FREQUENTLY ASKED QUESTIONS
At RPS, we are owners too. We started the company to ensure the rentals we purchased in Revelstoke would always have reliable management. It turns out, other owners in town were desiring a quality service also, and as a result, we have grown by 2400% in the last seven years. Our success has also been fuelled by community expansion and a strong focus on never deviating from our core principles of reducing owner stress, freeing owner time, and continually increasing property value. We look forward to helping you achieve your real estate investment goals.
What are RPS's Service fees? How much does it cost?
This question is easily the most common one we receive. It is important to first establish the following:
- In 90% of cases, we are able to make our owners the same or more money than they have historically gotten, even after subtracting our management fees. It is worth having a conversation with us on how we achieve this end.
- The other question, which is often forgotten is, “How much of my time will I get back?” The answer is, all of it. While we realize money is paramount and we do everything to maximize return, our owners often express how they underestimated the bliss which comes from not dealing with tenant issues ever again.
Our Long-Term Management Fees – If there are not currently tenants in the property it is 50% of the first month to advertise, find, screen, complete lease work, complete move-in inspection, and set up payment processing. 10% per month thereafter.
For a full schedule of pricing download our ‘Summary of Services’ in the Forms and Contracts link under Owners.
What constitutes a long-term rental?
The City of Revelstoke deems anything over 30 days a long-term rental. For our purposes, we target long-term rentals to be anything over 6 months.
What is the process of tenant screening?
- E-mail communication
- Phone communication
- Tenant application submitted – View Here
- Rental references checked
- Employer references checked
- In person interview
- * Credit Check
- * Criminal Check
- * Verification of Income
* items are for government housing, or at the request of the Owner.
Do I have to sign a contract?
Under British Columbia Real Estate Law, our company must enter into a written agreement before advertising, showing, or leasing your property. You can view our management engagement agreements in the ‘Forms & Contracts’ section of the website.
Can I see an example engagement agreement contract?
Yes. All our legal agreements are posted to our website under Owners –> Forms & Contracts. Link here: Owner Forms & Contracts
What is the process of moving a tenant in?
- Tenant has a meeting a the office to sign lease work and go over the rules of tenancy
- Tenant signs a lease and pays the first months rent and damage deposit
- A move-in time is set with the tenant
- The unit is professionally cleaned and steam cleaned
- Any needed maintenance is booked in and completed
- The tenant is met at the property to hand over keys and complete a walk-through
- A video, photo, and writing inspection report is created, indicating the condition of the unit when the tenant moved in and the tenant signs off on the report.
- The tenant is given their welcome package and any information relevant to the property
- 10 days after move-in our office confirms the transfer of utilities
- 15 days after move-in the tenant is contacted to see how everything is going and how they are settling into their new home.
What happens if a tenant does not pay rent?
- On the second of each month the accounting department prints off a report of unpaid rents.
- Tenants who are late are contacted via phone, text, and e-mail.
- If there is no response an eviction letter is delivered on the second day of the month.
- 99.9% of tenants pay their rent after receiving this notice.
- For those who do not, we begin the eviction process.
Of the approximate 2,808 tenants, we have rented to in the time of owning RPS, we have only had to evict 3 tenants or .01%. It is a very rare occurrence.
What happens if a tenant breaks their lease?
If the tenant stays for less than 80% of their term, RPS will place a new tenant at no cost to the owner. The tenant is subject to pay for the cost to re-rent the suite which includes a placement charge of 50% of 1 rental month for a new tenant. If a vacancy occurs as a result of breaching the lease, the placement charge which is collected from the tenant is forwarded to the owner as rental loss compensation less any costs associated to return the suite back to the original condition.
We can often place a new tenant within 30 days. However, the Owner can choose at any point in time to exercise their right to take the tenant through the Residential Tenancy Branch arbitration process to obtain compensation in the case there is a significant rental loss.
What is the average rental rate in Revelstoke? What can I rent my property for?
A standard baseline for the town has been $400.00 to $500.00 per room for a long-term tenant. In the last year (2017) this has increased to $550.00. For example, the base rental rate on a three-bedroom house would be $1,650.00. Depending on the time of year, location, amenities, and fit & finish; rental rates will fluctuate up and down from the base rental rate.
What is the rental market like in Revelstoke?
Very strong. On an average annual basis, our vacancy rate is below 5%.
Is RPS on call 24/7?
Yes. Our 24-hour emergency line is 250-814-3645. Our office is open 7 days a week from 9:00 am – 5:00 pm, located downtown at 111 Second Street East. Suite 201 and can be reached at 250-837-7000.
What is the process for tenant evictions?
Full evictions are extremely rare. When they do occur we follow the guidelines laid out in the Residential Tenancy Act. Evicting a tenant who is resistant to leave in our experience can take up to three months. In 60% of the cases, we have dealt with the courts will award the owner back rent if it has not been paid. Every situation is different, and if you are looking for consulting around an eviction, we are happy to help.
How is maintenance handled?
- A problem is reported by a tenant or flagged by us during an inspection
- Estimates and options for repair are prepared by our maintenance department
- Any maintenance under $50.00 is completed
- Any maintenance over $50.00 is sent to the owner, with the estimates for approval
- Once approved, we manage all repairs to completion
- Two maintenance call out inspections per month are included free monthly management fees.
What does the rental disbursement and monthly reporting system look like?
- Rents are collected on the first of the month
- Owner disbursements (minus management and any maintenance expenses) are deposited in owner accounts before the 10th. Most months, disbursements are completed by the 5th, but in our contract, it is the 10th to allow for irregularities in banking days or late tenant payments.
- Owner statements are e-mailed monthly before the 15th.
Do you have an addendum which goes along with your lease?
Yes. We have 24 additions to the standard residential tenancy lease to further protect our owners. Our addendum forms part of our lease and can be viewed in the ‘Forms & Contracts’ part of our site here: Owner Forms & Contracts
Where do you advertise available properties?
- Our Website – revelstokepropertyservices.ca
- Facebook – RevySell group, and our Facebook Page
- Local Classifieds – Stoke List
- At property with ‘For Rent’ signage
As we manage 20% of the residential rentals in town and are the number one result when searching ‘Revelstoke Property Rentals’ on Google, we find most people searching for a rental property in town, will contact us.
How does RPS deal with damage?
Pre-move out inspections are completed 20 days before move out to flag any damage while the tenant is still occupying the unit. Quotes are generated for repairs, work is completed and paid for by the tenant, or out of the tenant’s damage deposit.
Is there anything I need to do to my property to make it rental ready?
Part of our rental process is to complete a property inspection before renting the unit. If anything needs to be done, it would be flagged at this point. The most common items we find missing are fire extinguishers and fire alarms in each bedroom.
What if I want to sell my home while it is rented?
Revelstoke Property Services has worked with almost every Realtor in town, and we have helped sell over 15 houses and two apartment buildings while tenanted. Feel free to call us if you would like advice on successfully selling a rental home.
If I am a non-resident of Canada, is there anything I should know about owning a rental property?
Yes. There is a lot to know surrounding the Canadian foreign owner’s tax laws. Please talk to us if you are a non-resident and looking at investing in rental property, so we can advise you on tax saving strategies, and also put you in touch with the one accountant in town who is versed space.
What is the average Sq. Ft. base rental rate amount in Revelstoke?
What is the demand for commercial space in Revelstoke?
Entrepreneurship and the demand for commercial space in Revelstoke have grown significantly over the years. We have found that spaces in the downtown core rent within 30 – 60 days and niche commercial spaces, or those away from the downtown core can take longer to find a tenant.