If you’re thinking about becoming a Vancouver landlord, there are five questions to consider:
There will be screening issues, so be prepared to screen your tenants well. You want to know who is going into your property and what their background is. You’ll have to check credit, criminal, and employment backgrounds. It’s also necessary to verify and document income and to talk to current and former landlords.
You’ll have fair housing issues to deal with, and the laws are very extensive. It’s important that you educate yourself on fair housing requirements so you can stay out of legal trouble.
Maintenance and repair issues are going to occur at every Vancouver rental property. The law requires you to provide a safe and habitable property for your tenants. You’ll have to make some repairs within 24 hours, others within 72 hours, and then some within 10 days. You will want to have relationships in place with qualified vendors who can do good work at reasonable prices.
The eviction process is not as easy as what people say it is. Sometimes, you’ll have to go to court and in some cases, you’ll need to go maybe two or three times. Everything needs to be done legally and correctly during an eviction, and you may need legal help to do one successfully.
Tenant turnover can be costly and time consuming, especially if you’re not prepared. When someone moves out, you need to determine whether there is damage, and you’ll have to handle returning all or some of the security deposit within the legal timeframe.
By hiring a professional Vancouver property management company, all issues will be handled for you. You won’t have to worry about these potential problems, and your Vancouver investment property will be a seamless operation.
If you have any questions about property management in Vancouver, please contact us at SunWorld Group Property Management.