Condo Rentals Featured Story Archives - Del Condominium Rentals

6 Tips to Increase Tenant Retention for Your Rental Property

July 15, 2021 By Zee J Leave a Comment

As a landlord, you probably already know that some aspects of the job are less fun than others. One of the least enjoyable tasks is trying to fill an empty unit. Not only is searching for tenants time-consuming and frustrating, but it can also be fairly costly.

The longer your unit remains vacant, the longer you have to wait before the next monthly rent check. A vacant rental also comes with additional costs such as marketing, repairs, tenant screening reports, and so on.

In this article, we’ll give you some tips on how you can increase your tenant retention rates, and encourage the same tenants to stay for years to come. By minimizing your turnover rate, you’ll be amazed by how much time and money you can save.

Create a Good Relationship with Your Tenants

The best way to keep your tenants in your unit beyond their lease agreement is to ensure you create a good relationship with your tenants. This means being respectful and professional in your communication, following Ontario’s tenancy laws, being quick with repairs, and going the extra mile to make sure your tenants enjoy living in the apartment. Crucially, it also means being respectful of your tenants’ privacy.

Find out more about how you can create a great tenant-landlord relationship here.

Know Your Market

While a good relationship is crucial, it won’t make much difference if your tenants find a more affordable, more stylish apartment down the road. Just because your units were highly attractive ten years ago, this doesn’t mean your units will still appeal to the current market. Be sure to stay up-to-date on market trends in your area.

Find out the typical demographic of renters and research what they look for in a property. We recommend determining the average monthly rent price in the area, and making sure you aren’t asking for too much relative to your area.

Think About What Improvements Can Be Made

Just because you think your tenants will stay in the unit for another year, this doesn’t mean you get a free pass when it comes to making improvements to the unit. You could even check in with your tenants to find out whether they have any requests for maintenance or appliance replacements. Be sure to schedule a unit review to test the fridge, the washing machine, and the other appliances to see if they can or should be replaced. If not, simply making simple improvements like repainting, reflooring, and eliminating mould can make a huge impact on your tenants’ satisfaction.

Start with Professional Tenant Screening

A good tenant retention rate always starts with tenant screening. By ensuring you select good quality tenants, you can instantly increase your chances of finding tenants who are likely to stick around beyond the end of the first lease. A good tenant screening will include references from previous landlords, information about job security, and financial information. Armed with this knowledge, you will be able to choose tenants who are less likely to experience a dramatic change in financial circumstances.

Nurture Your Personal Relationship

While it’s important for you and your tenants to have a positive professional relationship, it can also help to develop a personal relationship, too. This works best in buildings where you are a live-in tenant, or in smaller apartment buildings.

Keep track of your tenants’ names, children, jobs, and interests. This way, you can strike up a friendly conversation when you are visiting the unit. Your tenants will develop a greater sense of trust and respect for you if you take the time to get to know them as people.

Let a Property Manager Do the Hard Work

In many cases, the reality of being a landlord is too time-consuming to do properly. Many landlords find that they simply don’t have the practical means to nurture relationships with all of their tenants, see to timely repairs, and make necessary improvements. As a result, their tenant retention rates may begin to suffer.

Here at Del Condominium Rentals, we offer a full property management service so that you don’t need to worry about your tenants or your vacant units. Instead, our team of experienced property managers will take care of everything. We offer professional marketing, tenant screening, and legal advice, in addition to dealing with repair requests and property visits.

Our team knows how to make your tenants feel comfortable, safe, and taken care of, so that they’ll want to stay in your unit for as long as possible. Are you ready to simplify the landlord experience? Contact our team today by emailing us at sales@delrentals.com or calling 647-952-3644.

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Five Essential Summer Holiday Tips for Your Condo

July 7, 2021 By Zee J Leave a Comment

Summer is here in the city, and that means…a lot of Torontonians heading out of the city to use their hard-earned vacation time. But if you’re looking longingly toward Algonquin Park, or Muskoka, or a serious attempt to reduce the amount of delicious food in Montreal, there are a few quick ways to make sure you come back to a home that helps you stay relaxed.

So before you head out for adventure, here are five quick tips to take care of your condo while you’re away.

Turn down the air conditioning

Nobody needs that running all week for the benefit of an empty suite. Really, nobody. It’ll save power, save wear and tear on your condo building’s ventilation system and your suite’s air filters, and make a small and responsible dent in your building’s condo fees, which they will appreciate when it comes time to consider a fee increase—or, if you’re renting, that increase spills over into your next year’s rent.

However, don’t turn the air conditioning entirely off. You need air circulating in your unit to keep condensation off the windows, prevent damage to wood floors, or just generally bake your furniture, so settle on a nice, air-moving, reasonable temperature for the time you’re not around.

According to Arizona’s Salt River Project, every degree you turn down your air conditioning saves you 2% on your power bill, so knowing that nobody’s going to be there—and you can turn the AC back on high once you get home!—plan accordingly.

Unplug your major electronics

Electronics draw power even when we’re not using them, so if you’re going to be away for a while, it’s worth it to unplug all that stuff you won’t be using. Your power draw goes down, your condo fees don’t take that hit, and in case there’s a power surge, brownout, or other tomfoolery with the power grid, you won’t need to rely on the surge protector to keep your data and everything else safe.

Know where your water valves are, and shut them

Do you know where the water valve is in your unit? Before you head out on vacation is a great time to find out: turning off your unit’s water valves not only saves water in case you’ve got a drippy faucet, but it saves the energy the water pump uses, and it’s the one surefire way to prevent coming home to an absolute mess in case a pipe bursts or leaks while you’re away.

Ask your landlord or property manager where the water valves are before heading out, and give ’em a twist to off. It’s a quick job that might not matter if all goes well—and can save your butt if anything goes wrong.

Hold the mail (and the newspapers, and the packages)

If you’ll be away for more than a few days and you get a lot of paper mail, it’s worth looking into getting Canada Post to hold your mail until you’re back. Canada Post’s Hold Mail service will sit on mail for up to four individuals at one address, and charges you a flat rate of $20 for the first ten weekdays. After that it’s an extra $9.25 a week, but if you’re out of town for more than two weeks, it’s likely you won’t want to come back to a stuffed postal box anyway.

You can sign up for Hold Mail service online at Canada Post, and the service comes built in with a resumption date, so when you get back, so does your postal delivery.

If you’re still reading those old-fangled paper news publications, you can also ask any subscription department to put a hold on your deliveries. Most of the Toronto dailies will let you manage your subscription online, and extend your delivery period to make up for the days you’ll be away.

Tip off your concierge

If you’re going to be away for more than a few days, it’s a good idea to let your concierge or property manager know you’re not going to be in.

There are some basic practicalities to letting the building know you won’t be home—for example, if you get a package on day two of your vacation, the concierge will know to hold it until you’re home—but there’s also a safety and consideration element. In the unlikely event someone shows up saying they’re supposed to meet you in your suite, a concierge who knows you’re already away can stop sketchy behaviour before it starts.

And, more likely, knowing you’re not home can help potential work by the building get done even in your absence. Scheduled maintenance requests can show up a few days before workers need to access your unit, and if you’re not able to move furniture to access that filter panel, it’s much easier on everyone to know that in advance and plan for it.

Taking these few preparatory steps is worth it: Enjoy your vacation, eat all of Montreal, and don’t spend your time looking over your shoulder for what might be happening at home.

Del Condominium Rentals has over 30 years of experience as a property manager in Toronto and the GTA. We are ready to work with you and to help simplify your role as a property owner.

Contact the Del Condominium Rentals team today at 647-952-3644 if you’re ready to work with a condo management company that offers a professional and reliable service.

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

How Do Property Management Companies Deal with Condo Associations?

June 28, 2021 By Zee J Leave a Comment

When you hire a property management company to look after the rental of your condo, you are hiring a company to handle all aspects of your property.

They don’t just find you a tenant. They look after marketing your condo, interviewing tenants, collecting rent, performing inspections, and even dealing with your condo associations, which is an important job on its own.

Every condo has a condo association, complete with its own set of rules and regulations. Maintaining a good relationship with your condo association is important if you want to avoid unnecessary conflict.

An established property management company is experienced in working with condo associations, and they know exactly what to look out for. Here are just a few of the things they can help you with when it comes to your relationship with your building’s condo association.

Staying Updated With Changes In Your Building

The building your condo is in is a community. There is constant movement inside, the building needs to be maintained, and new rules are always being implemented.

It’s important to stay on top of all these changes, and a property manager can do that for you. When they hear from the association about something, they will go about doing what is needed. They will prioritize keeping you compliant with minimal disruption.A property management company will cut down on the correspondence on your end to save you time and hassle. This alone makes this type of service incredibly valuable.

Dealing With Potential Issues Early

Sometimes your condo association will find issues that you must address. Whether it’s a troublesome tenant or a minor problem, ignoring these problems can be costly.

If your condo association brings something up with your property manager, they will handle it on your behalf.

Remember, they are familiar with the tenant, they are knowledgeable of the rules and bylaws, and they know how to prioritize your rights.

Your property manager will deal with issues brought up by your condo association. This is one of the main reasons why hiring a property management company is worth it.

Keeping Accurate Records

Keeping track of things given to you by your condo association is important. Property managers are experienced in keeping detailed records and can hold on to the important information passed on from the condo association.

A property management company will detail things like:

Taking notes of conversations they have with the condo association.
Tracking issues and documenting when they are resolved.
Holding on to important documents that are given to them.
Staying on top of key compliance issues.

Maintaining and Building Strong Relationships

Staying in the good graces of your condo association will make your life as a condo owner much better. Unneeded hassles and communication errors can happen when you let the relationship deteriorate.

The sole purpose of a condo association is to maintain a positive and organized living environment. By having a property manager handle all communication, they will be able to stay on top of things and make sure everything is done correctly, and to code.

Property managers have dealt with condo associations for many years and know how important it is to keep up a good partnership. You can trust a property manager with this relationship because your satisfaction is in their best interests.

Carrying Out Necessary Changes

Your condo association may bring up some changes happening around the building, and this may mean that you have to do some updating to your condo. Instead of being the middle person between your property manager, your tenants, and your condo association, a property manager will see things through from beginning to end.

Your feedback is still required for any large changes, but it’s valuable to have an experienced management team overlooking key issues. But the main goal of your condo management company is to minimize the amount of input required from you.

Communicating Important Compliance Information

A property manager will receive information from a condo association and execute on things immediately. They will also understand the importance of passing on essential compliance information to the condo owner.

As someone experienced in the industry, a property manager will recognize what information you need to know and they’ll let you know if needed. From keeping appropriate records and tracking everything, you know all important information related to your condo will reach you through the property manager.

We Can Help You Build a Strong Relationship With Your Condo Association

Del Condominium Rentals has over 30 years of experience as property managers in Toronto and the GTA. We are ready to work with you and to help simplify your role as a property owner.

Contact the Del Condominium Rentals team today at 647-952-3644 if you’re ready to work with a condo management company that offers a professional and reliable service.

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

Is a Property Management Company a Good Fit for an Overseas Landlord?

June 18, 2021 By Zee J Leave a Comment

Being an investor who owns real estate in another country can come with many risks. Dealing with tenants across time zones and continents makes hands-on property management difficult. These alone are popular reasons why many overseas landlords turn to property management companies.

Knowing the exact state of your property is important. Small issues that are left ignored could cost thousands of dollars down the road. Simple things like basic repairs, check-ups, or tenant screenings can be difficult or nearly impossible if you’re across the world.

Facing this challenge, some investors might choose to sell their properties to minimize risk causing them to lose a consistent stream of long-term income. The profit from your sale may provide a short-term gain, but in most cases, it will not surpass the long-term gains you will generate from rent and appreciation.

The ideal solution to these risks is to work with a property management company to oversee the details of your unit, this way you’ll have confidence in the condition of your investment through a third-party that oversees the property.

The Difficulties of Managing an Overseas Property

There are countless horror stories of tenants who’ve ruined units or other difficult events that landlords have to deal with. Resolving these issues is difficult enough as a local landlord, let alone one who’s located abroad.

Here are a few of the most common issues overseas landlords will experience:

Coordinating repairs. The simple act of organizing a repair for your unit can turn into a logistical nightmare if you’re located in another country. Finding a contractor for repairs can be nearly impossible, and vetting them is even harder. Failing to respond promptly to repairs may cause dissatisfaction in your tenants that can spiral into further problems. For example, if something breaks and it takes weeks for a repairman to come, the tenant could lodge a complaint in court, costing you thousands of dollars in legal fees.
Property inspections. Another difficulty in managing overseas property is being unable to inspect its condition. Tenants can fail to communicate repairs or be difficult to interact with, causing your unit to fall into disrepair and neglect without you knowing it. If you attempt to rent out that unit again and it’s discovered that the previous tenants had damaged and neglected it, then you’ll have to invest a significant amount of money into repairs.
Rent collection. Tenants can also take advantage of you being overseas by not paying rent. The eviction process is lengthy and difficult. It requires you or your representative to be present for court proceedings. And while this happens, you won’t be generating any revenue from your property. Managing a legal dispute while overseas is both time-consuming and expensive—and is something that you will want to avoid at all costs.
Tenant communications. Even if you have perfect tenants, you still need to communicate with them from time to time. Whether you are handling small requests, coordinating repairs, or something else, living across the world can complicate this process due to incompatible time zones.

It’s important that you’re aware of the common issues that overseas landlords face. While the process isn’t impossible, it can require more of your time than you’re willing to give. Property management company fees often pay for themselves with the amount of time that you’ll save.

Using a Property Management Company for Your Overseas Real Estate

Having a reliable company who can manage the day-to-day operation of your property is an ideal solution to the risks of overseas property ownership. A trusted property management company can take care of every potential problem and ensure a safe and reliable tenancy for your investment.

Our team at Del Condominium Rentals specializes in managing condo units and is the perfect solution for an overseas landlord. We handle everything from regular maintenance and repair to minor legal disputes.

Additionally, we handle leasing, upkeep, rent collection, and tenant correspondence to ensure you don’t need to worry about your property. This way, you can enjoy all the benefits of being a landlord while leaving the unit’s maintenance to us.

Our trusted network of professionals will ensure that a highly qualified technician will be sent to your unit to carry out any needed repair—whether it’s for regular maintenance or a sudden emergency.

Are you ready to simplify the process of being an overseas landlord? Contact us 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 a FREE eBook and learn more about our services, management cost and more

Important Factors When Investing in Real Estate

June 10, 2021 By Zee J Leave a Comment

Investing in Real Estate is a major decision, involving possibly large amounts of time, money, and energy. This purchase does not only become part of your life but is part of a local community and a future home for members of this community.

With a decision this big, the more information you have, the better. Del Condominium Rentals has collected five important factors and some nuggets of wisdom for investing in real estate.

Where to Buy

The most obvious, and most important, decision is location, location, location. This will have an impact on price, tenant selection, type of property and so much more. Of course, what location someone wants to live in is a personal preference. Whether it’s the active lifestyle of downtown communities or the more peaceful living of suburban communities, there isn’t a wrong location. But each area brings its own benefits and challenges.

Working with a property management company like Del Condominium Rentals will help with understanding the impact of this decision. With experience in all parts of the Greater Toronto Area, from Mississauga to Pickering, we can guide you through this early and critical decision.

Desire to Handle Maintenance

For those who enjoy working around the house and fixing up small maintenance issues, there is an opportunity to purchase cheaper properties that will need more constant repairs. Knowing these skills can save you money and your renter’s time as you quickly repair any issue that might come up during the life of a lease. The other option is newer or recently renovated properties. These will come with a higher price tag but will benefit from fewer day-to-day maintenance issues.

No matter your experience with a toolbox, it might be an even better option to let a property management company handle all of this. Our maintenance teams will take care of repair requests promptly, no matter the size, leaving your schedule free for your own activities.

Timing the Housing Market

From the value of property to the pool of potential tenants, timing can greatly impact your decisions. And this becomes even more sensitive as we continue dealing with a pandemic. Will tenants lose their job or be unable to pay rent? Will the value of the property you want to buy fluctuate up or down because of external forces?

All of these factors are unique to every situation and every property. To help navigate the delicate timing of everything, you can’t beat having a guide in a property management company. Del Condominium Rentals will be there for you every step of the way with the information you need to make the right decision.

Marketing, How and Where?

After the big step of purchasing a property, the next decision is finding the right tenant for you. You will need to have the property listed on social media and other websites. Once potential tenants start contacting you, the next step is wading through everybody to find the perfect tenant.

Del Condominium Rentals has a marketing team ready to make sure your listing is on every website and social media platform, bringing in a pool of desirable candidates for tenancy. We then take care of credit checks and other tenant screening to guarantee the best possible candidate to occupy your property.

Overall Time Management

As mentioned with handling maintenance, owning property can take time. From repairs to rent collection and any other emergencies that come up, your schedule will need to be flexible enough to be responsive to the time demands of owning and leasing property.

This might be the biggest benefit of working with a property management company. We offer 24-hour emergency services and have a customer care team on stand-by for both tenants and owners. These services will save time for all parties involved, making sure issues are handled as quickly and efficiently as possible.

Don’t Forget – It’s Your Property

At the end of the day, this property and all decisions involved will be yours. You will be investing in your community and your future, providing a home for people and their lives. With the level of financial and time investment owning property deserves, you will want as much help as possible, every step of the way. And that’s why we are here for you.

About Del Condominium Rentals Inc.

At Del Condominium Rentals, Inc., we are proud to continue setting the standard in condominium rental management. Our Rental Management Programme was designed to provide the skills and know-how of professional property management whereby we oversee every step of the rental process seamlessly from successful leasing to rent collection on behalf of the owner.

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 a FREE eBook and learn more about our services, management cost and more

What To Expect When Renting to College Students

June 4, 2021 By Zee J Leave a Comment

Because many college students often live in off-campus housing, renting to this market is a lucrative choice for most landlords. The demand is often high during the school season, and you have a chance to offer competitive pricing and convenient locations to students.

Some property owners, however, are skeptical of renting to a less mature audience. How can you ensure everything goes smoothly, and what can you do to mitigate risk?

Let’s talk about renting to college students, and how you can get the most out of this experience.

Why Should You Consider Renting to Students?

While it may seem daunting to rent to a younger crowd, there are many benefits that cannot be overlooked.

Price and demand. Students will always be needing new locations to live, and on-campus housing rarely covers everyone’s needs. If you’re close to campus, you could even afford to charge a higher rent, especially when you allow multiple roommates within the same listing.
Payment consistency. Students will usually have parents or even financial aid packages helping to cover the rent. You are more likely to have a stable payment from a student as a result. Just remember to ask for a consignor when you issue a lease.
Cost. The limited availability of housing in college towns means that college renters are usually less picky about luxuries and details than long-term clients. They will often find your listings on their own time as well, lessening the need for advertising.

Selling to college clients is widespread primarily for these reasons. If you’re thinking of expanding your client base to a university audience, do some research into what they want in a property rental.

Knowing Their Needs

College students are significantly different than other types of renters when it comes to preferences and needs. While most long-term guests or vacationers look for the best in architecture and appliances, a student typically wants to save money and still have a suitable location to get work done. Some areas to focus on are:

Price. Students obviously aren’t focusing on a full-time job during their studies, so an affordable rate, possibly split with a roommate, is ideal. Compare other rates around town to see where you can find a perfect sweet spot for students.
Proximity to campus. It’s no secret that not all students can afford vehicles, and many college towns have too much traffic for road travel anyway. Being able to walk or at least commute quickly through public transit to school is a strong selling point.
Amenities. A living space would not be complete without a laundry room, for instance. Being able to wash and dry clothing on-site is a definite bonus for many students. Solid Internet is another necessity now that more work than ever involves going online.
Safety. Both students and their parents want to live in a safe area. Night lighting and door locks are a must, so be sure to have these features in case anyone asks.

While these needs are certainly not exclusive to students, addressing them in your listing raises the chance you’ll stand out amongst the competition during the next academic year.

The Challenges of Renting to University Students

It’s worth knowing the drawbacks before diving into this market. Many landlords are skeptical of college renting for the following reasons.

Lack of credit history. Students don’t have experience dealing with regular payments and debts, and you consequently don’t have much information regarding how well they can make payments. Requiring a consignor can mitigate this risk somewhat.
Wear and tear. Younger renters might not understand room maintenance as well as more mature ones, so you might find yourself paying more for repairs than you’d like. The same trend applies to the usage of utilities like air conditioning and water.
Turnover. Students are by nature short-term renters. They might take a long summer break or even finish school entirely to move elsewhere. Having to fill in new spots is a natural responsibility of being a student landlord.

Don’t take these points as a sign to avoid student renters. You can take steps to reduce the risk and still take advantage of this market.

Looking to Rent to Students? Del Condominium Rentals Can Help

Renting for colleges and universities, as mentioned, is a lucrative one thanks to high and consistent demand, even if it comes with some unique challenges. The best way to take most of the trouble off your hands is to offload some work to a property management company like Del Condominium Rentals.

Del Condominium Rentals simplifies managing your property. Our teams have the expertise needed for a smooth screening process, from credit checks, organizing leases, to looking for the best tenants.

Are you looking to capitalize on the growing rental market? Toronto and the GTA is a hotspot for college student properties. Get in touch with us today to learn more about our property management services.

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

Coronavirus Rent Changes What Every Landlord Needs To Know

May 27, 2021 By Zee J Leave a Comment

The past year has been difficult for all of us, in expected and unexpected ways. Many have lost loved ones, lost jobs, or struggled with financial stability. This has caused repercussions throughout our society and economy, and help from any source is greatly appreciated.

For both renters and tenants, the Ontario and Canadian governments have instituted temporary changes to the residential rental process, hoping to provide help through this time. To help understand these changes, we have a quick overview of each update.

Rent Price Freezes

As we move into 2021, one of the first things is to know that rent prices are frozen at 2020 levels. Because of legislation passed by the government of Ontario, most renters will not have their rent increased in 2021. This freeze is currently set to end on December 31, 2021, but there is always a possibility for extensions of this policy.

There are two major exceptions to the policy:

The above guideline increases approved before October 1, 2020, can also be applied to 2021 rents.
If there is an agreement between tenant and landlord for a rent increase in exchange for extra services or facilities, this can be introduced in 2021 as well.

Tenants who can pay their rent must continue to do so, but it’s understandable that some might not be able to. It is encouraged that landlords and tenants work together during this time to agree on fair arrangements in situations where a tenant might have difficulties.

Eviction During COVID

For the most part, the standard eviction procedure is still in place with slight modifications. The first step is giving notice to the renter about wanting them to move out. When the Board is considering an eviction order for rent arrears, they will now consider whether or not the landlord tried to work with the tenant for another arrangement during this time.

As usual, the next step is for the landlord to file an application with the Landlord and Tenant Board to end the tenancy. Because of COVID, the counter services are closed, so this application must be submitted online.

If your region is under a stay-at-home order, be aware that enforcement of eviction orders is temporarily paused. For urgent situations, the Board can request the Sheriff’s Office to expedite enforcement, but in most cases, evictions will have to wait until the stay-at-home order is lifted in your region.

Entering Properties

A landlord must give 24-hour written notice to enter a property. This notice must state the day and time they’ll enter, as well as the reason for entering. Exceptions do exist, for example, in case of an emergency.

To stop the spread of COVID, landlords are encouraged to enter properties as little as possible. They should attempt to work with tenants over video/phone for most issues. And as always, everyone should be following public health guidelines.

For landlords that are currently looking for tenants, the Real Estate Council of Ontario recommends the following:

Prioritize alternatives to in-person viewing
Limit amount of viewings and number of people allowed
Follow public health guidelines to make showings as safe as possible

Assistance for Renters

Assistance for Landlords

Help with property taxes
Possible mortgage payment deferrals
Check federal government programs

Del Condominium Rentals: Property Management for You

If you have Del Condominium Rentals providing rental property management for your unit, we are here to help you through this time. We stay up-to-date with all procedures and make sure all properties are following COVID-19 guidelines as they change.

If you’re looking for property management services, contact us today by phone at 647-952-3644 or by email at sales@delrentals.com to see how one of the leading property management companies in Canada can help you.

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

Why Are Property Management Companies Worth Their Fees?

May 21, 2021 By Zee J Leave a Comment

The goal of any rental property is to generate a significant return on investment (ROI). If you have tenants who pay their rent on time, never cause any trouble, and take care of your property like it’s their own, it can be a wonderful experience to rent out your property.

But renting out your property is not always so easy for most people. Tenants can cause damage, fail to pay their rent on time, and legal issues might even arise in some situations. Dealing with difficult tenants and the various issues that can occur is often time-consuming, challenging, and expensive.

Hiring an individual property manager can help, but if they don’t have the experience and resources that a property management company has, they won’t be able to effectively solve the problems that can happen between a property owner and their tenants.

And today, with more focus on tenant’s rights than ever, you can’t afford to make costly mistakes. Property management companies provide you with access to industry experts that can simplify the rental process for your condo.

Here are just a few of the reasons why property management companies are worth their fees.

They Are Experienced With Common Issues

Property management companies are experienced in dealing with the common issues that happen with tenants. You may expect the best to happen when you first decide to rent out your condo, but tenants can quickly cause problems, including:

Being late paying their rent
Damaging your condo
Noise complaints by neighbours
Problems following the rules laid out by the condo association

Even if they are small problems, they can become time-consuming and may require your attention. This may prove challenging for you if you are busy dealing with other issues in your professional and personal life.

If things are not handled according to law, there could even be further legal issues arise between you, your tenant, and your condo.

Property management companies make a living out of knowing how to deal with these types of situations effectively and efficiently. Their entire job is to solve these problems without requiring your input.

They Help You Earn More From Your Condo

A property management company’s goal is to make you more money on your rental property. Despite paying a property management fee, the value-added services they provide can help you find a suitable tenant, charge market rent for your condo, and reduce repair costs over time.

They know how to maximize your condo based on the current market. And for you, this means less time focused on managing, leasing, and dealing with day-to-day issues related to your condo.

Property management companies know the ins and outs of what makes a great rental property and how to position yours to make it attractive when it comes to finding the right tenants.

Access to Industry Expertise

When you hire a property management company, you are gaining a valuable team member who is invested in seeing you succeed. They are knowledgeable about the latest rules and regulations, know how to screen tenants, have the right systems in place to manage your unit, and have a team of vetted contractors with preferred rates.

And in the case of Del Condominium Rentals, you even gain access to our in-house paralegals to help you mitigate potential legal disputes.

As a property owner, it’s important that you free up your time to focus on more important things in your life. A property management company lets you turn your condo into a source of passive income. In the end, you’ll see a better ROI on your rental condo, with minimal interaction required.

You will have more opportunities to build your portfolio by adding new properties with all the time and money a property management company can save you.

Are You Ready to Simplify the Condo Management Process?

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.

The property management fees will be nothing compared to the added income they provide you through their processes and practices.

Del Condominium Rentals is the highest-rated and best property management company in Toronto. They’ve been at it for more than 30 years and know the market better than anyone! 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 a FREE eBook and learn more about our services, management cost and more

5 Common Condo Rules You May Not (But Should) Know About

May 14, 2021 By Zee J Leave a Comment

You might own the condo, but there are still condo rules you will have to follow that are enforced by your condo association. These rules can be obvious ones implemented in most neighbourhoods, but there might be some condo rules that you might not know.

Regulate your Exterior Decor Items

Some condominium associations can enforce rules about the type of decor you have on the exterior of your condo, on your balcony, and in your windows.

Some of these restrictions could include offensive flags or posters in the windows; not allowing you to build an enclosure for your balcony; no painting of your exterior door. Different condo associations will have their own rules and some – most likely the condos that cost the most – will be stricter than others.

If you plan on doing renovations to the exterior of your condo, you should clear it with your condo association first. Most condos are built so every unit looks uniform and a renovation might change that. Before you do anything, getting the reno approved is essential.

Banning Outdoor Storage

Some condo owners struggle to find the right amount of storage, so they buy a large storage box to keep outside. They’ll either place them on their balcony or by their outdoor parking space.

Many condos ban outdoor storage bins or have a size limit to the ones you plan on keeping on your balcony or by your parking space. They can be an eyesore, and if every owner got a storage bin to place on the property, it could become an issue.

Running your plan by somebody on your condo association is a good idea, especially if you are getting a big storage box that you plan on keeping outside.

Pet Restrictions

When you are buying a condo, you should look into if you are allowed to have pets like dogs or cats. Even if you don’t have one at the time you are purchasing, you never know what you might want in the future. You’d hate to get excited about a new pet just to find out that you aren’t allowed to keep it in your condo.

This rule can be a dealbreaker for many potential condo owners, especially in today’s age, where people are so dedicated to their pets. Chances are the owner looked into this before purchasing, but if not, look into it now.

Condo associations that don’t allow pets are strict at enforcing this rule, and there are usually no exceptions.

Renting Your Condo Out Might Be Restricted

Condos can be a nice income for some owners who decide to – and can – rent theirs out. Maybe they own a second property or are travelling; whatever the reason, condo owners can make a pretty penny by putting their place up for rent or adding onto websites like Airbnb.

Condo associations are often against this and do not allow it though. It’s not fair to the other condo owners who are always at home and sometimes, renters can be noisy and active.

To ensure that there are no issues, some condos will not allow you to rent your place out to tenants or vacationers. If you plan on making some income from your condo, you should get the details from your association to prevent you from breaking any rules they have.

Limiting Guests

Condo associations can actually put a limit on the number of guests you have in your place at one time. And we don’t mean living – although they usually limit that as well.

I’m talking about how many visitors you can have at one time during the day or evening to reduce the risk of large gatherings or parties. The limit is usually determined by the square foot size of the condo so check with your condo association’s director.

How Do I Get the Latest Rules from My Association?

You can get all of the information about the rules for your condo by talking to someone involved with your condo association. They will be able to provide a detailed list of all rules and will be equipped to answer your specific questions regarding the things mentioned above, and more.

By not following the condo association’s rules, condo owners will receive notices as warnings. Condo associations can get the law involved in some matters, and they can even seek legal action to force owners to sell their condo.

Take time to learn all of the condo association’s rules now before you find out you’re breaking a rule. It’ll save you headaches, time, and maybe money.

Looking for an Easier Option?

Del Condominium Rentals can help you navigate the intricacies of your condo association. Let our company find you tenants, maintain your property, and keep you in good standing with your condo association.

Are you interested in learning more? Get in touch with the Del Condominium Rentals team today!

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

6 Questions to Ask a Property Management Company Before Signing a Contract

May 6, 2021 By Zee J Leave a Comment

Signing your condo away to a property management company can seem like a huge leap of faith. It’s reasonable to feel skeptical about whether your condo will be in good hands. After all, mismanagement can cost you thousands of dollars or even a lawsuit against you by your tenants.

That’s why it’s important to properly research the property management company you’re going to entrust your condo with to ensure your investment receives the treatment it deserves. A reputable property management company should be able to take care of all your property’s needs, including tenant complaints, maintenance, any day-to-date operational tasks, and more.

Here are six things to ask yourself when picking a condo management company

How many properties does the company manage, and how long have they been in business?

While size isn’t always an indicator of quality service, a reputable company with many positive reviews must be doing something right.

Another thing to consider is how long a company has been in business. A company that’s been around for a while and has dealt with many units successfully will likely handle your investment professionally. It also indicates that they have a proven track record if they’ve managed to grow their company over time.

You should look up any property management company you are considering. Research the number of units under the company’s administration, the years they’ve been in service if they’re local and available, and what other homeowners have said about them through online reviews.

What kind of properties does the company manage?

Some property management companies only deal in industrial units, while others handle commercial or retail properties. Finding the right property management company to suit your needs is crucial in having a good experience.

If you’re an individual homeowner, check if the company has experience in handling individual people, not only large investment companies or condo corporations. A good property management company will be able to suit your needs and tailor their management to your individual expectations.

What are the fees to have my property managed?

Often, property management companies have a one-time fee — usually one month’s rent — to cover the basic costs of putting your unit up for rent, screening the tenant, and having them move in. From there, a small percentage fee is taken from the monthly rent as a maintenance fee.

Make sure you discuss any fine print with your property management company. Some companies have fixed periods where you cannot cancel or sell your property. For example, a company may require you to have them manage the unit for one year before you can sell it or cancel their services.

How are tenants found and screened?

An important role of a property management corporation is finding suitable tenants for your unit, and making sure they behave well and pay rent in a timely manner. A full-service management company will be able to advertise, screen, and secure a reliable tenant without your involvement.

Screening procedures used by reliable companies can include credit checks, requesting proof of employment, requesting pay stubs, and reference letters. A condo management company must be able to find reliable tenants who will pay on time and maintain the unit in good condition.

How are maintenance and repairs handled?

One benefit of using a reliable condo management company is taking advantage of its network of maintenance contractors. Management companies often have exclusive rates for many services like plumbing, electricity, painting, restoration, and more.

It’s especially advantageous to owners who live in other cities or countries, as the hassle of finding a reliable (and affordable) contractor is very challenging. Stalling a repair due to any reason may easily result in legal action taken against you by the tenant, so it’s crucial that any complaint is handled promptly.

Does the company have insurance?

In the event of an accident in the unit, fire, or flood, you don’t want to be the one footing the bill for any potential liability. It’s important that the corporation you choose has insurance that covers any claims that can be made by tenants in the case of an accident.

A good property management company will have liability insurance that will cover all legal fees, including legal counsel, settlements, and litigation. This way, in the event of a fire, flood, or accident, you can rest easy knowing you won’t lose an immense amount of money in legal fees and claims.

At Del Condominium Rentals, we offer value-added insurance for your condo at preferred rates. Ask a member of our team about the home insurance we offer when you get in touch with us.

Del Condominium Rentals — The Best Property Management Company in Toronto

Here at Del Condominium Rentals, we have decades of experience managing condo properties. We are one of the most trusted condo management companies in the GTA, with over 2500 units under our management.

We offer clients a range of services including

Tenant screening
Leasing and advertising your unit for rent
An accounting department that collects rent and produces regular financial statements
Comprehensive insurance coverage
Compliance enforcement. We make sure your tenants comply with every provision in the Ontario Residential Tenancies Act
An in-house paralegal team that deals with legal disputes and can represent you at the Landlord and Tenant Board in case of eviction
A wide network of trusted professionals to handle any maintenance and repairs
Inspection of your unit during move-ins and move-outs

With our comprehensive suite of services, all you need to do is sit back and collect your rent. Leave all the time-consuming details like rent collection, marketing, and management to us.

Want to know more? 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

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