Del Condominium Rentals

Toronto Condo Rentals and Property Management Blog

Are Property Management Companies Worth It?

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Property Management

Owning a property is a huge risk financially, especially when you decide to rent it out to a tenant. There are many codes property owners must follow. Other tasks like finding tenants, maintaining the property, and communicating with them take a significant amount of time.

Some property owners will try to manage things by themselves in an attempt to save money. But they quickly learn how time-consuming it is to be a landlord.

You likely have a few questions if you’re a property owner. Do these sound familiar?

  • Does it make sense to hire a property management company?
  • Are the management fees expensive?
  • What does a property management company actually do?
  • Can I still make money on my property if I’m paying someone to manage it?

Let’s dive into that and see why a property management company is the best way to protect your investment.

They Save You Money

Property owners are renting out their property to do one thing – make money. And it can be very expensive to manage your own property.

It can become even more expensive when you decide not to hire a property management company because you will make mistakes, hire the wrong people, approve bad tenants, and waste time on completing jobs that a company can do more quickly.

Property management companies are able to do things quicker and better because they have experience handling the issues you’ll come across. They’ve been there before, they understand property bylaws, building upkeep, and everything that goes into managing a property.

By hiring a property management company to look after your property, you are saving yourself money in the long run.

They Save You Time

Renting out your property is going to take up time. Whether you like it or not, problems will pop up.

Tenants may call at any time with an urgent problem, and you’ll have to fix it. Staying on top of service requests, complaints, and other problems is challenging when you’re busy.

Other major tasks like lining up a new tenant and finding the right plumbers and electricians are equally as challenging.

Before you know it, your entire weekend will disappear. That’s why many property owners look into condo management companies in the first place.

Don’t spend unnecessary amounts of time on the management of your property. Let a company deal with the time and stress it takes to run your property properly.

They Simplify Tenant Screening

A property management company can do a better job of finding the right tenants. Don’t underestimate how important this step is.

Finding the right tenants really does make all the difference.

But what does this process really entail? A property management company will:

  • Handle credit checks
  • Market your property to their extensive list of renters
  • Help you get market rent for your condo
  • Determine which tenants are suitable for your property
  • Conduct all tenant interviews for you

Remember – a good tenant will cause little headaches and keep the property in great shape. A bad tenant can make all sorts of trouble with neighbours and cause you to spend time on repairs and cleaning.

Don’t risk getting a bad tenant by using an experienced property management company.

They Offer a Hassle-Free Service

Property management companies work with property owners and tenants each and every day – and they’ve been doing it for years.

They’ve been there before and are able to do things much quicker because of their vast experience. They will have in-house maintenance crews on hand to hire and can deal with small tenant issues that could become a hassle for you.

Property management companies make things easy for you because of the many resources they have available to them.

They Know the Law

There are many laws and codes that property owners have to abide by when owning and renting out their property.

Depending on the municipality – and the building your condo is in, if applicable – those rules will vary and not knowing your way around them could result in finding yourself in hot water.

Property management companies stay on top of the local bylaws and are familiar with building codes. Not only with they be knowledgeable in the proper eviction protocol, but they will be able to execute on these things in a smart, proper way that follows all of the rules.

Property owners can spend lots of time studying the codes related to their property, and we recommend all property owners becoming familiar with them. But leave the enforcement of all bylaws and codes up to an experienced property management company, so you know things are being done correctly.

They Help You Make More Money

Property management companies do more than just handle your property for you in an easy, hassle-free way – they make you more money on your property.

By working in the industry every day, they’ll know how to manage your property in a way that makes you the most money. From rental rates, saving you money on repairs, low tenant turnover, and more, property management companies are worth every penny.

Stop Managing Your Condo – Let Us Help You

Take a step back from managing your property and let the experienced and dedicated staff at Del Condominium Rentals help you. We pride ourselves on our customer service and knowledge of the changing industry.

Please contact us at 647-952-3644 or email sales@delrentals.com to learn more about how Del Condominium Rentals can help you.

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


How Is A Real Estate Manager Different From A Property Manager?

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Property Manager

If you are looking to hire someone to help you find tenants for your rental property, a real estate manager and property manager might look similar.

After all, they are involved in the rental industry and they can both help you find tenants for your newly rentable condo.

But once you begin searching to hire one or the other, you will quickly find out that a property manager does much more for you in the long run, even after you’ve found suitable tenants to rent your condo.

Who Is in It For the Long Run?

Real estate agents only deal with the leasing aspect of your property and will no longer be working with you once the property is rented. If your new tenants cause damage a month into their lease and you’ve never dealt with something like that, the real estate agent won’t be of any help to you and you’ll be on your own to figure it out.

Property managers work with their tenants on an ongoing basis long after they help you find the perfect tenants. Property managers are experts in the field and deal with a variety of things so the condo owners don’t have to.

Property managers will help you market your condo, find the perfect tenants, and much more. They are your ongoing partner in this project, helping you earn as much profit on your rental property as you can.

Who Has Your Best Interests In Mind?

A realtor is only working with you until you find tenants to occupy your condo. After that process is complete, they have no obligation to manage the unit and make sure things continue moving properly.

Most realtors in Toronto will charge a baseline fee for finding a tenant. While they will aggressively market your listing, they won’t provide you with any support afterwards.

Property managers have an invested interest in ensuring that they find the best tenants possible. They will be responsible for maintaining your unit, handling requests from your tenants, inspecting it, and a wide variety of services.

Property managers always looking to impress the property owner and will make sure they put in the proper effort that is needed to have your rental condo run smoothly and efficiently.

Who Does the Most For You?

Property management companies continue to manage your property beyond the portion of the contract and are there when something happens—no matter if it’s at the start of the lease, or the end. These property managers are contracted to provide active management and handle many different things for you:

  • Regular maintenance to the condo when needed.
  • Collecting rent payments from tenants every month.
  • Evicting tenants (when needed).
  • Handling tenant issues and complaints.
  • Performing regular inspections on the property.
  • Working with your condo association to make sure you are following property rules.
  • And much more!

Property managers are a one-stop-shop for condo owners, so they can sit back and enjoy earning money off their rental.

Who Will Really Care?

It’s in the best interest of a property manager to find suitable tenants who won’t be a problem when they go about their regular activities to manage your property. A bad tenant will make a property manager’s job harder and increase their costs, so they do their part in finding the best tenants and making sure they follow all the rules and regulations.

Real estate agents will care about quickly finding you tenants, will get paid, and move on to the next client.

A Property Manager Will Help You Succeed, Even After Your Condo Is Rented

Property management companies like Del Condominium Rentals offer a lot of value-added services over real estate agents and other competitors.

From our in-house paralegal department that we use to handle minor legal disputes with tenants to our network of preferred contractors who can handle repairs and maintenance, Del Condominium Rentals can help you increase the ROI you generate from your condo.

If you are interested in working with Del Condominium Rentals, please call us today at 647-952-3644 or email us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download a FREE eBook and learn more about our services, management cost and more


6 Questions to Ask When Considering Purchasing a Rental Condo in Toronto

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purchasing a rental condo

Are you thinking of purchasing a rental condo in the Toronto area? There are many things to consider when it comes to becoming a rental property owner.

You have to consider things like resale value, any renovations you’ll need to make, comparables, what amenities exist, and what the rental market looks like. This list can go on and on.

If you’re buying a condo with the intent to rent it out, there will be even more questions you’ll have to look into in order to generate a positive return on investment.

Here are a few things that could potentially impact the condo you purchase and how it performs as an investment property.

  1. What Does the Neighborhood Have to Offer?

Buying a property that’s in a good neighborhood is a no-brainer when it comes to purchasing real estate. Popular neighborhoods have the potential to generate higher monthly rental incomes and will likely command higher resale values over time.

When purchasing a rental condo, you should think about what schools are nearby, transit lines, popular parks, and other attractions. Put yourself in the shoes of your ideal renter and create a list of what you’d like to see in the neighborhood.

Here are a few other things you should think about when deciding on a neighborhood:

  • Grocery stores
  • Restaurants and cafes
  • Department stores
  • Distance to the downtown core
  • Walking and bike trails
  • Availability of parking
  • Accessibility to major highways

You might not be able to find a neighborhood that has everything you need, but checking off as many of these things as possible will help you understand how to market your property to potential tenants.

  1. What Amenities Does the Building Have

The amenities included when buying a condo are an important part of the purchasing process, similar to when you are renting out a property. There are a number of different amenities that could be included in the price of rent.

Here are a few amenities to look into before purchasing a new property:

  • Washer and dryer
  • Access to a dry cleaner
  • Dishwasher
  • Balcony
  • Pool
  • Gym
  • Rooftop patio

A desirable rental property should include most of these amenities. However, certain appliances may require replacing if they are old. A 20-year-old dishwasher that constantly needs repairs will cost more than it’s worth.

Keep in mind that shared spaces require maintenance and may result in higher condo fees. Look for a condo that offers a decent balance between the amenities it offers and the condo fees charged each month.

  1. What Is the Condo Board Like?

Finding out all you can about potential condo boards is an important step in the buying process.

Make sure to talk to the members of the condo board to develop a better understanding of how they manage the building. Look at the rules you’ll need to follow before making purchase decisions. Are the rules fair, or are they intrusive? What rules are in place for renting out your condo?

If you have access to other condo owners in the building, you should talk to them to get a feel for how the condo board treats its members.

  1. What Are the Condo Fees?

Condo fees are an ongoing expense to consider when calculating the profit potential of a rental condo. Condo fees always rise over time, and they will chip away at your return on investment.

When you talk to the condo board, you should review the condo fees charged over a set period of time. This brief snapshot can provide you with a lot of insight into how they have trended over the years.

  1. What Is the Age of the Building?

The age of the condo building is a big factor for potential condo buyers and can dictate what property they’d prefer over another. Newer buildings will be equipped with the latest technology and will be more appealing to buyers who want to get top dollar when they turn it into a rental.

But newer doesn’t always mean better. There is a special rental market for older buildings, as long as they are well-kept, maintained, and are in a good location.

Compare each condo based on the previous criteria. An older condo that’s located in a beautiful and desirable neighborhood may be more valuable on the rental market than a newer condo in a less popular area.

  1. What Is the Building’s Management Like?

If you are purchasing a condo with the goal of turning it into a rental property, you’ll need to think about how the overall management will work once the deal is completed.

Will you self-manage the condo? Or do you plan to hire a property management company to handle the everyday tasks associated with being a landlord?

If you do elect to work with a property management company, you’ll want to find one with a proven reputation, access to vetted contractors, and one that understands the Toronto rental market.

Del Condominium Rentals – Toronto’s Leading Condo Management Company

Managing a rental property requires a lot of time and dedication that you may not always have.

A property management company like Del Condominium Rentals can simplify this process for you. Our extensive experience as property managers in Toronto and the GTA can help you increase the ROI you generate from your condo.

From our in-house paralegal department to our network of preferred contractors who can handle repairs and maintenance, Del Condominium Rentals is your one-stop-shop for managing a successful rental property.

If you are interested in working with Del Condominium Rentals, please call us today at 647-952-3644 or email us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


4 Condo Renovations That’ll Increase the Rental Value of Your Property

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Condo Renovations

After having tenants in a unit for years or even decades, putting it back on the market without some improvements or condo renovations is impossible. Even the cleanest tenant can’t stop the natural deterioration of a unit and its appliances.

Even if a unit is brand-new, there are many changes that can be made to increase the rental price significantly.

Renovating a unit may seem like a very costly endeavour, but there are ways to save money and still be able to renovate a unit and ask for a higher renting price.

Here are a few tips you should consider if you want to improve the rental value of your condo.

  1. Upgrade the Kitchen

Something that will significantly increase a property’s rental value are its appliances. Upgrading the stove, dishwasher, fridge, kitchen exhaust, and microwave will make the unit far more appealing. For example, stainless steel appliances and professional-grade gas burning stoves are highly desirable in a unit.

While these appliances can cost tens of thousands of dollars, there are companies who sell second-hand or refurbished kitchen appliances which can refit an entire kitchen. Don’t be afraid to price shop and take advantage of deals when you see them.

Upgrading the countertops to granite or stone is another way to increase the value of the kitchen area. If the unit has outdated cupboards and storage areas in the kitchen, perhaps replacing them — or painting them over, if you’re on a budget — will bring a finishing touch to the kitchen renovation.

Another trick is to add a backsplash to your kitchen. This addition is very inexpensive and will make the kitchen look that much better. Backsplashes are easy to clean and desirable for tenants who use their kitchen frequently.

Lastly, the floors in the kitchen can be changed to match the rest of the design and bring a modern look to the entire area.

  1. Improve the Bathroom

Kitchens and bathrooms are two of the most important places to invest in increasing the property’s price. It is very unappealing to tenants if there is an old bathtub or outdated appliance they’ll be stuck with.

Investing in an entirely new vanity and sink can easily modernize the feel of a unit, and it doesn’t cost very much. Even upgrading rusty old fixtures can help sell a property. Make sure the vanity is unique and stylish, so it catches the eye of potential renters.

Replacing or renovating the bathtub is another crucial step before renting a unit. A walk-in shower or freestanding bathtub will bring a sophisticated look to the bathroom that’ll be irresistible to tenants.

That being said, it is wise to avoid large changes like putting the toilet in a different place or redoing the entire bathtub. These changes often require condo board approval, as they will change the piping in your unit.

  1. Make Small, Value-Driven Repairs

Avoiding unnecessary renovations and opting for repair or cleaning can often have the same effect. If something is old or dingy from previous tenants, try fixing it before replacing it.

For example, professionally cleaning old carpets can leave them looking brand-new, or walls can be spot-fixed using a bit of plaster and a fresh coat of paint.

Replacing old or outdated fixtures is also essential. Sticky door handles, runny toilets, decades-old lighting, cabinets that have lost their finish, blinds, and leaky faucets. All these are inexpensive but can make a world of difference and make your unit look modern and fresh.

Floor mouldings are another overlooked detail. Often, moulding gets old looking after tenants have lived in a unit for a long time. Redoing the moulding is inexpensive and is another detail that can add to a condo’s appeal.

  1. Refresh the Paint

The simplest thing to do if all reno options are off the table is an easy paint job. Giving a unit a fresh coat of paint will revitalize it, making the unit look practically new.

Owners can choose the colors themselves, or hire a designer to help pick a pattern. Paint contractors are inexpensive and can often be found online. Placing an advertisement on a classifieds website asking for experienced painters at a given rate will be significantly less expensive than employing professional contractors.

Del Condominium Rentals has some of the best painting rates in the industry. If you’re looking to increase the rental value of your unit, make sure to ask about our preferred painting rates that our clients can receive.

Need Help Updating and Renting Your Unit? Del Condominium Rentals Can Help

After you’ve done all that work on your unit and are ready to take it back on the market, you deserve to take a step back and let someone else handle your condo management.

Here at Del Condominium Rentals, we take care of every detail of condo management. We handle rent collection, maintenance, repair, and even have an in-house legal department to represent you if there is ever a dispute.

All you need to do is sit back and collect your rent. Leave all the hard parts like tenant management, collecting rent, and marketing your unit to us. Ready to get started? Contact Del Condominium Rentals today by calling 647-952-3644 or emailing us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


3 Ways to Use Virtual Apartment Tours to Make Your Listings More Visible

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Virtual Apartment Tours

As a landlord of rental property, one of your most important jobs is keeping your rental units occupied with the right tenants. Creating a viable marketing scheme for your property will make a huge difference in occupancy rates.

In this day and age, it’s vital that you focus on your digital marketing. With more and more renters using the internet to find and narrow down potential rental homes, having a detailed, appealing online listing can make a huge difference.

A virtual apartment tour is a wonderful way to show off your apartment online and compete with other landlords’ listings. In this article, we’ll outline three different ways you can up your marketing game by making a high-quality virtual tour for your rental units.

A Few Points Before You Begin

Before you think about beginning to make a virtual apartment tour, you’ll need to stage and clean your rental unit. It goes without saying that your apartment should look its very best. While most landlords think of general cleaning and tidying, here are a few tips on making your unit really stand out from the crowd.

  • Keep the blinds open to let in natural light.
  • Plan to do the tour when the sun is high in the sky.
  • Go for a minimal look with few, well-placed decorations.
  • Put up a mirror in each room as you go through to maximize the space.
  • If needed, do repairs and repaint.
  • Remove personal items.

Make sure the unit looks fresh, professional, and unlived in. By giving it some extra maintenance can make a huge difference.

Once your unit is ready, decide which method is most practical for you. Here are the three most simple ways you can create a wonderful virtual tour.

  1. Film a Walkthrough of the Unit

The first and perhaps easiest way to create a virtual tour yourself is to simply film a walkthrough of the unit.

If you choose to take this option, be aware that it may look less professional than a panoramic tour that allows interested parties to explore the property in their own time.

Be sure to use a high-quality camera if you choose to create this type of video. Be careful to walk steadily through the home and carefully pan across each room slowly from the centre of the space.

You may decide to create a voiceover for the video after you have done the filming. This will give potential tenants more information about each room, appliances, decorations, and so on.

  1. Take Panorama Shots of Each Room and Use an App

If you are after a more traditional virtual tour, you will need to take panorama shots of each room, which can be explored on a laptop or mobile device.

There are several apps that will help you to create this type of tour, including:

  • Street View App (iOS) or Google Camera App (Android) – This app will allow you to take a 360-degree photo by taking a series of shots and lining them up.
  • Google’s Tour Creator – This app lets you use your computer to create 360 photos of your rooms.
  • MagicPlan – This app takes 360 images from your phone or camera and automatically creates a comprehensive virtual tour out of these photos. This app makes it easy for viewers to explore your photos online by creating a landing page containing the tour.

If you are hesitant to use an app, you can use the panorama feature on your smartphone to create a long photo. However, this will not give your viewers the same sense of three dimensions.

Del Condominium Rentals offers detailed virtual apartment tours for all properties listed through our company, making it easier than ever for you to find the right tenants for your property.

  1. Hire a Professional Videographer

If the idea of using multiple apps and cameras fills you with dread, there is always the option of hiring a professional property videographer and graphic designer to come to your property and take professional panoramic photos for you.

If you choose this option, you won’t have to worry about the quality and functionality of your virtual tour. Instead, you’ll just have to sit back and let the professional do their work.

Professional Property Marketing with Del Condominium Rentals

Does all of that sound like too much effort? Here at Del Condominium Rentals, we are dedicated to providing landlords in the GTA with full-service marketing and management for their rental condos.

We make it our mission to simplify your job and take care of the tedious, complicated aspects of running a rental property. If you are struggling to market your property in the competitive digital marketplace, we are here to help.

Are you interested in simplifying the landlord experience? You can connect with one of our agents by calling 647-952-3644 or by emailing sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


5 Advantages of Working With the Best Property Management Company in Toronto

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Best Property Management Company in Toronto

Purchasing a rental property can be a lucrative and rewarding investment. Whether you’re a first-time landlord or you already own a number of properties, you will need to decide whether you want to manage the property yourself or find the best property management company in Toronto that will take care of the property and its tenants for you.

Being a good landlord can easily become a full-time job involving round-the-clock availability. That’s why most new landlords choose to hire a professional property manager. We’ve compiled five excellent reasons why opting to use our professional management company will save you time, hassle, and money in the long run.

  1. We Find High-Quality Tenants

As a landlord, you will find yourself saddled with a variety of time-consuming tasks, the first of which is to find suitable tenants to lease a condo in your property. Finding reliable tenants that you trust to rent your condo can take several weeks. And regardless of how discerning you may be, there is always the chance that the tenants you choose will miss rent due dates or damage the property.

If you make use of our property management services, you will no longer be responsible for finding good quality tenants. We market your property on our website, and all interested parties go through our rigorous tenant screening process to ensure your property is filled quickly and by reliable individuals.

  1. Ensure All Legal Requirements Are Met

There are many legal rules that all landlords are required to follow. These include laws relating to tenant rights and condo building bylaws. If you choose to take care of the condo by yourself, you may run into trouble when you attempt to obtain business licenses or evict troublesome tenants. In the best-case scenario, you find the legalities time-consuming, and in the worst-case scenario, you may find yourself with hefty fines to pay.

Avoid the stress and hassle of dealing with the myriad of landlord legalities by choosing a reliable property management company. A team of professionals will deal with any legal requirements you will need, so you can rest easy knowing your property is following all of the necessary rules and regulations as laid out in the Residential Tenancies Act.

  1. Receive Round the Clock Professional Maintenance for Your Tenants

The hassle of managing your own property doesn’t stop when you find your perfect tenants. Landlords are responsible for general maintenance and repairs of the property. While this may sound manageable, you would be amazed by how often emergencies arise in the middle of the night or when you’re jetting off on vacation.

Finding reliable, qualified repair companies can also prove to be a difficult and cumbersome task. Our property management company will deal with your tenants’ maintenance issues directly, so you won’t have to waste your precious weekend hours looking for a decent repairman.

Plus, we have established some excellent relationships with reliable companies that offer preferred rates on a range of services, so it’s likely you will save money as well as time when it comes to maintenance and repairs.

  1. Increase Your Property’s Equity Value

Using an external property management company can increase your property’s value over time. Because a property management company has the resources and expertise to assess and repair your property according to modern quality standards, your property’s value will rise each year.

We also have the knowledge to advise you in areas of your property that should be upgraded. Many condos lose their value over time because of their outdated kitchens or bathrooms. Our experts know exactly which fittings and cabinets will help your property regain a foothold in the market.

Finally, with our excellent tenant screening process, your condo will remain in excellent condition for the entirety of their tenancy.

  1. Highly-Competitive Rates

If you are still hesitant about choosing a property management company because of concerns about fees, you won’t need to worry about Del Condominium Rentals. Our highly competitive commission rate of just 6% means you will take home a significant portion of your tenants’ monthly rent.

About Del Condominium Rentals – Toronto’s Best Property Management Company

Managing your own condominium is a time-consuming and strenuous undertaking. That’s why we recommend enlisting the help of full-time professionals that will help to lighten the load. With a reliable property management company, you won’t have to worry about marketing your property, screening tenants, providing timely repairs, or maintaining the property’s value.

Del Condominium Rentals is one of the best property management companies in Toronto. With our highly qualified team of property managers, your property and its tenants will be in excellent hands 24 hours a day, seven days a week, while you will be free from all burdensome landlord duties and worries.

For more information about our services, please do not hesitate to contact us. You can connect with one of our agents by calling 647-952-3644 or emailing us at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


What Are the Pros and Cons of Working With a Property Management Company?

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pros and cons of working with a property management nt

There are many important decisions to make when you decide to transform your condo into a rental property. If you decide to handle things on your own, you will have to market your property, find suitable tenants, calculate market rents, handle tenant interactions, and everything else that involves your rental unit.

Property owners will also have to decide if they will hire someone—like a property management company—to take care of the ongoing management of their rental unit. After all, self-managing a unit takes time.

If you are considering hiring a property management company to look after your condo rental, here are some pros and cons to consider:

Pros

1. Access to Experienced Professionals

Property owners working with companies like Del Condominium Rentals gain access to experienced professionals who have been in the industry for many years. We know the ins and outs of how to best manage a rental unit and can make decisions based on the extensive experiences we’ve gained.

Property management companies make a living off of the satisfaction of their clients. It’s their job to handle the time-consuming and difficult tasks that come with renting out your property. A reliable property management company can help you with:

• Marketing properties to find potential tenants.
• Tenant screening and approvals.
• Upkeep and regular maintenance of rental properties.
• Dealing with local condo associations to maintain a healthy relationship.
• Filing paperwork that should be kept.
• And so much more.

Not only can an experienced property management company take out all of the stress of owning a rental condo, but they can help you generate a higher ROI from your property.

2. Increase Your Profits

Another positive for working with a property management company is the ability to take a step back and leave the active management to experienced professionals.

The regular stresses that come with owning a rental property—like property damage, tenant issues, and sorting through paperwork—will now be handled by a team with industry experience. This reduces the amount of work you have to put into managing your unit.

If you have another job (or other properties to look after), a property management company can make your life much easier by allowing you to maximize how you spend your time.

3. Benefit From Rental Expertise

A property management company relies on a set of efficient processes and systems to streamline the rental process. This extensive expertise means they have access to preferred contractors, on-demand services, and more.

When you hire a property management company, you are hiring a dedicated team that is committed to ensuring that your rental unit is rented by suitable tenants that will reduce risk for both you and the property manager.

Cons

1. Little Tenant Interaction

When a property management company takes over with handling your rental property, you won’t be as involved with day-to-day operations. This means that your condo manager will communicate with your tenants should any issues that arise.

While this is an advantage for most, it may be a con for other property owners. Not having to deal with issues that arise and the need to jump in is a great reason to hire a property manager who will take charge of things.

2. There Are Fees

You will have to pay a small fee to hire a property management company to manage your rental property. The fee will be based on the price of rent that is charged and will depend on the company you work with.

This small fee might seem like another expense when you are deciding to rent your condo, but based on the time a property management company will save you and the headaches they will eliminate for you, it’s worth it for most condo owners.

Your fee will include a variety of leasing and active management services. These may include:
• Screening tenants
• Tenant communications
• Rent collection
• Paperwork
• And more

Simplify Your Landlord Experience – Work With a Property Management Company
A property management company is designed to save you time and money when it comes to being a landlord. It’s a flexible approach that lets you generate consistent rental income with a few downsides.

Del Condominium Rentals is the highest-rated and best property management company in Toronto. For over 30 years, we’ve worked with condo owners throughout Toronto and the GTA.

What are you waiting for? Get in touch with our team today by phone at 647-952-3644 or by email at sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


5 Tax Tips All Ontario Landlords Should Know to Stay Tax-Efficient

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5 tax tips for Landlords in Ontario

As a landlord in Ontario, you should understand how renting a property can affect your taxes. Every cent your rental property earns is taxable, which is why it’s vital that you treat your property like a business.

Failing to report your income properly may lead to tax headaches, fines, and even legal action. You may also end up missing out on strategic tax deductions if you don’t calculate your business expenses in an efficient manner.

We’ve created this basic list of tips to help Ontario landlords ensure that they submit their taxes properly, so they can keep more of their money in their pocket.

1. Understand How is Rental Income Taxed in Canada

If you own a rental property in Ontario, provide basic services, and earn income from rent, chances are, you are earning rental income. However, if you provide additional services such as cleaning, security, or meals, you may actually be operating a business. If you are operating a business, your taxes will be calculated differently. 

There are three different ways that rental income is taxed in Canada.

  • The rental property is owned in your name. If this is the case, you will pay tax on your rental income on your T1 personal income tax return. The tax rate will depend on your personal marginal tax rate. 
  • The rental property is held in several partners’ names. If you have a partner or partners, each partner must account for their share of the rental income on their personal tax returns.
  • The rental property is held in a corporation. This is where taxes become more complicated as multiple factors need to be considered to determine the rate. Find out more here. 

Be sure to find out which category you fall into by consulting with a professional accountant.

2. Know When Your Tax Year Starts

In most cases, you will need to report your rental income on the tax returns for the year you receive the money. If you receive rent in December 2020 for January 2021, this income will count towards your 2020 tax return.

In the same vein, any deposits you receive should be claimed in the year you receive them. However, if the deposit is being held to be returned to the tenant, you will not need to pay tax on this amount.

Any business expenses you claim must be claimed within the relevant tax year that they happened. If you plan to invest in a larger renovation, you should look to see whether its best to do it in the current or next tax year to maximize your tax savings.

3. Receiving Goods and Services in the Place of Rent

In the rare case that you accept goods or services from your tenant instead of rent, you will need to claim the value of these services on your tax return in the same year that you receive them. 

This is a complicated process that may involve appreciation and depreciation. If that is the case, you should consult with your accountant to ensure that you are claiming these things properly.

4. Statement of Real Estate Earnings (Form T776)

If you are the sole owner of the rental property and your rental income is being taxed on your personal tax return, you will need to fill out a Statement of Real Estate Earnings for each rental property you own. In this form, you will summarize your rental income along with any deductions of expenses associated with this income. 

The form will ask for identification, details on co-owners, income, expenses, and finally, a calculation of capital cost, or CCA. 

You can find this form online by following this link. 

5. Keeping Track of Your Rental Expenses

Your rental income amount isn’t usually the amount you need to pay taxes on. This is because you are allowed to claim expenses that are deducted from this amount. There is a wide range of accepted expenses. In theory, any cost associated with the legal upkeep of the rental property can be deducted. Some examples include:

  • Cleaning and maintenance
  • Repairs
  • Marketing costs
  • Insurance
  • Property management fees
  • Utilities
  • Garbage removal fees
  • Depreciation
  • Mortgage interest

The best way to track your expenses throughout the year is to enlist the help of a tax accountant who will ensure you make no costly mistakes or omissions from your list. Plus, you’ll be guaranteed to make no errors on your tax return that could get you into legal trouble later on.

It is, however, possible to keep the receipts and proof of purchase yourself. An accountant will still be required by CRA to classify your expenses at the end of the year. 

Looking for an Easier Landlord Experience? Del Condominium Rentals Can Help

Taking on all of the jobs that fall on a landlord’s shoulders can be overwhelming. With the help of a property manager, you can let a professional handle the day-to-day running of your rental property. Along with the daily maintenance and repairs calls, our team of property managers at Del Condominium Rentals will take care of minor legal disputes, tenant evictions, marketing, and some accounting practicalities. 

Find out out more about Del Condominium Rentals today by calling 416-296-RENT (7368) or by emailing sales@delrentals.com.

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


What Rights Do You Have as a Residential Landlord in Ontario? Understanding the RTA

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As a landlord of a condominium unit, you may feel nervous entering into lease agreements with certain tenants. Maybe they don’t have a steady income, or you are unsure about their character references. 

The good news is, you have certain legal rights to protect you as a landlord in Ontario. So, if the worst happens, for example, your property is damaged or your tenants fail to pay their rent, you won’t be left high and dry. 

It’s crucial that you understand exactly how your legal rights work and what limitations are placed on these rights. With an in-depth knowledge of landlord rights in Ontario, you’ll always know exactly what you can and can’t do when it comes to troublesome tenants. Here is a simple guide to some of your most basic landlord rights.

Become Familiar with the Residential Tenancies Act (RTA)

The best place to begin is with the Residential Tenancies Act (the “RTA”). The RTA is where you’ll find everything you need to know about both your legal rights and your tenants’ rights in Ontario. It’s a pretty long and dull read, but if you will be leasing property in Toronto or anywhere in Ontario, it’s definitely worth examining in detail. You can find the RTA in full here.

Find Out If You Qualify as a Landlord Under the RTA

In the RTA, there are several specifications about who actually qualifies as a “landlord.” You may be surprised to learn that your current rental situation doesn’t afford you the same rights provided to residential landlords governed by the RTA.

There are a few situations in which the RTA will not apply to you:

  • If you run a seasonal or temporary rental business.
  • If your units include shared kitchen or bathroom areas with you and your family.
  • If you operate a long-term care facility.
  • If you are providing emergency shelter.

If you are in any of these rental situations, your rights and responsibilities will be dictated by other statutes and the Ontario licensee-licensor relationship laws.

Some Important Landlord Rights Granted by the RTA

Here is a run-down of some of your most important rights as a landlord.

The Right to Vet and/or Deny Tenancy (With Limitations)

The RTA stipulates that you may vet potential tenants and deny occupancy to applicants for a range of specific reasons. These reasons could be:

  • Income source information
  • Poor credit checks
  • Poor credit references
  • Unsatisfactory rental history
  • Insufficient rental guarantees

There is a range of reasons that are not suitable reasons to deny occupancy. These reasons relate to the tenant’s personal profile and are governed by the Ontario Human Rights Code. For instance, you cannot vet or deny tenancy based on race, religion, age, disability, gender, sexual orientation, and so on.

The Right to Evict Tenants in Certain Circumstances

As a landlord, it is your right to evict your tenants from your property in certain situations. All evictions have to be justified by one of the reasons provided by the RTA, and can include one of the following:

  • The tenant has failed to pay rent or has persistently paid their rent late.
  • There have been illegal activities committed on the rental premises.
  • The tenant has interfered with other residents’ reasonable enjoyment of the rental premises or has unreasonably interfered with the landlord’s lawful rights.
  • The tenant has invited other people to live in the residence without the landlord’s consent.
  • The landlord has an intention to move into the premises for their personal use.
  • The landlord has a plan to demolish the building.
  • The landlord plans to use the unit for a means other than housing. 

Landlord and Tenant Board applications and evictions can take a long time to process, and they often require extensive legal knowledge of the RTA, so it is ideal to attempt to resolve the issue amicably before resorting to formal legal proceedings.

The Right to Increase Rent in Certain Circumstances

You may wish to increase your rental amount during the tenancy. The RTA specifies a timeframe in which these increases are allowed. 

You can increase the rent once in every 12-month period in accordance with the Rent Increase Guideline published by the Government of Ontario. The current rent increase guideline is 2.2% for increases between January 1 and December 31, 2020. You must also give your tenant a minimum 90-days’ written notice before the rent increase comes into effect.

The Right to Enter the Property With Notice (With Limitations)

You may be surprised to learn that your right to enter the property comes with several limitations. This is to accommodate the tenant’s right to privacy and quiet enjoyment of the rental premises. Here are the guidelines to follow when it comes to entering the premises:

  • Entry is allowed between 8AM and 8PM
  • You must give written notice at least 24 hours prior to entry
  • You can enter for repairs, maintenance, safety inspections, and to show the property to potential new tenants

Keep Your Rental Unit Compliant. Hire Del Condominium Rentals Today

Becoming familiar with your many rights and obligations as a landlord can be a long and time-consuming task. To avoid making a mistake about your rights and obligations as a landlord, let a rental management company take over the day-to-day running of the property for you. 

Here at Del Condominium Rentals, we have decades of experience managing condominium units. We collect rent, carry out inspections, and find tenants, so you don’t have to.

Are you ready to simplify the entire rental process? Get in touch with the Del Condominium Rentals team today by emailing sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


5 Condo Marketing Tips From Toronto’s Leading Property Management Company

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Entering into the real estate market as a condominium owner can be a lucrative and savvy move. The industry is booming, and you can see a large profit if you fill your units quickly. 

However, while there are plenty of high-quality renters looking for their next home, the competition is fierce, particularly in the GTA. Without a canny marketing strategy, you may struggle to find suitable tenants. 

Here are 5 condo marketing tips on how to market a modern condo and get it filled fast.

1. Highlight Your Recent Modifications and Improvements

Most renters will be attracted to condos that offer the latest and greatest. Treat new appliances and modifications as highlights. In your property listing, draw attention to the latest improvements you’ve made to the unit. 

By highlighting the newness of your property, you’ll immediately put yourself above your competition. You’ll also create the impression of being the type of landlord who frequently upgrades their units.

2. Engage on Social Media Platforms

In this day and age, no marketing campaign can avoid social media. Platforms like Instagram, Twitter, and Facebook are fantastic ways to reach a wide audience with your property listing. 

Social platforms make it easy to establish a reputation and become a familiar property rental brand. Soon, renters in the GTA will recognise this brand, and come to think of you as a great place to start their hunt for their next home. 

Find out more about using social media as a marketing tool here.

3. Research Your Competition

Marketing trends can change and shift quickly. Even though you may not be a professional in the field, you can still stay on top of real estate marketing trends with some simple research. Find out what your competition is doing in order to succeed. 

Become familiar with the types of images, blurbs, and ads that are attracting attention. A simple way to improve your own marketing strategy is to emulate what you see.

4. Invest in a Professional Interior Designer

By hiring a professional interior designer, you’ll optimise the way your unit looks. Professional interior design can immediately transform a basic condo into a stylish and sophisticated home. Renters will be instantly drawn to the images of the unit when they look like they were taken straight from a magazine. 

Regardless of whether your unit is being advertised as furnished or unfurnished, streamlining the design for your marketing photos will show off your product in its best light. By showing off a well-designed apartment, you’ll take the guesswork out of the equation as renters won’t need to imagine or visualize how they could make the property attractive.

5. Use an Email Marketing Strategy

Email marketing is a surprisingly effective way to grab readers’ attention and publicise a new property. Start by gathering the emails of potential tenants in the GTA. A great way to accumulate a list of emails is to offer a special deal in exchange for the email address. In the real estate industry, this offer might be a free PDF guide to renting in Toronto, or it could be a discount with a moving company. 

Once you’ve got a good email list, you can begin to send a weekly or biweekly newsletter containing images and details about your newly available condos. Email marketing is a great way to advertise a modern condo in the GTA. The majority of renters in the GTA looking for modern condo rentals are young professionals. Studies have shown that a high concentration of condominium renters are under the age of 35. 

This means that your target audience should be renters in the millennial age group. Email is a great way to connect with this demographic. Studies have shown that millenials prefer email communication, and that they are more likely to be won over by a promotional email, so it’s well worth making use of this easy, free marketing tool for your modern condo. 

A Property Management Company Can Help. Contact Del Condominium Rentals

If the very idea of marketing your rental unit sounds like a nightmare to you, we are here to help. We are a property management company with decades of experience helping landlords in the GTA take care of every difficult task that comes with the job. 

Our services include:

  • High-quality property marketing
  • Thorough tenant screening
  • Rent collection
  • Legal advice and services
  • Property inspections
  • And much more

If you’re ready to say goodbye to the complicated and stressful life of the independent landlord, we can help. Find out more about our services by calling 647-952-3644 or emailing sales@delrentals.com

Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


About Del Condominium Rentals

Del Condominium Rentals (DCR) is a full service rental management company. For more information about our program and how to have your suite professionally managed, please contact our Head Office at 647-952-3644 or email us at sales@delrentals.com

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