Yes, we are licensed.

We manage properties across the Greater Vancouver area. The type of properties we manage are townhomes, houses, apartments, mansions, penthouses, basements, duplex homes, triplex homes, fourplex homes and manufactured homes.

Note: We don’t manage properties that will be renting less than 30 days and a single room in a house/apartment.

Yes, we have. Almost 40% of our clients are non-resident.

Depending on the price we were advertising, location and condition of the property. On average we rent out non luxury properties within 2-3 weeks. Luxury and furnished properties 4-8 weeks.

Note: Due to COVID-19 and completion of many presales across Lower Mainland. The average rent out time has extended to 3-6 weeks for non luxury properties and 6-12 weeks for luxury and furnished properties.

Yes. “Landlords must give tenants the required opportunities to inspect the rental unit and provide a copy of the completed Condition Inspection Report within 7 days of the inspection. Completing these steps is important in order to claim any of the deposits for damage to the rental unit.”

For more information, please view the BC Housing & Tenancy page.

We post in 10+ different online rental websites. Our newsletter that consists of more than 10,000 subscribers. Our social media page that has more than 4,000 followers. We advertise to our real estate connections, such as realtors, mortgage brokers, tenant relocation, Air B&B hosts, etc.

A Trust Account is a legal arrangement through which funds or assets are held by a third party (the Trustee, the Manager) for the benefit of another party (the Beneficiary, the Client), which may be an individual or a group.

The Trust Account is required by the Real Estate Services Act. Its purpose in property management is to hold rent monies and cash balances on behalf of the Client.

The Manager holds the security deposit in the Trust Account on behalf of the Tenant and Landlord.

As per the Residential Tenancy Act, the security deposit is required to be given back to the Tenant within 15 days after moving out and a forwarding address is given by the Tenant.

At Reside Management, our objective is to maximize our clients’ returns. We always recommend rent increases where it is warranted. As per the Residential Tenancy Act, rent increases can only be done once per year and notice must be given to the Tenant 3 calendar months prior to the expiry of their term or last rent increase.

The property manager is responsible for the repair and maintenance of your property and on your behalf. The property manager acts as a liaison between the Tenant and Landlord for any tenancy and management related matters.

As per the Appendix A of our standard management agreement, additional charges may apply.

Financial Reports at Reside Management are generated every month and provided to you on or before the 20th of the month.

If there are any expenses incurred by you during the given period, Reside Management will provide the invoice and/receipt upon your written request.

NR4 filing is a Canadian Revenue Agency (CRA) driven initiative that requires the payer or agent of non-resident Owners of property that collects income from their property on the Owners behalf to withhold 25% of the gross income collected each month and to remit and file this to the CRA each following month.

When a non-resident Owner enters into a tenancy agreement with a Tenant, typically done through a property manager/agent such as Reside Management, the agent is then responsible to withhold, remit and file tax on behalf of the non-resident Owner if rental income is being collected by the agent. The agent will have a NR tax account registered with the CRA in which 25% of the rent collected will be remitted to this account each month.

Every year in January/February, the agent’s accounting department will review all of its NR tax account records, prepare and issue an NR4 slip to each non-resident Owner. The non-resident Owner would then forward the NR4 tax slip to his/her accountant for tax filing in hopes to claim part of the 25% taxes withheld back – this is called a Section 216 (or S.216) tax filing. For further clarification on NR4 filing, please contact your accountant for professional advice.

In our current market, standard properties which encompass the general and majority of rental supply in B.C. will, on average, take 3 weeks – 3 months. The luxury rental market (those typically above and beyond the general and majority of rental supply) tends to be longer due to lesser demand for the product. Usually it would take on average 1 month – 4 months.

We typically inspect your property at minimum once per year plus periodic inspection if access is required to attend various management related matters (i.e. repairs and maintenance, Tenant inquiries etc.).

Unless the Tenant is responsible for any damage or repairs related to the property, the Owner is typically responsible for any repairs and maintenance. Reside Management is responsible for the coordination and repairs and maintenance and the cost of such work is paid by your rental income and/or float monies held with us.

On or after the 15th of the month. Income distributions to Owners are less any expenses incurred for a given period.

The Tenancy Agreement we prepare on your behalf will include a “Liquidated Damages” clause which states a sum that the Tenant will pay to you for breaking the lease. This is typically at least 2 months of rent.

Typically, all Tenants are subscribed to Pre-Authorized Debit (PAD) agreements with Reside Management. The purpose of this mandatory requirement is to ensure rent is always paid and on time. In the event the Tenant misses a payment as a result of non-sufficient funds (NSF) in his/her bank account, there are recourse actions as per the BC Residential Tenancy Act available to an Owner to mitigate any losses. This may include sending the Tenant a 10-day notice to end tenancy for unpaid rent.