While, as the owner of your building, you surely have insurance for your property, do you know many of your tenants have insurance on their possessions? Some tenants believe that your insurance will cover their belongings in the event of a fire, flood, or theft. It’s wise to educate your tenants about rental insurance and how it can protect them, not only because it helps them stay secure, but it can avoid some headaches for you as well.
Regularly considering how to make the most income from your properties will keep your investments healthy and growing. Landlords are always looking for new solutions to either cut their costs or provide more value to their tenants (and thus, charge them more). At Central Erin Property Management, our experience has taught us that there are a few great ways to increase property income over time.
Holding onto great tenants is a must for successful property owners. Improving tenant retention saves you the hassle of looking for another tenant, reduces the costs of having a vacancy, and eliminates the costs of marketing your unit. Plus, if you have a tenant who communicates well and cares for the property, it can go a long way to keeping your investment in good shape. It’s well worth your time to figure out how to keep these quality tenants.
The daily management of your property can be suddenly sidetracked by an emergency event, from a robbery to flooding or even a health crisis. These events are rare, but they can happen to even the smallest properties. The larger your building, the more likely emergencies are.
Almost half of condo owners feel that they don’t have enough communication from their condo board, according to Condo Information. How can you improve your relationship with your condo board to clear up miscommunication about fees, repairs, reserve funds, maintenance, noise, and other critical building issues? Here are a few things you can do:
At Central Erin Property Management we have a lot of experience choosing tenants. Whether you’ve never selected a tenant before, or have filled more apartments than you can count, there’s always room to refine the process and make better judgments. After all, choosing a tenant is a critical skill. Picking a stable, financially secure person will ensure your property remains full and safe for the term of the lease. Here are our tips on how you can choose your next tenant with confidence.
The new year isn’t just a time to reflect on your personal goals and achievements, but also a time to look into how your business and properties are doing. Developing a plan to meet your rental property goals is the best way to set yourself up for success. But, what should your goals be? And how can you ensure that you follow through with them?
At Central Erin Property Management, we have a lot of experience preparing our properties for the frigid Canadian winters. This winter is supposed to be colder than normal, which is why now is a good time to ensure you’ve covered everything your property will require this winter:
The holiday season brings out the best in tenants and building owners alike, which is why it’s important to work together to reduce the risks of a holiday fire. Unfortunately, fires are more common this time of year, partly due to cooking holiday meals and décor choices.
How can you ensure your tenants stay safe? Here are our tips to avoid a holiday fire in your property.
As a property owner, you will likely feel a duty this winter to keep your tenants warm and happy. On the other hand, you probably also feel a responsibility to not waste energy. How do you save energy as a property owner, keep your utility costs low, and keep your tenants happy?
It is mandatory that your condominium collects reserve funds. How much should your director be collecting for the fund? Further, what can those funds be used for? We’ll discuss everything you need to know about condo reserve funds.
Property maintenance has to be consistent and the best way to keep your investment in order is to follow a maintenance schedule. Routinely inspecting and taking care of consistent problems will ensure you don’t develop into more serious and expensive problems. But, what should your property maintenance schedule look like?
From time to time, every property needs regular upkeep and repair. When important items are left unattended it'll begin to underperform and lose its functionality, leaving your tenants unhappy and dissatisfied. So how do you prevent maintenance problems in the first place?
Balancing your ability to inspect your property and your tenant’s right to privacy can be a challenging task. A smart landlord will do their best to abide by the law but to also make their tenant feel trusted and comfortable. We’ve become very familiar with Ontario laws and made it easy for landlords to best inspect their property.
When you’re looking for a property management firm to manage your investment, you may be curious about regulations and associated fees – specifically what they cover and the total costs. Take a look at our property management services and breakdown fees and see what works best for you.
Being a landlord brings many benefits but it also brings on many challenges and responsibilities. Property management is a demanding field to be involved in. In order to work effectively in the industry, it's important to understand your duties as a landlord.
One of the most difficult aspects of property management is navigating how to end a tenancy agreement. Tenants and landlords enter into an agreement with the intention that the tenancy will last a specific amount of time. But is possible to break a tenancy agreement early?
Many businesses have directed their marketing strategies to be compatible with highly visual experiences and have had great success using Instagram to draw more interest and customers. Property management is no exception. Here’s how to attract rental property leads using Instagram.
You may likely face a situation where one of your tenants is charged with a criminal activity. The severity and aftermath of the crime will differ depending on the tenant and their situation. This is one of the more complex situations in the property management field and it is important that you understand your rights as a landlord.
You may be unaware of the recently introduced and much stricter mortgage qualification rules. The Federal government has ordered these new rules in an attempt to begin stabilizing the Canadian real estate market and reduce the amount of debt Canadians (and our financial institutions) are burdened with.