Our available services include but are not limited to:
How do we find the tenants?
Sutton Hymark Realty secures tenants with credit reports, reference checks, background checks, employment verification and are knowledge and understanding in what to look for in a tenant.
How much does it cost?
We will customize are services for your needs but most management will cost 10%.
How do we qualify tenants?
PM secures tenants with credit reports, reference checks, background checks, employment verification and are knowledge and understanding in what to look for in a tenant.
What is my property worth?
Sutton Hymark Realty will access your property’s value with our knowledge of the current rental market and do this at no cost.
What is expected from me?
It is the landlord’s responsibility to ensure that the premises and the land meet health, safety and other standards established by local, provincial, and federal law. The property must be reasonably suitable for occupation subject nature and location. Inclusions in the tenancy, such as appliances, should be kept in working order and properly insulated. Rental rates should also be kept in line with the local market.
What can I expect from my Property Manager? (What am I getting for my money?)
You will need to read and understand your contract because this is the description of the services to which you are entitled and details your rates. You may require as little as a tenant placement contract or a tenant eviction, but you may also have a full-service management agreement. In a full-service package, your Property Manager is on call for emergencies 24-hours. Our office is open to the public from 9:00AM through 5:00PM weekdays during which time we perform a wide range of duties for our clients and tenants. In an average day we collect rent, maintain accounting records, make bank deposits, respond to maintenance requests, organize tradespeople, pay invoices, resolve disputes, inspect properties, attend arbitrations, tender projects, take phone calls, prepare reports, show properties, and accept drop-in appointments, to name a few. As a property owner you will also receive a personal itemized monthly statement of account, copies of invoices, professional advice, and tenant screening.
Keep in mind that your property manager can provide virtually any aspect of service within the realm of Property Management, but it is your duty to negotiate a contract that meets your own specific needs. If you find that your needs have changed over time, advise your management professional who can likely revise your contract and rates to meet any new requirements.
What should I not expect from my Property Manager?
Although your Property Manager works for YOU, he or she will not engage in any unethical activities or break the law. Navigating tenancy law can be frustrating at times and the residential tenancy board is not always forthcoming with information, however we are trained to navigate this and can usually find a way to obtain the results you are looking for the right way. Listen to what your Property Manager has to say.
Your Property Manager, while a wealth of knowledge and resources, is not the be-all-end-all. Repairs, account collection, legal representation, private investigation, and real estate sales are items that typically require the attention of another party who specializes in the respective field of work.
Your Property Manager is on the job 24 hour per day, 7 days a week, but, outside of office hours, it is appreciated when non-emergencies are deferred until the next business day.
A Property Manager cannot guarantee to rent your property by a specific date or at a specific rental rate. The market is controlled by external forces which we have no control over. We will provide our pledge to ensure that your property receives appropriate exposure and that we work the market in your favour. We profit when you do and the incentive to prosper along with our clients is built in.
What costs should I be prepared for?
The rental business does not come without certain costs. First and foremost, a property needs to be maintained. This can include but are certainly not limited to repainting, replacing appliances, pruning trees, spraying for pests, repairing a wide variety of components, re-keying locks, replacing smoke alarms, cleaning ducts, servicing furnaces to name just a few. There are tenant placement fees and arbitration costs from time to time as well.
Why does it seem to cost so much for a tenant placement fee?
When a property becomes vacant, your Property Manager undertakes the replacement of the tenant(s) with another of equal or better quality. Many hours of time and significant expense are incurred. Advertising, long-distance, travel, credit checks, photocopies, and optional signage are common hard costs that can exceed $200 per month. Time committed spans phone calls, showings, screening, and administrative considerations. A typical vacancy involves more than one person and often more than 10 hours. A plumber’s bill for a typical commitment of time and hard costs would be close to $1000.
Should I consider vacation rentals in the peak season?
Do your homework first! Costs are considerably higher in maintaining a seasonal rental. There may be more repairs and maintenance due to heavier use. Management from a third-party company will be required and a business license will also be required. There are many more moving parts to a vacation rental than most anticipate. Sutton Hymark Realty does not offer management of Short Term Rentals.
Your company placed such great tenants in the past. Can you do it again?
We will use our best efforts! We pride ourselves on going above and beyond for our Owners. Most owners also choose to be involved in the choice of tenant so that you are aware of the lengths we go to, to prepare for a quality experience.
The tenant used to be so good but that has now changed to bad!
No matter how much care and attention we provide, it is impossible to guarantee the actions of a tenant. Tenants are interviewed, references are checked, and credit reports are obtained. While most tenants come and go without incident, a tenant may try to sneak in a pet, smoke indoors, pay rent late, cause damage, or abandon the tenancy. We drive by properties in our day-to-day travels and offer property inspections in performance of our due diligence. Certain properties and certain neighbourhoods may be prone to more problems than others but the potential of the occasional problem of varying magnitude is a risk that comes with the territory.
How do we prevent a grow-op or other illegal undertaking?
Regular inspections of the premises are the single-most effective way to prevent illegal activity. The most widely known (and feared) activity is a marijuana grow-op. Grow-ops may occur in as many as 1 in 10 houses. A crop of marijuana can be produced and harvested in less than two months. If someone is expecting a regular inspection, they are much less likely to undertake a grow-op or other illegal activity and may likely opt not to rent in the first place.
Your insurance company probably has a clause requiring you to have the premises inspected on a specific interval to keep your coverage valid. Some local governments are passing bylaws which penalize a landlord for not ensuring regular interaction with the property if a grow-op is discovered.
In addition to drive-bys, your Property Manager inspects the property at least once per year but can provide optional inspections on whatever frequency you require subject to tenancy laws. We recommend frequent inspections.
Can I include split utilities in the tenancy agreement?
Yes, in most cases you can. The split is typically anywhere from 50:50 to 30:70 and should be negotiated during the creation of the tenancy agreement. It can be extremely difficult to renegotiate utility splits when one or more tenants are not agreeable.
How much rent can I get?
The market determines the rental rates obtainable. The condition of your property also affects the obtainable rent. In most scenarios, the Property Manager collects a percentage of the rent so we would like to maximize the price as much as our clients do. The market is also affected from time to time by waning demand, over-supply, seasonal fluctuations, and timing.
Can I raise the rent?
Yes, you can raise the rent subject to the law which requires three months notice which must be properly served before the end of the month preceding the month in which notice begins. For example, if you wish to raise the rent for May 1, you will have to serve notice before the end of January. Rent can typically only be raised once per year subject to the maximum prescribed rate established by the Residential Tenancy Office. Covid19 has placed freezes on rental increases in the past and may continue to do so into the future which is out of our control.
Can I inspect my property?
Absolutely, however our Property Manager must give a minimum of 24 hours notice to the tenant unless a recognized emergency is at hand.
Why do we have to wait for notice to be received?
Providing notice if verbal or by hand-delivery is deemed received immediately. If notice is posted at the property or mailed by regular mail, notices are deemed to be received after 3 days. If mailed by registered mail, notice is deemed to be received after 5 days.
Do I have to return a security deposit?
Yes, unless there are valid deductions. Keep in mind that a landlord may not withhold a deposit for reasonable wear and tear. A landlord may also not withhold a pet deposit for anything other than damages related to pets. But if a tenant does not provide a forwarding address, the deposit may be held until such time as one is provided. Interest is paid on all returned damage deposits subject to the rate prescribed by the Residential Tenancy Office. It may be necessary to file for arbitration to obtain a holdback on deposit funds.
Can I remove a service or facility?
On occasion it may be necessary to remove a service such as laundry or parking. Be prepared to compensate the tenant fairly in lieu of the exclusion if they were provided in the original tenancy contract.
BC Real Estate Association
PAMA – Professional Association of Managing Agents
Vancouver Island Strata Owners Association
Real Estate Institute of Canada (REIC)
Condominium Home Owner’s Association (CHOA)
Manufactured Home Park Owners Alliance of British Columbia – MHPOABC
Building Owners & Managers Association of BC
Okanagan Landlord Society
BC Financial Services Authority (BCFSA)
The Institute of Real Estate Management (IREM)
Canadian Pest Management Association (CPMA – ACGP)