Here is a story that was recently circulated by a colleague of ours. They were managing a suite and after hours on a weekend they received a call that there had been a leak (this in itself is a fairly common scenario) Normal procedure was followed, a restoration company was dispatched to clean up the mess and to take stock of the situation and determine if extra measures needed to be taken (i.e. removing carpets, furniture or having to remove some dry wall if it had become to wet). Once inside the technician discovered that the suite was being used as a meth lab!!
The police and the fire department’s HAZMAT team had to be dispatched to dismantle the lab. The City advised the unit could not be occupied until completely rebuilt. I am advised the strata owner will be afacing a cost extimate of over $100k on top of this will be fines from the Strata and other legal consequences.
Unfortunately, a thorough background check of the tenant had not been done, he had paid in cash for his monthly rent and damage deposit.
At Downtown Suites we full understand that the most important part of the rental process is doing a through background check of our applicants. All prospective tenants are interviewed and their references, employment information and past rental history are thoroughly examined. All applicants have to be finally approved by me after the office has done its due diligence.
We cannot be too careful, once the tenant moves in they have “rights” and cannot easily be moved out and if there is cause as in the above scenario there can be a huge amount of damages.
Also, we always inspect our suites on an annual basis and if there is any cause for concern very frequently.
Remember, the Supreme Court has ruled that the strata owner is responsible for the strata deductible (I have heard of situations now where the deductible is over $100k!) if it is deemed that the occupant was responsible for the incident.
At Downtown Suites, we are on call 24/7/365 and will take great care of your investment for you. Our fees are very reasonable, think of us as an extra insurance to give you peace of mind. And yes, our fees are tax deductible.
