The BC Financial Services Authority recently published a consent order involving property manager Donald Paul Nichol, who was disciplined for misconduct related to a property he managed for Pacific Quorum Properties Inc. in Surrey, B.C. The disciplinary action includes a one-year suspension of his license, a $30,000 penalty, and $2,000 in enforcement expenses.
Nichol admitted to several instances of misconduct during his management of a rental property in Surrey in 2016 and 2017. The property owners had requested a no-smoking and no-pet policy in rental agreements, but Nichol failed to include these clauses in the first tenancy agreement. Additionally, he did not collect the tenant’s security deposit or enforce the penalty for early lease termination, resulting in financial losses for the property owners.
The second tenancy agreement managed by Nichol also had issues, including the absence of a no-pet policy, failure to collect the security deposit, and listing the wrong address for the property. These actions violated the Real Estate Services Act and demonstrated a lack of care and skill in property management.
The regulator ordered Nichol’s one-year suspension to begin in June, allowing Pacific Quorum time to transition his property management responsibilities. This case serves as a reminder of the importance of following lawful instructions, acting in the best interests of clients, and exercising reasonable care and skill in property management practices.
In light of this disciplinary action, property owners and tenants are encouraged to be vigilant when engaging property managers and ensure that all agreements and policies are clearly outlined and followed to avoid potential issues or financial losses. Adhering to legal requirements and maintaining open communication with property managers can help prevent similar misconduct and ensure a positive rental experience for all parties involved.