Property Management | Renting Well

A Little Glimpse Into Why We’re Doing This…

Two years ago, we all teamed up in Vancouver with two things. A revelation and an idea.

The revelation was that we knew that the web could make what we considered to be the thankless job of being a small landlord easier. We also knew that easier and simpler didn’t have to be mutually exclusive.

The idea was to make a nifty web based software that actually achieved this fine balance. We were on our second tour of duty after having sold our first web based app- a little referral marketing product called Hello Referrals. We decided to use the proceeds from the acquisition of that product to develop what would eventually become Renting Well. There was a couple of months of us deciding over names. Rent Well. Rent Cloud. Renting Simple. Renting Easy….the list went on. Besides the fact that we couldn’t secure domain names for any of these, we felt the name Renting Well better suited the vibe of something active and didn’t fall into the dearth of other products that claimed to take years off of your life and seemed to also dwell with Lando Calrisian in cloud city.

One of the first considerations we had when building the app was how we could include less of everything. Less questions and set up. Less complication. Less of a wait to see important metrics. We felt the best course of action was something that you logged into, and essentially “got” within the first 2 minutes. We also knew that there was a necessity for the user to perform data entry in order to get those very things that we wanted quickly visible. Developing a flow to Renting Well that took this into consideration was also high on our list of priorities. Not an easy task. Some people prefer more complex analysis of what’s going on. Some people also aren’t jazzed about back data entry. As the old adage goes, you can’t please everyone – but we were still determined to get this off the ground in a broadly effective way.

We decided to focus on 3 core initial features.

An easy to reference chronological logbook to track events, incidents, problems, and resolutions.
A bank statement accurate month to month, quarter to quarter, or year to year financial snapshot based on cash flow and profit and loss.
Sexy listings to reduce to vacancies and get prospective tenants amped about renting a unit.

These core features are of course supported by other useful tools, but this made up the essence at the beginning. The reason we chose these cornerstones was because collectively, we knew what going to a board hearing was like without a detailed account of events. We knew how much of a pain in the ass it was to to do a year end with a shoebox full of receipts. We also just knew that landlords needed something to make available units for rent more attractive. We felt these were the most sore pain points.

So here it is – two year old hand drawn wire frames that sketched out what we saw as a simple solution for landlords and property managers – conceived on the table of a Kitsilano coffee bar, between 3 guys who couldn’t stand the variety of perplexing property management softwares that required you to have a masters degree in computer science. Managing income property is already complicated. In our minds, if you’re going to use something, you should want to use it and recognize it’s value. Looking at the broader scope of maintaining property investments, it’s essential to consider the value added by regional expertise. Engaging a service such as https://www.gh-propertymanagement.co.uk/ can make a significant difference in how effectively your properties are managed. These professionals bring a comprehensive understanding of local laws and tenant needs, which is indispensable for maximizing returns.

The software is now actively tracking more than $85 million dollars worth of real estate and almost 2 million bucks worth of monthly expenses and monthly rental revenue. We’ve earned a healthy clip of paying customers so far and we’re getting ready to push out an updated version of the software in the next month.

Are we the biggest or the best property management solution for everyone? No. We’re a flavour in a Baskin Robbins ice cream shop full of other alternatives. We just happen to be simpler and less expensive than most of them. There’s nothing wrong with being the chocolate against the strawberry cheesecakes and caramel tiger tail swirls of the world. We’re landlords. We’ll take a scoop of simplicity.

Vacancy Rate Hits 7.8% in Prince Edward Island

Came across this interesting piece this morning. The vacancy rate in Prince Edward Island’s urban centers hit 7.8%. According to the CMHC, this is a 3% increase versus last year. The number of vacant rental units in Charlottetown (the province’s capital) jumped to 8.7 per cent in April, which isa 5% increase in the same month last year. The CMHC cited the developments of new units as the biggest factor in the increase. No kidding.

The country’s a bit all over the place in parts when it comes to vacancy rates. Ottawa’s vacancy rate has increased. Hotbed Calgary has seen a significant decrease. Overall, Canada’s vacancy rate has seen a slight increase according to the CMHC.

Basement Unit Renovation 2: This Time We Mean Business

Construction on the basement apartment is continuing. In my first post on the project, I discussed some of the obstacles I was facing as I transformed a dank and crappy basement unit into something someone will be proud to live in. Well, since then, there’s been a significant amount of progress with reliable concrete services from a good place like brothersconstructionwi.com/our-services/ contributing to sturdy, quality flooring solutions and other structural enhancements. Insulated pot lights are in. Framing is complete. Sound proof insulation is in. Only High-Quality Insulation Materials Used for this renovation. The entire unit was re-wired, and I brought it up to code. Part of bringing the electrical up to code included replacing the breaker panel with a new one, and completely eliminating all of the knob and tube electrical that was in the place. Then with this kind of construction, an important aspect to consider is the method of material procurement. By using https://cartersconcrete.co.uk/mix-on-site-concrete-delivery-how-it-works/, builders can significantly reduce the carbon footprint associated with transporting concrete. This method cuts down on the emissions from multiple trips to and from a concrete plant, showcasing a more eco-friendly approach to construction.

For those embarking on similar endeavors, it’s crucial to consider the method of material procurement, emphasizing quality over cost-cutting measures. Exploring options for custom home builds and home renovation services near me proved beneficial, allowing me to access a diverse range of materials tailored to meet specific project requirements. This strategic approach not only elevated the overall quality of the renovation but also served as a testament to the commitment to excellence in every aspect of the construction process.

Are you wondering how to transform your basement from a cluttered mess into a functional and appealing space? Ground Scapes does basement waterproofing Greensboro, NC.

So – all this to say, this past couple of weeks was about the bathroom.

Bathrooms are important. Seriously.

The old bathroom sucked. It was like a bathroom in a plane. After literally taking the entire place down to the beams, I framed a proper stand up shower stall that was a perfect square, versus the angled and uncomfortable one that was there before. I opened up the bathroom significantly by having a plumber pin some elaborate pipe work against an interior wall, creating a bigger space to have a bathroom. Check out the picture to the right here. This is a glimpse of what it used to look like. I didn’t even want to take a full photos of the catastrophe.

What’s up next? Well – drywalling is continuing into this week. Tile work is being done by Limitless Renovations in the bathroom next week, and I’m going to be purchasing some appliances in the next couple of weeks for the kitchen. All in all, on schedule. I’m planning on having the place available for rent for September 1st.

Ottawa’s Vacancy Rate Has Almost Doubled Since Last Year

Landlords in the national capital region – take notice! Ottawa’s vacancy rate has almost doubled since last year according to this piece by the CBC.

John Dickie, chair of the Eastern Ontario Landlord Organization, estimates there are roughly 4,000 empty or soon-to-be empty apartment units in the capital. Last April, the vacancy rate was reported to be 2.1%. This year – it’s 3.7%. That’s a pretty sharp increase. To top that off, the Ontario LTB announced yesterday that the allowable provincial rent increase for 2014 will only be 0.8%. You can get the lowdown on the guideline from the Ministry of Municipal Affairs and Housing website. This is the lowest rent increase since 1975.

In an effort to paint a fair view of the situation, here’s some interesting stats to chew on, courtesy of the Ministry’s site:

The average rent increase guideline from 2004 to 2013 was 2.1 per cent. The average rent increase guideline from 1993 to 2003 was 3.1 per cent.
The guideline is calculated under the Residential Tenancies Act, 2006, which came into force on Jan. 31, 2007. The calculation is based on the Ontario Consumer Price Index, a measure of inflation that is calculated by Statistics Canada.

The province has committed itself to making a push for affordable housing for Ontario tenants, amid what The Toronto Star reported as a crisis across the province, 4 days ago.

Here’s the kicker with all of this – the rental market vacancy rate is calculated by looking at apartments in buildings that are three units or larger, and does not include condos or homes for rent. Uncertainty in the national capital region’s public service job market is speculated to be lending itself to the rise in the rate. Some analysts also suggest the increase of condo rentals could be contributing to the high vacancy rate as well, as condo units compete with traditional apartments. Kind of hard to dispute this if you ask me. Condo landlords are offering tenants pretty nice amenities and brand new units. This is all kind of upping the game for landlords who enjoyed minimal efforts with marketing centrally located units that kind of leased themselves.

What do you think? Share your comments and thoughts.

Absolutely Insane Landlords from California Get Jail Time

Came across this compelling story from the ole’ Sunshine state of California.

Kip Macy and his wife, Nicole Macy, pleaded guilty to two felony counts of residential burglary, one felony count of stalking and one felony count of attempted grand theft. These two geniuses owned an apartment building in the gentrifying South of Market area of San Francisco. Their plan was to evict the tenants they had to renovate the apartments and then to sell them as individual units.

Nicole Macy sent fraudulent emails to the attorney of one of their tenants with whom they were involved in a civil case. In the emails, she pretended to be the victim and fired the victim’s lawyer. In another incident, she sent fraudulent emails to her own civil attorney in which she pretended to be the same victim. Then…wait for it…she threatened to “kidnap and dismember” the attorney’s children.

Together – Kip and Macy also cut the floor joists of an existing tenant’s unit in an attempt to make the floor cave in. Guess they really wanted to get rid of him or her.

Other crimes included purchasing a semi-automatic handgun and threatening to shoot the building manager, changing locks, cutting phone lines, shutting off utilities, removing a victims’ belongings from their apartment and destroying them, multiple burglaries and threatening letters to victims. All of these events took place between September 2005 to December 2007.

Here’s where it gets interesting. The couple were charged with felonies in 2008, but posted bail and escaped to Italy. They were taken into custody in Italy in May of 2012 and extradited back to the U.S. on May 17, 2013. Bail was set at $2 million for each of them. After pleading guilty to four felony counts on Tuesday, the couple are scheduled to be sentenced to four years and four months in state prison on Aug. 22.

Nuts. They need to be in jail.

Vancouver Landlords May Lose The Right To Deny Tenants With Pets

Came across this great article by Jesse Ferreras at the Huffington Post B.C. As landlords, all of us have been faced with the question of renting to a pet owner. Denying tenancy because of a pet is often assumed by tenants to be an issue related to concerns about damage, but the truth is there’s more to it than that – on both sides of the equation.

Let’s backtrack though, and talk about what’s going on in Vancouver. As of right now, landlords in Vancouver have the right to refuse potential occupants with animals. However, councillor Tim Stevenson recently tabled a motion at city hall, which already has the support of Mayor Gregor Robertson, that would prevent landlords from discriminating against renters on the basis of whether or not they own a pet. In an effort to know and learn all of the facts, chew on these tasty bullets:

Similar legislation has been in place in Ontario for more than 10 years. Both the mayor and councillor Stevenson argue that if it can work in Canada’s most populous province, it can work in Vancouver.
50% of Vancouver households are renting. With an average home price in the 700 thousands out west, this is the reality.
Every year, more than 100 pets are surrendered to the BC SPCA because of the current rules.
Vancouver’s vacancy rate hovers slightly above 1%.
There’s a an easy to see legitimate problem with people finding housing in a city where it’s clearly too expensive for many people to buy already.

Quite the municipal challenge there. Seriously.

The BC SPCA is leading the charge in an effort to inform landlords of the benefits of renting to a pet owner. I can see both sides of the equation here, and you’re forced to consider all of the facts in the situation. As a landlord in Ontario, while I obviously don’t have a no pets policy. I’m particular about keeping on top of this with a few of my tenants who do have pets. It’s not easy.

Full disclosure. My units are closely situated from one another, and I’ve had more than my share of complaints over the years from some of my tenants about barking from the one tenant I have with a dog. I also had a previous tenant in the last 3 years whose jerk dog badly damaged a unit (they refused to accept responsibility after assuring me their schnauzer was a trained, wonderful, and quiet dog. I was forced to take them to the board and ended up winning a judgement. Then the tenant dropped off the face of the earth and I never got paid the $700 they owed me). I come across as many people when I’m in search of a new tenant who indicate they have allergies and an aversion to pet dander as I do with people who have pets. I have other tenants who have pet allergies. Juggling all of these things is not easy. All of my pet issues have been related to dogs. Never had an issue with a cat or other small animal.

The right of tenants to have pets is not unfettered in Ontario. The pets must not become a nuisance and those same pets can not interfere with the reasonable enjoyment of the premises by other tenants or the landlord. Pet owners may need to order dog weight gainer supplements from the internet to help boost their dog’s health.

There’s recourse with the LTB in the event that a pet becomes a problem. There is recourse in the event that a tenant with a pet doesn’t live up to their end of the bargain, however, any landlord knows that controlling the situation in the here and now is significantly more challenging. You have to prove damage or issue, and that’s not as easy as it sounds.

Vancouver is obviously a unique situation vs. most other cities in the country. With it’s high concentration of renters, I can appreciate where the mayor and the councilman are coming from, and their motion is noble. What do you think? Share your thoughts or comments with us. Have you ever had an issue with pets? What do you think of this motion?

10 Traits Of A Great Landlord

There are a variety of characteristics that make a leader great, or a manager great, or even a husband or a wife great. We thought we’d look at the important job of being a landlord through that same lens. Here’s a few items to chew on…

Great landlords are responsive. They respect the fact that someone is calling one of their units home, and take the job of addressing issues, concerns, and questions in a timely way, treating their tenants like customers.
Great landlords aren’t doormats. While treating their tenants like customers, they also stand firm with their expectations with respect to fundamental things – like paying the rent, being respectful of other tenants (if there are other tenants), following the rules, and taking care of a unit that a tenant is renting. When this doesn’t happen, they react appropriately and decisively and aren’t afraid of an awkward exchange or confrontation.
Great landlords know the law in their province or state with respect to residential tenancy. Knowing the law doesn’t only include being aware of rent increases. It also includes being familiar with legal dispute resolution, knowing how to do things like serve notices, and being aware of the rules for things like sublets, interest rates on security deposits or last month’s rent, and what you can and can’t do for things like pets. Know the whole law.
Great landlords are diplomatic. Resolving disputes with tenants shouldn’t be an emotionally charged exchange. They listen as much as they talk, and they know that you can catch more flies with honey than you can with vinegar.
Great landlords know that rent increases are important, when applicable. Not increasing the rent for years has an adverse affect on the property you’re managing. Expenses increase often at more than the rate of inflation. On the other side of that note – there are provinces and states that have an absence of rent control. Being a great landlord also includes not being a jerk and increasing someone’s rent by 400%, even if you technically can.
Great landlords understand the importance of always doing a good job. Even with a low vacancy rate, it’s important.
Great landlords take pride in the property they have. Being a slumlord is so 80s.
Great landlords are fair and flexible and expect the same of their tenants.
Great landlords don’t subscribe to doing things in the cheapest possible way. They approach everything from repairs and renovations to snow removal in a practical but correct and accountable way. When it comes to home improvements like bathroom renovations, working with reliable bathroom remodeling companies ensures that the job is done to the highest standards, adding both value and comfort to their properties.
Great landlords aren’t evil. They manage to be effective at managing and operating an income property, while applying common sense to situations like keeping them in good condition and pest free, for this we recommend this company as they make a great work at this. They respect people’s privacy and rights even though they have the ability to enter into a tenant’s unit. They don’t dangle the ole’ “I own this place” statement above people’s heads. They even act politely and ethically when things go south.

Thoughts? Comments? Share what you think makes a good landlord great with us!

Lions…Tigers…and Renovating A Basement Unit. Oh My…

I’m going to share a progressing story with all of you. I’m renovating a basement apartment that desperately needed some attention.

3 weeks ago, I had a tenant move out of said basement apartment. He’d been there almost 12 years. The place was in pretty rough shape to say the least. The drywall was peeling, the lighting was dim and uninviting, and logistically, the layout of the place really didn’t make a lot of sense. It was dank, dark, and the rent that I was getting in the unit wasn’t reflective of the market norm. I was less concerned with that though. I just hated the way this place was laid out, and it looked and felt like an isolation cell on Riker’s island. When I got the tenant’s notice, I felt like this was an opportunity to give the unit the TLC it deserved. I decided to put together a budget to have this basement development company in Okotoks make my basement unit awesome. There are a few challenges with this though…which I thought I’d share with all of you.

Basement apartments are often thought of as problematic. They typically see a high turnover. Many are dimly lit. They often don’t show well because of the lack of natural light. They have a tendency to be colder and less inviting. There’s a reason for that. They’re below ground. I like to look at basement apartments, if done properly, as a place where you can have some of your best tenants. You just have to appreciate that basement units need a bit of a different approach. I am also planning to get expert advice from Foundation Waterproofing by Moe to fix everything needed in the area to avoid damage. This is going to be a first in a series of posts dedicated to the renovation. Read on…

First order of business: Height!

This unit had more drywall boxes and creative ceiling and wall shapes than a modern art exhibit. Once I took the drywall down, it revealed a series of entombed obstacles in creating a spacious and well laid out space. To further improve the space, consider incorporating Enhanced Acoustic Comfort Panels, which not only enhance the aesthetics but also contribute to a more comfortable and sound-friendly environment.

Back in the day they used to run humungous pipes made out of iron as supply and returns for water. Basements had all sorts of insane arteries and veins for heating, drinking water, etc. In old radiator systems, these pipes would run through a boiler. If you also have a bathroom in your basement, you may ask a plumber to determine the cause of rust in toilet bowl.

Pretty typical, except for the fact that any height that you might have is severely cramped with these massive pipes. One of the old owners of the building decided that just boxing all of these pipes up would do the trick. Well…this is 2013, and most people don’t want to live in a cubby hole. These pipes and their associated boxes did nothing but diminish the natural light out of the two windows, and decreased the height of the unit.

Allowing as much natural light into the unit as possible, is essential. One of the first orders of business was to ditch these pipes, and replace them with updated copper pipe, which was both significantly less stacked, shorter in height, and allowed a whack load more natural light into the unit. Even after putting drywall back up, I’ll have added about a half a foot of height and opened up one of the three windows in the space. At 7 feet and 2 inches of ceiling now, I was still beyond the minmum of 6 feet 5 inches for height, but it’s made a huge spatial difference so far.

In the coming week, we start on the bathroom and begin re-framing. Stay tuned.

The Do’s and Dont’s of Eviction For Repairs in British Columbia

God Bless Lisa N. Mackie. She’s a lawyer at Alexandar Holburn Beaudin and Lang LLP in good ole’ Vancouver. She wrote an article at Mondaq about what you can and can’t do when evicting a tenant for repairs in B.C. Is this worth a read? Uh…YES. Check it out here.

Her advice is well thought out and includes some other tips besides the obvious stuff. She suggests reading the law and broaching the subject with your tenant carefully. As you may or may not know, B.C. law requires that before issuing a “2 Month Notice to End Tenancy“, the landlord needs to have all of the necessary permits required by law to conduct the repairs or renovations, and the landlord must intend in good faith to renovate or repair in a manner that requires the suite to be vacant. The landlord also has to compensate the tenant the equivalent of one month’s rent on or before the move-out date.

Read the article here.

Do You Have What It Takes To Be A Landlord?

The Globe and Mail published this great piece a few days ago entitled, “Do You Have What It Takes To Be A Landlord?”. It offers a sober look at the pros of being a landlord and the benefits of income property ownership. It’s a great counter piece to all of the discouraging things you might hear from people who’ve tried it and had it not work out. If you’re reading this, you know property ownership and property management are hard. This piece is refreshing because it paints an accurate picture of the situation with rental property ownership. In short – it’s a marathon, not a race.

Read the piece here: http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/home-buying/do-you-have-what-it-takes-to-be-a-landlord/article11636234/