Here’s a tale: In one building, someone on the seventh floor put kitty litter in the toilet. As you can imagine, the toilet solidified like concrete, and basically just blew up. The leak traveled vertically down through connected suites. On the second floor, our tenant lost many valuables, including designer clothes. In this instance we settled with her as nicely as possible and within a half-hour had a restoration company in there.
At Downtown Suites we contact emergency restoration as soon as any such incident happens. We understand that with leaks there can be so much humidity with conventional carpets it is necessary to move all furniture out asap, before the moisture gets to the wood and warps it. Even in a concrete building the dampness can cause mould from the absorption of moisture. However, an immediate call to a restoration company can avoid much of the water damage.
Insurance is essential, for tenants and landlords, as well as strata corporations. Recently, insurance has become complicated, as some companies have a cap on the deductable per suite, rather than per occurrence. In the per occurrence scenario, imagine 15 claims at $5000 deductable per claim. This is where the owner’s insurance comes in, paying the deductable if it is a building claim.
Usually, the tenant’s alternate place to stay isn’t covered by that insurance, which is one reason why the tenant would need to have his own. In normal circumstances, the deductable would be the owner’s responsibility, rather than the tenant’s.
Of course, liability is a big issue, and as property managers we help both owners and tenants understand which areas are their responsibilities in such circumstances.
(This is an important Evergreen Resource article, revisited from our archives.)
We would appreciate any referrals you may have in regards to your clients who have purchased for investment and who may be looking for a property manager and potential tenants. It could also be a value-added service from you, to be able to recommend the property management services of a reputable company such as Downtown Suites Ltd.
As you may already know, Downtown Suites Ltd. is a firm of proven, professional, caring and conscientious people; the kind of people you can depend on. I have personally been in the industry since 1978 and I started Downtown Suites back in 1994. We own our own offices, clear title, at Conference Plaza and have five fully qualified licensed property managers on staff and two in house accountants to ensure that everything is well organized. In addition, all funds are held in trust for the client and our books are audited annually by the Real Estate Council. Our aims in managing our client’s property are high, and our fees are very fair and reasonable. (8% for ongoing 24/7 management – no up charging and 1/2 a months rent to secure tenants) We continually strive to offer the finest condominium property management service in downtown Vancouver. We pride ourselves on service, and we will do whatever necessary to make you look good. Please review our web site for further information on our company: www.downtownsuites.com
Your clients are always your clients, your name is on the file and is always referred back to the client should they advise they wish to make any real estate transaction. In addition we are happy to send a fine dining certificate to Top Table Restaurants (Cin Cin, Blue Water Café etc) to you to show our appreciation.
Thank you once again for considering us, we appreciate your business.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 53 per cent to $1.54 billion in February, compared to the same month last year. Residential unit sales fell 47 per cent to 3,653 units during the same period. The average MLS® residential price in the province was $421,023 in February, down 12 per cent from February 2008.
“After a weak start to the year, BC MLS® residential sales increased 17 per cent in February, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. MLS® residential sales in the province climbed from a seasonally adjusted and annualized rate of 40,200 units in January to 47,000 units in February.
“It’s not surprising that home sales rebounded from January’s low level,” noted Muir. “Reduced home prices and mortgage interest rates have markedly increased affordability. The carrying cost of an average home in BC is approaching a three-year low.”
Year-to-date, MLS® residential sales declined 51 per cent to 5,768 units compared to the first two months of 2008. The average MLS® residential declined 11 per cent to $418,057, while MLS® residential dollar volume was down 56 per cent to $2.4 billion over the same period.
Do you need a fair and experienced property valuation? Don’t rely only on the reports that are sent out by organizations specializing in general value profiles. If I were a consumer, I would prefer to have a personalized evaluation by one of the Downtown Suites sales team. I am a graduate in Appraisal from the UBC Urban Land Economics program and I also apply my years of experience in the Vancouver environment. I mentor the Downtown Suites team in this area and oversee any evaluations that we do for our clients. At Downtown Suites, we offer a complimentary evaluation service to all our clients and people who request it.
1702-928 Richards St:$1150, 490sf in Yaletown
Beautiful Studio, gas fireplace, storage locker, 1 parking spot
2802-198 Aquarius Mews:$1750, 804sf in Yaletown by the Marinaside
2 bedroom, 2.5 bath, in suite laundry, magnificent views of the city and the marina
2501-1328 W Pender: $1850, 810sf in Coal Harbour
2 bedroom, 2 bath, gas fireplace, in suite laundry, great views of the city, ocean and north shore mountains
1901-1111 Alberni St: $2950, 1530sf in Downtown
2 bedrooms both with ensuite bathroom in the Shangri La, fantastic modern kitchen with top of the line appliances, patio with west facing views of the city
PLEASE NOTE THAT WE WILL BE CLOSED FROM DECEMBER 24TH AT 3PM-JANUARY 1ST. WE WILL RESUME SHOWINGS ON THE 2ND.
The holiday season is upon us and we have had a good turn out this week. There are people still apartment hunting during the cold and treacherous weather!
Just a reminder to everyone applying to view our suites that we will be closed on December 24th at 3pm and will reopen on Friday January 2nd and resume showings on that day.
This week at Downtown Suites the outcome of all viewers for each suite are as follows:
In the $1000-$1500 per month price range: 2 people
In the $1600-$2000 per month price range: 20 people
In the $2100-$3000 per month price range: 9 people
In the $3100+ per month price range: 1 Person
Wishing everyone a Merry Christmas and a Happy New Year!
Many years ago when travelling in Egypt, I was staying in the home of a devout Coptic Christian in Luxor. My travel companion was a woman, a completely platonic friend. When the Coptic gentleman had to go on a journey, he kindly let us stay alone in his home, but he was quite concerned, surprisingly, not for any of his possessions but that we might defile the place by an illicit sexual act. Of course we assured him of our chaste relationship and he left trusting us.
At the time his attitude seemed quaint, but all these years later it now makes much more sense to me. In our modern hectic life, there is so little understanding of energy, and the reactions the various forces have on our lives.
I recalled that time in Luxor yesterday when I had the unfortunate duty of serving a breach notice to a tenant. Tanja Milosevic, our senior Property Manager, and I met with the tenant to warn her that an outbreak of disorderly conduct in the suite by her new husband’s friends was cause for termination.
On behalf of our clients, we do not tolerate any infractions or unreasonable conduct. We believe, however, that everyone deserves a warning before termination of the tenancy so I personally went to the suite to talk with the woman. It was an embarrassing and unfortunate moment for us all. While we talked the TV blared on in the background and her cell phone rang several times.
We didn’t talk only of regulations. I reminded her that her home was really her sanctuary and her place of refuge. I felt she understood, even though I must have sounded as old fashioned to her as the generous Copt in Luxor had sounded to me, years ago.
