A better experience for everyone
Owning a rental property has additional and different risks compared to simple homeownership. For example, landlords can be liable for on-site accidents if they were caused by negligence on the part of the owner. Failure to observe the Residential Tenancy Act can result in action from both the government and the tenant. These can result in a lawsuit for damages or even denial of liability insurance, depending on the seriousness of the cause.
Rental investing is a people-centric business with opportunities to generate a good income while providing people with a good place to live. Our services use the Residential Tenancy Act as a minimum standard with additional supports in place for landlords and tenants. For example, our emergency phone line is available 24/7 for a quick response to problems.
Risk management begins with an inspection of the property before it is rented. We look for non-compliant areas of the property such as code requirements for basement suites. Violations are not uncommon in resale homes where a suite has been constructed without permits or is being rented without a fire code inspection. We also look for on-site hazards in order to provide a safe home for the occupants.
Physical maintenance is critical because equipment always seems to break down at the least opportune time, such as a holiday or during a storm. We believe that preventative maintenance is the best way to maintain the value of your property. A well-maintained home will attract higher quality tenants who intend to live there for a long time.
Tenants have a right to be treated fairly and objectively. Full compliance with the Residential Tenancy Act must be observed if those rights are to be kept intact. Late rent procedures, evictions, safekeeping of deposits, and notifications of entry or repairs must be done in accordance with the Act.
Landlords have a right to make a profit from their investment. Sound management can increase ROI when finances receive a critical analysis. For example, re-leasing promptly at market rates (or higher after renovations) affects long-term income. Rent increases in accordance with provincial regulations ensures that there is sufficient capital for continuous improvements.
Much of the risk in rental ownership can be addressed with various insurance riders, depending on your specific needs. The other side of the equation is the professional capability of the property manager. At Royal LePage Rockies West, we believe that constant oversight and transparent management practices win the loyalty of our clients.
Invest in professional risk management for your assets