Frequently Asked Questions
Advent Real Estate Services Ltd.
What are your rates?
Is there a standard rate in the industry?
What makes ADVENT different from other Property Management companies?
Are you Licensed and with what governing body?
Should I rent unfurnished or furnished?
What is Tenant Placement?
When do you do showings?
Where will you advertise my property?
What criteria do you use to choose a tenant?
Do I have a choice in who lives in my property?
Do you guarantee the tenancy?
What if the tenant breaks the lease do I have to pay another Tenant Placement Fee?
Who does the tenant call for repairs and emergencies?
How is the rent collected and how do I pay for your fees?
Who pays the utilities?
Do I need insurance and what does it cover?
Rates are based on the monthly rental income, all rates are subject to GST.
Call Advent today on (604) 736-6478 to discuss our rates and fees with a licensed Property Manager.
No, we do not have standard rates. Each company charges and structures their rates to reflect the services and expertise provided.
Advent's Property Managers work in a similar structure to that of a Real Estate Sales Representative. What this means for you is that we essentially work independently for our clients to provide them with personal service that a Property Manager working 9am-5pm in an office cannot. We are available for our clients 7 days a week 365 days of the year by mobile phone or email and we are also available to do evening and weekend showings to make sure that we find the best tenancy for your investment. Advent also limits the amount of properties that each Property Manager can effectively manage. Therefore, we do not have assistants and other staff involved in the process, you will deal directly with your Property Manager on every issue concerning your property.
Advent Real Estate Services Ltd. is licensed with the Real Estate Council of BC as are all of our Property Managers.
One of the most common questions from our clients is whether to rent their property unfurnished or furnished. It may not seem like there is much difference between the two, just simply put some furniture in a suite and rent for a higher rate. Unfortunately, this is not the case, it is a common misperception that since furnished rentals achieve higher rents they must make higher profit. Furnished suites are basically long term stay hotel rooms and come with electricity, cable, phone, internet service and sometimes cleaning services. The leases are most often 3 - 6 months and the vacancy rate can be as high as 30% in the off season months. For these reasons, we will most often suggest renting a property unfurnished for long term 1 year leases and let the tenant pay for the electricity, cable, phone and internet service. Other benefits of renting your property unfurnished are that you get steady income with only a 1-2% vacancy rate, you will not have transient tenancies and damages to furniture are more costly to repair than bare walls and carpet. There are circumstances where renting furnished makes sense - in cases where the owner of the property is the primary resident and will be taking extended leave - due to the cost of storage and the possibility of the owner using the property throughout the year or coming back to live permanently - in this case we do support renting a property furnished for convenience and availability.
Tenant Placement is a term that we use to refer to the process of placing a new tenant, including advertising, showing and approving a qualified tenancy.
Simply, whenever the perspective tenant wants, within reason of course. If a property is currently tenanted we are limited as to how often and when we can show the property, however with a good working relationship with the tenant we rarely have conflict. Preferred showing times are during daylight hours to show the property in it's best light but unfortunately schedules don't always permit and this can be difficult in Winter months, this makes Saturdays and Sundays very popular days to conduct showings.
Advent utilizes the Internet to it's fullest to advertise and attract qualified tenants for your investment property. We use our own high traffic website rentwithadvent.com, social media sites such as Facebook, Twitter, Google+ and LinkedIn, as well as free classified websites Craigslist and Kijiji to advertise your property to it's fullest potential. We also keep a close eye on new free classified websites that come online, to generate more interest in your property.
Advent takes a full application on each and every tenant that we place in our clients properties. With this application the tenant signs authorization to perform credit and reference checks. This information gives us a history of financial responsibility, confirms previous addresses as well as giving us work history and income verifications. All of our Property Managers are experienced and well trained in reading the credit histories and noticing any inconsistencies in the information that the tenant is giving.
Advent will make the final decision on the tenant but would be happy to discuss potential tenants with you prior to approving applications and signing leases. Advent Real Estate Services Ltd. does not deny applications based on sex, religion, race, and/or children or for any other reason that can be considered biased or prejudiced.
No, unfortunately we cannot guarantee tenancies. This is due to basic human nature that is not easily predicted. We could place the perfect tenant and have no problems for years until a change in the tenants life, job, divorce, or even family tragedy. With these types of unpredictable events possible in everyone's lives financial hardship can change everything. In most cases, the tenant understands their personal situation and deals with it in a professional manner with little or no interruption to the Landlord's income. On rare occasion there is potential loss to the Landlord and we take immediate action at that point to mitigate damages.
If the tenant breaks the lease, he/she is responsible for all costs associated with their actions. Therefore, the cost to re-lease the property, including our fee, is the tenant's responsibility. The tenant will also pay for credit checks, advertising and any other miscellaneous charges associated with the process.
The tenant will always call their Property Manager or Advent directly to arrange for repairs and emergencies. The tenant will not have any contact with you and will not in most cases know who you are. Advent will be their only contact by email and mobile phone in case of emergency.
Advent collects postdated cheques from all of our tenants when we sign a lease with them. These cheques are deposited into an audited trust account until they clear, then on the 15th (or the next business day) of every month we deposit a cheque directly to the account of your choice in BC, less our fee and any other costs associated with your property during the previous month.
The tenant will pay the utilities unless the suite is furnished; in this case we receive the bills at our office and pay them on your behalf. These costs are deducted from your income prior to depositing the rent in your account.
Yes you do need landlord's insurance. The tenant will insure their content and you will insure the fixtures and the rental income. Each insurer has different packages, please see your insurance agent for any details about insurance.