MAXIMIZING YOUR PROPERTY'S POTENTIAL:
A COMPREHENSIVE GUIDE TO PROPERTY MANAGEMENT
ABOUTUS
PromptonRealEstateoffersawiderangeof propertymanagementservicesthatcanbe tailoredtotheneedsofeachowner. Typically,theseservicesincludeoverseeing theday-to-dayoperationsoftherental propertytoensureitsvalue,profitability, andtenantsatisfactionaremaximized.
Marketing Your Investment
MARKETINGSTRATEGY
3D VIRTUAL TOURS
We use Matterports to elevate the user experience and give the ability to feel like you are walking through your new home with just a few clicks. Immersive 3D models are the most effective tool to truly capture your space.
PHOTOS THAT POP
Our experienced Marketing team knows that visuals matter. We ensure your investment gets the professional-level quality photography and videography it deserves.
STRATEGIC PRICING
How do we guarantee low vacancy rates and optimal rental prices? From our Marketing Analytics team that specializes in knowing the market better than anyone else. We offer a full professional assessment of your property, with the data to back it up to ensure your units are competitive but achievable!
AD SYNDICATION
To ensure your units are marketed to as many interested tenants as possible, we advertise on all industry leading platforms - Craigslist, LivRent, PadMapper, Zumper, Rent Compass, Rent Canada, REW, and Trovit. Our cutting edge system ensures ads are consistent across all platforms and on brand at all times.
ACCESSTOOUR EXPERTMARKETING TEAM
Access to our expert Marketing team!
Properties are advertised at a high caliber to achieve optimal reach and low vacancy rates.
Using the latest cutting edge technology, your units will stand out on the market.
OURMARKETINGSTRATEGY
CUSTOM LANDING PAGES & TENANT APPLICATION
Our Project Marketing team will curate a landing page dedicated to your development. This would showcase individual suite information by floor plan, rental pricing, photos, matterports, map view, walk score & community surroundings. Project ad campaigns will lead to this landing page pre completion to start to build out a waitlist and track analytics on the rental demographic. We will outline clear instructions on the next steps in the application process and ensure regular updates are provided throughout the tenant screening process.
OURPROJECTTIMELINE
Phase 01
Pre-Completion Marketing, Project Awareness Campaigns, Pricing Strategy
Phase 02
Phase 03
Launch Landing Pages, V.I.P Waitlist Communications
Phase 05
Pre-completion suite access for Marketing assets; Matterports, Professional Videography & Photography, Rental ads go live
Phase 04 Completion; key handover, walkthrough inspections, open house showings, tenant move-in inspections Ongoing rental management, accounting and property maintenance
Rent Setting & Market Analysis
RENTAL PRICE GUIDE
We will conduct extensive market analysis and gather critical data to ensure the project is priced competitively while remaining financially viable. This includes:
Thorough Market Research: Examining local rental rates, vacancy levels, and competitor offerings to understand current trends.
Demographic Analysis: Identifying target audience preferences and income levels to align pricing with market demand.
Competitor Comparison: Evaluating similar properties' pricing, amenities, and features to position the project effectively.
Economic Trend Analysis: Considering factors like inflation, interest rates, and employment trends that could impact pricing decisions.
Feasibility Review: Ensuring the pricing structure supports project costs and meets expected return on investment goals.
Ongoing Adjustments: Using real-time data to refine pricing strategies during the pre-launch and leasing phases to stay competitive.
RENT SETTING & MARKET ANALYSIS
Many factors need to be taken into account as an owner when pricing your property, such as:
The location of your property significantly impacts its value and rental potential Properties in prime areas such as urban centers close to schools public transit, or entertainment hubs general y command higher rents.
Modern amenities can make a property more attractive and justify higher rental rates
Features such as in-unit laundry, updated app iances, fitness centers, poo s or high-speed internet access are key selling points for many tenants
Allowing pets can broaden your pool of potential tenants but may require ad ustments in pr cing to account for additional cleaning or maintenance
LOCATION AMENITIES PETS ALLOWED
Parking availability is a cr tical factor especially in urban or high-density areas. Whether the property offers dedicated parking spots, the convenience and security provided by parking options can significant y increase a property s appeal and renta value
PARKING
Recent renovations or upgrades can make your property stand out in a competitive market. Updates to kitchens bathrooms flooring or energy-efficient w ndows add va ue and may a low for higher rental rates
The size of the property including square footage and the number of bedrooms and bathrooms, directly affects pricing. Larger properties with functional layouts tend to attract higher rents
RENOVATIONS SIZE
RENT SETTING & MARKET ANALYSIS
As an owner, aiming for the highest rent isn't always ideal. Responsible, reliable tenants often research the market and compare options. If a nearby unit offers similar features for less, they’ll choose it. Pricing your unit competitively helps attract the best applicants. When multiple units are listed in the same building, owners compete for tenants, often leading to price reductions or extended vacancy periods.
Owners nearing property completion must consider the impact of supply and demand.
Supply & Demand Definition: The amount of a commodity, product, or service available and the desire of buyers for it, are considered factors regulating its price.
Tenant Screening & Retention Strategies
TENANT SCREENING & RETENTION STRATEGIES
Tenant selection can be challenging for owners. With many factors to consider, how do property managers choose the right tenant?
Keep the following in mind when selecting a tenant:
Selecting the right tenant is crucial for maintaining your investment property's long-term value and viability.
Ensure compliance with the Human Rights Code by avoiding discrimination based on race, color, national origin, religion, sex, familial status, or disability.
Obtain written consent before collecting sensitive information, such as conducting a credit check, as part of the application process.
TENANT SCREENING & RETENTION STRATEGIES
Financial Stability
Income Level: To ensure affordability, a tenant's income should be at least 2.5 – 3 times the monthly rent. As we all know, real estate prices and rental prices are higher in Vancouver and Toronto than anywhere else in Canada - Are their rental payments going to be paid on time and in full?
Credit History: A good credit score indicates financial responsibility and reduces the risk of missed payments. If the applicant shows that they are financially unstable, it could potentially show signs that they are unable to pay their rent on time or will face issues in the future.
Employment Verification: Confirm stable and consistent employment. An owner or property manager should always take into account that many renters move to Vancouver for new opportunities and their current career may have changed course. Verification of an applicant's employment can play a key role in the tenant selection process.
TENANT SCREENING & RETENTION STRATEGIES
Rental History
References from Previous Landlords: Contact previous landlords to confirm the tenant’s behavior, payment punctuality, and how well they maintained the property. Has this tenant been evicted recently? Do they have a history of late payments?
When confirming an applicant's past, Prompton ensures that we check the ownership of the applicant's previous property to ensure the owner matches the reference provided.
Length of Tenure: Ensure that tenants have a history of long-term stays, as it suggests reliability and stability. Does this tenant move frequently? If they do, what is their reasoning?
TENANT SCREENING & RETENTION STRATEGIES
Communication and Demeanor
Respectful Communication: Always attempt to choose a tenant who is professional and respectful during the application process. Are they patient and open to communication? Are they punctual and respectful of everyone's time? An applicant's initial communication and attitude can show a lot about their long-term suitability.
Initial Thoughts: We train our property managers to trust their “gut” feeling when it comes to tenant selection. All too often, we find that applicants who give off internal red flag warnings tend to end up being problematic. If for any reason the applicant gives you an uneasy feeling, move on to the next applicant.
Court Services Online: We run the names of the applicants on CSO, which helps us identify if they have had any court appearances that are serious in nature. We are not able to run criminal background checks but the CSO search is publicly accessible and free to use.
TENANT SCREENING & RETENTION STRATEGIES
Challenges of Frequent Tenant Turnover
Repairs and Cleaning: Turnovers often require repainting, deep cleaning, and repairs. Conducting a thorough move-in inspection helps ensure accountability for damages and minimizes costs at move-out.
Wear and Tear: Frequent moves increase strain on carpets, walls, and appliances, even with careful tenants.
Uncertainty: New tenants bring risks like late payments or property damage, adding unpredictability.
Screening Challenges: Even with screening, new tenants may not match the reliability of long-term occupants, potentially leading to stress or eviction costs.
TENANT SCREENING & RETENTION STRATEGIES
Prompton Real Estate Services assists owners in tenant screening and retention by offering the following services.
Tenant Screening
Credit check to ensure financial suitability
Landlord reference check to ensure trust-worthiness
Employment verification to ensure long-term viability
Bank statements including personal savings to ensure financial stability
Government-issued photo IDs to protect against fraud or impersonation
If and when a tenant provides notice to our property managers, we assist a homeowner in minimizing any financial costs and downtime by:
Advertising vacant units as soon as we get approval from the owner
Available units will be advertised on reliable rental platforms and ads will be refreshed periodically to maintain exposure in the rental market
We have experienced in-house trades that can perform turnover maintenance quickly, so the unit is ready for new occupancy at a lower cost to owners.
Maintenance & Cost Control
MAINTENANCE & COST CONTROL
The Importance of Property Maintenance
Preserves Property Value: Regular maintenance prevents deterioration, protecting the property’s long-term value.
Attracts and Retains Tenants: Well-maintained properties are more appealing, reducing vacancy rates and turnover.
Minimizes Expensive Repairs: Proactive maintenance addresses issues early, avoiding costly emergencies.
Ensures Tenant Satisfaction: Prompt attention to maintenance needs fosters goodwill and improves tenant relationships.
Compliance with Regulations: Regular upkeep ensures the property meets safety and legal standards.
Controls Operating Costs: Efficient management reduces unnecessary expenses and improves profitability.
Protects Investment: Proper cost control and upkeep ensure the asset continues to generate income over time.
Enhances Energy Efficiency: Maintenance like sealing leaks or upgrading systems can lower utility costs for both landlord and tenants.
MAINTENANCE & COST CONTROL
What can you do to ensure that your property is well-maintained?
Communicate with your tenant, and ensure they have a clear line of communication with you to ensure that any issue that does occur, is reported promptly.
Ensure you inspect the property yearly. This will allow you to inspect seals and water areas to ensure there are no slow leaks or other proactive repairs
The lower price is not always the best. If a major appliance breaks down and is not repairable, a cheaper appliance that will take far too long to arrive can cost an owner additional fees and penalties should a tenant need to apply for arbitration with the Residential Tenancy Branch.
Ensure the tenants have a clear understanding of what to do in an emergency. This includes where the water shut off is for the unit, toilet, and sinks. Also, ensure the tenant has the number of the building manager or concierge should there be an emergency beyond an owner's control.
Owners need to ensure that they have adequate insurance for their specific buildings. They also need to ensure that a tenant is covered by renters insurance.
MAINTENANCE & COST CONTROL
Prompton prides itself on having our properties turn-key ready. For owners, this means your property will always be ready to rent or sell when you decide to capitalize on your investment. Our proactive approach to maintenance ensures properties stay in excellent condition, addressing repairs promptly. Our property managers work diligently to secure quality repairs at the best prices through trusted vendors.
As per the terms of the Property Management Agreement, Prompton will conduct one yearly inspection. An owner may request to have our team of property managers complete additional inspections for a nominal fee. Our property managers are trained to not only look for obvious repairs and maintenance but to also ensure that they investigate for preventative maintenance which includes dryer duct cleaning, signs of watermarking under sinks and behind dishwashers along with many other preventative points of interest.
MAINTENANCE & COST CONTROL
Prompton's vendor relationships are a cornerstone of our exceptional service. With decades of experience, we have cultivated long-standing partnerships with trusted providers, ensuring unparalleled reliability and consistency. These relationships enable us to secure preferred pricing for our clients, delivering cost savings without compromising quality. Whether it’s routine maintenance or specialized property needs, our network is designed to enhance efficiency and value.
Our vendors are carefully vetted, aligning with Prompton's high standards of professionalism and expertise. This ensures that every task is handled by qualified individuals committed to excellence. Coupled with our reputation for swift response times and proactive solutions, our vendor partnerships allow us to seamlessly address challenges and uphold the highest standards in property management. Owners should remember that all items in a rental unit will need repair or replacement at one point, this is inevitable. Cost control for an owner without access to Prompton’s list of trades should focus on preventative maintenance above all to provide cost control for their unit.
MAINTENANCE & COST CONTROL
WARRANTY & DEFICIENCIES
Seasoned investors will be aware that when a property completes, this means, the new owner pays for the unit in full and receives the keys to the property. The unit may or may not have deficiencies. This can range from minor blemishes or repairs to major issues that may require warranty work or additional coverage by the developer.
When renting the unit as a landlord, it is important to ensure that any deficiencies are noted and kept separate from the condition inspection report that is completed when a tenant moves into the property. This will ensure that there are no disagreements at the end of the tenancy and that all tenant-related wear and tear is accounted for.
When our team at Prompton assists an owner with a new development at the initial launch, we can coordinate with Concord Customer Care and complete any deficiencies that may require attention from the owner, while ensuring the property continues to be tenanted, maximizing owner income.
Legal Compliance & Risk Management
LEGAL COMPLIANCE & RISK MANAGEMENT
Staying updated with the Residential Tenancy Act is essential for property managers to operate legally and protect the interests of property owners and tenants. Prompton holds monthly management meetings to ensure we are addressing any changes to the Residential Tenancy Act, in addition to discussing any issues that may be of high importance or ways to improve our services to both owners and tenants alike.
Prompton Real Estate Services is licensed with the British Columbia Financial Services Authority and complies with all rules and regulations implied by our governing body. This ensures our compliance with disclosures in representation, privacy, remuneration, and all contractual manners. Our management team is consistently updating our residential tenancy agreements and procedures to ensure we are always compliant and protecting both the owner's and tenants' best interests. For issues beyond our scope of knowledge or when legal advice is required. Prompton turns to Logica Law for their legal counsel.
LEGAL COMPLIANCE & RISK MANAGEMENT
Owners and property managers need to ensure they are well-educated with the Residential Tenancy Act, Strata Property Act, and their Strata by-laws. This can prove to be a challenge in the ever-changing political and economic landscape as the provincial and local government priorities ever evolve.
Owners and property managers need to be aware of the timeline that has been created by the Residential Tenancy Act for serving documents.
In Person: Deliver the document to the landlord or an adult who appears to live with the landlord. (Same day as delivery)
Email: Send the document to an email address that has been provided as an address for service. (3rd day after it is emailed)
Post It: Attach the document to the door or another noticeable spot at the landlord's home or place where they carry out business as a landlord. (3rd day after it is posted)
Mailbox: Leave the document in the mailbox of the mail slot at the landlord's home or place where they carry out business as a landlord. (3rd day after it is posted)
Regular or Registered Mail: Send the document through regular or registered mail. (5th day after it is mailed.)
LEGAL COMPLIANCE & RISK MANAGEMENT
Risk management in property ownership is about identifying, mitigating, and preparing for potential challenges that could impact the property's value, profitability, or legal standing. This can include:
Loss of rental income due to unpaid rent
Insurance claims through water or fire damage
Provincial changes to the Residential Tenancy Act
Effective risk management starts with thorough tenant screening to ensure reliable occupants and clear enforceable lease agreements to prevent disputes. Regular property inspections and proactive maintenance help avoid costly repairs and ensure the property remains in good condition. Adequate insurance, including property and liability coverage, protects against unforeseen damages or accidents. Staying compliant with local laws, such as fair housing and safety regulations, reduces the risk of legal issues. Additionally, maintaining an emergency fund and leveraging professional property management such as Prompton Real Estate Services can further minimize financial and operational risks.
LEGAL COMPLIANCE & RISK MANAGEMENT
Prompton Real Estate offers a “Rental Pool Program” to alleviate costs to the owner. This program offers excellent and comprehensive insurance coverage that includes:
Owner Contents and Unit Improvement
Contingent Unit Coverage
Rental Or Rental Value
Loss Assessment Coverage
Comprehensive Personal Liability
Should you want to discuss insurance further, please contact Prompton and we would be happy to introduce you to our insurance professional at HUB.
STRATA INSURANCE
OWNER’S INSURANCE
LEVELS OF INSURANCE
TENANT’S INSURANCE
LEGAL COMPLIANCE & RISK MANAGEMENT
QUESTIONS TO ASK YOUR INSURANCE PROVIDER:
Does my policy cover the strata’s water and sewer backup deductible?
Does my policy cover rental loss?
Is there a waiting period for a rental loss claim?
What is my deductible?
What is not covered by my policy?
LEGAL COMPLIANCE & RISK MANAGEMENT
THINGS TO LOOK FOR IN YOUR TENANT’S INSURANCE POLICY:
Is their deductible reasonable for them to make a claim should they need to?
Do they have at least a $1,000,000 liability coverage?
Does their policy take effect from the start of the tenancy or the day they get keys, whichever is earlier?
Financial Reporting & Performance Tracking
FINANCIAL REPORTING & PERFORMANCE TRACKING
Owners need to ensure they have a system in place for real-time income collected, and expenses.
The most frequent calls for help from owners looking for assistance is when one of the following situations happens:
The rent has not been paid by the tenants
The property is unkempt, and the strata has issued bylaw infractions for destruction or disturbance or the occupants have not adhered to the strata bylaws or rules
Allowing unauthorized people or pets to move in
The tenants are paying well below market rent and owners would like to know how they can increase rent or remove the tenants
FINANCIAL REPORTING & PERFORMANCE TRACKING
An effective property management system should offer the following:
A portal for owners and tenants
Electronic document storage
Accounting functions should at minimum provide clear income and expense reports.
Ability to track work orders and maintain a detailed history of repairs and maintenance for your property.
Collect and track rental payments, effective means of ensuring rent increases are issued on time
A digital signature function for signing critical documents
FINANCIAL REPORTING & PERFORMANCE TRACKING
Prompton uses Buildium, an industry-leading management system that offers extensive features for accountants, owners, and property managers.
With modern systems, owners can track financial transactions in real-time, viewing detailed information on charges, such as plumbing costs, including labor and materials, and confirming tenant rent payments or scheduled increases.
Both owners and tenants have access to online portals: owners can view financial data, while tenants can pay rent, manage bills, and submit maintenance requests. This system gives property owners full control over their expenses and operations.
FINANCIAL REPORTING & PERFORMANCE TRACKING
Taxes
Owners who have a clear balance sheet and can track their properties' performance will be able to ensure that their property is maintained and their income is maximized.
As an owner, are you prepared for capital gains tax?
Capital gain is the increase in value of any asset or security since the time it was purchased, and it is ‘realized’ when the asset or security is sold.
Capital gain = purchase price – selling price
Although not directly related to property management and tenancy, this is still a very important factor that needs to be taken into account when completing your financial reporting.
FINANCIAL REPORTING & PERFORMANCE TRACKING
Taxes
As a property owner in British Columbia, what taxes should you be prepared for in your financial reporting?
Speculation & Vacancy Tax
Underused Housing Tax
Flipping Tax
Non-Canadian Act
Empty Homes Tax
Non-resident owners must be aware of the 25% withholding tax on Canadian-source income, including rental income from investment properties. Canadian financial institutions and other payers are required to deduct this tax before crediting or paying the income to non-residents.
As an owner, you should ensure you are working with an accountant or are very familiar with the multitude of different taxes or acts that affect your profitability and ability to own rental property.
Prompton offers a full suite of accounting options for owners to ensure that you as the property owner are able to plan and prepare your investment goals.
THANK YOU!