If you think all it takes to be a landlord is placing an ad and cashing the rent cheques, think again, very carefully.
Most people think renting their house is quite easy, says Claire Flewelling-Wyatt, general manager of residential property management for Pemberton Holmes.
B次元官网网址淚f you get a good tenant it can be,B次元官网网址� she noted. B次元官网网址淏ut with the way the Residential Tenancy Act is laid out, you can get into trouble very quickly.B次元官网网址�
Whether itB次元官网网址檚 a multi-million dollar property or a one-bedroom apartment, the problems can be the same because the rules are the same, she said.
B次元官网网址淯nder the tenancy act, everyone must abide by the same rules,B次元官网网址� Flewelling-Wyatt said. B次元官网网址淚f you donB次元官网网址檛 understand those rules, you have no business being a landlord.B次元官网网址�
Property managers act as a liaison between the owner and the tenant by marketing and arranging showings, executing leases and taking care of maintenance and tenancy issues.
B次元官网网址淚tB次元官网网址檚 not as much property management as people management,B次元官网网址� Flewelling-Wyatt said.
A lot of the reasons for that is that homeowners believe the property theyB次元官网网址檙e renting is their investment or their home, while renters are coming in with the intention of making it their home, she explained.
B次元官网网址淭hose two ideals can clash, so property managers have to manage both sets of expectations to ensure a smooth relationship,B次元官网网址� she said. B次元官网网址淵ou have to wear a lot of different hats.B次元官网网址�
Managing trades including plumbing, electrical, contractors, insurance, lawyers and in some cases social services requires a varied collection of skill sets.
B次元官网网址淲eB次元官网网址檝e had to deal with emergencies like flood, fires, suicides, murder, loss of life. A lot of judgment is required to deal with those situations,B次元官网网址� Flewelling-Wyatt said. B次元官网网址淵ou have to be very thick-skinned. The burnout rate is about five years.B次元官网网址�
Other aspects of property management include collecting rent and making good decisions regarding maintenance to keep costs down. ThereB次元官网网址檚 also working with non-residents, explaining tax implications and helping the owner understand financial statements because the property is being run as a business.
B次元官网网址淭here are consequences when people donB次元官网网址檛 pay rent,B次元官网网址� she added. B次元官网网址淚t can involve arbitration, small claims court and situations that involve lawyers and lead to court.B次元官网网址�
Add to the mix that commercial and strata properties fall under a different set of rules, and itB次元官网网址檚 easy to understand why professional property managers must be licensed through the B.C. Real Estate Association.
B次元官网网址淧emberton Holmes has established its reputation through the level of training, experience and professionalism we provide,B次元官网网址� Flewelling-Wyatt said.
Pemberton Holmes is a family-run business that has handled property management and real estate sales in the Victoria area and the South Island for more than 100 years. Four generations have carried on the family tradition since Joseph Pemberton first embarked upon his real estate ventures in 1887.
Offices in Victoria, Langford, Sooke and the Cowichan Valley handle listings that include residences for rent and for sale, strata management and commercial property rental and sales. For more information go to .
reporter@goldstreamgazette.com
