Furnished Vancouver 2010 Rentals - Winter Olympic Accommodation, Homes, Townhomes, Condos for Rent

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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.

Problems a Vancouver homeowner may encouter by renting furnished 2010 Olympic accommodation during the Olympic Games that include collecting of deposits, damage deposits, theft, rent, lease signing and much more

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 surrounding rent 2010 furnished suites that include credit checks, criminal checks, meeting tenants, property issues, move-in and move-out inspections .... yes a lot can go wrong during the 3.5 week Winter Olympics!

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.

Click Here for Part 2 – Strata Building, Personal Income Tax, Hotel Tax, Competition and Renting Problems for Your Furnished Vancouver 2010 Rental Accommodation

Click Here for Part 3 - Primary Residence Tax Exemption Problems, Hotel Room Tax, Municipal City Taxes, Other Competition from 2010 Property Management Companies and Post-2010 Olymipc Rental Problems with Your Investment

CLICK HERE for a full list of Vancouver Real Estate Developments


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Have you considered renting your home during the 2010 Games?

Renting a Furnished 2010 Suite Yourself? Here's some advice.

Use a Professional Vancouver 2010 Property Management Company for Your Furnished Rental

PART 1 - Issues surrounding furnished 2010 rental housing including property management issues and money/rent collection

PART 2 - Other problems you may encounter if you rent 2010 Vancouver accommodations including GST524 Rental Rebate, reporting your rental income and strata bylaw restrictions for furnished 2010 condos and townhomes

PART 3 - Rent 2010 Vancouver Furnished Suite Issues including HRT and other city taxes, competition from 2010 property managers, post- 2010 Olympic rental inventory

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