Why Use a Licensed Agency When Booking Rental Accommodation for Vancouver 2010 Winter Olympics

Olympic hype is only growing. By now there are thousands of homeowners in Vancouver area tying to make some fortune by renting out their places for 2010 Olympics. Unfortunately, when there are money making opportunities involved, there are always scavengers for easy cash.
With so many websites advertising rental properties for 2010 Olympics it’s not so easy to distinguish between the real deal and the scam.

For travelers who are looking for accommodation for 2010 Winter Games there are quite a few options to choose from: Craigslist of course could be the first thing that comes to mind, then there is multitude of rent-by-owner sites and quite a few rental agencies (the real ones and the ones that just call themselves as such).

So what is the best way to go? Well, let’s look at each one of these options.
Craigslist postings are free (at least for now) in Vancouver, so this would be the easiest way for scam artists to hunt for travelers looking for a good deal.

It gets a bit more challenging, as it usually requires some kind of payment, to post an ad to rent-by-owner website. However, if they have a chance to make at least $500/night, why not spend some money to list a property on a recognized website. If you decide to book accommodation from rent-by-owner site, check for reviews of this owner’s property from previous guests. If such comments are not monitored and entered by owners themselves, it can help you evaluate reliability of this property and its owner.

When it comes to rental companies, be aware that there are also ones that are licensed and the ones that are just a company. Since it takes only few days to register a company in North America, there are few rental companies that are engaging in deceiving practices and legally are not allowed to rent properties out on behalf of the owners. So if something goes wrong, it would be hard to find out who is to blame.

The most reliable way to book your 2010 Vacation Rental is to choose reputable and most importantly, licensed agency. Here are some key factors to look for when you are choosing a company to rent a home for 2010 Vancouver Olympics:

Is this company licensed? – Companies that are licensed have to comply with high industry standards and practices which will ensure that you can rely on their services. Be sure to ask for company’s license number and check with licensing bureau if they really exist.

Is this company insured? – Licensed agencies have to be insured. Just like with car insurance, in case there is a problem, you have better chances to recover damages if the company has insurance.

Is this company bonded? – If a company is licensed, they generally are required to be bonded (meaning that company has secured funds, controlled by the government, that are available for consumer's claims against the company). This provides additional insurance for you, their customer. So if something goes wrong, there are funds in place to collect damages.

How do they manage deposits? – Just like with real estate sales, property rental companies are required to put money into trust account up until transaction is completed. So to ensure that you money is safe ask if the company has a trust/escrow account and which bank is it in.

When do they release money to the owner? – Imagine that you’ve paid $5000 for your 2010 Olympic rental accommodation ($500/night for 10 days – very realistic price to pay during Olympics) and just couple days before your arrival you find out that the owner is in foreclosure or simply sold their place and is now in Guatemala… Horrible, but might not be just a dream if the owner got all your money and disappeared. To avoid this from happening, ask the company when does the owner gets paid? The proper way (which licensed agencies are required to follow) is for the rental company to pay the owner only after the guest vacates the property, then, you, the renter, are protected.

Do they personally verify all of their properties? – Ask what does this verification involve? Term “Verified” property is so overused now, and can imply variety of different things. For example, some label property “Verified”, just based on what the owner submitted to the website. Be sure to inquire, whether this company personally verifies ownership, description and photos of each property.

Do they have a legally binding contract? – The company has to have a legally binding contract with the owner of rental property to ensure that this property will be available for you when you arrive.

At Golden City Rentals we strive to provide you services to the highest industry standards. Find your perfect rental home for Vancouver 2010 Winter Olympics at GoldenCityRentals.com

Slava Kandakou is Managing Director at Golden City Rentals Inc. – licensed agency in British Columbia, Canada that specializes in furnished rental accommodations and provides peace of mind to both homeowners and guests. For more information on Golden City Rentals, visit http://goldencityrentals.com