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Frequent Asked Questions

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Metrotown

What is the Metrotown Downtown Plan?

The Metrotown Downtown Plan was adopted by Burnaby City Council on July 24, 2017. The Plan provides the opportunity to create a true downtown for Burnaby; one that enables the highest order of land use and development supported by social, recreation, entertainment, and cultural amenities important to all of Burnaby’s residents, businesses and employees..

Visit this page from City of Burnaby Website for more details and read the Metrotown Downtown Plan

What is the Metrotown Plan Boundary?

According to the Metrotown Downtown Plan published by the City of Burnaby Council, Metrotown’s boundaries are defined by Boundary Road to the west, Royal Oak Avenue to the east, Imperial Street to the south, and a varied northern boundary including Bond and Dover Streets.

The resulting area within the Town Centre’s boundaries is approximately 297.44 hectares or 735 acres (inclusive of roads, and approximately 82 hectares (202 acres) for Central Park).

The Plan Area is currently home to approximately 27,000 residents. To the north and south of the Plan Area are single- and two-family neighbourhoods. To the east is the Royal Oak Community Plan Area, and to the west is the City of Vancouver.

What is the neighbourhoods in Metrotown area?

The Metrotown Downtown Plan establishes six distinct neighbourhoods based on the unique
physical, social, and environmental characteristics of each place. The six neighbourhoods include: Metro Downtown, Maywood, Central Park North, Central Park East, Marlborough, and The Ridge. See this diagram

 

Qualification

What is the qualification of Your Agent?

We are a licensed and insured professional Real Estate Agents and Property Manager by the Real Estate Council of British Columbia.

We have a profound knowledge of real estate areas from experience and on-going education.  Our license is providing a real estate service on behalf of a fully-licensed real estate brokerage REMAX. Besides, all our support staff are also expected to complete the education from UBC Real Estate Council licensing course and pass the examination. This is to ensure the service quality to our clients.

Visit our Teams page for more details.

Why should I hire a expert in Metrotown, like you to trade or manage property?

There are huge differences between Mediocrity and Excellence. Mediocrity will only do the bare minimum that it takes to get a commission. Our agents is going above and beyond what is required to serve our customers in unexpected ways, and we focus on customer satisfaction more than we will earn from customers. We own the customers’ issue and relentlessly pursue detail for identify ways to fulfill their needs. Experienced and expert real estate agent will help you make the difference and bring you success in such as fast-pacing and competitive areas, like Metrotown.

In addition, we have a rich and most updated data inventory of the properties in the Metrotown, we know the details of each properties, which help our clients to shortlist the property with your expected criteria, e.g. which Condos has Central Air-Conditioning, high-ceiling, allow for rental etc. This will save you time and efforts for checking and viewing around, no matter you are looking for a resale, presale or you want to rent properties.

Visit this page for more details.

Metrotown Presale Program

What Does Presale (or Pre-sale) mean in Real Estate?
The term pre-sale or presale means a home that is available for purchase by a buyer before the home is ready to move in. The home can be any type of properties such as high rise concrete condo, low rise wood-frame apartment, and townhouse. Most often, it’s available to buy even before construction has started, and sometimes it’s already under construction. The buyer cannot move to the new home at the time of purchase. In general, when the building is built and ready for the buyers to move in, the same “home” will be considered as “New Home” instead of “Pre-sale”.

In the early 1990s, this concept of presale was introduced to Vancouver. This new process to buy real estate has reduced potential risk and capital requirements for building developers. From a buyer perspective, the buyers can have the opportunity to get in early and may have better selection (at the earliest stage or VIP Access). In addition, the buyers may invest in the potential capital appreciation prior to the completion of the building. The building completion can be ranging from 1 year to up to 3 years later depends on the stages of pre-sales and type of building (Concrete or wood frame). Since then, there are more and more major property developers in the Greater Vancouver area offer pre-sales on various type of new residential developments.

What are Presales or Pre-construction Condos with VIP access?
The presales or pre-construction Condos is a stage in the sales cycle that offers the best pricing to VIP agents and their clients. The clients usually have more choice to select because it is in the earlier stage of presales development projects. During this time, clients can choose the suites they want. Our agents can arrange the preview with the clients and can book an appointment to purchase a selected condo. (Please note that it is not all VIP access events work the same way. Each developer has their own style for preview and presales process.)

Metrotown Landlord Rental Program

What is your service area in the greater Vancouver area?

We focus on Metrotown, although we will also provide Property Management Services in Vancouver, Burnaby, New Westminster, Surry, Richmond and Coquitlam at the moment. If you are looking for property management service in other areas, we are happy to refer you to our property managers in REMAX.

What type of rental unit do you manage?

Our main focus is on residential rental for Condo, House, Townhouse and Duplex. We also work on commercial rental.

What's the reason on taking 3D Virtual Reality video from my property, shouldn't photo be good enough?

Having photos attached on ads has already a norm for promoting rental, we want to do more than that so that your property will get more attention from the public, and you will find a good buyer or tenant faster than others.

3D Virtual Reality is a powerful tool to let the prospective tenants view the interior layout of your property online using their computer or mobile device anytime, without scheduling to visit your property onsite. We don’t want you to miss out any opportunity, especially your property is located in the area with many opening rental listings.

By posting the 3D Virtual Reality Video online, the property will be available to view online as if you were actually there by navigating with your mouse-click (on your desktop/laptop) or finger (on your mobile device).

By the way, we’ll NOT charge any photo or Video fee to our clients. 

 

How quick you will handle the property viewing request and application from perspective tenants?

We target to reply the viewing request and start to process application in 24 hours. We don’t want to miss any opportunity of finding a good tenant.

How could you help owner to avoid rent arrears?

We keep the front door very tight, meaning we only let a good tenant placed on your property.

We carefully screen each prospective tenant application and verify his/her background, such as rental history, employment and credit history. We will not jeopardize owners’ interest by recommending a non-qualified tenant to owner.

How long will it take to rent out my property?

There is no simple answer. We will do a detailed analysis of the rental market, factoring in the condition, location, and amenities of your property along with the current rental market. According to our experience, the tenant placement usually takes from 1 – 6 weeks depends on the neighborhood, price, and the condition of the property.

We usually obtain feedback from the prospective tenant after their viewing of your property, and discuss with you to adjust any marketing strategy for making sure the property will be rented out successfully with your best interest.

Will I know what is going on with my property?

Absolutely. We will communicate with you throughout our agreement and keep you aware of any issues that may arise. We will contact you at reasonable times to discuss any repairs and notify you of the rental status.

Will you help me to purchase and sell my rental property?
We are from REMAX. If you need assistance in the buying or selling of property we can always refer an experienced and professional Realtor from REMAX or reputable real estate brokerages to you.
How do you charge your clients?

There are 3 major categories of our Property Management services :

  • Tenant Placement Services (i.e. we find Tenant for you)
  • Property Management Services (i.e. we manage your property after the tenant Placement)
  • Specialized Services (i.e. we handle your specific needs)

Typically, you will be charged a flat fee per our Tenant Placement Service, and a percentage of the monthly rent for monthly Property Management services. As for the specialized Services, this has to be case-by-case based on your specific need.

Our pricing policy is simple & straight-forward, and we guarantee no hidden fee. Visit this page for more details.

Will you charge any application fee, setup fee, admin fee, registration fee ?

No, we will not charge any application fee, setup fee, registration fee and booking fee to both owner and tenant.  We’re proud not to charge these hidden fees and have straight-forward pricing to our clients. Visit this page for more details.

I don’t see your pricing are published on your website? Is there any reason for that?

We do want to publish our prices for transparency. However, we find that there is no one-size-fit-all price quote for all customer and all situations, and we hate to charge our clients more than they should be.  Hence, we prefer to take an approach by understanding our clients’ needs before quoting them a reasonable and fair price.

Please be assured our pricing policy is simple & straight-forward, you will not over-charge and charge any hidden fees. Visit this page for more details.

How will you handle the payment from Tenant?

All the payment will go through REMAX directly, meaning that all the money received (including rent, deposit etc. ) will be paid to REMAX trust account, our REMAX finance team will verify and prepare the monthly balance crediting to owner’s destinated bank account. Our Property Manager and staff are NOT allowed to receive rental payment in their own name at any time.  

You will receive an official REMAX monthly and annual statements with all the transactions during the period.

What are your methods of monthly rental payment?

We accept PAD (Pre-Authorized Debit) for monthly rental payment. This is an efficient and secure method of rental payment from tenants. Tenants should complete a Pre-Authorized Debit contract and provide a VOID Cheque or Pre-Authorized Debit form (obtained at your bank) when the lease agreement is signed.  Rental payment will then be automatically debited from the specified account to REMAX Trust account on the first banking day of each month.

We normally don’t accept personal cheques, posted dated cheques, certified cheque or money order for rental payment.

Assignment

What is an assignment?
In general, an assignment (in real estate term) is a sale of a contract or right to acquire the property. An assignment is a transaction whereby the original purchaser (the “Assignor”) of a property sells, and thereby transfers, their interest, and obligations under the original contract to a new purchaser (the “Assignee”). The Assignee will generally assume all of the Assignor’s duties and obligations under the original Agreement of Purchase and Sale. These rights and obligations are stated in the original Agreement of Purchase and Sale and include terms such as interest payments, taxes and maintenance fees during interim occupancy. Upon completion, the Assignee is granted the title to the real property and will incur all final closing costs.

a) Assignor: An Assignor is the original buyer of the unit from the Builder/Developer.
b) Assignee: An Assignee is the buyer of the Agreement of Purchase and Sale from the Assignor.

Can an Agreement of Purchase and Sale, involving any type of real estate transaction, be assigned?
Under normal circumstances, any Agreement of Purchase and Sale can be assigned providing that that agreement doesn’t prohibit assignments.
Is an assignment legal?
An assignment is legally permitted unless otherwise expressly prohibited in writing in the original Agreement of Purchase and Sale. An assignment fee may be charged by the developer and is normally a cost borne by the Assignor (the original purchaser).
Is it necessary to get permission from the Seller/Developer to assign the Agreement?
You need to consult the Agreement of Purchase and Sale. Generally, Developers will not permit assignments without the Developer’s consent, therefore every situation requires consultation with the Developer and your lawyer. Please note, there have been incidents where an unauthorized assignment has resulted in the termination of the original agreement and the withholding of the deposit.
Will the Assignor’s or Assignee’s lawyer’s services be adequate?
It is essential that the Assignor and Assignee each retain a lawyer with expertise in this area of real estate.
Can the Assignor’s REALTOR® market on the MLS?
It all depends on whether the developer permits advertising of the assignment. Refer to the original Agreement of Purchase and Sale to see if there are any prohibitions against listing the assignment or consult the Developer (Most Agreements of Purchase and Sale contain such a prohibition).
What if the construction, occupancy, closing, or unit transfer date is delayed?
In the event of a delay, the assignment is still valid: the Assignee has agreed to take on their agreement and all responsibilities involved in it.
What if the Assignee doesn’t close?
This is no different than in any sale. The Assignor in most cases is not released from the obligations under the Agreement of Purchase and Sale. Accordingly, both the Assignor and Assignee will be liable.
What is the cost of assigning an Agreement of Purchase and Sale?
If the Developer consents to an assignment, there will generally be an administration fee and legal fees. These fees will vary. Consult the original Agreement of Purchase and Sale and the Developer.
When does the Assignor get their money?
In an assignment, depending on the closing date and the terms of the assignment agreement that Assignor and Assignee agreed on, the Assignor is usually paid when:

a) the Assignee gets possession or occupancy or,
b) when the original seller approves the assignment, if applicable or,
c) when the Assignee obtains the legal title.

Who gets the interest, if any, payable by the Builder on the original deposits?
The interest is likely to be paid to the Assignor, unless otherwise specified.
call our
Metrotown Agent

Lotus Yuen PREC, REMAX CREST REALTY
Top 4% REALTOR 2018 and Top 10% REALTOR 2015-2017 in Real Estate Board of Greater Vancouver

(778) 862-8321
LotusYuen@gmail.com
Info@MetrotownRealEstate.ca

Office

REMAX CREST REALTY (Metrotown)
#1 5050 Kingsway
Burnaby BC V5H 4C2

(each office is independently owned and operated)

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