Coastal Life Realty Ltd.
Pender Island, BC
Property Management Information for Property Owners
There are a few things that homeowners need to know about hiring a Property Manager...
Why hire a Property Manager (PM) rather than manage the tenancy yourself?
How Do I Get Started?
What Does A Property Manager Do?
This is not an exhausted list but a generalized list of routine functions of a property manager.
So How Much Does It Cost To Have a Property Manager?
Surprisingly inexpensive when you consider that I take pride in the fact that I am pretty much on call 365 days a year, 24 hours a day. Yes I have spent Christmas Day organizing emergency repairs.
The ongoing cost is 10% of the rent each month. If the rent is $1,000.00 a month then my fee is $100.00 + GST. So that is $1,200.00/year + GST which calculates to just over $3/day to have a peace of mind and know your property is in good hands.
When finding and starting up with a new tenant there is an administration fee of half a month's rent. Again if your rent is $1,000.00/month then this administration fee would be $500.00 + GST. There is a lot of time and effort to start up a new tenancy.
Credit checks, we charge $25/per credit check for each Tenant. This is an expense that is usually not incurred until the end of the application process so if it is discovered that a tenant is unsuitable prior to that, we don't incur the expense.
When we arrange for repairs we do not charge anything extra, the invoice for the repair is the amount you pay.
All the Tenancy agreements list Coastal Life Realty Ltd. as the acting Landlord, which we can do, and given authority to do in our contract.
It is unlikely you will ever have any contact with Tenant. When there are issues to resolve, we may at times discuss possible solutions together and I will propose that solution to the Tenant. This offers you a peace of mind of not being involved in the day to day management of the property.
There are times when we encourage the landlord and tenant to meet, particularly when they are sharing a property and where compatibility is fundamental in the success of tenancy relationship.