What is the process? Here’s what to expect when you come to us to arrange suite management.

When someone comes to us with a suite that they want us to manage, first we sit down with the owner and find out where the suite is, the size, the amenities and things of that nature.

We also then find out what the owner is expecting because if owners have unreal expectations they’re going to be frustrated.

So once we establish that they have a realistic sense of what’s going on in the market, then we make an appointment to go view the suite. Why see the suite? Because we can talk about prices all day long but we have to go into the suite and see the layout, the condition, what the suite looks upon, as well as the state of the hallways in the common areas. Until this viewing you can’t really put a price on the suite.

Then we negotiate a suite price with the owner. This has to include the current marketplace, because even fifty dollars over what the general market price is can make a suite sit empty for at least a month. And it takes over a year to make up that lost money, so you want to be right on the spot with the rents.

Also with the owners coming into the office we want to make sure that we have a rapport  – not only because we have to deal with them on a monthly basis, but from their point of view they’re handing over a substantial amount of their investment for us to manage. We want to make sure that they’re comfortable with us and we’re comfortable with them.

It’s a “getting to know” process plus it’s seeking out what expectations they have. And once that’s established then we sit down, we sign an agreement, and we put the suite on the market. Usually we’re successful within the second and third week in getting them a solid tenant.

Take mold seriously! This comprehensive article on mold is as valuable today as it was when we first posted it a few years ago. It includes a very useful CMHC homeowner’s guide.

We have experienced several tenant issues with mold, currently one of the most litigious situations that any landlord can face.  At Downtown Suites, we take mold very seriously and deal with it as promptly and efficiently as we can with recognized mold professionals.  Unfortunately, oftentimes the property has to be evacuated and this results in loss of rent and possible arbitration for health issues with the tenants.  Take it seriously!

Frequently check for evidence of mold and be cautious of any minor leaks in humid locations that can foster mold. Be careful to ensure that ventilation outlets are opened so the basement areas can “breathe”. One issue we had in a very expensive town home was caused partly by the vents being closed so there was no adequate venting.

We are including a link to the extensive CMHC information guide for you to review:

Fighting Mold: The Homeowners’ Guide

Understanding mold

• Mold can be harmful or helpful depending on where it grows.
• Mold needs moisture to grow.
• Mold does not grow on dry materials.
• Mold growing inside a home can affect the occupants.
• Occupants can learn to recognize mold.

Molds are microscopic fungi, a group of organisms which also includes mushrooms and yeasts. Fungi are highly adapted to grow and reproduce rapidly, producing spores and mycelia in the process.

You encounter mold every day. Foods spoil because of mold. Leaves decay and pieces of wood lying on the ground rot due to mold. That fuzzy black growth on wet window sills is mold. Paper or fabrics stored in a damp place get a musty smell that is due to the action of molds.

Molds can be useful to people. The drug penicillin is obtained from a specific type of mold. Some foods and beverages are made by the actions of molds. The good kinds of molds are selected and grown in a controlled fashion.

Molds are undesirable when they grow where we don’t want them, such as in homes. Over 270 species of mold have been identified as living in Canadian homes. Molds that grow inside may be different from the ones found outdoors.

What makes molds grow?

Molds will grow if we provide them with moisture and nutrients. If we keep things dry, molds do not grow.

High moisture levels can be the result of water coming in from the outside, through the floor, walls or roof; or from plumbing leaks; or moisture produced by the people living in the home, through daily activities like bathing, washing clothes or cooking. Water enters the building when there is a weakness or failure in the structure. Moisture accumulates within the home when there is not enough ventilation to expel that moisture.

Different kinds of molds grow on different materials. Certain kinds of molds like an extremely wet environment. Other kinds of molds may be growing even if no water can be seen. Dampness inside the material can be enough to allow them to grow.

Why are molds a concern?

Damage to materials is one concern. Materials get stained or discoloured, and over time they are ruined. Moldy paper and cardboard disintegrate over time. Fabrics are damaged. Continued mold growth can be indicative of moisture conditions favourable for growth of fungi that cause wood rot and structural damage.

When molds are growing inside the home, there may be health concerns. Molds release chemicals and spores.

Health experts indicate that, depending on the type of mold present in a home, the amount and degree of exposure, and the health condition of the occupant, the health effects of mold can range from being insignificant to causing allergic reactions and illness.

Pregnant women, infants, the elderly and those with health problems, such as respiratory disease or a weakened immune system, are more at risk when exposed to mold. Consult your family physician if you believe there is someone who may be at risk.

Is there a mold problem?

Molds are always found in the air outside and in all buildings. They come into the home in many ways: through open windows or doors, on clothing, pets, food or furniture. The problem starts when mold grows inside the home.

Some mold growing, for example on the window sill but not elsewhere, is not a cause of concern. You can clean the mold yourself. The presence of mold is a sign that there is too much moisture in your home, a situation which must be corrected.

Inspect the home to find the extent of the mold. (….read more  on mold here in this CMHC  pdf.)

The need for licensed property management and owner protection are the topics of this recent video talk from Nicholas Meyer of Downtown Suites in Vancouver.

Nic Meyer and Lisa Taylor recently presented to Ozzie Jurock’s Real Estate Action Group, for their September Meeting.

Talking about the pitfalls to avoid in renting suites and condos, Nic and Lisa went over all the reasons why hiring a professional property management company is the smartest way to go.

The talk is here in 4 parts, along with slides from the presentation.

Video Part 1, Introduction from Ozzie Jurock. Why hire a professional management company? What does a management company do for you as an owner/investor?

Video Part 2, Pitfalls and tenant issues and how to avoid them

Video Part 3, More on pitfalls and tenant issues and how to avoid them

Video Part 4, Tenants to look out for, the value of working with experienced professional management, advice for owners.

View the slides that accompanied the talk

Vancouver is given a big boost in today’s New York Times, in the Great Homes, Lifestyles and Destinations section, outlining many of the reasons why investors and second-home buyers worldwide choose to invest in Vancouver real estate.

The article:

Preening for the Olympics, Vancouver Is Building Up

By DAVE CALDWELL Published: December 4, 2008

EVEN when it rains hard in Vancouver, British Columbia, the host city for the next Olympic Games, big yellow backhoes at construction sites near Coal Harbour.…(view full article here)

Those involved in local real estate estimate that about 20 percent of those second-home buyers will be Americans. “We’re really livable, which is why America likes us,” said Bob Rennie, whose company, Rennie Marketing Systems, promotes several developments in Vancouver.

Click the link to view the stunning slide show “Building Vancouver’s Olympic Future” from today’s New York Times. It shows through spectacular photography the beauties of the city of Vancouver.

At Downtown Suites, we manage the properties of many non-resident investors who own in Vancouver.

I had been working with my clients for several days and viewing many different buildings in the downtown and Coal Harbour area until we finally found the perfect investment property for them. The best deal in Coal Harbour!

This studio suite in the Coal Harbour area  was clean and tidy, and perfect for their investment needs. It came complete with  a great tenant who has resided in the suite for the last five years and wished to stay. It was a win- win situation for all involved! The sellers were happy to have an offer on the table and I was able to negotiate a great price for my clients and the tenant was happy to stay in her home.

My clients were thrilled with their purchase, it was the perfect “turn key” investment property. Downtown Suites will now proceed to take over the professional management of the suite for our clients.

There are many great investment opportunities  a this time in the Downtown and Coal Harbour areas. If you are interested in purchasing an investment property or would like information in regards to our Real Estate and Property Management services. Please do not hesitate to contact us directly.

We really value our relationships with our clients, but it’s especially great when they tell us they appreciate our work for them too. Our investor clients follow our updates online, and we get good feedback on the info in our videos, so we will keep them coming.

Two recent comments worth sharing:

Jacob Ball said: “I’d like to thank you for your help over the years Tanja along with the entire staff at Downtown Suites for their excellent work and attention to every detail.  I am extremely pleased and look forward to working with you all again in the future.”

Bill Egan in Long Beach said: “…Also, I wanted to offer thanks for the excellent service I have received from yourself and your staff. We look forward to continuing our arrangement with “Downtown” into the future. “

Nicholas Meyer of Downtown Suites, Ltd. discusses the suite rental situation for October 2008.

The overseas investor finds Vancouver to be particularly attractive to purchase an investment property for many reasons. Vancouver is hosting the 2010 Winter Olympics which will bring many visitors to our lovely city as well  many foreigners think about the possibility of owning property here. No one has a crystal ball to predict property prices in Vancouver but we know that after Expo 86 we had a huge influx of overseas investors which drove up prices. We getting many inquires every week in regards to the 2010 Olympics from the overseas investors. Many investors are seriously thinking about owning property in Vancouver prior to 2010. This is an excellent idea, as it will enable you to own property in one of the most beautiful and desirable cities to live in the world.

At Downtown Suites we can manage your property for you prior while you reside overseas and if you  visit during the Olympics you can choose to take possession of your suite.  Many individuals are thinking about retirment in Vancouver within the next 10 years or so. It is an idea that many worldly individuals dream about and it is a great idea for many reasons. Our economy is very strong and the price points in Vancouver are still considered reasonable compared to other world-class cities.

For those who have never visited our city, Vancouver is located along the West Coast of British Columbia and many of our downtown neighbourhoods are surrounded by water located along the seawall. As well we have beautiful breathtaking mountain views from many of the downtown locations. We have so many attractive neighbourhoods which  are desirable including; Downtown, Westend, Yaletown, Kitsilano, and West Side.

At Downtown Suites we can assist you in all aspects of purchasing  the perfect investment property.  We will help you to narrow down your search parameters including price point, square footage, location, amenities, view and other factors that may be important to you. In fact we can assist you with the sales transaction remotely. If you are a qualified purchaser we assist with all of the documentation and paper work by email and fax.

Once we have found the perfect property for you we will make the purchase as simple as possible for you from beginning to end. We take a personal interest in our clients and will look out for your interests  from negotiating the right price point for you, presenting the offer, and ultimatley  closing the deal. We have a team of professionals with whom we work closely including Mortgage Specialists, Lawyers, Notaries, and Home Inspectors.

We are a fully licensed Property Management and Real Estate company that will professionally  manage your property for you in all aspects including: advertising and finding a qualified tenant, collecting rents, managing tenants, maintenance issues which may arise. Please refer to our website for additional information on our Property Management and Real Estate Services www. downtownsuites.com.

I am a  members of the Vancouver Real Estate Board of Greater Vancouver and Specialize in the Downtown Vancouver Real Estate Market. Specializing in working with overseas investors and tenant occupied properties. If you have any questions in regards to the acquisition or sale of an investment property in the Vancouver area or have any questions please do not hesistate to contact me directly.

Victoria Farrell

Sales Associate

Downtown Suites Ltd
www.downtownsuites.com
victoria@downtownsuties.com

Senior Property Manager, Tanja Milosevic, discusses the current 2 bedroom suite market with Nicholas Meyer at the Downtown Suites office.