In my quest to improve the returns on investment property here in Vancouver…
… I have found that having top-dollar rents will add many benefits to ownership
The greatest benefit is a higher return on your investment, but did you know that many tenants resent last-minute efforts to increase rents to market value?
Let me explain: if you go every year without looking at current market rents and do not adjust rents to fit the current market, your tenants will grow to expect that type of behavior from you.  It is a much better idea to review rents once a year with your tenants and – based upon fresh market comparables – to provide fair increases.  This will eliminate any potential blows by trying to catch up with large rent increases that result from not paying attention to market rents.
It is a lot easier to raise rents by $25 or $50 a year than to raise them by $200 at the end of the third year

Market rents require that you maintain your investment in top condition

Another benefit of market rents is that they require that you maintain the property in top market condition
First of all, most repairs can be expensed against your income, providing you a tax deduction, but they also maintain the high market value of the property should you consider selling or exchanging it for a more valuable property.  Keeping a property well-maintained is always less expensive than letting a property accrue deferred maintenance.  Deferred maintenance can lead to larger problems that can cost you more money in the future.  Keeping rents at market value will hold landlords to the standard of keeping their property at market condition.
Keeping your property above market condition will reap above-market rents and values
If you need any help with contractors or handymen, or advice on repairs to be made, please give me a call.
I can show you what it takes for your property to achieve market rents.
It is my goal to become an asset and a resource to you, even if you are far away from your property
Toll Free at 1-888-556-4091, and schedule a time that is convenient for you.
My goal is to maximize your investment value! Just let me know how I can help you

Vancouver Investment Expertise | www.HarrisFirst.ca | Harris@HarrisFirst.ca
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