Widsten Property Management has provided Nanaimo property owners with rental property management since 1992. We are a team of professional property managers in Nanaimo and treat your property as if it was our own. If you would like to find out how we can start managing your property in the mid Island please contact us today.
The most common question asked by potential clients over our twenty years in real estate has been “What does a Property Manager do?” The following overview aims to answer this query:
Finding a suitable tenant for your property is the first step to achieving an income producing investment. As we do not collect management fees on vacant units, it benefits both parties to keep all units fully occupied in a timely manner, making sure not to compromise tenant quality. We employ the following steps in choosing a tenant.
• RENTAL APPLICATIONS FIRST. Knowing who we are dealing with is half the battle in choosing qualified tenants. By prescreening applicants to ensure that they qualify on the basic levels, we avoid wasting time and resources that could be better spent serving our clients.
• RENTAL HISTORY. Discovering an applicant’s past living habits offers insight into their stability. A person changing addresses every three months does not bode well for a continuing tenancy at our properties.
• REFERENCE CHECKS. Personally calling provided references offers great insight into an applicant’s suitability for our properties. Each Property Manager has taken training courses through ROMS BC on how to spot false references.
• CREDIT REPORTS. After passing the reference checks, the final stage before accepting a new tenant is a full credit check through Equifax (The same service used by most lending institutions in Canada). Past debts or current collections are displayed in this report and it is one of the most useful tools in determining whether or not a person is a solid credit risk.
• CO-SIGNERS. First time renters make up a large portion of tenants in BC. Many landlords choose to avoid this type of tenant altogether due to questions about ability to pay and potential damages. We choose to work with this market segment by enlisting a co-signer, typically a qualified parent, on the client’s behalf. The co-signer will bear financial responsibility for the tenancy, while allowing the first time renter to build a rental history.
As the largest Property Management Company in central Vancouver Island, we are typically a starting point for many people’s housing search. We utilize many different advertising mediums to promote our available products and services.
• NANAIMO DAILY NEWS
• NANAIMO BULLETIN
• HARBOUR CITY STAR
• LADYSMITH CHRONICLE
• RENTAL SIGNS (AT OWNER’S DISCRETION)
• REALTOR & CLIENT REFERRALS
All tenancies require rental payment to be made on or before the first day of each month. We offer tenants a wide variety of payment methods, including:
• MONEY ORDER
• PRE AUTHORIZED PAYMENTS
We are fully equipped to deal with non payment issues arising with each property. Procedures outlined in the Residential Tenancy Act of BC are followed by our company. Flexibility of managers and owners is essential in keeping a tenancy intact. We work closely with owners and tenants in non payment situations to come to an agreeable solution for all parties. In the rare event that a mutual agreement cannot be made, we will proceed with an arbitration procedure through the Residential Tenancy Office.
PROPERTY INSPECTIONS – MOVE IN & MOVE OUT
A new tenant will be moved into a unit with a written inspection report. Landlord and tenant will agree in writing that the move in inspection fairly represents the condition of the property. Upon the tenant vacating the rental property, a move out inspection report will be completed between both parties, using the original documentation from move in. This move out inspection will determine the amount of security deposit to be refunded, or the amount owing to the Landlord. In a case of disagreement between both parties, an arbitration hearing will be arranged through the Residential Tenancy Office to settle the dispute.
PROPERTY INSPECTIONS – INTERIM
Routine inspections of our properties are a high priority. Only by entering the rental properties can we have an accurate idea of what is going on inside the home and spot potential maintenance concerns. These inspections are aimed to be as non invasive to tenants as possible. We stress to all potential tenants that the rentals will be inspected at random intervals. An interim inspection will be completed on all properties:
• AFTER THE FIRST THREE MONTHS OF A NEW TENANCY.
• EVERY SIX MONTHS THEREAFTER.
• BY MAINTENANCE STAFF AS ISSUES ARISE
We have a complete list of trades we deal with on a daily basis. Through these working relationships we are assured prompt service and preferred pricing. As with our own properties, we are aware of the need to complete tasks at the lowest possible price. We always use discretion when spending your money. As an example, we will use handymen to repair a leaking tap instead of a licensed plumber. Larger jobs or optional repairs will be discussed in detail with a property owner before proceeding. As some repairs require immediate attention, we are available on a 24 hour emergency basis.
All rental funds collected are stored in a pooled trust account which is audited by the Real Estate Council of BC. On the fifteenth day of each month we pay out owners, tradesmen, and employees. Owners may sign up for automatic deposit into a bank account of their choosing. A monthly electronic statement will follow shortly after which outlines any expenses incurred on your account. Copies of invoices will always be included with your monthly statements. Year end summaries are also included for assistance in filing your income tax return.
The full service Widsten Property Management staff consists of:
• FIVE LICENSED PROPERTY MANAGERS
• FOUR ADMINISTRATIVE/ACCOUNTING PERSONNEL
• ONE ADMINSTRATIVE ASSISTANT
We are proud members of the Rental Owners and Managers Society of British Columbia (ROMS BC) where our President, Lindsay Widsten, serves as a director. Working with this organization gives us unlimited access to knowledge and advice on changing industry standards. The latest trends in Property Management are typically run as pilot projects through ROMS BC before being implemented in the Residential Tenancy Act. We are always learning and changing with the times to ensure the most efficient management of your rental property.
• MANAGEMENT FEES – 10% OF MONTHLY RENT (MINIMUM $75.00)
• PLACEMENT FEE – HALF OF ONE MONTH’S RENT
Property Management is our full time job. Our objective is to treat each person’s property as we would treat our own. By working closely with owners and learning their individual preferences, we can provide the closest thing possible to a worry free investment. Our clients can rest easy knowing that their property is in good hands.
Please feel free to contact one of our Property Managers direct through our office at 250-753-8200 or by emailing: firstname.lastname@example.org
New clients always welcome!