Rental PROPERTY Management FAQs and Useful Links
It pays to be mindful. Do you have questions about renting out your property? Ascent Real Estate Management Corporation can provide the information you need going forward.
WHAT IS THE DIFFERENCE BETWEEN A FIXED-TERM TENANCY AND A LEASE?
A fixed-term tenancy has a start date and an end date. On the end date, the tenant must vacate the property. A lease is for a specified term; on its expiry date the tenant is not required to move out and the agreement automatically reverts to a month-to-month tenancy, or renegotiated for a period of time.
WHAT IS YOUR SCREENING PROCESS WHEN SELECTING A TENANT?
Ascent Real Estate Management Corporation provides potential tenants with a concise application form that requests information such as previous rental references, place of employment and credit information. We then process a credit check and confirm rental and employment references. Once we have assembled this information an approval decision is made.
HOW DO YOU DETERMINE WHAT MY UNIT SHOULD RENT FOR?
We first view the property to evaluate its condition, square footage, area, bedrooms and bathrooms, laundry and parking. Once these factors are documented, we cross-reference your property with similar properties in our rental portfolio, as well as with current market rates and vacancies. Based on this information, we set an appropriate rental income estimate.
HOW OFTEN DO THE PROPERTY MANAGERS INSPECT THE UNITS?
Ascent Real Estate Management Corporation provides an option to have your unit inspected by a third party contractor, every 30, 60, 90, or 120 days.
AM I EXPECTED TO CARRY INSURANCE ON MY UNIT EVEN THOUGH IT IS TENANTED? ARE TENANTS REQUIRED TO CARRY INSURANCE?
Owners are expected to maintain insurance on their properties, even if tenanted. In addition, tenants are asked to insure their belongings and maintain liability insurance. While we strongly recommend all tenants carry insurance, this request cannot be enforced by law.
Please contact our office if you require any further information.
WHAT IS THE DIFFERENCE BETWEEN LEASING SERVICES AND FULL PROPERTY MANAGEMENT?
With our LEASING SERVICES we will find and place a tenant on your behalf. This includes showing your property, tenant screening and executing your lease agreement. Once the tenant is placed, the property will be managed by the landlord and all tenant queries will be dealt with by the landlord.
With FULL PROPERTY MANAGEMENT services we place your tenant as well as manage all day to day duties such as rent collection, tenant queries, repairs and maintenance and accounting services. We also have a 24-hour emergency line that tenants can call. We take all obligations off the landlord.
WITH THE LEGALIZATION OF MARIJUANA, HOW CAN I BE SURE MY TENANT IS NOT SMOKING MARIJUANA IN MY PROPERTY?
All of our leases are non-smoking whether that be tobacco or any other substance. If a tenant is smoking in the unit then they will be evicted from the property.
USEFUL LINKS
BC Laws
Residential Tenancy Act
Residential Tenancy Branch
RTO Website
BC Hydro
www.bchydro.com
Fortis BC
www.fortisbc.com