Whether you are ready to purchase your revenue producing suite for the purpose of earning a small profit, or building equity to earn the best possible Return On Investment in the long term, or already own your property and need help making a choice on how to rent it out, I am here to assist you!
Typically Revenue Ownership falls into 2 categories, unfurnished and furnished rental suites. A large part of the service I offer is the rental assessment. I will help you decide the right rent to charge in order to target the largest market and ensure the maximum number of tenant applications for your property. For both buyers and property owners, this is invaluable information when making a decision on how to rent out their suite. Understanding the potential cash flow will help you make the right decision on the type of investment property, or the type of service, you will be comfortable with. The next question you have to ask yourself is: Are you ready for the day to day work of renting, marketing, maintaining and servicing your tenants as part of the responsibility for ownership? Let's look at the services I can offer you to make your investment choice easier.
1. Unfurnished Rentals: I can offer you tenant placement services or full rental management .
a. Tenant Placement: To market the suite, screen the tenants, and assist you in signing the lease, the investment in my services works out to 50% of the 1st months rent.
b. Full Property Management Services: For full property management services, the fee for tenant placement is reduced to 25%, plus a fee of 8% for every month the contract is in effect. This will include, but not be limited to, managing the suite in your best interest, taking care of maintenance issues, collecting rent, and working with the accounting department at Century 21 InTown Realty to create monthly statements for your records.
2. Furnished Rentals With furnished short term rentals (30 days minimum stays), you are responsible for furnishing the suite, and responsible for paying and maintaining current accounts for cable TV, Internet, telephone and hydro. Rent is generally higher than the monthly income on an unfurnished suite, however, depending on the market conditions, location, and age of the suite, occupancy may be less on an annual basis. The fees for furnished rental services at various local brokerages varies, but usually works out to a $250 set up fee, and 18.5% of the gross monthly rental income. Full Property Management Service, includes the follwing services:
Rental assessment of your property, and establishing the best rent for your location.
Full marketing, advertising and showings
Full screening of applicants for tenant qualification
Completing rental applications and lease forms in compliance with the BC Residential Tenancy Ac
Collecting rent for your rental property
Arranging repairs and maintenance for your rental property through my network of quality independent contractors.
Each option has it's benefits, weather you are thinking of buying your first investment, or currently own your suite and are looking for management options, it is my job to help you make the best possible decision for your investment, and I am ready to help.
Revenue Condominium Ownership is not for everyone, but can be a rewarding return on your investment.