Short-Term Property Management
While traditional management is generally considered for a term not less than one year, we are often approached by home owners to manage their property on a Short Term Agreement. This could be due to a need to have the property occupied while enjoying an extended vacation or the owner is simply looking to offset the holding costs of a second dwelling or vacation home.
We have Short Term Management Services available and agreements can be tailor made to suit your particular needs and the needs of the transient tenant you wish to attract. For such a service we will consider furnished or unfurnished homes and will advise you as what you may anticipate with both scenarios.
There are several options that we offer in order to protect your home and to ensure you a sound financial return. It is important that you develop a clear understanding of how the Residential Tenancy Act is administered in British Columbia in order to best meet your own expectations.
Your positive management experience will start from the ground up and embrace marketing, showings and finally tenant selection. Below we have provided an overview of those services provided within our Executive Management Program.
- Our marketing is directed at the three most popular rental websites: Craigslist, Kijji, and Used Victoria. Further to these we have designed our exclusive Executive Homes for Rent web site which complements our official Pemberton Holmes Property Management site www.phpm.ca. Each ad includes a summary description of the property and a slide show featuring the key aspects of your home and property.
- To engage those renters who specifically search a desired community, we have professional signage that can be placed at the front of the property if requested by the owner.
- In addition to the foregoing, we will promote your home within the Luxury Real Estate web based magazine which again attracts an international audience.
- Being the longest operating company of its kind in British Columbia we have gained a respected position in our field amongst out peers. The mass majority of our peers have no property management division; hence they look to us to assist them when their clients are in need of rental housing.
- There are a handful of relocation services in Greater Victoria; two of which are recognized by the RCMP and Federal Employment offices. These we keep apprised of new vacancies.
- A resource not to be ignored is the large contingency of Real Estate sales personal we have at Pemberton Holmes through which we continually network. Being one of the largest and most diverse bodies of Realtors in Greater Victoria has its benefits.
The single most important success in property management comes is when the preferred tenant is placed under contract. Knowing your desired tenant characteristics helps us locate and fit that person to your home.
- Tenant selection is crucial to the success of our industry. Each prospect is thoroughly screened, with their employment verified, salary confirmed to determine their ability to meet the desired rent, plus the contacting of their current and past landlords to determine their payment history and desirability as tenants.
- Personal references are of minimal value as those names which are offered have generally been vetted by the tenant to insure a positive report. Nonetheless, they too will be approached especially when the applicant has no previous rental history and minimal other resources for us to rely on.
- In the case of those individuals new to the rental market and who have recently sold their home, we have a volume of information available within the historic MLS® database.
- With Social Media being what it is today, we would be remiss if we did not research Facebook, Twitter, LinkedIn and personal blogs to gain added insight into who we are considering.
- Self-employed applicants are asked for financial statements prepared by a certified accountant or other certifiable proof of their income for the preceding two years.
- Last but definitely not least are the trusted Credit Checks. These seldom lie but rather spill a man or woman’s financial history bare for discernment.
- When the selection has been narrowed to a single individual, a confirmation of choice is cemented via an impromptu visit to their current place of residence. This may be completed by our need to discuss their application further or review the terms of a pending agreement. Whatever the means; it allows us one last chance to witness firsthand how they will treat your home and thankfully there have been occasions when this approach has led to a last minute dismissal of the applicant.
Once a tenant has been placed within your home, routine inspections are completed with minimal advanced notice, thereby allowing us to validate our choice of tenants.
On the change of each tenant, a detailed inspection will be completed of your home and property, plus an inventory of items within each home; furnished and unfurnished will be evaluated against the master list prepared at the beginning of our management relationship.
The Financial Return
Filling a Vacancy
We at Pemberton Holmes have great success at finding suitable tenants, but we must continue to remind ourselves; ‘this is not a precise science’. It is a priority for us to carefully review with our clients their expectations in advance and help them balance their vision with the reality of the current rental market.
The market changes constantly to keep pace with our economy, the influx of retirees, the population growth, the University season and unique to Greater Victoria where Federal employment is a major factor; the anticipated number of annual transfers.
We encourage you to review and freely discuss our agreements prior to applying your signatures to the bottom line. If you are hesitant about having a stranger in your home, we invite you to meet and greet the prospective tenant in a non-threatening environment, prior to us committing them under contract.
Choosing the correct rental rate is of major important in filling the vacancy. Be mindful; the correct rate for any property is the highest price that the market will bear based on the demographics of your specific residential area, the style of the home and the amenities it offers. With each new property we will offer you a market analysis of comparable properties within your geographical area so as to assist you in reaching the correct rental rate for your home.
Through experience, we have found that rental properties are much more sensitive to pricing than a property that is listed on the market for sale. Quite simply; if the property is not correctly priced; it will not rent. It is therefore imperative to move quickly in the event of a home not receiving the desired rate of interest. Experience again tells us that finding a suitable tenant can take 60 to 90 days for a higher end home. To have your home posted at too high a rate will only extend this period leaving a financial loss that is often not recovered over the duration of the rental period.
Having an adequate number of trained staff available to show your home and property when it is most convenient to the prospective tenant, often leaves us at Pemberton Holmes needing to react on a moment’s notice. We are proud to promote the fact that our staff do not function within a standard 9am to 5pm day, or a standard five day week. Our schedule is designed to suit the both you and the prospective tenant whether at your home or that of the applicant. This often necessitates longer hours in a given day and quite often a work week without the luxury of a weekend. Few other professionals will grant such flexibility.
One of the most crucial services we provide is ensuring that all lease agreements and tenant relations are in accordance with the Residential Tenancy Act. Fluent knowledge of these rules and regulations is paramount to the training of our managers. To keep our managers abreast of changes within legislation; refresher courses are mandatory on an annual basis.
In the event a tenant dispute leads to arbitration, our understanding of the Act and due process vastly increases our ability to satisfy the reason you chose us as your management firm.
We will be pleased to answer any questions related to property management prior to you entering into an agreement and throughout our contractual relationship. We feel it is important for you the home owner to understand the requirements of property management and what obligations the Act places on you the owner of an executive property.
The Preferred Tenant
Each management and tenancy agreement can be crafted to your specific needs thereby insuring we will attract the tenant you desire. Knowing your vision of the preferred tenant helps us locate and fit that person to your home.
The greatest success that can be realized in property management is when the preferred tenant is placed under contract.
Maintenance and Operations
As a rule it is customary for the property manager to facilitate all maintenance needs of the home and property which originate at the request of the tenant or you the owner.
Regretfully maintenance issues will arise and when they do it is paramount to have a plan in place to allow for a quick response so that the resolve is both effective and cost efficient. Our property managers will work with you to prepare a home and property manual outlining the location of all mechanical devices unique to your home and their individual methods of operation. This manual will offer both your Property Manager and your tenant the ability to protect the integrity of your home and property. If specialized cleaning products are a must for certain appliances or special instructions are required to operate your heating/cooling system efficiently, this manual will support that information.
It is our duty to you the owner to supervise and maintain your home in a fashion you prefer. This may include:
- Working with proven, experienced and bonded trades people
- Soliciting quotes for maintenance aspects which exceed an agreed financial ceiling
- Completing regular inspections of your home and property (minimum 3 month intervals)
- Completing preventative maintenance
- Grounds maintenance
- Gutter cleaning
- Window washing
- Chimney cleaning
- Winterizing outside faucets
- Roof treatment for moss and other negative growth
- Well inspection and portability tests as required.
- Pumping of septic as needed or in accordance with CRD regulations and the provision of regular inspections of operating system
- Inspections of completed work to insure fulfillment of the desired contract prior to the payment of invoices
One of the most important services we provide is ensuring that all agreements and tenant relations are within the guidelines pre-established by you the owner.
We at Pemberton Holmes believe going the extra mile not only adds value to our relationship as a full service company but represents the level of care those with Executive properties have come to expect.
While the list of added benefits is endless; a few of our added concierge services include:
- Pre-arrival cleaning, airing out, linen changing, setting ambient temperature and general preparation of your home prior to your return home
- We will stock your refrigerator and pantry with items garnered from your pre-established list of preferences.
- For those special moments, we will provide a bouquet of fresh flowers and / or a basket of your favorite fruit or delicacies.
- We will arrange dinner reservations / tourist recommendations or any other special event
- A Pemberton Holmes representative will meet you, your vacationers or tenants at the airport or at their point of arrival and escort them to your property after which they will orient them to the unique features of your home.
We will be pleased to answer any questions you might have about our concierge service and explore any additional benefits you feel we might offer.
Pemberton Holmes offers a full accounting staff, inclusive of those who hold a CGA certification. While we manage thousands of individual properties, we guarantee you due process of rents and the placement of the Net Proceeds within your account in a timely manner.
Some of the services we provide include:
- Secure electronic banking for owners and tenants alike. This service will include electronic deposits via Interac or the automated debit system for payments.
- The collection of rents and the pursuing of delinquent accounts is a priority
- The remittance to Canada Revenue for Non Resident owners and the preparation of NR4 documentation at the end of each tax year are customary
- Each month you will receive a Financial Statement outlining all financial activity for the preceding month.
- All money’s received on your behalf will be held in an independent trust account which receives subject to audit by the Superintendent of the BC Real Estate Board
- Not leaving anything to chance; all personal who handle your financial matters at Pemberton are bonded and insured