powerful gesture that lets your tenants know that you care about their tenancy and respect them as individuals. Of course no landlord wants to hear that their washer and dryer need to be replaced but a house is a sum of many moving parts and eventually, even with careful usage, repairs and replacements need to be done. Having these responded to and fixed in a timely manner is a surefire way to ensuring a pleasant and long-term tenancy.

6. Respect privacy
Often overlooked, landlords must understand that some tenants do not enjoy face-to-face interaction and although it is nothing personal, they would like to have as least contact with you as possible. A pleasant tenancy is one with the least amount of required interaction, which would give rise to a tenant feeling that a space is truly theirs. In the event that a visit is required and/or an inspection needs to be completed, we urge to always give proper notice and never intrude. Additionally, email is a great way to stay in touch as the communication is already automatically documented.

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 be 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 and tenants. At this time we would like to take a moment to 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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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!