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

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Property Management Overseas

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


Why Are Property Management Companies Worth Their Fees?

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Property Management Fees

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.

  1. 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.

  1. 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.

  1. 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

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condo rules

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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


Are Property Management Companies Worth It?

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Property Management

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

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

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

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

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

They Save You Money

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

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

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

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

They Save You Time

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

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

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

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

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

They Simplify Tenant Screening

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

Finding the right tenants really does make all the difference.

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

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

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

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

They Offer a Hassle-Free Service

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

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

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

They Know the Law

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

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

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

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

They Help You Make More Money

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

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

Stop Managing Your Condo – Let Us Help You

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

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

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


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

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Best Property Management Company in Toronto

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

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

  1. We Find High-Quality Tenants

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

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

  1. Ensure All Legal Requirements Are Met

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

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

  1. Receive Round the Clock Professional Maintenance for Your Tenants

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

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

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

  1. Increase Your Property’s Equity Value

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

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

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

  1. Highly-Competitive Rates

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

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

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

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

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

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


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

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pros and cons of working with a property management nt

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

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

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

Pros

1. Access to Experienced Professionals

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

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

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

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

2. Increase Your Profits

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

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

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

3. Benefit From Rental Expertise

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

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

Cons

1. Little Tenant Interaction

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

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

2. There Are Fees

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

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

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

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

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

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

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


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

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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

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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.

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The Ultimate 2020 Landlord Checklist for Ontario Property Owners

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Whether you’re a first-time landlord or a seasoned professional, the rental industry is constantly shifting and evolving. This year, you can expect to see rental trends moving faster than ever. In order to stay competitive as an Ontario landlord, make sure you tick everything off an up-to-date to-do list. 

Here’s our ultimate 2020 landlord checklist. Ontario property owners have a lot to consider, so we’ve listed all of the important details you will need to consider this year. Remember, many of these details are regulated by Ontario laws – make sure you familiarise yourself with the most recent legalities.

Marketing The Property

The first stage of renting out the unit will be to market the property to potential tenants. In order to appeal to the best tenants, you will need to have an idea of the following:

Rental Rate

Decide on a competitive rental rate based on trends in your area. Know when rent will be due, and how you will deal with late payments.

Utilities

Decide whether your rent rate will include all or some monthly utility bills. 

Term of Tenancy

How long will the tenancy last? What will the process be for extending the tenancy? How much notice will your tenants need to give if they wish to terminate the tenancy?

Security Deposit

As an Ontario landlord, you are restricted by law from asking for a security deposit. Make sure you understand the legal ramifications of demanding refundable deposits before including them in your marketing material.

Pet Rules

Decide on whether your property allows pets, and if it does, which ones. Again, be sure to familiarise yourself with regulations regarding domesticated animals in condominiums.

Parking, Laundry, and Other Amenities

Include information about the amenities included in your property. This is your chance to make your property shine. Sell the property by listing its various amenities. 

Your Role During Tenancy

You will need to prepare for the following things during your tenants’ occupation:

Access To The Unit

Understand your legal rights and limitations regarding access to the unit. Once your tenants have moved in, you will not be allowed to enter without permission or prior notice. It’s important that you keep an eye on the state of the unit, so plan your visits in advance to avoid legal problems.

General Maintenance

As the property owner, general maintenance will be your responsibility. Keep track of general repairs that are likely to be needed throughout the year, and follow provincial guidelines regarding rental property safety, including fire drills and alarm tests.

Emergency Maintenance and Repairs

You will also be responsible for emergencies. Draw up a list of local 24-hour service companies for any eventuality. When you receive a frantic call at 2 AM, you will be grateful for your list!

Prepare For Disputes

Inevitably, legal disputes will arise in some cases. Do your research and prepare for common landlord disputes. In doing so, you may avoid some of these disputes altogether.

The End of the Tenancy

Extra administrative work tends to fall in your lap upon tenancy termination:

Notice Period

Keep track of your tenants’ notice periods. This way, you will avoid any surprises, and you can prepare to re-market the unit if necessary.

Inspection

Decide on when your end of tenancy inspection will take place. Make a detailed checklist of which items in the unit you wish to inspect. Come prepared to ensure you know exactly what damage and wear the unit has sustained. 

Eviction 

In the unfortunate case of eviction, familiarise yourself with legal requirements and rules regarding when eviction is allowed. If necessary, enlist professional help to ensure you evict your tenants in the appropriate manner.

Put Your Trust In Property Management Company Del Condominium Rentals

As you can see, there are a myriad of things to consider when preparing to rent out an apartment in Ontario. The job doesn’t stop once the tenancy begins. In fact, your duties will likely multiply as your tenants settle in. Not to mention the plethora of complex legal considerations that you will need to wrap your head around.

But, there’s no reason to get overwhelmed by the job. Del Condominium Rentals can simplify the landlord process for you. As Toronto’s leading property management company, we provide a wide range of services. 

The Del Condominium Rentals team will market your property, deal with your tenants’ concerns, and handle the tenancy termination. Our expert team will take care of every single detail, including:

  • Thorough tenant screening
  • 24-hour professional maintenance 
  • Excellent tenancy agreements
  • A knowledgeable legal team to deal with disputes and to ensure you are following regulations
  • Necessary repairs to increase the value of your property

If you’d like to make the most of your condominium, without all of the hassle and stress, Del Condominium Rentals is here to help. Give us a call at 647-952-3644 or email us at sales@delrentals.com to get started.

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


How Working With a Professional Property Management Company Can Minimize Your Risk

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Professional property management company

Starting out as a new landlord is both exciting and terrifying in equal parts. There’s plenty to look forward to, but there’s also lots to learn. As any successful landlord knows, the venture comes with lots of potential risks. 

Before you start marketing your units and signing lease agreements, it’s crucial that you do some research on ways you can minimize risk from the outset. The best way to reduce risk is to pass on the bulk of the workload to a professional property management company. 

This article will explain why choosing to use a property management company will not only minimize risk, but will also maximize profit.

What are the Biggest Risks for Landlords?

Here are a few of the biggest risks for condominium landlords. Most of these risks can be mitigated by enlisting the help of a property management company. By taking on the vast majority of the landlord’s managerial duties, these companies can lighten the load and reduce your personal risk.

Poor Quality Tenants

Poor tenants are one of the worst risks for landlords. If you end up with irresponsible tenants, you run the risk of serious property damage, unpaid rent, and unhappy neighbors. Bad tenants can cost you money. 

Whether they create the need for expensive repairs, or they vacate the premises before the term of lease leaving it vacant, you will notice the financial impact of poor quality tenants quickly.

With a Property Management Company

By using a professional property management company, you will greatly reduce your own risk of accidentally letting poor tenants into your property. Professional companies can provide thorough tenant screening processes that you, as an individual, will not have access to. Most property management companies will be able to check the credit score, references, criminal history, and proof of income for every potential tenant. 

Liability

Being a landlord in Ontario means following the regulations set out in the RTA (Residential Tenancies Act). If you fail to provide safe, modernized living conditions, for instance, you will be liable and subject to fines or even jail time. Many landlords struggle to wrap their heads around the complex tenancy legalities set out in the RTA. This puts them at risk of liable, as well as at risk of not knowing their own rights as landlords.

With a Property Management Company

Most property management companies have experienced legal teams who can provide in-depth advice and assistance with any legal disputes. Plus, with this legal team, your chance of accidentally breaking any rules in the first place.

Property Depreciation 

Another major risk for landlords is that their property will lose value over time. Wear and tear alongside poor maintenance can quickly lead to extreme property deprecation. It’s crucial that your property does not lose too much value over time. However, as the sole property manager, it may prove difficult to arrange the necessary repairs required to keep your property value up.

With a Property Management Company

With the help of experienced property managers, property depreciation won’t be as big of a problem. Most property management companies will have the resources and knowledge to arrange the necessary repairs at the lowest price possible.

Lengthy Vacancies

Many landlords are shocked to discover the amount of time it takes to fill an empty property. The process of listing, marketing, and showing the unit can take weeks, if not months. Each week that the unit remains unoccupied is money lost. As the only person arranging viewings and drawing up lease agreements, it’s inevitable that your property will experience longer periods of vacancy than necessary.

With a Property Management Company

A property management company will market and show the property for you. With extensive resources, the company will be able to reach a much wider audience, increasing your chances of leasing the property in a timely fashion.

Choosing Del Condominium Rentals for Your Property Management Solutions

We are a dedicated and experienced team of professional property managers that can take the burden of property management off your shoulders. Not only will our team make your life a whole lot easier, but we will also greatly reduce your risks as a landlord. 

At Del Condominium Rentals, we take care of all of the difficult parts of your job. So, treat your property as an investment, sit back, and let us do the hard management work.

Here are just a few of the services we provide:

  • Rigorous tenant screening
  • Rent collection
  • 24/7 maintenance and repairs
  • Access to an in-house paralegal team for drafting notices and in the case of disputes
  • Eviction processing
  • Expert unit inspections
  • And more!

To find out more about our wide range of services and how they can help you, contact us today by calling 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


About Del Condominium Rentals

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

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