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Why Shouldn’t I Rent My
Place During the 2010 Olympic Games? Problems With Rent 2010 Vancouver
Accommodations - Part 1 of 3
There are many reasons why you shouldn’t
rent your home during the Vancouver 2010 Games. Our recommendation
is NOT to rent your own place by yourself as a rent 2010 accommodation
rental as there are many property management issues that you must
be aware of.
From preparing your furnished 2010 Vancouver rental to signing
a legal tenancy agreement to collecting rent and deposits and
to manage and mitigate problems, damages and theft during the
tenancy, renting your own home yourself as a furnished 2010 Vancouver
rental accommodation may be more headaches than return in the
end. The talk in town is simply that anyone can make a lot of
money by renting out their own homes, suites, apartment condos
and townhomes during the Vancouver 2010 Winter Olympic Games.
This is true, however, with many conditions attached to it. If
you have never been a landlord or have never rented out your own
home, then a furnished 2010 Vancouver rental accommodation or
home may not be suitable for you. It takes a special type of person
as well as a very specific set of skills to property manage a
furnished rental 2010 accommodation home or suite, and if you
have no experience in this area, you may either feel overwhelmed
or you will simply buckle under the pressure when something does
go wrong. Simply put, if you think it will be a colossal mess
in the city during the 2010 Olympics and you want to escape the
people and the noise, but you want to make an extra buck during
the 2010 Games by renting out your home as a furnished rental
2010 Vancouver accommodation, who’s going to attend to the
problems when they arise? Who is going to help your tenant when
something comes up with your condo or home? What if they can’t
turn off the alarm or know how to work the appliances. These are
simply property management issues that need to be attended to
as a landlord for a fully furnished 2010 Vancouver rental home
or suite. You just can’t expect to escape the city, rent
your furnished Vancouver 2010 rental accommodation and forget
about it until you get home. A successful property manager is
one that is on top of things and may be on site to help fix things
if required. A tenant paying you big bucks for a furnished Vancouver
2010 rental home or condo apartment will expect that. Well, that
is just one issue when people rent out themselves and with the
2010 Vancouver Olympics coming up, people are just getting caught
up in all the hype that they can make a huge amount of money with
very little work. That is not true. If you think this, either
don’t rent out your furnished home or go with a professional
Vancouver 2010 property management company to handle your transactions.
More Issues Surrounding Renting Your Home Yourself
for the Vancouver 2010 Rental Accommodation – Money Issues
One of the most pressing issues is the collection of deposits
and rent money for your self-managed Vancouver 2010 rental accommodation
suite. For fully furnished rentals, you should definitely set
a price that is competitive with other listings and collect a
50% deposit upon lease agreement signing. There shouldn’t
be any hesitation from your potential tenant or visit to fork
over fifty per cent of the rental amount for the duration of their
stay if they want to lock in your furnished rental 2010 Vancouver
accommodation, home or apartment suite. In some cases, we have
seen 2010 Vancouver property managers collect a non-refundable
50% deposit. You just need to think about it. By doing a non-refundable
deposit for your furnished rental 2010 accommodation, you will
be well protected if your tenant decides to bail and cancel. In
many cases, it will be too close to the 2010 Olympic Games for
you to rent out to someone else, and if you have been banking
on that rental income to go on a holiday somewhere, you may be
short a buck or two after everything is done with. Cancellations
do happen all the time, so protect yourself and your furnished
2010 Vancouver rental accommodation contract with a 50% non-refundable
deposit. Secondly, you should also collect the remaining 50% balance
of the rental price at least 30 to 60 days prior to when the tenant
is arriving. This ensures that you have 100% of the rental income
in your pocket and that the tenant is serious about renting your
furnished 2010 Vancouver accommodation. It is extremely important
that you collect everything up front. Thirdly, you should be collecting
security deposit, also known as a damage deposit for your 2010
furnished rental home or apartment suite. By law and according
to the Residential Tenancy Act, a landlord is only able to collect
one half month rent (1/2 month rent) as a damage deposit for a
Vancouver 2010 Olympic rental accommodation. So if your rent is
$1000, you can collect $500 as a damage deposit to secure the
furnished 2010 rental. This damage deposit is returned to the
tenant after the move-out inspection is done and after all remaining
fees have been collected for damages or other issues such as bylaw
infractions and move-outs. Lastly, you should also consider collecting
a cleaning fee of anywhere from $200 to $400 depending on the
size of your furnished 2010 Vancouver rental accommodation. It
is standard procedure for the tenant to leave your furnished 2010
rental in the same way that it was found upon move-in, and so
professional cleaners are usually demanded by the landlord.
Property Management Issues for Renting Your
Home During the Vancouver 2010 Olympic Games
In terms of the property management side, if you have no experience
in this field or line of work, it may come to you as a shock as
to the number of small details you need to take care of before,
during and after the tenancy. Most non-property managers really
have no idea what is involved with renting out a 2010 accommodation
home or rental apartment suite. Firstly, if you are looking to
rent your home yourself, there is no way you can do a criminal
check or a credit check on foreigners. If you were looking to
rent a furnished 2010 rental accommodation to a local, that is
not a problem, as when you confirm you are the owner and on title
for a property, you can easily go to Tenant Verification System
or other online resources to conduct both criminal and credit
checks on your 2010 tenants. As a property manager, this is the
single most important issue surrounding renting to a tenant. If
the beacon score is not higher than 680 (and ideally in the mid-700s),
you should not rent to this tenant as they have had problems paying
before. In addition, as a foreign tenant, you will never be able
to meet the people who are actually renting your furnished 2010
Vancouver rental accommodation. Would you want an anonymous name
come into your own home during a tenancy period without meeting
them first? The answer is, simply no! Who knows, maybe the person/people
applying to rent your 2010 furnished Vancouver rental home or
apartment suite are actually not even the people staying at your
rental during the Olympic Games? Someone else may be paying the
person applying in order to get your furnished 2010 rental accommodation.
In addition, if you are property managing yourself for your own
rental 2010 home, how can you manage a tenant on site if you are
away on holiday somewhere? You need to be around town in order
to manage your tenant and fix any problems with your home during
the Olympics, meaning that you would have to rent another home
yourself of you need to find someone to manage your property and
pay them to do it, affecting your return. Again, as a property
manager for a rental furnished 2010 accommodation in Vancouver,
you need to know what you are doing in order to have a successful
tenancy. It is not as easy as getting the money and leaving until
the Olympics are over. Someone needs to be in charge with both
the move-in and move-out inspections to make sure there aren’t
any damages or theft in your 2010 Vancouver furnished rental accommodation
in addition to answering to any of your tenant questions or concerns
during their stay.
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VANCOUVER 2010 GUIDES AND CHECKLISTS
THE BEST FURNISHED
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