Del Condominium Rentals

Toronto Condo Rentals and Property Management Blog

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

By Leave a Comment

pros and cons of working with a property management nt

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

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

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

Pros

1. Access to Experienced Professionals

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

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

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

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

2. Increase Your Profits

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

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

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

3. Benefit From Rental Expertise

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

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

Cons

1. Little Tenant Interaction

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

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

2. There Are Fees

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

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

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

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

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

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

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


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

By Leave a Comment

5 tax tips for Landlords in Ontario

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

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

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

1. Understand How is Rental Income Taxed in Canada

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

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

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

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

2. Know When Your Tax Year Starts

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

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

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

3. Receiving Goods and Services in the Place of Rent

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

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

4. Statement of Real Estate Earnings (Form T776)

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

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

You can find this form online by following this link. 

5. Keeping Track of Your Rental Expenses

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

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

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

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

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

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

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

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


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

By Leave a Comment

Professional property management company

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

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

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

Become Familiar with the Residential Tenancies Act (RTA)

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

Find Out If You Qualify as a Landlord Under the RTA

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

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

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

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

Some Important Landlord Rights Granted by the RTA

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

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

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

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

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

The Right to Evict Tenants in Certain Circumstances

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

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

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

The Right to Increase Rent in Certain Circumstances

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

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

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

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

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

Keep Your Rental Unit Compliant. Hire Del Condominium Rentals Today

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

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

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

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


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

By Leave a Comment

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

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

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

1. Highlight Your Recent Modifications and Improvements

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

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

2. Engage on Social Media Platforms

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

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

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

3. Research Your Competition

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

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

4. Invest in a Professional Interior Designer

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

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

5. Use an Email Marketing Strategy

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

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

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

A Property Management Company Can Help. Contact Del Condominium Rentals

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

Our services include:

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

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

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


Tips for Following Health and Safety Standards in Your Rental Property

By Leave a Comment

While owning a condominium in the GTA can be a lucrative business investment, there are a vast number of province-wide regulations that you need to follow when you lease your rental property. Some of the most important laws to be aware of are those that relate to the health and safety standards for all rental properties in the GTA. 

Failing to comply with these rules can get you into serious legal and financial trouble. We’ve put together a set of useful tips that are designed to help you follow these regulations—so you can reduce your risk and turn your property into a powerful investment tool.

Keeping the Property in Good Repair

The Residential Tenancies Act (sometimes known as the RTA) states that landlords in Ontario are required to follow certain guidelines for the health and safety of their tenants. The most important regulation, and the one you are most likely to come across as a landlord, is that the property must be kept in good repair. 

This means that it is your legal responsibility to repair any damage caused by reasonable wear and tear for your tenant’s safety. This can include: 

  • Replacing broken appliances. Be sure to check the lifespan of all of the appliances in your rental unit. Most appliances have a lifespan of around ten years. However, this can vary. Do your research before an appliance breaks down. 
  • Fixing leaking faucets. Leaking faucets are a matter of safety for your tenants as water leaks can lead to dangerous and expensive mould build-ups.
  • Repainting walls with peeling paint. Peeling paint poses a health danger as it can create lead-contaminated dust.
  • Dealing with clogged pipes and drains. Clogged pipes can also create an unhealthy atmosphere in the home. If left untreated, they can also damage your property.
  • Providing a suitable supply of utilities. Unless it is specified in the lease, you cannot start charging for utilities. 
  • Maintaining clean and hazard-free communal areas. As the owner of the entire building, you are responsible for keeping areas like the garage and communal hallway clean and free from hazardous materials.
  • Preventing and removing pest and insect infestations. You may be surprised to learn that pests and insects are also your responsibility—however, if your tenant reports an infestation, it’s your job to hire a pest control company. 

All of these responsibilities are in place to ensure your tenants live in safe and healthy conditions. It’s important that you are aware of which repairs and utilities you are responsible for to avoid the legal repercussions that come when you fail to comply. 

It’s always best practice to stay on top of your repairs and maintenance in order to keep your property from falling into a state of disrepair. If you are new to being a landlord, you may be surprised at how quickly “wear and tear” can occur. For this reason, schedule regular inspections where you can keep an eye on what is safe in the unit and what is not. 

The Most Common Legal Repercussions 

When you fail to keep your rental unit safe by neglecting any of the issues mentioned above, you can quickly run into legal difficulties. 

Here is what you can expect to occur when you don’t maintain healthy living standards for your tenants. 

  • After issuing a letter to you, the tenant can contact the Property Standards department. 
  • An inspector will make an appointment and order the necessary repairs with a deadline.
  • If you fail to comply in time, you will be fine or event charged with an offence.

It’s important to note that even if you do comply, the tenant can apply for an abatement of rent until the repairs are made, so you may lose your rent money until the home is safe and healthy. Be careful to request the official documentation proving that your tenant has applied for this abatement in an official capacity. 

Del Condominium Rentals: Helping Landlords in the GTA

Staying on top of your property’s compliance with health and safety standards is both a time-consuming and an incredibly important part of your landlord duties. If you fail to stay on top of the crucial repairs listed in this article, you may find yourself in legal trouble for failing to ensure the health and safety of your tenants.

That’s where we come in. At Del Condominium Rentals, we offer a full range of property management services. We shoulder the burden of repairs, rent collection, tenant screening, and more—so you can sit back and wait for your monthly rent cheque. 

Find out more about our services or contact us at 647-952-3644 or by emailing sales@delrentals.com
Are You Interested in Working With Del Condominium Rentals?
Submit your info below to download FREE eBook and learn more about our services, management cost and more


The Latest Apartment Design Trends Your Renters Will Love

By Leave a Comment

Apartment Design

Half the battle of being a landlord is finding suitable tenants to lease your units. The real estate market in the GTA is becoming ever more competitive, with more and more landlords vying for renters’ attention. 

In order to stand out from the crowd, you need to ensure that your rental units are looking modern, fresh, and appealing. Outdated, worn furniture and chipped paint won’t get you very far. Instead, try implementing a few of these design trends to make your units competitive in the current marketplace. 

Choose a Popular Interior Design Style

When renters begin their hunt for a new apartment or condo unit, the first thing they will notice is the images of the apartment, whether they are looking for a furnished or an unfurnished property—the interior design in the pictures matters. By choosing a modern, popular interior design style for your rental units, you will immediately attract the attention of a much wider range of renters. Here are a few styles that will put you above your competition.

  • Industrial – The industrial style has been incredibly popular in interior design for a few years now. This modern, minimalist look tends to consist of dark colours, exposed bricks and pipes, and modern, functional furniture. 
  • Rustic – Think hardwood floors, tree trunk tables, and wooden ceiling beams. Rustic design with a modern twist will make you stand out from the other condos with bland modern designs.
  • Minimalist – You can’t go wrong with a minimalist design. Go for soft, muted colours and a few pieces of carefully selected decor. 
  • Art Deco Modern – The mid-century modern look will instantly draw attention to your rentals. You’ll be surprised by how many millennials are keen to live in a Mad Men-inspired abode. This style is incredibly popular at the moment, so you should find it easy to procure pieces for your units.

 

Whatever interior design style you choose, the most important thing is that you stick to it throughout the apartment. Nothing is more off-putting to renters than an apartment with haphazard, inconsistent design. 

Invest in Real House Plants 

House plants are all the rage in modern interior design. Show that you’ve put some extra thought and care into your rental unit by investing in a few house plants. You might also consider placing some live plants in the communal areas of the apartment building. 

Renters will be instantly drawn to your units. Not only will house plants make them look fresh, clean, and stylish, they will also send an important signal – that you are a trustworthy, reliable landlord. 

Upgrade the Unit’s Artwork

Lots of landlords fall into the trap of skimping on the unit’s artwork. While some renters will see past the cheap IKEA pieces you’ve hung up on the walls, others will immediately dismiss the unit in favour of one with trendier artwork. Plus, by upgrading your artwork, you’ll show potential tenants that you take good care of your apartment units.  

Replace old, drab artwork with framed prints. Opt for a modern design with crisp, thin, modern frames and simple, abstract art that doesn’t overpower the room. Try to avoid bright colours or anything distracting. The artwork in the unit should blend in with the room while pulling everything together visually.

Avoid Bold Trends and Stick with Classic Styles

When in doubt, stick to classic styles. Most renters want to see a beautiful apartment that they can personalise with their own style. Lots of renters will move around any furniture, rearrange or change the artwork, and add their own touches to the rooms. If you opt for bold stylistic trends, many renters will find it difficult to feel at home in the space.

For instance, avoid trends such as bold paint colours, patterned wallpaper, bold lighting fixtures, and so on. Instead, opt for styles that allow you to create a somewhat neutral and versatile look.

Del Condominium Rentals Offers Industry-Leading Remodeling Rates

Being a landlord comes with all kinds of unexpected tasks. If you’re tired of the late-night maintenance calls, the competitive real estate market, or the nuisance of rent collect, Del Condominium Rentals are here to help. 

We are the GTA’s favourite property management company. With decades of experience and a full range of services, you can sit back and relax while we do all of the hard work for you.

Our list of property management services include:

  • Professional property listing and marketing
  • 24/7 property maintenance
  • Legal advice and supervision
  • Rent collection
  • Property valuation
  • Design advice
  • And more

To find out whether Del Condominium Rentals is right for you, visit our services page or today by emailing sales@delrentals.com

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


5 Things Your Property Manager Wishes You Knew

By Leave a Comment

The relationship you have with your property manager is one of the most important relationships you build as a real estate investor. Ideally, both you and your property management team would have the same goals: to take care of the property and generate significant income. An investment property is most successful when a homeowner and a property management team work together. 

Whether you are a first-time landlord that needs a little help navigating the world of real estate investments, or you’re a seasoned investor-owner who prefers being more hands-off, building a positive relationship with your property manager is the first step towards success.

For a little more insight on how to build this positive relationship with your property manager, here are five things your property manager wishes you knew:

1. Follow The Rules

Real estate investments, just like almost everything else in our society, run best when there are guidelines and rules to follow. These rules are in place so that people stay safe, that laws are followed, and accidents and damages are reduced. You have specific rules for your condo, and you expect the property manager and tenants to follow them. The property manager has rules for their owners as well. Following these guidelines and community rules goes a long way in maintaining a positive relationship with your property manager.

If your property manager is managing more than just your property, they can’t bend the rules for you and expect the other owners not to notice. The rules are there for a reason, and you make the property manager’s job a lot easier when you abide by them. 

2. Kindness Goes A Long Way

It’s important to remember that property managers are people too. You’ll probably be able to solve a problem a lot faster through patience and kindness than you will through yelling and threats. Often, homeowners only go to their property managers when there is a problem. And while handling problems is what they are there for, they also appreciate hearing good news too. A little thank-you or acknowledgment of a job well done can mean a lot for a busy property management team. 

You also can improve your relationship with your property managers by improving your relationship with those in the community. Showing a little kindness and courtesy to those who live around you can make everybody’s job a little easier. 

3. If You See Something, Say Something

Your property management team is responsible for working as an extra set of eyes and ears on your specific property and the community. However, they can’t be everywhere at once. If you see a problem, say something about it right away. If you notice there is an issue with a public amenity like a swimming pool or a tennis court, say something as soon as you notice it. If you notice there is an issue within your specific condo, let your property management team know before it turns into a much bigger issue. Withholding information from them or just assuming someone else will bring the problem to their attention hurts everybody involved. If you see something, say something.

4. Keep The Communication Flowing

Property managers are really good at what they do, but they are not mind readers. They can’t help you solve a problem if you don’t communicate that there is a problem in the first place. Clear and consistent communication between you and your property manager will make everybody’s job a little easier. 

Provide multiple ways for your property manager to get in touch with you. If there is an emergency or a property manager needs to make a decision on your behalf, they may need to contact you right away. Effective communication goes both ways. If you expect your property manager to respond to your emails and texts promptly, you have to give them the same respect.

5. Not Everything Is An Emergency

Property managers are in the business of handling emergencies when homeowners are not around to do it. If a pipe bursts in the middle of the night or there is a medical emergency with a tenant, your property manager is usually the first in line to take action. This is why so many people hire property management companies to look after their properties when they can’t be there to handle emergencies on their own. However, not everything is an emergency. A toilet that is running or a dishwasher that is not working correctly does not warrant a 3 a.m. call to your property manager. 

There are some rental issues all condo owners will eventually face, and your property management team is more than equipped to help you handle them. But property managers also appreciate it when a homeowner takes discretion when requesting emergency attention. 

Final Thoughts From Del Condominium Rentals

One of the best things a homeowner can do for their investment is to build a positive relationship with their property manager. This begins with honesty, respect, and cooperation. 

Del Condominium Rentals is responsible for handling all of the behind-the-scenes work that makes an investment property run smoothly. New landlords and seasoned investors who are looking for a more hands-off approach to real estate investing trust Del Condominium Rentals to take care of their properties seamlessly. We work hard to foster positive professional relationships, which is why so many investors trust us to manage their properties.

Are you interested in working with a property management company like Del Condominium rentals? Get in touch with us today at 647-952-3644 or email us at sales@delrentals.com

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


Property Management Tips: How to Prevent Maintenance Issues Before They Arise

By Leave a Comment

The life of a landlord is never easy. Designing and marketing your condo units is only the beginning of the job. Once your tenants have moved in, you’ll need to deal with all sorts of maintenance and repair issues as and when they arise. From broken heaters to leaking pipes, there are a wide range of issues that landlords may need to deal with on a regular basis. 

Being available at all hours of the day and night is draining for anyone. That’s why we’ve come up with a few tips on how you can prevent the most common maintenance issues before they arise. Taking these preventative measures on your rental properties will save you precious time and money that was once spent securing late-night, last-minute repair services.

Replace Old Appliances 

Old appliances can be ticking time bombs just waiting to go off. While you may be tempted to keep your larger appliances in your rental units until they finally break down for good, spending a little money on replacing all of your old appliances will save you a lot of hassle and expense in the future. 

By replacing old appliances, you’ll guarantee that they never break down at an inconvenient time, forcing you to quickly order a replacement. Plus, by replacing your old appliances now, you may even be able to increase your monthly rental rate – renters will be far more likely to spend a little more on a unit that boasts fresh, state-of-the-art appliances.

Service the Heating and Cooling System

This is a particularly important tip for landlords in the GTA. Toronto’s weather, as we all know, is incredibly varied. With frigid winters followed by glorious, hot summers, city dwellers are bound to use their heating and cooling systems on almost every day of the year. This means that the system will need some extra care and attention to prevent unexpected – and potentially costly – faults.

Preventative measures can include regularly changing the furnace filter, checking for leaks, and scheduling professional maintenance at least twice a year. A professional will be able to pinpoint any problem areas that might become more serious if left unattended. By resolving these issues before they turn into long term damage or late night break-downs, you’ll keep your tenants happy and your maintenance costs down.

Frequent Painting

You may not realize this, but painting is considered essential preventative maintenance. Repainting your interior walls shouldn’t be left till the paint is chipping and cracks are showing. This is because paint acts as a protective layer for your walls that prevents a build-up of mildew, mold, stains, and peeling. Essentially, good quality, frequent paint jobs will keep your walls in good condition for years to come. 

Preventative Measures for Plumbing

The plumbing system in your property is probably the area that needs the most maintenance. It’s a complex and well-used system, which means it can be prone to leaks, rust, clogs, and other issues. Here are a few of the preventative measures you can take to prevent last-minute plumbing problems.

  • Fix leaking faucets 
  • Unclog slow drains
  • Look for water leaks in any of the exposed pipes
  • Give your tenants clear instructions about what can be flushed down the drain
  • Keep tabs on your water pressure
  • Clean faucets and showerheads of any sediment build-up
  • Invest in a water softener

These are all fairly simple tasks to do in your regular property inspections. If you don’t feel up to the task, be sure to arrange a regular plumbing inspection to prevent more serious issues before they arise.

Regular Property Inspections 

In order to stop issues before they become serious and unnecessarily expensive, ensure that you schedule regular property inspections. These inspections will give you the chance to survey the unit for any signs of damage or basic wear and tear. 

Del Condominium Rentals – We Help Landlords in the GTA 

As an independent landlord, being available 24 hours a day for last-minute repairs can be draining, but staying on top of your property’s maintenance can be next to impossible. 

That’s where Del Condominium Rentals comes in. We offer a wide range of professional property management services to take the burden off landlords in the GTA. Including an extensive professional property inspection service, we also offer:

  • A marketing service that lists your unit with professional photos to new tenants 
  • An accounting department that arranges rent collection and creates regular financial statements for your convenience 
  • A legal team that takes on any disputes 
  • A wide network of maintenance and repairs service companies 

Contact Del Condominium Rentals today by calling 647-952-3644 or drop us an email at sales@delrentals.com to learn more about the services we offer.

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 Common Rent Collection Problems Landlords in the GTA Face

By Leave a Comment

As a landlord, you need to be able to rely on your tenants to pay their rent. When tenants struggle with their personal finances and fail to pay their rent, you can easily run into serious financial problems of your own. 

That’s why it’s crucial for every landlord to understand the various rent collection problems that commonly occur. If you learn to spot the signs of these rent collection problems, you may be able to avoid the hassle and stress of late rent payment. 

Here are the most common rent collection problems along with some suggestions on how you can avoid these problems in the future.

1. Poorly Stated Rent Policy in the Lease Agreement 

Most rent collection problems stem from a vague, poorly written lease agreement. The lease agreement is the document in which you and your tenant will formally agree on the terms of the lease. Some important things to include are:

    • Monthly rent. Specify the exact rental amount, when it is due, and how it is to be paid.
    • Grace period. If you are implementing a grace period, clearly state how this grace period works in practice.
    • Set consequences. State the consequences for late payments, including late fees and potential evictions.

By clearly specifying how much rent is owed, and when it is due, you will avoid arguments with your tenants about rent. By including specific details about any grace period and the consequences for late rent, you will further reduce your risk of any rent collection problems.

2. Accepting Partial Payments

Many landlords fall into the tempting trap of accepting partial payments. It can be tempting to be lenient when your tenants are struggling to come up with the full amount. Plus, you may need the partial payment to tide you over financially until the full amount is ready.

However, accepting partial payments can send a dangerous signal to your tenants. When they realize that you are tolerant of this kind of behavior, they will be likely to become too relaxed about their monthly rent. You may find that the situation starts to occur more and more frequently.

3. Not Offering Payment Solutions

While you do need to be strict with your tenants and follow the same protocol in each scenario, this doesn’t mean you can’t have a somewhat generous solution in place for tenants experiencing financial difficulty. If you follow the same payment solution policy for each tenant, you will get the reputation of being a generous and fair landlord, while avoiding being taken advantage of. 

You may wish to implement a system where tenants can choose whether they pay by the week or the month, for instance. By being flexible about how or when your tenants pay, you may find that they find it easier to make their payments on time.

4. Poor Tenant Screening

The truth is, most rent collection problems are inevitable and avoidable. In some cases, the tenants you chose are simply unsuitable and will eventually find it difficult to make their monthly rent payments. Often, this is no fault of you or the tenants – you are simply a bad match financially. 

A good tenant screening process should ensure that all of your tenants are financially prepared to pay rent each month. Tenant screening is a system that checks a tenant’s credit score, income stability, personal references, and general reliability. A good tenant screening process will help you to choose tenants who can always make their rent payments in full and on time.

Use a Property Management Service: Contact Del Condominium Rentals 

Avoid the stressful job of rent collection with the help of a property management professional. Our team of experienced property managers at Del Condominium Rentals is here to help you with all of the burdensome jobs that come with being a private landlord. 

From collecting rent and finding good tenants—to inspecting the property, we take care of all of it. Our wide range of property management services include:

  • Professional, selective property marketing
  • A reliable tenant screening process
  • Dependable and strict rent collection
  • Day-to-day maintenance and repairs services
  • Optimized rental value 
  • Routine property inspections and evaluations
  • In-house legal compliance and eviction procedures in place

With Del Condominium Rentals, you can rest assured that you always get your rent on time. And, if any problems do arise, our in-house paralegal team can help mitigate potential problems before they escalate. If you’re ready to find out more about how you can maximize the profits and potential of your property, please contact us today by calling 647-952-3644 or drop us an email at sales@delrentals.com to learn more about the services we offer.

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


3 Reasons Why Tenant Screening Is So Important

By Leave a Comment

Tenant screening is a crucial part of the leasing process that’s often overlooked by private landlords. A thorough screening process ensures that the potential tenants are reliable and suitable for the tenancy. 

Without proper screening, landlords run the risk of allowing poor quality tenants to live in their property. This can lead to serious issues further down the line. It’s in a landlord’s best interest to implement a thorough tenant screening process. 

As Toronto’s leading property management company, here are a few reasons why proper tenant screening can make all the difference.

1. Avoid Late Rent Payments

The primary prerequisite for a tenant is that they pay their rent in full and on time. Chasing tenants for late rent payments can be time-consuming and stressful, especially if you’re a busy professional or have a family.

Rent issues almost always result in evictions, which can end up costing you a significant amount of time and money in legal fees. This entire process is avoidable if you focus on implementing a strict tenant screening process.

What does a good tenant screening process look like? A good tenant screening process will look into the tenant’s financial situation in detail to determine how reliable they will be when it comes to paying the monthly rent. Details such as monthly income, credit score, and job security of the tenant or the tenant’s guarantor will all be taken into consideration. These are only a few of the things we look at when assessing the quality of a tenant.

By assessing this data, a professional screening service will then inform you of the various financial risks involved with each potential tenant. 

2. Keep Your Property in Good Condition

Rental properties are inevitably subject to wear and tear. Between tenancies, there are usually general repairs that need to be done. However, in some cases, you will find that your tenants have left the property in exceptionally poor conditions. This damage may appear as carpet stains, holes in the walls, broken appliances, or something else.

To avoid this kind of unwelcome surprise at the end of a tenancy, we recommend working with a property management company. It can make all the difference and ensure the potential tenant will be clean and respectful of your property.

3. Protect Your Reputation

Your rental condo is located in a building with several other condo owners. You run the risk of jeopardizing your reputation with the other occupants if you rent your unit to an unfavorable tenant. Other tenants in the building will be affected by a poor quality neighbor and may even report you to your condo board.

A poor quality tenant may also cause turnover in the building, which could result in extra marketing fees on your end. You may also find that it becomes more and more difficult to find new tenants to take over other units in the building. Most tenants do their research about a building before moving in. If you have a bad reputation of allowing unsociable people to live in the building, new tenants may avoid your building.

Keep everyone in the building content by ensuring new tenants are neighborly. The tenant screening process will help to weed out particularly unsociable tenants. Through a rigorous interview process along with a reference check, the screening process can predict how your tenants are likely to act once they’ve settled in. 

Del Condominium Rentals: We Are Tenant Screening Experts

Here at Del Condominium Rentals, we have decades of experience managing condominium properties on behalf of private landlords. With more than 2500 units under our care, we are one of the most trusted property management companies in the GTA.

By choosing Del Condominium, you will have access to our superb tenant screening process. Our thorough and fair screening process ensures that we find you favorable tenants for your unit. There’s no need to worry about late payments, property damage, or disgruntled neighbors ever again. 

We also offer our clients a range of other services, including:

  • Marketing service that lists your unit with professional photos to potential occupants
  • A skilled accounting department that arranges rent collection and produces regular financial statements
  • An in-house paralegal team that takes on any legal disputes 
  • A wide network of professionals to handle maintenance and repairs quickly and efficiently

Our goal is to take care of all of the burdensome jobs that come with being a landlord. Let us deal with tenant screening, rent collection, and maintenance, while you sit back, relax, and wait for your monthly rent cheque.

Contact Del Condominium Rentals today by calling 647-952-3644 or drop us an 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


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

Recent Condo Rentals Post

Condo Rentals Tags

appliance cleaning cleaning Condo condo cleaning Condo Furniture Condo Garden Party Condo Living condo management condo management company Condo Party condo property management Condo Rentals decorating condo energy Energy Conserving green moving High Park Holidays Investment Condo Landlord Late Rent Payments living green Long Term Rentals maintenance Moving Moving Company Moving Day Moving Day Tips Moving Tips Neighbourhood Property Management Rental Income renting a condo Renting Apartment Renting Condo Renting Investment Property Renting Toronto Revenue Canada RTA Short Term Rentals Tax Time tenant screening tenant screening process Toronto Toronto Condo Rentals