Mixing Words

The Residential Tenancy Act is full of terms that have definitions specific to our industry. Because the RTA has its own vocabulary, it can be difficult to follow the right processes if you are not aware of the correct definition. Below is a list of six of the most commonly used and misused terms.

Assignment: A tenant with a fixed term tenancy agreement leaves permanently before the end of the term and transfers the remainder of the tenancy agreement to another person, who then becomes the tenant.

Sublet: A tenant with a fixed term tenancy agreement leaves for a period of time, returning before the end of the term and someone else lives in the rental unit while s/he is away.

Fixed Term Tenancy Agreement: A tenancy agreement that both parties agree is for a defined period of time (often twelve months). It may terminate at the end of the term or may be renewable.

Lease: A fixed term tenancy agreement. The word “lease” doesn’t appear anywhere in the Residential Tenancy Act!    Its legal meaning is a commercial tenancy agreement, however our industry commonly refers to a fixed term residential tenancy agreement as a lease.

Occupant: A person living in a rental unit who has not signed the tenancy agreement as a tenant. An occupant includes a person to whom the unit has been subletted (a “subletee”).

Tenant: A person who has signed a tenancy agreement as a tenant; tenants are legally responsible for the tenancy. 

-- Al Kemp and Hunter Boucher

Fill Your Vacancies

Vacancy rates have gone up in many communities across the province, and landlords have had to deal with this in interesting ways. The easiest way to fill your empty units - with little effort - is to have your existing tenants refer their friends and colleagues. If you have a great building in a fantastic location, your vacancy should rent itself and your tenants should want to refer people they know.

But no matter how amazing your building is, in this market a little incentive can certainly help. Some landlords have incentive referral programs where the person who makes the referral receives something small like a gift card to a nearby coffee shop. Most buildings that have this kind of program have simple rules about what qualifies as a referral; for example, the referred applicant has to actually be accepted and move into the building.

A referral incentive program is not just a great way to fill your vacancies; it is a way to make your apartment building a community that people want to live in and stay in - further reducing your vacancies. Remember to make it fun!

 -- Carly Ludwar and Hunter Boucher

10 Tips: How to keep their attention on the phone

With the market at one of its softest points at recent history, it's important to continue to screen tenants before allowing them to move in, while at the same time making sure you don't let any of the good ones go. (Thank you to Rent&Retain for these great tips!)

1. Learn to say "goodbye" before you say "hello;" meaning eliminate all distractions and focus on the task at hand.

2. Make sure get your caller's name, but don't overuse it.

3. Ask them how many different ways they heard about your vacancy. (Often, there's a combination of advertising sources that prompted them to contact you.)

4. If you're comfortable with the caller, ask: "When would you plan on moving into our community?" It's a great pre-qualifying question that starts the assumptive close.

5. Find out if they have any special needs that your community has to offer, such as walk-in closets or a full sized washer and dryer.

6. Always ask for an appointment.

7. Repeat back to them what they told you was important. It shows you paid attention during the call.

8. Offer to text Mapquest directions to your property to their cellphone.

9. Offer to set up a reminder call or email about their appointment.

10. Thank them for calling and tell them you're looking forward to helping them find their new home.

-- Carly Ludwar