At Widsten Property Management Inc. we look after all aspects of your investment.

The most common question asked by potential clients during our eighteen years in real estate has been “What does a Property Manager do?” The following overview aims to answer this query.

TENANT SELECTION

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 save time and resources that could be better spent serving our clients.

RENTAL HISTORY & REFERENCE CHECKS

We do a thorough background check on tenants including present & past landlord reference checks and employment verification. Personally calling provided references offers great insight into an applicant’s suitability for our properties. Each Property Manager has taken training courses through on how to spot false references.

CREDIT REPORTS

After completing the reference checks, the final stage before accepting a new tenant is conducting a full credit check through Equifax. 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, friend or family member, 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.

MARKETING

As the largest Residential 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.

· WWW.ISLANDRENT.COM
· NANAIMO DAILY NEWS
· NANAIMO BULLETIN
· HARBOUR CITY STAR
· LADYSMITH CHRONICLE
· RENTAL SIGNS (AT OWNER’S DISCRETION)
· CRAIGSLIST
· YELLOWPAGES
· LOCAL BUS STOP ADVERTISING
· REALTOR & CLIENT REFERRALS

RENT COLLECTION

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:

· CHEQUE
· MONEY ORDER
· INTERAC
· 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. The 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

MAINTENANCE

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 may use a handyman 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.

ACCOUNTING SERVICES

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.

STAFF

The full service Widsten Property Management staff consists of:

· FIVE LICENSED PROPERTY MANAGERS
· THREE ADMINISTRATIVE/ACCOUNTING PERSONNEL
· ONE ADMINSTRATIVE ASSISTANT

AFFILIATIONS

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.

SUMMARY

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 email at lwidsten@shaw.ca. New clients are always welcome and we would be happy to provide a proposal for you!

We are a member of the Rental Owners and Managers Association (ROMS BC); Strata Property Agents of BC (SPABC), Vancouver Island Real Estate Board (VIREB) as well as the Chamber of Commerce.