Let’s briefly discuss our fee structure

We charge 8 percent across-the-board with no upcharging on any extra service that we do. Everything is included in that, with the one exception of some non-resident filing which takes a lot of extra time and energy for us, with Revenue Canada, accounting and so forth.

The minimum fee is $100 per month, to a maximum of $250. So, if you have a very luxurious expensive suite, this is very much to your advantage, because the ceiling is $250.

Once again, our rate is eight-percent across-the-board. This is subject to federal tax (that’s the law in Canada, it’s called Goods and Services Tax) and currently that is at 5%. So that’s basically all that you would have to have when you do business with Downtown Suites.

The services that we provide

We’re very affordable and we provide a very quality service.

Our service is a complete hands-on management of your suite, you have nothing to worry about. We are totally looking after everything for you. We provide peace of mind, in actual fact.

You are free to go traveling, knowing that we look after the suite as if it were our own. We’re on call 24 hours a day, 7 days a week, 365 days of the year.

We have five licensed property managers here in the office and one of them is on call every day of the year. They work on a rotation basis.So even it there is a burst pipe or something at 3 o’clock in the morning, somebody will be there to deal with it and to speak to the appropriate tradespeople.

We have a qualified accounting team, and very very good administrative staff.

So once again, our fees are 8%, with a minimum of $100 to a maximum of $250, with great advantage for the luxury suite owner. Quality Service at Affordable rates. I think you’ll really enjoy working with us.

Every week clients ask me whether they should rent their suite furnished or unfurnished. Our answer, based on our experience of renting suites and condos for clients both furnished and unfurnished, is still the same.

Just do the math and you will see that it is much less trouble and less worry to rent unfurnished and the bottom line will probably be better too!

At Downtown Suites, we have recommended to our clients that they only rent on an unfurnished basis.Downtown Suites Ltd is not adding any more furnished suites to its portfolio.The factors that have led to this decision described in this video and listed below.

Furnished:

• Require a capital investment of approximately $15k on average to outfit a suite. No, your old basement furniture will not do!
• Annual replacement of linens, regular carpet cleaning costs and painting touch up of the suite
• There is a lot of competition!
• Expect at least 30-40% vacancy.
• Other owners do not like their residence building being a hotel.
• Many buildings now require a move-in fee even if it is only a suitcase being moved!
• Many buildings have a minimum tenancy period, i.e. 3-6 months
• Full utility package including telephone, cable, internet, heat and light must be paid by owner whether tenant occupied or not.
• Extra cleaning costs. The suite has to be cleaned after every move out this is the owners responsibility (have you ever been to a hotel and asked to clean up after yourself?!) Cleaners are expensive minimum $40 per hour now for a team of two.
• Many guests will require weekly cleans at owners cost
• Almost no screening, basically all that is required is a valid credit card for a $500 hold to be put on it. Of course with credit card fraud being so abundant who knows if it really is their card!
• Further to the above, almost all of our problem tenants have been in furnished situations.
• Charge back of credit card discount fee of 3% per transaction.
• Commission charged by Downtown Suites Ltd is 20% of gross rent (Remember there is much more turn over, reservation inquiries, move in procedures and customer service than with a conventional rental).

Unfurnished:

• One year lease, 100% occupancy
• Full credit, employment and reference check
• Commission is 8% of gross rent (minimum of $100 to a maximum of $250 per month)
• Half a months rent charged for placing tenants
• Less wear and tear

The info in this video explains more:

We regularly take the pulse of the rental situation in Vancouver as a service to our owners. Following is our report for this month.

OVERVIEW of CURRENT RENTAL IN VANCOUVER
Downtown and close surrounding areas: large inventory of strata suites for rent continue – higher inventory than last month once again (see below)
Rental rates are competitive and we are seeing slight lowering of rents to spur activity.
Suites are being absorbed, taking 1 month or longer for most to rent
A one bedroom suite approx… 585 sq.ft with parking in downtown high-rise still averaging approx. $2.40 – $2.50 per sq.ft
A two bedroom two bath suite still averaging $2.20 to $2.45 per sq.ft

CURRENT UNIT AVAILABILITY:
2,500 properties listed on Craig’s List

SUITES AVAILABLE
Coal Harbour – Over $2500 per mo: 223
Downtown – ONE Bdrm: 1005 TWO Bdrm: 627
Westside – ONE Bdrm: 81 TWO Bdrm: 86
Eastside — ONE Bdrm: 09 TWO Bdrm: 03

HOUSES Available for rental
Westside: 364
Eastside 132

See our video with Nicholas Meyer discussing these stats. VIEW HERE

DOWNTOWN SUITES LTD
QUALITY RENTAL MANAGEMENT SINCE 1994

We are fully licensed with 7 licensed rental managers on staff. We have an A+ rating with the Better Business Bureau.
Please review our website: https://www.downtownsuites.ca/vancouver-rental-property-management-2/satisfied-clients/ to review the glowing testimonials we have received from both our clients and tenants.
We specialize in condominiums, houses and small apartment buildings to 20 units in Vancouver.
Our service is unparalleled (all funds are held in audited trust accounts per Council rules, a licensed manager is on call 24/7/365 for emergencies) and your agents can be assured that their clients will receive the highest caliber of service and of course they are client protected.
We will always honor the client / realtor relationship that they have.
We are just a phone call away to give accurate current market RENTAL evaluations for your realtors and investors prior to purchasing to assist them to close the sale at no extra charge.
We will provide a fine dining gift certificate to the referring Realtor for $200.00 once we have rented the property.

Up to the minute condo rental market overview from Nicholas Meyer of Downtown Suites.

For more information, please contact Nicholas directly.

As a service to our clients, we’ve been adding a terrific tool called Walkscore to all our rental listings, for both the unfurnished suites at Downtown Suites, and also the furnished suites at Downtown Accommodations. When you check any of our listings, you’ll not only find a google map of the area, there is also a separate Walkscore map, rating the walkability at the location.

Because of our central downtown locations, our suites mostly rank in the  90–100 range, called  Walkers’ Paradise: Most errands can be accomplished on foot and many people get by without owning a car. A few are in the  70–89 range, or  Very Walkable: It’s possible to get by without owning a car.

And why does walking matter? the folks at Walkscore put it this way:

Why Walking Matters

Walkable neighborhoods offer surprising benefits to our health, the environment, and our communities.

Better health: A study in Washington State found that the average resident of a pedestrian-friendly neighborhood weighs 7 pounds less than someone who lives in a sprawling neighborhood.1 Residents of walkable neighborhoods drive less and suffer fewer car accidents, a leading cause of death between the ages of 15–45.

Reduction in greenhouse gas: Cars are a leading cause of global warming. Your feet are zero-pollution transportation machines.

More transportation options: Compact neighborhoods tend to have higher population density, which leads to more public transportation options and bicycle infrastructure. Not only is taking the bus cheaper than driving, but riding a bus is ten times safer than driving a car!

Increased social capital: Walking increases social capital by promoting face-to-face interaction with your neighbors. Studies have shown that for every 10 minutes a person spends in a daily car commute, time spent in community activities falls by 10%.3

Stronger local businesses: Dense, walkable neighborhoods provide local businesses with the foot traffic they need to thrive. It’s easier for pedestrians to shop at many stores on one trip, since they don’t need to drive between destinations.

Vancouver is a beautiful, very walkable city. But the Walkscore isn’t about the seawall, beaches, mountain views, architecture or parks – the places to go and the things to see. It’s about getting around in daily life – going to work, buying groceries, finding a hardware store.

We always support green initiatives, and walking is definitely the simplest and most direct!

Nicholas Meyer on Vancouver and Olympic Rentals: the Downtown Suites approach.

Another idea:

(If you are reading this as part of your email subscription to Downtown Suites News, link to the videos here: Olympics 1, A New Twist on Olympic Rental.)

In this video, Nicholas Meyer outlines the current state of the market in July 09 for Vancouver BC.

More video from our offices. Here’s Managing Partner, Margaret Olney on the process of putting your suite into the rental market: