Are you considering the potential of investment properties for your wealth-building goals? One of the first lessons is portfolio diversification, making Vancouver a prime location for landlords and investors.
Nearly 55% of Vancouver's residents rent their homes, according to recent data from Daily Hive. That's more than half of the city.
Now is the opportune time to explore tenant placement services in promising areas in Metro Vancouver, like Surrey. This area is sought after by renters for its popular food scene, arts and culture attractions, city events, and eco spaces. Top industries like supply chain management, clean energy, and healthcare continue to attract new renters to the city.
Learn more about tenant services in Surrey to start building your Vancouver rental property portfolio.
Tenant placement services assist Vancouver landlords in finding, screening, and selecting (placing) qualified tenants for rental properties. These services, provided by experienced property managers, handle the upfront, time-consuming task of filling vacant properties.
Such tasks include:
As a landlord or investor, you still retain control of the property; however, this also includes taking full responsibility for all other aspects of property management, including maintenance and rent collection. If you would prefer to outsource these obligations, you may want to invest in a full property management solution.
Rental solutions like tenant placement entail various tasks to streamline the placement process as quickly (and effectively) as possible.
The process begins with property marketing. Experienced property managers craft compelling and professional rental listings to attract target tenant profiles. Listings include:
Property managers may also advertise on a variety of rental sites to further the listing's reach, attracting a wider pool of potential candidates.
Thorough tenant screening is the next step. This task is arguably the most critical aspect of tenant placement services. Screening processes are vetting protocols that identify only the best candidates.
Ideally, you want tenants looking for long-term rentals. Long-term tenants keep tenant turnover rates low, which bodes well for rental property portfolios. Screening involves:
Property managers also conduct in-person (and virtual) tours of rental properties, highlighting your property's best features. It's also an important opportunity for questions and answers.
Once a suitable tenant is selected, your tenant placement service will generate legally binding lease agreements. These contracts are written with a legal team, ensuring all terms and conditions are clearly outlined.
Move-in and (move out) inspections may also be included in a tenant placement service package. A property manager will conduct an initial inspection to document your rental property's condition before tenants arrive. This step can prevent future disputes over damages.
Take this opportunity to consider the benefits of using tailored solutions that ensure all of your tenant services are covered. For example, a full-service solution also includes property maintenance, ensuring your properties are well-maintained and upgraded.
Are you a self-managing landlord or property owner? If you prefer the hands-on process of managing rentals but need help with time-consuming tenant placement tasks, a tenant placement service can mitigate the stress of finding a new tenant.
Do you own a few rental units? If you only have a single property and don't need ongoing support, you can always start with tenant placement services to ensure lower tenant turnover rates. As you build your portfolio, you'll find a greater need for a full-service property management solution.
Do you live outside of Surrey and can't make it to every property showing? A custom tenant placement service can handle this aspect for you.
A "tenant placement only" service only includes those tasks related to tenant placement, such as leasing services and income verification. Lease signing and move-in mark the end of the tenant placement cycle, should you choose to invest in a tenant placement-only service.
Tenant placement only services don't include maintenance, tenant communication, and rent collection. However, a full-service property management company can provide these services and more as part of a complete package. Rent collection falls under a larger financial management umbrella that also includes financial reporting and late payment collection.
Every tenant selection process in Vancouver must adhere to Canada's strict federal and provincial laws to ensure fairness, preventing discrimination in tenant selection. Tenant placement services use a combination of criteria to evaluate applicants.
Property managers screen for income and financial stability to demonstrate stable income.
Applicants may have to prove they can pay three times the monthly rent. Pay stubs and employment letters are also evaluated. Credit reports may be reviewed to assess financial responsibility.
Property managers research rental histories by contacting previous landlords, gaining insight into applicants' behaviors, timely rent payments, property care, and adherence to lease terms.
Background checks are also performed to identify any criminal history or evictions.
Landlords in British Columbia are subject to the Residential Tenancy Act.
The RTA law establishes specific rules for tenancies, including screening processes. While you have the right to select tenants, you must do so within the legal boundaries set by the RTA. This ensures a fair and non-discriminatory process.
The Canadian Human Rights Act (CHRA) also prohibits housing discrimination based on race, religion, gender, and national or ethnic origin. The CHRA prohibits you from refusing to rent or setting separate terms based on discrimination.
Tenant placement services are critical to the success of any investment property venture, whether you own a single property or are building a larger portfolio. Adding additional services like property maintenance and financial management will give you a significant advantage, leading to lower tenant turnover rates, better ratings, and higher property values.
Axford Property Management offers a full suite of services to maximize investment property profitability. We're a team of licensed and experienced professionals from the Lower Mainland and Fraser Valley area. Our full-service solutions also include REALTOR services that can help you buy properties with high profit potential.
Contact us today to discuss your goals for rental income!
Nearly 55% of Vancouver's residents rent their homes, according to recent data from Daily Hive. That's more than half of the city.
Now is the opportune time to explore tenant placement services in promising areas in Metro Vancouver, like Surrey. This area is sought after by renters for its popular food scene, arts and culture attractions, city events, and eco spaces. Top industries like supply chain management, clean energy, and healthcare continue to attract new renters to the city.
Learn more about tenant services in Surrey to start building your Vancouver rental property portfolio.
What are Tenant Placement Services?
Tenant placement services assist Vancouver landlords in finding, screening, and selecting (placing) qualified tenants for rental properties. These services, provided by experienced property managers, handle the upfront, time-consuming task of filling vacant properties.
Such tasks include:
- Professional property marketing
- Comprehensive tenant screening
- Preparing necessary lease agreements (contracts)
As a landlord or investor, you still retain control of the property; however, this also includes taking full responsibility for all other aspects of property management, including maintenance and rent collection. If you would prefer to outsource these obligations, you may want to invest in a full property management solution.
What Do Tenant Placement Services Do?
Rental solutions like tenant placement entail various tasks to streamline the placement process as quickly (and effectively) as possible.
The process begins with property marketing. Experienced property managers craft compelling and professional rental listings to attract target tenant profiles. Listings include:
- High-quality photos of the rental property
- Detailed and honest descriptions
- Rental and tenant logistics (prices, pet-friendly, etc.)
Property managers may also advertise on a variety of rental sites to further the listing's reach, attracting a wider pool of potential candidates.
Thorough tenant screening is the next step. This task is arguably the most critical aspect of tenant placement services. Screening processes are vetting protocols that identify only the best candidates.
Ideally, you want tenants looking for long-term rentals. Long-term tenants keep tenant turnover rates low, which bodes well for rental property portfolios. Screening involves:
- Verifying income and employment
- Checking credit history
- Conducting criminal background checks
- Researching rental history and references
Property managers also conduct in-person (and virtual) tours of rental properties, highlighting your property's best features. It's also an important opportunity for questions and answers.
Once a suitable tenant is selected, your tenant placement service will generate legally binding lease agreements. These contracts are written with a legal team, ensuring all terms and conditions are clearly outlined.
Move-in and (move out) inspections may also be included in a tenant placement service package. A property manager will conduct an initial inspection to document your rental property's condition before tenants arrive. This step can prevent future disputes over damages.
Take this opportunity to consider the benefits of using tailored solutions that ensure all of your tenant services are covered. For example, a full-service solution also includes property maintenance, ensuring your properties are well-maintained and upgraded.
Who Uses Tenant Placement Services?
Are you a self-managing landlord or property owner? If you prefer the hands-on process of managing rentals but need help with time-consuming tenant placement tasks, a tenant placement service can mitigate the stress of finding a new tenant.
Do you own a few rental units? If you only have a single property and don't need ongoing support, you can always start with tenant placement services to ensure lower tenant turnover rates. As you build your portfolio, you'll find a greater need for a full-service property management solution.
Do you live outside of Surrey and can't make it to every property showing? A custom tenant placement service can handle this aspect for you.
Frequently Asked Questions
What is a "tenant placement only" service?
A "tenant placement only" service only includes those tasks related to tenant placement, such as leasing services and income verification. Lease signing and move-in mark the end of the tenant placement cycle, should you choose to invest in a tenant placement-only service.
Tenant placement only services don't include maintenance, tenant communication, and rent collection. However, a full-service property management company can provide these services and more as part of a complete package. Rent collection falls under a larger financial management umbrella that also includes financial reporting and late payment collection.
How are tenants chosen in Canada?
Every tenant selection process in Vancouver must adhere to Canada's strict federal and provincial laws to ensure fairness, preventing discrimination in tenant selection. Tenant placement services use a combination of criteria to evaluate applicants.
Property managers screen for income and financial stability to demonstrate stable income.
Applicants may have to prove they can pay three times the monthly rent. Pay stubs and employment letters are also evaluated. Credit reports may be reviewed to assess financial responsibility.
Property managers research rental histories by contacting previous landlords, gaining insight into applicants' behaviors, timely rent payments, property care, and adherence to lease terms.
Background checks are also performed to identify any criminal history or evictions.
What is the Residential Tenancy Act in Canada?
Landlords in British Columbia are subject to the Residential Tenancy Act.
The RTA law establishes specific rules for tenancies, including screening processes. While you have the right to select tenants, you must do so within the legal boundaries set by the RTA. This ensures a fair and non-discriminatory process.
The Canadian Human Rights Act (CHRA) also prohibits housing discrimination based on race, religion, gender, and national or ethnic origin. The CHRA prohibits you from refusing to rent or setting separate terms based on discrimination.
Discover the Benefits of Surrey Property Management
Tenant placement services are critical to the success of any investment property venture, whether you own a single property or are building a larger portfolio. Adding additional services like property maintenance and financial management will give you a significant advantage, leading to lower tenant turnover rates, better ratings, and higher property values.
Axford Property Management offers a full suite of services to maximize investment property profitability. We're a team of licensed and experienced professionals from the Lower Mainland and Fraser Valley area. Our full-service solutions also include REALTOR services that can help you buy properties with high profit potential.
Contact us today to discuss your goals for rental income!