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.
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?
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.
Time is a precious resource in property management, especially when you have a vacant property on your hands. You want to make sure to market your properties as efficiently as you can, generating top-quality leads to fill the spot quickly. Here’s how…
Social media is more than just an app on your phone or a way to stay in touch with friends and family, it is a powerful business tool. Property management as an industry has been around for a long time. To be successful you can’t just adapt, you have to lead the way. Today, that means embracing social media as a property management tool.
No matter how great a judge of character you are or how thorough you are when screening lease candidates, a landlord is bound to run across at least one bad tenant in their time. The best way to pursue any issue is with a calm demeanour, stay within legal parameters and get professional help if you need it.
Many landlords are worried about the adverse effects this legislation may have on condo laws and rental units. Not only are landlords worried about their tenants smoking marijuana more frequently and openly, they are also worried about the possibility of tenants growing it in their homes. To navigate these changes, it is important to truly understand them.
A critical component of the rental marketing process is to keep potential tenants interested in your property. This way, when space opens up you will already have a solid following of interested tenants. Here’s how:
Property management can be a demanding and stressful field of work. Tenants have high expectations and a diverse array of wants and needs. Using tenant surveys is an extremely valuable property management tool to gain feedback and more accurately gauge the needs and wants of your tenants.
From reflections of years past to new goals and ultimately, resolutions for improvement as we begin another New Year we are faced with change. The world of property management is certainly no exception, which is why the Condominium Authority of Ontario (CAO) has introduced new condo rules that have taken effect in 2018.
When winter arrives, it can come aggressively and unexpectedly. Winter weather is unpredictable and snowfall is often heavy. If you are renting a place you may feel relieved you don’t have to deal with shovelling snow or salting walkways to maintain your property. But are you sure your property management company is responsible for snow removal?
Property management is about balancing the needs of different stakeholders. Tenants are a member of this agreement, and as property managers, it is your responsibility to make sure their needs are met thoroughly and efficiently.
Condo board members hold a lot of property management responsibility. They play a large role in ensuring that their residents enjoy a great lifestyle by providing effective leadership, guaranteeing financial stability and fostering a sense of community. These helpful tips for condominium board members will help your board take on all responsibility without feeling overwhelmed or stressed.
Some people believe you should only fix a problem when there is one. But, this type of thinking often creates more difficulties and challenges when issues are compounded over time. It’s better to build up the motivation and be proactive by investing in preventative maintenance for your condominium. Creating a budget for preventative maintenance will save your team time, money and stress in the long run.
A key part of property management lies in developing a sense of trust and community among building staff and residents. Building a resident communication platform that resonates with all building members helps foster long-term relationships and resident retention. Here are our top tips for building a strong resident communication platform:
Property management is a growing and crucial field in Canada. Ensuring that property management is done well is critical to keeping residents happy, not to mention in helping property owners improve bottom lines and achieve greater financial success. With home prices escalating across metropolitan areas, trends have shown that increased numbers of people are moving into condominiums (including families), which raises the need for strong property management at these locations.
Many people want to know what is involved in becoming a board member for their condo or homeowners association. It is a role that often goes without much appreciation, but it can greatly influence the quality of life of people in the community.
Condo owners in Ontario prepare yourselves, because change is on its way. Beginning this fall, condo owners and corporations can expect greater confidence and security in their investment when new rules take effect. Currently, condo owners and corporations have to go through legal courts or hire a mediator in order to pursue property issues – from keeping pets in the building to corporate record access. The need for change and improvement with current legislation becomes inevitable with an ever growing number of condo residents, condo units and condo corporations in the province. The current resolution process has become expensive for many residents and overly saturated causing it to be ineffective.
In a case that was released on December 8, 2016, Ontario Superior Court Justice Robert Beaudoin found that Airbnb operators were essentially running a business out of their residential dwellings in contradiction of the framework of rules set up in most condominiums.
Geothermal - More than a cool innovation.
Geothermal systems, otherwise known as geo-exchange or earth energy systems, provide consistent heating and cooling year round, by tapping into the earth’s nearly constant temperatures which are found just below the frost line.
Geothermal systems have only been around in Canada for about 60 years. Credit goes in large part to Professor Frank Hopper of the University of Toronto who first brought this system to the main stage. Find out more about how Geothermal Systems work and how they can benefit your condominium.