25 Feb 2024
Why You Should Use A Licensed Property Brokerage To Manage Your Property
In BC, all property managers are required to be licensed by the BC Financial Services Authority (BCFSA). Licensed brokers are bound as licensees to provide a higher standard of care to consumers and must maintain the integrity and professionalism their license requires.
There is a substantial amount of education and training required to become licenced broker, and once this is completed, an application to the BCFSA can be submitted for licensing as a representative licensed to provide rental property management services.
A successful licensed real estate broker, licensed for rental property management, can provide the following services to or on behalf of owners of rental real estate:
Manage the rental real estate on behalf of the owners.
The property manager acts as a third-party agent for managing the property, whereby every aspect of the rental property is covered. The only responsibility the owner has is to make executive decisions and approve actions suggested by the property management agency.
Find tenants for the rental property.
Getting the right tenant is not an easy task. There are a lot of steps involved along the way to make it happen.
Set the current rent for the property.
Determining the correct rent can be challenging as there are several factors to consider. The rent must cover the mortgage and other carrying costs; charging too high could deter potential rents, and charging too low could mean a monthly loss. With proficient training a licensed broker is able to set the rate that is both acceptable to the owner and attractive to the renter.
Negotiate best possible rent for the landlord.
Factors to take into consideration when setting the monthly rent are rent prices in the neighborhood, leveraging the rental history, taking advantage of seasonal pricing and negotiating other perks. All these are within the scope of the licensed broker.
Collect rent and or security deposits.
This is an important fiduciary responsibility. It requires the keeping and maintenance of detailed and organized records. The use of rental property accounting tools make this task more transparent and easier to perform.
Work with tenants on their applications.
The application form is one of the best tools to screen and evaluate the prospective tenant. Implementing a sound and easy to use application process makes the task of finding a new tenant much less stressful and tedious.
Help owners find tenants for their properties.
Very useful if the owner owns several properties and does not have the time for the vetting process for prospective tenants. The licensed property brokerage in a particular area will have thorough local knowledge of the market conditions in the area, as well as an effective marketing network.
We have a proven track record of placing hundreds of qualified tenants within West Vancouver, North Vancouver and Vancouver. Contact us and one of our qualified experts will find you the right tenant for your property.
There is a substantial amount of education and training required to become licenced broker, and once this is completed, an application to the BCFSA can be submitted for licensing as a representative licensed to provide rental property management services.
A successful licensed real estate broker, licensed for rental property management, can provide the following services to or on behalf of owners of rental real estate:
Manage the rental real estate on behalf of the owners.
The property manager acts as a third-party agent for managing the property, whereby every aspect of the rental property is covered. The only responsibility the owner has is to make executive decisions and approve actions suggested by the property management agency.
Find tenants for the rental property.
Getting the right tenant is not an easy task. There are a lot of steps involved along the way to make it happen.
Set the current rent for the property.
Determining the correct rent can be challenging as there are several factors to consider. The rent must cover the mortgage and other carrying costs; charging too high could deter potential rents, and charging too low could mean a monthly loss. With proficient training a licensed broker is able to set the rate that is both acceptable to the owner and attractive to the renter.
Negotiate best possible rent for the landlord.
Factors to take into consideration when setting the monthly rent are rent prices in the neighborhood, leveraging the rental history, taking advantage of seasonal pricing and negotiating other perks. All these are within the scope of the licensed broker.
Collect rent and or security deposits.
This is an important fiduciary responsibility. It requires the keeping and maintenance of detailed and organized records. The use of rental property accounting tools make this task more transparent and easier to perform.
Work with tenants on their applications.
The application form is one of the best tools to screen and evaluate the prospective tenant. Implementing a sound and easy to use application process makes the task of finding a new tenant much less stressful and tedious.
Help owners find tenants for their properties.
Very useful if the owner owns several properties and does not have the time for the vetting process for prospective tenants. The licensed property brokerage in a particular area will have thorough local knowledge of the market conditions in the area, as well as an effective marketing network.
We have a proven track record of placing hundreds of qualified tenants within West Vancouver, North Vancouver and Vancouver. Contact us and one of our qualified experts will find you the right tenant for your property.