Non-resident property owner
Renting out your Property in Vancouver while living abroad
Thinking to immigrate or return to Vancouver?
Have you considered to purchase a new home earlier and rent it out until you decide to come here?
It is always wise to plan ahead. Although you might be on the other side of the world, we can help you find tenants, check in on your property, coordinate property repairs, home insurance, NR4 monthly remittance to CRA (Canada Revenue Agency) …. Most of all, we’ll give you the peace of mind to live and work comfortably abroad,
Always consult your accountant and lawyer to understand the detailed procedure involved, and how it applies to your case, as a non-residents of Canada.
Social Insurance Number (SIN)
Firstly, you need either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). Social Insurance Numbers are granted to residents/citizens of Canada through application and allow you to invest or work in Canada – including owning a property. Alternatively, those who are not eligible for a Canadian SIN apply for Individual Tax Numbers.
Your Property Manager will need your SIN number before he can represent you for renting your property
Second and perhaps most important is the issue of withholding taxes.
Non-residents who collect rental income are required to pay the government 25% of the income to CRA as a withholding tax. Your Property Manager will arrange it on a monthly basis, by deducting from the gross monthly rent collected.
In addition, the Property manager will have a complete monthly & annual statement produced for you and your accountant for filing your annual tax return to CRA.
What about Home Insurance …
Anyone renting out for a long period of time may need landlord insurance (or called Home-Owner Insurance), which can offer the necessary protections.
If you don’t have any insurance agent, we can always refer you one. We can also arrange the insurance premium be deducted from your rental income collected.
License to Rent …
If your residential property is located in the city of Vancouver, and if you rent it for 30 days or more at a time, you need a rental property business licence.
As your Property Manager, we can help you to arrange for applying for a business license from City of Vancouver, and renew it annually, if you decide to continue the rental.
e-Sign Your Contract Remotely
We fully understand most non-residents are living abroad, they may not be able to visit Vancouver to sign all the necessary document.
No worry, thanks to the technology which allows you to review and sign all the document and contract electronically. An electronic signature can always save you time and costs. More importantly, the e-signature that we adopted is fully endorsed by RECBC (Real Estate Council, BC).
That means, you may e-sign a contract remotely through us, it will be a legal-binding document in the real estate context, and is no different from signing it in person with ink.
We Made Property Management Easy
Maximizing Your Returns on Rental Investment
We provide Free Consultation & Market Analysis
To Understand the Process for Renting out your Property
- Understand the Rental Process walked through by our Licensed Property Manager
- Property Managers operating in BC are required to be licensed through the Real Estate Council of BC. We are Licensed Property Manager from REMAX. Ask for our credentials, references, track record and understand how a licensed property manager can protect your best interest.
Free Market Analysis & Rental Assessment for Your Property
- Understand your specific needs and wants of your rental property.
- Estimate and access the Rental Value of your property.
- Budgeting and forecasting of your Rental Income and expense.
1. Tenant Placement
We Find Good Tenant for you
Initial Walk-Through for Your Property
- Perform an initial walk through and provide an overview of what (if anything) your property needs to market for rent at the highest price possible.
Find Good Tenant for Your Property
- Post your rental on our website, MLS, public rental search engines & trustworthy social media with professional photos and 3D Virtual Reality Tour of your property.
Schedule Property Viewings with Your Permission
- Conduct initial screening for the property showing.
- Schedule showings with your permission at a time convenient to you.
Credit-Check & Shortlist Best-Fit Tenant for Your Review
- Conduct background and credit checking on shortlisted tenant by an independent & industrial-leading credit bureau.
- Shortlist qualified tenant(s) for your consideration and confirmation
Prepare Specialized Tenancy Agreement for Your Needs
- Adopt the standard template from BC Residental Tenancy Branch (RTB) accurately reflect the Residential Tenancy Act as well as any accompanying regulations.
- Work with you to prepare a lease addendum to append all tailoring requirement and stipulation to lease agreement (e.g No-Pet, No-smoking, No-Marijuana, No-illegal Activity etc. in your property).
- The tenancy agreement normally starts with a fix-term of 12-month, and will then continue on a month-to-month basis with the same tenant under the same tenancy agreement. This can save your hassle for setting another new lease agreement for every 12-month even though you are happy with your current tenant.
Sign Tenancy Agreement (Hardcopy or E-Sign)
- The tenancy agreement can be signed in a hard copy or electronically online.
- e-sign is simple, quick, secure and legally binding, and save your hassle, especially you are out-of-town.
Deposit Collection & Move-In Inspection to Protect Your Interest
- Collect Security Deposit & Pet Deposit for you
- Collect a copy of Tenant Insurance Policy Paper from Tenant for Record
- Conduct a Move-in Inspection to reflect the condition of your property on Tenant's move-in, document in a full report with photos for record. This report will be used to compare with the property condition when tenant moves out from the property.
2. property management
We Manage Your Property Well
Prompt Rent Collection using e-Banking Facilities
- Collect rent from tenant via PAD (Pre-Authorized Debit) every month to avoid any payment delay
- Credit your rental income to your designated account via auto-bank transfer every month
- If required, handle your annual payment of property tax, homeowner insurance, Water Utility/City Payment and monthly payment of strata fee
Visit & Inspect Your Property Periodically
- Visit and Inspect your property periodically to spot any obvious areas of concern, and take the necessary follow-up action.
- Regular inspection will help to protect your property value and to ensure your Owners' Home Insurance remain valid as required by the insurer
Property Maintenance & Routine Repairs with Your Permission
- Proceed and coordinate repairs & inspections from licensed professional or contractors, with your permission
- Report the progress of the required repair and maintenance to you
- Communicate with tenants for any repair matters
- Allow reserve fund for emergency repair with your pre-authorization
Comprehensive and Official Monthly and Annual Statements
- Official Monthly/Annual Statement from REMAX, clearly lists out your rental income, expenses during the month and calendar year, these statements are useful for filing your annual tax return and proofing your property is rented in a particular month.
Rent Increase in Every 12-Month Period Permitted by Law
- In BC, landlords may increase the rent once in a 12 month period by an amount permitted by law. With your permission, we'll send appropriate notice to tenants to increase the rent for maximizing your income
Tenant’s Breach of Contract & End of Tenancy
- Send appropriate 10-Day notice to end
tenancy(as permitted by the law) for unpaid rent paid from Tenant for minimizing your loss. Tenant is expected to response in 5 days.
Deposit Return & Move-Out Inspection to Protect Your Interest
- Conduct move-out inspection and compare the property condition with that in the move-In inspection for protecting your interest before returning the deposit to tenant
3. other specialized services
We Take Hassle from You
New Tenancy Agreement with the Same Tenant
The lease agreement with tenant normally starts with a fix-term of 12-month, and then automatically continue on a month-to-month basis under the same lease contract with the same tenant.
We can arrange to set up a new tendency agreement with the same tenant after the 12-month of the fix-term period, if this is required by you.
Coordination of Property Renovation
If you are struggling with a renovation of your investment property, and need help to coordinate your project, we can provide all or just some of the services you need if you can’t be onsite yourself.
Non-Resident Tax Report (NR4) of Rental Income
Withholding Tax Monthly Payment to CRA and Official NR4 form from REMAX will be provided for your tax reporting, if you are a non-resident in Canada
Services Termination & Handover to Another Property Manager
After we place tenant for you and if you decide to terminate our services, we will arrange to handover the existing lease agreement to your newly appointed property manager
Other Specialized Services
Our objective is to take up hassle from you, call us if you have any specialized needs which are not mentioned here.
Licensed Property Manager from REMAX Realty
Simple & Straight-Forward. Guarantee No Hidden Fee
We are confident you will be happy with our service so we are waving some fees that other property managers normally charge
You only start to pay after we find a tenant for you. No Tenant, No Pay
1. Tenant Placement
WAIVE Account Setup fee
applies to all our customers
WAIVE Marketing Fee
applies to all our customers hiring us for Property Management Services
No tenant, no pay
No fee if we cannot find a tenant for you, i.e. You only start to pay after we find a tenant for you
No Transfer Fee
If you transfer your property which currently has no tenant, and you hire us for tenant placement and property management
No Termination Fee after 3 Months
If you decide to terminate our services 3 months after signing the management contract
2. Property management
no management fee if vacant WHOLE MonTH
if your property is vacant for the whole month
no tenancy extension fee
No Termination Fee After the 1st year
If you decide to terminate our services 12 months after the first tenant placement
3. specialized services
Annual fee for Non-Resident
Monthly With-Holding Tax Payment to CRA and Filing NR4 forms - (applies to our Nor-Resident customers hiring us for Property Management Services)
Free Project Coordination
If you need any moving, cleaning, recycling, repair or appliance purchase/installation for the rental property before your first tenant placement, we can help you coordinate (applies to all our customers hiring us for Property Management Services)
Free Coordination with Your Professionals
If you need us to provide your rental information to your professionals, (e.g. to your accountant for filing tax return; to your insurance broker for obtaining Home-Owner Insurance), we are happy to help. (applies to all our customers hiring us for Property Management Services)
** GST will be applied to all Services Charges
** DISCLAIMER : Although the information in the above Services and price list is presented in good faith and believed to be correct at the time of posting, we have no liability for any errors or omissions, and reserve the right to change, delete, or otherwise modify their information which is represented without any prior notice.
We disclose our service charges upfront !