Del Condominium Rentals

Toronto Condo Rentals and Property Management Blog

When Should You Switch to A New Property Management Company?

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Do you currently work with a condo management company? Are you unhappy with their service? There are many reasons why your relationship with an existing property management company may not be working out.

Whatever the reason, you may find yourself searching for a new condo management company. Things are not always perfect between condo owners and property management companies. And you wouldn’t be the first person to change property managers.

We’ve had many clients come to us after working with another property management company. So, we know all too well about this issue.

Here are several warning signs that may suggest that it’s time to change to a new property management company.

  1. The Service Is Not As Advertised

Many condo owners agree to work with a condo management company because of the promises they make. It’s not uncommon for smaller companies to over promise and under deliver.

But this is a major problem for you when you’re relying on a company to manage your property effectively.

A property management company strives off of delivering on its promises to its customers, and it’s what makes up their core values. It’s that same belief that drives our success here at Del Condominium Rentals.

Here’s what we recommend you do.

Take a look at the documents you have from when you first signed the contract and compare the details with what the property management company is delivering.

If the services are not reflecting the contract you signed with the property management company, and it doesn’t look like things will change, you should switch to a better company. Simply communicate that they aren’t fulfilling their duties, and look to terminate the contract.

  1. They Have Breached The Contract

A breach of contract is an obvious reason to terminate a contract and look for another property management company.

You should look into the legalities of what happened if you experience this problem. You may need to take further legal action if the property management company has breached the contract and caused material damages.

A reputable property management company will respect the terms of the contract and work with you to keep your property in the best condition possible.

  1. Poor Condo Inspections and Maintenance

Your condo will require a yearly inspection and maintenance to keep it in a livable condition. Wear and tear are inevitable, even with the best tenants.

You should consider switching property management companies if the property maintenance and repair processes aren’t up to the standards that you were hoping for. Your property is valuable, and it’s important that this asset appreciates over time.

Different property management companies have different contractors they use for the work they carry out. If the quality of the work is questionable, your property management company may not be using the best contractors.

Bring this up to them to see who they are working with and to determine whether their service providers are reputable.

Many condo management companies take pride in the maintenance and repair work they provide for their clients. These are the types of condo managers you should look to hire.

  1. Missing Deadlines

There is a long list of things the property management company will have to do, including:

  • Having rent delivered on time
  • Filling the condo with new tenants as quickly as possible
  • Enforcing new lease policies
  • Making requested changes to the condo.

These tasks need to be completed on time if you want to avoid disruptions. Deadlines are binding and should always be followed.

Failing to follow deadlines, especially the collection of rent and making sure the condo is occupied is a huge difference between a good property management company and one that is not so good.

Are You Unhappy With Your Current Condo Management Company?

Del Condominium Rentals simplifies the condo management process for you. We take care of all of the challenging parts of being a landlord, allowing you to reap the benefits with reduced risk.

We work with clients in Toronto and the GTA who have come to us after working with other companies, and we are always happy to win over new clients with our exceptional customer service and industry-leading performance.

We have the experience, expertise, and the desire to make your condo management experience a positive one. Contact us today to learn more about how we can work together 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


The Latest on Airbnb in Toronto After the October Hearings

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Airbnb

With the current housing crisis happening in Toronto, Airbnb and short-term rental rules have been under scrutiny. The housing market remains unaffordable for most, rent continues to increase, and many Torontonians are starting to feel the pressure.

Downtown condo owners have benefited from the short-term rental market for years, renting their units out to tourists, businesspeople, and for recreational use. But the recent Airbnb hearings have brought a lot of attention to the housing crisis that exists in Toronto.

In October, nine days of hearings took place where the Local Planning Appeal Tribunal heard from both sides, including Toronto residents affected by the increase in short-term rentals and the public policy manager for Airbnb Canada, Alex Dagg.

Now, both sides will have to wait and see if anything will change in the city’s approved bylaws, or if things will stay the same, which is making it tough for permanent Toronto residents to find long-term rental options.

As of November 1, the future is still uncertain for Toronto.

What Are the Problems With Airbnb

Short-term rentals – and mostly, Airbnb – are negatively affecting the long-term rental industry and people who need to find affordable, secure housing.

Many people who want to rent out their property believe they can make more money by turning their property into a short-term rental, and now there is a shortage of long-term rentals on the market.

Short-term rentals have also earned a reputation for rampant partying, and in extreme cases, destruction of property. Neighbours who are unfortunate enough to live by properties being continuously used for Airbnb rentals have spoken out and want stricter rules to be implemented.

Here’s What You Should Know

New rules are being proposed for Toronto that would put a third of Airbnb listings out of business but would open them up to be potential long-term rentals. In a city that has 21,000 Airbnb listings – and a market of $214 million a year – that would mean 7,000 are not eligible as short-term rentals if these new rules pass.

If the new rules between property owners, Airbnb Canada, the City of Toronto, and residents are approved, the short-term rental industry would be affected by the following changes:

  • New rules would limit the number of days a landlord can rent their entire home to just 180 days per year.
  • Up to three rooms in any home would still be able to be rented year-round.
  • Short-term rentals could not be rented out for more than 27 consecutive nights.
  • Landlords would only be allowed to rent out their principal property and could not use a secondary suite as a short-term rental. However, they could be filled with long-term tenants.

With the hearings now over, the city will take the time they need to make the right decision for Toronto and it’s residents.

An Uncertain Future for Short-Term Rentals

The future is genuinely uncertain for the short-term rental industry in Toronto. Property owners who use their homes for short or long-term rentals should not rely on favourable bylaws. Anything could happen in a city that is facing a shortage of long-term rental options.

One thing is for sure at this point: property owners using their home as a short-term rental should consider turning their property into a long-term rental. Not only will it protect them from changes to the bylaws, but it will save them from dealing with the negative aspects of short-term rentals.

You will no longer have to deal with complaints, loud guests, damages to your property, rapid cleaning schedules, logistics, and parties from Airbnb renters.

With a property management company helping you find the best permanent tenants for your property, you can have a hands-off approach to your rental property where you sit back and collect the rent.

Prepare Your Short-Term Rental For Possible Changes

Now is the time to prepare yourself for possible changes that might be coming to the Toronto rental industry.

Del Condominium Rentals can help you transition your property from a short-term unit to a long-term unit and still maintain a profitable investment.

The experts at Del Condominium Rentals have been helping their clients make the most amount of money they can for their property and do the following for you:

  • Tenants. Finding responsible and permanent tenants is an essential task that DelRentals can handle for you. They will handle all applications, interviews, and make sure the tenants are a good fit for your long-term rental.
  • Marketing. When looking for tenants, it’s vital to get your property in front of the right people. DelRentals has done this for decades – and can do the same thing for you.
  • Rent. Collecting rent at the start of every month is what makes it all worth it for you when you decide to rent out your property. Del Condominium Rentals will ensure rent payment is on time every month.
  • Rules. Understanding the rules and bylaws for owning a rental property can be a full-time job, especially for someone who is new to renting out property. Del Condominium Rentals has navigated the rules and bylaws for many years and understand every detail of this ever-changing landscape.
  • Repairs. Whether it be general upkeep or making repairs to your property, Del Condominium Rentals has a network of in-house contractors that you can use to get the job done quickly and affordably.

Del Condominium Rentals can handle all of this (and more), so you can benefit from owning a rental property. You need to keep your unit occupied at all times to generate more profit from your investment, and Del Condominium Rentals will help you navigate every aspect of the rental industry.

Take the stress out of renting out your property by contacting them today 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


Del Condominium Rentals: How Our Screening Process Works

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Condo owners often ask us how our screening process works and how we find tenants for their condos.

One of the most critical processes in our line of work is finding the best tenants possible to move into the condominium units we manage for our clients. Great tenants usually result in great rental experiences for everyone involved.

The screening process we’ve developed is completely digital, prioritizes applicant’s privacy, and is thorough, but fair.

But how do we find the right tenants for your unit? And what processes do we use to ensure that we find the best tenants possible?

  1. Applicant Speaks With a Coordinator

This critical step is also the initial step we take to see if someone is the right fit for a condo. A coordinator will talk with a potential tenant, ask them a few questions, and determine if they are a good fit.

The goal of this process is to find out the following about an applicant:

  • Determine financial viability.
  • Check to see if they have a valid employer/ Verify income details
  • Process Beacon score to check on viability over the 12 month lease period

The market we work in is for rentals, and the majority of renters are not yet ready to buy a property. Renters value the flexibility that the rental market offers them. Learning a bit about why applicants want to rent can tell us a lot about a person. Maybe they moved here on a contract, for a job promotion, or for other personal reasons. Finding out why someone is looking to rent is important.

This first conversation isn’t overly extensive because our goal is to allow the overall screening process to identify suitable candidates. We don’t look into every detail during this phase of the process, but we can get an initial feeling if someone is the right fit for your condo.

  1. Schedule a Showing

We always accept a showing and will let someone see the property before confirming if they are a good fit.

We will schedule a showing with a potential tenant if they are interested in progressing through the screening process.

We trust the process we’ve created and try to avoid refusing showings based off of that initial conversation we have with an individual.

The showing is an important part of meeting the proposed tenants and deciding if they would like to take the next step into renting the property. An in-person meeting also allows us to gauge the character of a potential tenant.

  1. Complete A Background Check

The screening process completed by Del Condominium Rentals is intricate and detailed. Your condo is a valuable investment, and we want to know if the applicant is the right fit and can afford to rent your unit.

After we receive an application, we go through several steps before we accept someone as a tenant for your condo. These steps include:

  • Processing Beacon Score. A soft credit check is used to check the beacon score of an applicant. It’s completed online, we absorb the cost, and it only takes minutes to complete. Each applicant will provide authorization and send an e-signature before the start of this step. If there are multiple people on the lease, the primary contact will start the process, and send an application to each party, so it’s safe and quick to complete.
  • Income Verification. Each person will need to submit two pieces of documentation to show they are employed and have a steady income. We accept T4 slips, tax returns, and will consider any documents that show proof of income.
  • Photo Identification. Each individual interested in renting will need to show a piece of identification with a photo on it. We accept Canadian driver’s licenses, passports, and other legal documentation. A health card is not a valid piece of ID. For international applicants, we require a valid passport

Guarantors

Some applicants may require a guarantor if they do not meet specific requirements. A guarantor is someone who guarantees to pay a renter’s debt if the tenant cannot make the appropriate payments. New renters have the option of having a guarantor if they don’t have acceptable credit, references, or they cannot meet other application criteria. Most times, a guarantor is used when someone is on the edge of income requirements, like retirees or students. If the applicant is new to the country, they may require a guarantor before being accepted as a tenant, especially if they aren’t employed full-time. The guarantors would ideally need to back-up the principal tenant and ensure that the tenancy is secured. All the tenant pre-requisites would apply to guarantors too.

We do not accept any form of collateral from guarantors. Assets such as stocks, gold, and other valuables are not acceptable forms of payment and we will not consider them when guaranteeing a property.

Getting Approved Under Unique Circumstances

We understand that certain professions have sporadic or undocumented income. Our company will take into consideration specific situations with unique circumstances. Here are a few examples:

  • Newly Landed Immigrants. We try our best to work with newly landed immigrants to help them get approved. Newcomers can always use a guarantor.
  • Flight Attendants. Airline workers have inconsistent schedules that frequently offer overtime and other inconsistent methods of income generation. We recognize situations like this and will work with the individual if we believe they are a good tenant for our client’s condo.
  • Bartenders. Certain professions like bartenders make 70% of their income through unreported tips. It’s hard to show this money through your proof of income. We sometimes allow bartenders to have their employers verify the consistency and accuracy of their tips without triggering a taxable event.

What Happens After Getting Approved or Denied

When the entire screening process is complete, we will assess the eligibility of an applicant and issue an approval or denial. This process is extensive, and Del Condominium Rentals takes the process very seriously.

If a candidate is denied, they will receive notice of their denial. Any sensitive information provided to Del Condominium Rentals is purged automatically by our system after 30 days.

If a candidate is approved, we will continue moving along with the process of renting your condo. The applicant will sign the lease, finalize their move-in date, and begin their tenancy.

New tenants must provide first and last month’s rent as a deposit. We also request a refundable key deposit for any keys and/or remote entry devices they will need for the building.

Del Condominium Rentals also offers renters insurance to tenants, starting at $20 per month. However, if you have an expensive collection, we recommend you seek out additional tenant’s insurance.

Making Changes to an Existing Lease

We do allow tenants to modify an existing lease, whether they want to add a new individual to the lease or transfer it to someone else.

Any individual being added to a lease will need to complete an entirely new screening process.

The existing tenant will also have to pay a $200 administrative fee for any changes that are made to the lease.

We Find the Right Tenants for Your Condo

We have invested a lot of time and resources into creating the ideal screening process. We look for the best possible tenants that meet our criteria.

Del Condominium Rentals provides high-quality condo management services for property owners in Toronto and throughout the GTA.

We’ve spent decades pleasing our clients, simplifying the rental experience for everyone involved. We can find the best tenants for your property through our intricate screening process. That way, you won’t have to worry about anything. Please call us at 647-952-3644 if you’d like to learn more about hiring Del Condominium Rentals 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


The 7 Best Property Management Companies in Toronto and the GTA

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Condo Management Company

More and more landlords are turning to property management companies to help them manage their properties. Toronto’s rapid growth has made it a desirable location for investors looking to cash in on our city’s hot real estate market.

Today – there are more properties for rent and a legitimate need for property management companies.

Property owners use property management companies to reduce their workload while still making money from a rental property. These companies take care of tenant relations, collection of rent, general upkeep and maintenance, dealing with complaints, enforcing evictions, and much more.

We’ve created a list detailing the best property management companies in Toronto and the GTA.

  1. Del Condominium Rentals

Del Condominium Rentals formed in 1986 to address the growing needs of property owners.

Since then – Del has cemented itself as the gold standard of what a property management company should look like.

The company offers competitive pricing, a large portfolio of units, and understands the local market.

Del Condominium Rentals has the highest Google Review rating for this industry in the GTA. The company prides themselves on the satisfaction of property owners who have put their trust in them.

Del Condominium Services offers:

  • 24/7 management for your condo
  • Comprehensive insurance that can replace your existing home insurance policy
  • Competitive pricing on maintenance and repairs
  • Access to a large network of renters
  • Extensive knowledge about condo rent prices
  • Complete management of your tenants and their needs
  • An experienced legal team that will handle all disputes

  1. Firstservice Residential

Firstservice Residential offers high rise property management across Ontario. They provide a tailored service to their clients that includes the following services:

  • Maintaining common areas in buildings
  • Visitor management systems
  • Valet services outside building
  • All routine maintenance and repairs

FirstService has offices throughout North America, and their Ontario office is located in Mississauga.

  1. Crossbridge Condominium Services

Brookfield Condominium Services became Crossbridge Condominium Services in 2017. They have 40 years of experience, oversee 170 buildings in the GTA, and manage 80,000 units.

They are dedicated to making the condo living experience the best it can be. Don’t let their low Google Review rating fool you. They work hard to deliver consistent results.

Crossbridge Condominium Services has over 200 property managers and 160 admin staff members working for them.

  1. Maple Ridge Community Management

Maple Ridge Community Management is located in Mississauga and has been in business for over 30 years.

They manage a variety of buildings (new and old) and emphasize providing exceptional tenant services.

Maple Ridge manages over 80,000 condominium units in Ontario in cities like Whitby, Burlington, Gravenhurst, Toronto, and more.

  1. Wilson Blanchard

Wilson Blanchard is a company that is experienced in building and property maintenance that specializes in the following:

  • Building maintenance and housekeeping
  • Landscaping and exterior property maintenance
  • Staff supervision and admin work
  • Insurance claims and disaster recovery

Wilson Blanchard can fully manage your condominium to ensure you make the most out of your property.

  1. Performance Property Management

Minimize your stress and maximize your investment with Performance Property Management in Toronto. They specialize in leasing, property management, and investment consulting. They focus on tenant services and embrace the evolving property management industry in the GTA.

This company is relatively new (founded in 2010), but they offer a modern service for property managers.

  1. Royal York Property Management

Royal York Property Management was established in 2010 and services Toronto. The company emphasizes its ability to provide high-quality building maintenance and related services. They also work on the following items with property owners:

  • Tenant screening
  • Rent collection
  • Property assessments to check for damages
  • Financial reporting

Royal York Property Management is another company that provides reliable property management services to condo owners in Toronto.

Hire a Property Management Company in Toronto

Are you ready to simplify the condo management process? A property management company can help you make the most out of your property.

Condo management companies stay on top of the latest developments in the industry, have a team of experienced professionals, and can handle everything related to your property and its tenants.

Del Condominium Rentals is the highest-rated and best property management company in Toronto.

What are you waiting for? Get in touch with our team today.

Call Del Condominium Rentals at 647-952-3644 or email sales@delrentals.com to learn more about how we can help you with your condo.

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 Rental Problems All Condo Landlords Will Eventually Face

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Rental Problems

Being a landlord can be very satisfying, and it can provide some consistent income for you, but it can also be time-consuming and stressful having rental problems. Many things can come up that require your attention as the landlord, and you’ll need to be ready for anything on any given day.

Many landlords hire a condo property management company to look after their rental, and it alleviates them of the things that require a lot of work. With the experts looking after everything inside the building, the property owner can sit back and cash the cheques.

Here are some problems a condo owner will eventually face if they rent out their property and don’t hire a condo property management company to look after everything:

  1. Tenant Turnover

Tenant turnover is one of the most time-consuming aspects of owning and maintaining a rental property. It takes up a lot of time to go through the screening process, and it can be tough to decide what applicants are the best fit, so you don’t get someone who isn’t a good tenant.

The property owner is making no money while the condo is unoccupied, so it’s essential to move the process along quickly without rushing it. Someone inexperienced in screening tenants might struggle through this process, and many times, the wrong type of tenant is accepted.

Condo property management companies have gone through the tenant screening process many times and know what to look for so they can fill your property with someone who fits and will stay for a long while.

Don’t face the issue of tenant turnover alone; hire a condo property management company to help.

  1. Late Payments

Receiving late payments from your tenants can be frustrating for property owners and is something many condo owners have to deal with. It might not be an issue if it happens only once or twice, but it can quickly become a significant issue if it happens every month.

New property owners may be inexperienced with collecting rent payments and might not know how to address this issue. Still, experienced owners and condo property management companies will know how to make sure it doesn’t happen regularly.

Earning money is the reason why a condo owner rents out their property. Late payments are a frustration you don’t want to deal with at the start of every month.

  1. Knowing the Legalities

There are various legal rules and laws you need to follow when you turn your condo into a rental property. The tenant has rights you need to be aware of, and the condo building has specific rules and bylaws you need to follow.

New property owners might not be sure of how to obtain business licenses and how to legally evict a tenant living in your condo. If you do something against the law and rules, you can face severe backlash and may have to pay fines or other forms of compensation.

Condo owners need to know the legalities surrounding their rental property, or they could get in major trouble. New owners might struggle with this, but condo property management companies know these rules inside and out.

  1. Maintenance and Repairs

When you rent out your property, you will run into regular maintenance and repairs. Something could break on a weekend, and you will need to move quickly to get it repaired.

Condo property management companies have their handymen on staff and can quickly move forward in managing and repairing your property, while condo owners who are maintaining the rental on their own will have to find someone to hire. This process could take much longer than having someone on hand, and it could also be much more expensive.

Regular maintenance is essential to take care of, and repairs will come up, even if the tenant is perfect. You’ll be thankful that you hired a condo property management company when something breaks, and you need someone quickly.

Avoid These Issues By Hiring a Condo Property Management Company

Landlords will face these issues at some point in their venture of owning a rental property. They happen regularly for condo rentals and can take up lots of time while eating away at your earnings.

When a condo property management company is hired to run your property, they will handle everything with their extensive expertise and knowledge, making it easy for you to sit back and earn money. The property management fees you pay will be well worth it for the peace of mind you’ll receive from having them run your condo rental the right way.

If you’re ready to put your condo in the hands of experienced professionals, then get in touch with Del Condominium Rentals today. We have worked with property owners in Toronto for over 30 years to simplify the management process by turning your condo into an income-generating property.

Contact Del Condominium Rentals at 647-952-3644 or email sales@delrentals.com to learn more about how we can help you avoid the common problems a landlord will eventually face when renting out their property.

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


Understand the Process Of Having Your Condo Listed With a Property Management Company

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Property Management Company

Property Management Company

 

You have purchased a condo and are ready to find a great tenant to rent it. You know that renting out your condo takes a lot of time and effort, so you’re going to hire someone to look after it for you. You’ve heard that property management companies do a great job and can make you the highest possible amount per month for your condo.

But what’s the process behind hiring a property management company? How does everything happen after our first conversations?

Here are the steps from start to finish when you hire a property management condo:

  1. The Initial Meeting

After you have found a great property management company – like Del Condominium Rentals in Toronto – you will schedule the first meeting with one of the great associates.

In that initial meeting, you will go over the full details of what is offered by the property management company. This is an opportunity for you to ask as many questions as you can, tell them all about your property and share your goals for how you’d like things to go.

You will make decisions with your property manager and decide on how you’d like to proceed.

  1. Sign An Agreement

Once you have met with the property management companies, talked about your condo, and come to an agreement on how you will all work together, you will sign an agreement.

This contract will detail everything you have agreed upon and is the last step before the property management company gets to work for you.

  1. Marketing Your Property

After all the details have been agreed upon, and you’ve signed the agreement, it is time for the property manager to begin marketing your property.

They’ll list it in relevant places where they know potential tenants will be looking. Using their experience in the industry, they will get your great property in front of as many eyes as possible so they find the perfect tenant.

  1. Handling Inquiries

When the condo is listed, and inquiries begin to come in, the property manager will handle everything. They will go through all of these inquiries on the lookout for someone who will be the perfect tenant for you.

They will invite these people to view the condo to see who is interested. These viewings will be like an interview process where the property manager can get to know the tenant. As the property manager, they will sell your condo to the possible tenants who show interest.

When someone puts in their offer to rent your condo, the property manager will then perform a credit check, criminal record check, and call their references. They will determine if they are a good fit or not, keeping in mind how they will treat your condo and if there will be any issues with rent payment for every month.

  1. Signing the Rental Agreement

It will be time to sign the rental agreement after the property manager finds an interested tenant and completes a background check.

Using the experience they have had with approving tenants and creating rental agreements, the property management company will make do very important process the right way. The rental agreement is a legal document that needs to include everything to ensure your safety as the property owner, and the property managers know all about them.

You will hardly have to lift a finger as the property manager creates the agreement and goes over it with the new tenants.

  1. Tenants Move-In

It’s now time for your new tenants to move in. The property manager will get them settled and receive the key deposit and the first month of rent.

After they move in, the property manager will perform routine checkups to check on things, as well as perform regular maintenance when needed. If a bigger repair needs to be done, the property manager will handle everything so you won’t need to spend your valuable time on it.

Every month, you can sit back and just watch the rent money show up in your bank account.

Ready to Setup That Initial Meeting?

Now that you know how everything about the process involved with hiring a property management company, you should feel ready to book the first meeting.

For condo owners in the GTA who are wanting to list their property, Del Condominium Rentals is ready to meet with you now! With over 30 years of experience, they can do the job right, so you know your condo is in the right hands.

Contact Del Condominium Rentals now by calling 647-952-3645 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


Short-term Rentals vs. Long-term Rentals – What Are the Risks

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Short-term Rentals vs Long-term Rentals

Short-term Rentals vs Long-term Rentals

 

We often get asked about the differences when it comes to short-term rentals vs. long-term rentals. Many condo owners are attracted to the idea of short-term rentals, and the numbers don’t lie.

Short-term rentals have skyrocketed in popularity between 2012 and 2017, and continue to rise as we enter the final months of 2019. Airbnb and the gig economy are the main reason why this has happened, and people have quickly jumped on board.

But are they a good idea?

For renters, platforms like Airbnb offers the opportunity for homeowners to rent their property out for more money with less effort. The nightly rate is often higher for short-term rentals, and they have taken precedence over finding one party that wants to rent for two weeks or more.

While you can make more money through short-term rentals, they do come with increased risks. If you’re considering using Airbnb for your property, there are some things you need to consider when comparing short-term rentals vs. long-term rentals.

Short-term Rentals vs. Long-term Rentals—What’s the Difference?

Let’s start with a definition. What is a short-term rental? 

Ultra-short-term rentals are rentals of one to four nights. Before the 2010s, these types of rentals were scarce outside of hotels, motels, and private cottages. But now, property owners can rent their place out one night at a time.

Long-term rentals are anything longer than one month and also include when tenants rent a property for months at a time. For example, apartments for rent are considered long-term rentals.

However, there are grey-areas where you may rent an entire unit for a single month. These types of short-term rentals do exist, but are safer because the renter must commit for a longer period of time.

Why Have Short-Term Rentals Become So Popular?

Modern mobile phone technology and the gig economy have changed everything.

Airbnb was founded in 2008, and just ten years later, it’s a $31 billion company. They have 3 million property listings on their platform and are available in 191 countries.

In 2011, less than one million guests used Airbnb to find a place to stay. In 2017, that number is now 100 million people.

There are many reasons why people love Airbnb so much and prefer it over traditional hotels and motels:

  • Feels more like home when you rent someone’s apartment, condo, or house.
  • Many Airbnb properties offer a luxurious place to stay when on vacation.
  • Easy to book, easy to pay.
  • Hotel and motel prices have gone up as Airbnb became popular, making many Airbnb options cheaper.

People love using platforms like Uber, Skip the Dishes, and Airbnb that takes a modern look at traditional industries. Airbnb was one of the first platforms in this space and is still one of the most used, especially for short-term rentals.

These platforms might be convenient, but it doesn’t answer the question of what is better for a property owner: short-term rentals vs. long-term rentals.

What Have Short-Term Rentals Done to The Market?

Rental prices have skyrocketed, and the rise of short-term rentals has complicated things even for property owners. People looking for quality long-term leases are finding it difficult to find competitively-priced units in attractive locations.

Long-term rental options are now harder to find and higher-priced. Many cities are now stepping in and fighting back against the overuse of Airbnb. These cities have introduced new bylaws that have to be followed. 

This is no different in a city like Toronto, where a major housing crisis exists. Residents have pushed back, and they want their local governments to step in and regulate things. Airbnb is squeezing Toronto’s housing market, and the city’s residents are suffering because of it.

Big cities are not the only locations that are affected. Tourist destinations like Prince Edward Island also have a housing crisis of their own happening right now that has been brought on by short-term rentals.

Property owners have recognized that they can charge more per night for short-term rentals and are now prioritizing short-term rentals. 

But this model is far from sustainable, and short-term rentals are facing pressure from all directions. Beyond disrupting the rental market, homeowners face even more risks when it comes to short-term rentals.

What Are The Risks?

1. Increased Risk Of Having Your Property Rented for All the Wrong Reasons

Many short-term renters are typically renting a property on Airbnb for an event, a party, or something along those lines.

Some short-term renters may use your property for huge parties or as a place for illicit activities. There are many Airbnb horror stories that might make you reconsider listing your property on Airbnb.

Remember, a short-term renter has no attachment to your property beyond their stay. They are less likely to take care of your property while staying at it.

2. The Possibility of Major Damage

An ultra-short-term renter cares less about your property and the items inside. There is an increased risk of your property being damaged, things being stolen, and other issues.

For example, this Toronto family went south for Christmas and decided to make some extra money by renting out their house on Airbnb. While they were away, they received messages telling them that their tenants had used their home for a party that had hundreds of guests.

What did that cost them? More than $35,000.

3. Tracking Revenue Becomes Tougher

Keeping track of revenue is hard when it’s flowing in from different sources and at an accelerated rate. If you need to track payment every two or three days, you’re going to waste even more time on bookkeeping.

You need to treat your rental like a business, and you need to provide adequate records to the CRA. This is a lot harder to keep track of with constant turnover.

4. Following Your Condominium Associations Rules

Your condominium might have a specific set of rules set up that you need to follow when renting out your property. Most condo associations keep a close eye on incoming traffic, and short-term rentals are now a hot button issue with associations in Toronto and across the Greater Toronto Area.

If you’re not breaking the rules set out by condo associations, you might be upsetting them, and that isn’t beneficial to you.

5. Upsetting Your Neighbours

Another common issue is the frequent complaints you may receive from neighbors and other residents in a building. A condo is a community, and you must be respectful of other people’s right to privacy and peace and quiet in their own home.

If your neighbors complain to the police or the condo association, you will have to face the repercussions. In extreme cases, you could get sued and even be forced to sell your property.

6. You Can’t Judge the Character of Short-term Renters

When you rent your property out long-term, there is an intricate screening process for the tenants—especially if you use a condominium management company.

But when you take in new tenants through Airbnb every few days, the screening process is ineffective. You have no idea who is renting your place, how many people will be there, and why they are renting it out.

Even by scrolling through someone’s Airbnb profile, you can’t be sure as to who will be staying at our home and sleeping in your bed.

You have to trust that a complete stranger is going to take care of your property. And in Toronto—that property is likely worth more than $500,000.

7. No Guarantee Of Income

Keeping your home occupied with renters is difficult when using Airbnb. Schedules don’t always line up, and your unit may sit unoccupied for long stretches. 

And remember—you’re losing money for every night that your unit isn’t occupied.

Long-term rentals practically guarantee occupancy, and that’s valuable in itself. You can always guarantee that you’ll collect a consistent rent check at the start of every month for as long as the lease is in place.

8. Insurance May Not Cover Short-Term Rentals

Not all insurance companies will cover short-term rentals, and you could be left stranded when you try to make a claim. If you’re looking into short-term rentals, you have to dive deep into what insurance companies cover and what they’ll do if something happens when renting to someone off of Airbnb.

There’s a risk involved that could leave you paying for damages made by tenants out of your pocket.

9. Short-term Rentals Are Not Allowed Everywhere

A lot of places around discourage or have outright outlawed Airbnb rentals.

If your city allows it right now, who knows what may happen in the near and distant future. Many locations are cracking down on short-term rentals because of what it’s doing to the rental market. 

While it may seem profitable now, one bad ruling could leave you with a vacant property.

10. Additional Services

There are many extra costs associated with renting your property out short-term because of the constant turnover.

You’ll have to look into having a cleaning service come in every few days, and this alone can eat into the profit margins for your rental property. When renting long-term, your tenant is expected to clean their own unit. Your property management company may perform inspections and light repairs, but the majority of the work falls on the tenant’s shoulders.

Along with all of the other things on top of additional cleaning services, these extra costs are just another reason that there are more things to think about for short-term rentals.

Have Questions About Renting Out Your Property Long-term?

You now know more about the difference between short-term rentals vs. long-term rentals. While you may be able to charge more per night, there are many risks associated with short-term rentals.

Long-term rentals are very hands-off, especially if you’re located in Toronto and can hire a great property management company like Del Condominium Rentals. 

We offer a variety of services that are designed to simplify the landlord experience. Our company will handle every detail of being a landlord, from rent collection, carrying out essential repairs, and possible evictions.

Don’t become another homeowner that was left unprotected because they decided to try ultra-short-term rentals. Let us show you why long-term rentals are the safest and best way to protect your investment.

Are you interested in learning more? Please contact us at 647-952-3644 or email sales@delrentals.com to get started on your long-term rental today.

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4 Common Landlord Tenant Disputes That You Should Know About

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Landlord Tenant Disputes

Landlord Tenant Disputes

The relationship between a tenant and a landlord is often a delicate one. While some relationships can be rewarding, others can be challenging.

One side is paying to make this condo their home, and they want to feel like they are getting what they paid for. And the other side is looking to maintain the value of their investment and to ensure rules are followed.

It’s not uncommon for issues to arise between these two parties. As long as the landlord is experienced and professional, and they understand current regulations, all matters should be solved easily without incident.

But that is not always the case. Sometimes things go wrong, and when they do, it can waste a lot of time and money for both parties.

We’ve created this blog to highlight a few of the common disputes that can occur between a landlord and their tenant.

  1. Violating Clauses in the Residential Tenancies Act

Tenants have to follow many rules when they sign a lease for a condo. Some are enforced through the building, while others are laws created by the city and province. However, it’s not uncommon for tenants to violate these laws.

The Residential Tenancies Act governs all rental properties in Ontario.

When violations happen, either the landlord or the condo management company will need to step in and resolve the problem.

These violations could be something like a noise complaint, an issue with parking, or something completely unrelated. If a neighbour has an issue, they may contact the landlord or condo management board, and they will need to correct these issues if they want to avoid potential penalties.

If a tenant cannot follow the codes and doesn’t agree that they are breaking any rules, a dispute between them and the landlord can quickly arise. After a few months of issues, this dispute could quickly get out of hand, and legal action might have to be taken by either side.

Disputes with the Landlord and Tenant Board are often long and gruelling unless you have the necessary experience.

  1. Missed or Late Rent Payments

Late and missing rent payments are the number one thing you should fear as a landlord.

Rent is due at the start of every month and making sure it’s been received and processed is up to the landlord. You must collect on missing and late rent payment whenever possible because this issue can quickly develop into a larger, long-term problem.

If this is happening every few months and warnings were issued, you may have to consider evicting the current tenant.

These missed and/or late payments can cause a dispute between the tenant and landlord. If the landlord is not experienced and fails to implement an effective way of collecting payments, this increases the chances of there being issues every month when rent is due.

Remember, a positive tenant and landlord relationship are important, but you must treat your rental property as a business. Don’t be afraid to start the eviction process if a tenant isn’t working out. The entire process takes months to years to resolve but is often necessary to remove a nightmare tenant.

  1. Excessive Damage to the Condo

There are many risks when a condo owner turns their property over to a new tenant. While we all dream of finding ideal tenants, nightmare tenants do exist, and they can damage your property.

When general damage happens because of wear and tear on things like plumbing (sinks, toilets, faucets, etc.), this is normal damage that the condo owner will look after. But if you are dealing with damages like broken drywall, doors, and other similar things, it is the tenant’s problem.

Both types of damages will need to be managed by the landlord, and understanding the appropriate regulations is important.

Dealing with damages to the property can become a sore point between the tenant and the landlord.

Experienced landlords should document damages closely and keep a running tally of what has been repaired and replaced. When you hire a condo management company, their maintenance teams can keep an eye on the current condition of the property.

  1. Eviction Notices

Many of the above items can lead to an eviction notice being handed down by the landlord.

The tenant is given a stated amount of days to pack up and leave the premises when served with an eviction notice. But the tenant has their own rights, and there will be laws the landlord will need to follow.

A landlord must respect the terms of eviction. Violating them can cause additional delays and could provide your tenant with additional legal options.

If the tenant feels they are being treated unfairly, or the landlord is not following specific laws, the tenant could take up legal action. This is the worst-case scenario for a condo owner, and it will cost them money and valuable time.

A successful landlord must stay aware of the laws that govern rental properties. But doing this isn’t easy, and getting caught up in legal battles will drain your resources. Condo management companies can help you navigate your legal options when dealing with tenants. They have developed proven processes for dealing with each of these scenarios.

Let Del Condominium Rentals Handle Your Tenant Disputes

Hiring a condo management company lets you avoid many of the disputes mentioned earlier. Property management companies have extensive experience dealing with these issues.

Del Condominium Rentals has over 30 years of experience managing properties in Toronto and throughout the GTA. We know how to properly enforce the rules for your condo, limiting the number of disputes that you’ll receive.

And if something does come up, we’ll minimize the overall disruption and handle it for you.

Please call us at 647-952-3644 if you’d like to learn more about hiring Del Condominium Rentals or email us at sales@delrentals.com .

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5 Questions to Ask When Hiring a Condo Management Company

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Condo Management Company

Condo Management Company

It doesn’t take long for most condo owners to realize how time-consuming it can be to manage your rental property.

Staying on top of the upkeep at your condo and dealing with incoming or outgoing tenants can eat up a huge chunk of your time, especially for someone who is inexperienced. You could easily find yourself stressed out and overwhelmed, especially if one wrong decision ends up costing you a lot of money.

An individual property manager is always an option, but oftentimes they are not reliable and cannot dedicate the time you need to run the property how it should be run.

That’s why condo management companies have become so popular among condo owners looking to make money from their property consistently.

A condo management company can save you time, money, and a ton of hassle. In a perfect world, you’ll be able to put your feet up and collect a cheque every month while the condo management company keeps things running smoothly.

Here are five questions to consider when looking for a condo management company:

  1. Are They Reliable?

A successful condo management company must be reliable. That means offering a dependable service that is consistent. They will be there when there is a problem, whether it’s to carry out a repair or deal with a tenant.

A good property management company will have an impeccable reputation for reliability and will be there when called upon.

If you want a completely hands-off experience with your property, look for a condo management company that is known for its dependability.

  1. Do They Understand Rental Laws?

You’ll need somebody that is on top of the latest landlord and tenant laws, condo rules, and someone who can easily adapt to changes that may happen in the future. A company with many properties and years of experience will have an inside line on all of the latest laws.

These companies will understand how to engage with the Landlord and Tenant Board, how to deal with common tenant complaints, and other issues.

A small-time property manager may understand how to manage a property, but they may not be as familiar with the laws that govern them. Tenant complaints are a serious matter, and they can cascade out of control if not handled properly.

Here’s what we recommend.

Ask the condo management company you’re considering how they would handle specific situations, including:

  • Complaints about your property being unfit to live in
  • False claims that repairs didn’t occur
  • Late rent payments

There are many ways to navigate these issues, but a reputable condo management company will have set processes for each.

  1. Are They Experienced?

An experienced condo management company has seen it all from their years of experience. Chances are, they’ve come across some of the issues you may have and will be better able to solve them for you.

A condo management company will save you time and money through the years of the experience they bring to the table.

How can you determine experience?

Take a look at what properties they are managing, and what areas of the city they are present in.

You can also look at their reviews online. While reviews aren’t perfect, they can provide you with valuable insight into a company’s style of management.

  1. Do They Have Access to High-Quality Service Providers?

Maintenance and repair costs can quickly add up, especially if you are working with service providers that you are unfamiliar with.

Condo management companies usually work with preferred service providers to carry out maintenance. This means they can get a repairman to your condo’s door very quickly, and they know the work that’s being done will meet your standards (and the building’s standards).

You won’t even have to lift a finger as the condo management company works with the maintenance worker when doing upgrades or repairs. This will save you a lot of money over the years by working with the same people on the upkeep and upgrade of your condo.

Asking a potential condo management company about who they use for all of their property maintenance will give you an idea of how it will work when the time comes for repairs or renovations.

You can even search for these service providers online to see what others are saying about the quality of their work.

  1. Do They Offer Customer Service?

Just like in other businesses – customer service is king in property management too. If you and your tenants are unable to receive the very best customer service, then you haven’t hired the right condo management property.

Hiring a condo management company with great customer service will save you headaches because your tenant’s questions will be answered without much work on your end.

Your condo represents a large investment by you. You want to know that your investment is being protected, and the customer service team is often your first connection to your property management company.

Reliable Property Management Starts with Del Condominium Rentals

Del Condominium Rentals know how much time and dedication it takes to manage a property. We have over 30 years of experience assisting property owners with their condos.

You can count on us to protect your investment, manage your property, and help you make money as a landlord with none of the responsibilities.

Are you interested in learning more? 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


Four Great Tips for Downsizing to a Condo

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Four Great Tips for Downsizing to a CondoIt’s an option that more and more Toronto seniors are taking: Selling that house while the market is hot and downsizing to a more accessible, more centrally located condominium unit, with enough capital left over to keep your retirement comfortable. But downsizing means weighing what to do with all that stuff—furniture and mementoes that won’t fit into a more efficient space but are legitimately hard to part with.

Here are four tips for making it through the household cull—and coming out feeling lighter.

Give yourself permission to struggle

Yes, ultimately, they are just things—and that’s the attitude many people will take when whittling down their possessions for a leaner, cleaner life. But for every person who finds it easy to let go, there’s another who picks up that tablecloth and remembers the friend who gifted it, and every wonderful family dinner that started with putting it on the table.

Sometimes this can be hard. And it’s okay if it’s hard. For some of us, it’s hard to feel like losing the touchstone we’ve attached all those good memories to is losing the memories. You’ll still have that friend, and you’ll still have those family dinners, but if you need to grieve a little when passing that tablecloth on to a new home, don’t let anyone tell you that’s wrong, or unnecessary.

Evaluate the usefulness of everything

Old closet-cleaning tips can really come in handy when downsizing to a new space: If you haven’t used it in a few years, you’re very unlikely to use it again.

While it’s important to set reasonable time boundaries for yourself, pick a boundary and keep it firm: If you haven’t worn that jacket, played those old board games, used those office supplies, or read those books inside your chosen time span, hold yourself to finding them a new home.

Likewise, think about quantity. It’s easy to accumulate multiples of things when you have the storage space to keep them, but downsizing inevitably means choosing fewer things to keep, which are used more often. Decide on how many coffee mugs you will realistically ever need at one time, and cull down the ones you’ve got until you hit your target. Don’t worry about the what-if: In the sheer eventuality you need one more, you can always go and get it once you’ve figured out what your new space will accommodate.

Send it to a good home

Downsizing for a move doesn’t have to mean never seeing those items again. Children, siblings, and close friends might be happy to give the items you don’t want to take home—especially if they have their own sentimental attachments to a favourite teapot or family heirloom. If you have grandchildren or other relatives just starting out on their own, they may be happy—or may not, depending on whether they’ve got a strong sense of personal style—to take in that set of dishes as they begin their own household.

The rule of thumb here is to make sure that offering items to friends and family members will alleviate a burden—in time or money—rather than create one in storage space or obligation. Respect a no, but check within your close circles in case someone will give you an enthusiastic yes.

At its best, passing on items to willing friends or family members can make them feel considered and loved as do your downsizing, and make sure the possessions that have served you well can have a second life.

Do good with the things you shed

One of the hangups that often comes with downsizing is the idea that anything you can’t repurpose in your own networks, you have to keep. Unfortunately, like many major cities, Toronto is a city that has a lot of need—and rather than keeping those things friends and family don’t want, but you can’t throw out—you can help alleviate that need by donating them.

The City of Toronto has great listings for social service agencies seeking housewares, furniture, books, clothing, and more on its ReUseIt program website. Each listing clearly states what an organization currently needs, their contact information, and enough background to get you started on supporting causes that matter to you with a donation of the things you no longer use.

Best of luck!

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 416-296-7368 or email us at info@delrentals.com

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