Whose home is it?
Renting a property you own brings many emotions and feelings. My experience has seen many people who own a property they live in and then rent, struggle seeing other people reside at their property. Owners have asked me to instruct tenants how to decorate the property, don’t let them put too much furniture in the unit, tell them they are not allowed to hang pictures on walls, and how to clean the unit. All good intentions.
The definition of a home is “a house, apartment, or other shelter that is the usual residence or a person, family or household”. Landlord’s own the property, but when a tenant occupies a rental unit it becomes their “home”. Each person will arrange a home differently and tenants have the right to make the rental unit feel like home.
When Landlords allow emotions into managing their property it can lead to mistakes and errors which could violate tenants rights. When a tenant occupies the rental unit and it becomes their “home” they have rights a landlord must adhere to. It has been my experience that when both parties follow the law and respect each others rights Landlords and tenants have a successful tenancy.
As a Landlord it may be difficult viewing your property when other people live there. In this case it would be prudent to utilize a property manager eliminating emotions and feelings of managing your property.
Looking for Property Management you can find more information about us at: www.cartrefproperties.com
Stage one of a Tenancy
In a previous post I mentioned there were three stages of a tenancy. Stage one is the beginning of a tenancy. All three stages are important for different reasons. Stage one is where landlords have the greatest influence on creating a positive tenancy. Tenant placement is time consuming and should not be rushed. A Landlord’s goal in tenant placement, should be finding a renter who will respect the property and treat it like their home.
Searching for a tenant begins with advertising the property and this should be done in an accurate and effective manner. You want tenants to be able to view the property and say I want to live there. Landlords should always use the most current photos. Every time a tenant moves out it is good practice to update photos of the interior and exterior, as the unit may have changed since the last photos were taken.
Showing a property is an opportunity to “interview” potential tenants in many different ways. Selecting a quality tenant is more than checking if they can afford the rent and will pay on time. A showing gives Landlord’s a chance to see if they will respect you and your property. Nothing is perfect, but I have found the following helps me find quality tenants.
Do they show up on time to the scheduled showing?
If they were late did they contact you to advise they were going to be late?
How are they dressed and does that match their profession of work?
When entering do they take off their shoes or ask if you want them to take them off?
If you can see their vehicle is it clean inside and out?
These are some subtle actions that can show if a tenant will respect your property. If they show respect for your time and effort, their work, their own property and your property before entering I have found this often leads to a better tenancy. These are not the only things you should look for in stage one but they are a few small things that can make a big difference.
My tenants vacated my rental unit, what are my options?
When a tenant gives notice to vacate a property Landlords first reactions are to automatically search for a new tenant. Is this the only option for a landlord? If your rental property requires improvements often the best time to complete renovations is during an economic slowdown. During economic downturns vacancy rates increase, which often lowers rental rates as supply increases and demand decreases. Construction also slows down, increasing availability of contractors to perform work. When more contractors are available prices become more competitive for their services.
Upgrading your property in difficult times will help it stand out against other properties which may attract a better quality tenant. If your property is in need of a kitchen or bathroom renovation, new flooring or other property upgrades and your tenant has vacated this may be a good time to perform those improvements. The long term benefits may outweigh the short term return on rental income.
Looking for Property Management, you can find more information about us at: www.cartrefproperties.com
What rules and bylaws affect renting my strata lot?
Every Strata Corporation has rules and bylaws which all owners and tenants are required to adhere to. One that is often overlooked is the move in rule or bylaw. Many Strata Corporations have either rules or bylaws outlining the process for moving into their Strata Corporation. The bylaws will often state a fee for moving, times when people can move, and how to book an elevator. One aspect that is often overlooked is the notice required to give the Strata Corporation a new tenant will be moving in. Many bylaws state the owner is required to provide the Strata Corporation 48hrs, 7 days or another identified time of notice before a tenant occupies the rental unit. What this part of the bylaw is designed to prevent are Landlords renting the property on Friday evening and tenants moving in Saturday morning without the Strata Corporation knowing. Many buildings install protective materials to elevators preventing damage during a move and require time for these to be installed. It is respectful to other residents in the building to be aware of a move occurring especially when an elevator needs to be occupied as this will disrupt other residents ability to access the building. Landlords should ensure they have read the entire move in process, informed their tenant and communicated to the Strata Corporation when their tenants are moving in or out of a property.
Looking for Property Management you can find more information about us at: www.cartrefproperties.com
What is a form K?
Living in a Strata Corporation can be complicated, you own the home but unlike individual houses there are additional rules and bylaws residents must abide by. All Strata Corporations have “rules and bylaws” which are created by the ownership voting and approving at General Meetings. All residents including tenants living in Strata Corporations are required to follow the rules and bylaws. How do tenants know what the rules and bylaws are to ensure they are in compliance.
Strata Corporations are governed by legislation in British Columbia called the Strata Property Act. Section 146 of the act explains the requirement for landlords to provide tenants a copy of the rules and bylaws “before the tenant rents the property”. A “Form K” also known as “Notice of Tenants responsibilities” must be signed by the landlord and the tenant before the start of the tenancy. The Strata Property Act also requires owners to provide a copy of the signed form K to the Strata Corporation within two weeks of renting the property. Many Strata Corporations have added bylaws making it a requirement Landlords provide the signed form k as outlined in section 146, which provides Strata Corporations the ability to take actions including applying fines if a form K is not provided.
It is important to understand having tenants sign the form K and sending it to the Strata Corporation isn’t all that is required. A form k is an acknowledgement by the landlord that they provided a current copy of the rules and bylaws to the tenant. When tenants sign the form K Landlord’s should provide current copies of the rules and bylaws, explain to the tenant why they are signing this form, as they are required to comply with the rules and bylaws and should read the documents provided to them. Another overlooked aspect is rules and bylaws often change during a tenancy. The Strata Property regulations standard form K identifies the need for tenants to comply with the “changed” rules and bylaws. During a tenancy, tenants may not be aware of changes to rules and bylaws unless the Landlord provides them with updates. A majority of tenants are not informed of communication in the Strata Corporation as the Strata Corporation will convey information to the home owners. It is the homeowner or Landlords responsibility to communicate information to the tenants. After each general meeting Landlords should review minutes of the meeting to review changes made to the rules and bylaws. If they are changed or new ones added Landlords have the obligation to provide the changed rules and bylaws to their tenants. When changes have occurred Landlords should have tenants sign a document identifying they have received the new or changed rules and bylaws.
Properly completing the “Notice of Tenant's Responsibilities” protects both the landlord and the tenant by clearly explaining the expectations of both parties during the tenancy.
You can find more information about us at: www.cartrefproperties.com
