condo property management Archives - Del Condominium Rentals

Are Property Management Companies Worth It?

April 15, 2021 By Zee J Leave a Comment

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

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

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

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

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

They Save You Money

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

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

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

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

They Save You Time

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

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

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

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

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

They Simplify Tenant Screening

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

Finding the right tenants really does make all the difference.

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

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

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

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

They Offer a Hassle-Free Service

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

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

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

They Know the Law

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

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

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

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

They Help You Make More Money

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

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

Stop Managing Your Condo – Let Us Help You

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

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

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

3 Reasons Why Tenant Screening Is So Important

May 26, 2020 By Zee J 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

The Latest on Airbnb in Toronto After the October Hearings

November 15, 2019 By Zee J Leave a Comment

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

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

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

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

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

What Are the Problems With Airbnb

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

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

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

Here’s What You Should Know

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

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

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

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

An Uncertain Future for Short-Term Rentals

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

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

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

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

Prepare Your Short-Term Rental For Possible Changes

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

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

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

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

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

Take the stress out of renting out your property by contacting them today at 647-952-3644 or by email at sales@delrentals.com.

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

4 Rental Problems All Condo Landlords Will Eventually Face

October 22, 2019 By Zee J 1 Comment

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

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

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

Tenant Turnover

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

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

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

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

Late Payments

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

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

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

Knowing the Legalities

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

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

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

Maintenance and Repairs

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

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

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

Avoid These Issues By Hiring a Condo Property Management Company

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

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

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

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

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

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

October 9, 2019 By Zee J Leave a Comment

Property Management Company

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

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

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

The Initial Meeting

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

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

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

Sign An Agreement

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

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

Marketing Your Property

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

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

Handling Inquiries

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

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

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

Signing the Rental Agreement

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

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

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

Tenants Move-In

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

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

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

Ready to Setup That Initial Meeting?

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

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

Contact Del Condominium Rentals now by calling 647-952-3645 or emailing sales@delrentals.com

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

Condo Property Management

April 22, 2016 By Zee J Leave a Comment

When you’re choosing a condo property managament company to rent and manage your condominium in the Greater Toronto Area for you, you want one that will do all of the work … and save you all of the worry. This dream company should handle the marketing, the tenant, the maintenance, the finances and legalities … and give you easy access to everything that’s being done, whenever you want it.

This company is Del Condominium Rentals. Because your best interest is in our best interest, we’re as committed to getting a great return on your condominium investment.

Every member of the Del Condominium Rentals team is a highly experienced, deeply committed professional with one common goal: to be worthy of the confidence you place in us to handle your valuable investment.

Please visit us https://www.delrentals.com or call us 416.296.RENT to discuss your condo management needs!

1. Avoid Late Rent Payments

2. Keep Your Property in Good Condition

3. Protect Your Reputation

Del Condominium Rentals: We Are Tenant Screening Experts

Tenant Turnover

Late Payments

Knowing the Legalities

Maintenance and Repairs

Avoid These Issues By Hiring a Condo Property Management Company

The Initial Meeting

Sign An Agreement

Marketing Your Property

Handling Inquiries

Signing the Rental Agreement

Tenants Move-In

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