Help Is On The Way! Becoming A Landlord – Empty Homes Tax Support

Empty Homes Tax Latest News

Empty homes must be tenanted by July 1st to avoid tax. CofV press release. LandlordBC here to help new landlords! – March 9, 2017

LandlordBC – How we can help!

Our next webinar is scheduled for Thursday, April 6, click here to register.

Low rental vacancy rates are putting stress on Vancouver’s renters.  The City of Vancouver’s new Empty Homes Tax is an initiative to help relieve low vacancy rates and LandlordBC is here to help you gain the knowledge and expertise you need to become a landlord.LandlordBC is the industry association representing owners and managers of rental housing. The top resource for landlords and rental property owners, LandlordBC has over 3000 members, representing approximately 150,000 units of rental housing across the province.

Our mission is to provide you, the landlord, with the support and resources you need to succeed in your rental housing business. Together with our members, LandlordBC works to professionalize the rental housing industry through education, support, and government advocacy.

 

Becoming a Landlord in British Columbia

Operating a rental housing business can be a very rewarding experience. 99% of tenants, like 99% of landlords are good people and the majority of tenancy operate as excellent business relationships, but there are steps that need to be considered before deciding if landlording is right for you.

First, you ,as a landlord, must take the time to learn about your rights and responsibilities under the Residential Tenancy Act. In addition you must also learn the rights and responsibilities of your tenants. Tenants are our customers, and in order to provide the best service possible, you must know what you can and cannot do as a landlord.

The Residential Tenancy Act is the provincial legislation that governs the rental housing industry in British Columbia. All rental housing providers must adhere to this legislation. The Residential Tenancy Act can be reviewed here: http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/00_02078_01.

Secondly, you must equip yourself with the tools required to set up your tenancy correctly from the start. This includes the following:

  • Application for Tenancy
  • Residential Tenancy Agreement
  • Condition Inspection Report (Move In/Move Out Inspection)

The tenant screening process begins when you post your advertisement and should be followed up by the use proper application form. Tenant screening and the application process is where a landlord has to most control over who they will be selecting as a tenant. Properly vetting your prospective tenants by completing a reference check and credit check, can save you from problems later on.

Use your rental advertisement to communicate the amenities of the building and neighborhood, as well as what is included in the rental (for example, laundry, parking). Landlords cannot discriminate against tenants, this is outlined in the Human Rights Code. Discriminate would include refusing to rent to a person because of the race, colour, ancestry, place of origin, religion, marital status, family status, physical or mental disability, sex, sexual orientation, gender identity or expression, age or lawful source of income of that person or class of persons, or of any other person or class of persons. The Human Rights Code can be found here.

Use of a written Residential Tenancy Agreement is vital to the success of a tenancy. If you do not sign a hard copy agreement, the tenancy you have entered into is still recognized, however only the most basic clauses covered by the Residential Tenancy Act will apply. LandlordBC provides a tenancy agreement to our members that sets out what is expected of the tenant and the landlord. The LandlordBC agreement is very robust and includes clauses pertaining to smoking, late fees, pets, and much more!

The Condition Inspection Report (also known as the Move In/Move Out Inspection) is required by law under the Residential Tenancy Act. You, the landlord, must complete an inspection report with your tenants when they move into the unit and when the tenancy ends and they have vacated the unit. If you do not complete a written condition inspection when the tenant moves in (at the start of the tenancy), you may lose our right to claim against the security or pet damage deposit for any damage to your property when the tenant moves out.

By following these straight forward steps, you are mitigating the risk of renting out your property.

Let us help you understand the basics of landlording in BC through one of our free Landlord101 webinars. Our next webinar is scheduled for Thursday, April 6, click here to register. This webinar will run for 45 minutes from 2pm to 2:45pm and will cover tenant selection, tenancy agreements and  the condition inspection. Webinars will also be offered in January, February and March check back for more dates.

 

LandlordBC – Membership Matters!

Membership with LandlordBC offers you many advantages and opportunities as a rental housing provider not available anywhere else. We offer proprietary tenant forms, a legislative Help Line, tenant insurance programs (premium paid by the tenant) and credit check partnership, are just some of the opportunities you can take advantage of to better screen tenants and successfully manage your relationships with them should problems arise. Our quarterly magazine, monthly e-newsletters, and secure members only website, are a resources available to you on an ongoing basis.

As the voice of the residential rental housing industry, all landlords and rental property owners and manager are encouraged to join LandlordBC. For more details regarding membership with LandlordBC or any of the programs and service mentioned above please contact Kimberly Lachuk, Membership Development Manager, at 1-855-707-2366 or by email to [email protected]

 

Not sure you have the time to manage your own rental unit? LandlordBC members include many of the leading licensed property managers in the business. Click here to see a directory of property managers you can contact to learn more about their services.