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Building or renting out a condo? Call Del Condominium Rentals

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Building or renting out a condo? Call Del Condominium Rentals

By Shanker Narayanan
Del Condominium Rentals

If you’re a condo builder or unit owner, Del Condominium Rentals wants to speak with you.

Indeed, with condo construction and ownership booming in the GTA – with many buyers purchasing them as investment units – there is a definite growing need for professional condo property management.

“There are a million things that can go wrong when managing a condo unit, and most owners are completely unaware,” says Shanker Narayanan, general manager, Del Condominium Rentals.

Del knows this from experience – from managing a portfolio of more than 2,500 condos in more than 280 communities over the last 10 years.

Expert knowledge

“Most owners who self-manage condos have a belief that ‘this won’t happen to me.’ But things get complicated at times, and that’s when expert knowledge comes in handy.”

If the Del name sounds familiar, it’s because Del Condominium Rentals is a member of the Tridel Group, Canada’s leader in condo living. Signature Tridel products include Edenbridge at Kingsway and Royal York, Tridel at the Well at Front and Spadina, Aqualuna at Queens Quay and Sherbourne, and Evermore at Eva and 427.

“We used to focus primarily on providing leasing services for Tridel suite owners, which account for about 78 per cent of our business,” says Shanker. “But we have evolved over the past five years into a leading Toronto condo property management company. We are aggressively trying to grow the non-Tridel portfolio. If this happens, we would look at increasing the overall portfolio to hopefully 5,000 suites in five years.

“Overall, our goal is to the be the most trusted name in rental management, and consistently deliver the best possible customer experience in the markets we serve.”

Rude awakening

About 90 per cent of Del’s clients are first-time homeowners or single-unit owners, who don’t have the time to self-manage their units. So, you can imagine inexperienced investors who think becoming a landlord is easy, and that all they need to worry about is cashing rent cheques and counting their profits.

“If only it were that easy,” says Shanker. “Many owners get quite the rude awakening, whether it’s a water leak from an above unit that’s causing damage in their suite, or dealing with complicated insurance issues that can come with resulting claims. Suddenly, they realize they don’t have expertise, and that’s where we come in. That’s what we provide.”

The advantages for suite owner-landlords are clear, but the benefits for condo builders are just as important – perhaps more so.

Condo builders can take advantage of Del’s comprehensive and experienced team in condo management, sales and marketing, property management and finance, and in turn offer these services to their buyers.

“Developers that may not have such expertise can now include it in their project marketing, thereby making their condos more appealing not only to investors, but also end users,” says Shanker. “Imagine the peace of mind that comes from knowing that units rented out in a building will be done so with best-in-class services across the board. Everything from market evaluation to leasing to property management – and everything in between.”

“Our excellence becomes their excellence. It’s a win-win-win.”

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In Conversation with Shanker Narayanan, General Manager, Del Condominium Rentals

Shanker Narayana is General Manager, Del Condominium Rentals. delrentals.com

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6 steps to becoming a successful landlord

6 steps to becoming a successful landlord

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6 steps to becoming a successful landlord

Buying a condo to rent out for investment purposes is a great idea. But, for many, especially first-timers, it’s much easier said than done. So many questions, tons of details and plenty that can go wrong.

This is exactly why many owner-investors turn to Del Condominium Rentals, one of the largest professional condo management firms in Canada, with a portfolio of more than 2,500 condos in more than 280 GTA communities.

With experience like that behind you, you’re one step closer toward your goal of becoming a successful rental condo landlord.

Here, then, are six important steps to get you started in hiring a professional condo management company.

1. The initial meeting

Find a reputable property management company – such as Del Condominium Rentals in Toronto – and schedule the first meeting with one of its associates.

In this meeting, it’s important to review the details of what the property management company can offer. Describe your property, share your plans for the property and your goals, and ask as many questions as you think of.

Your property manager should be able to help you make all the important decisions on when and how to proceed.

2. Sign an agreement

Once you have selected a professional property management company and discussed all the important details, it’s time to sign an agreement. This contract will detail everything you have agreed upon and is the last step before the firm gets to work on your behalf.

3. Market your property

In the first two steps, you’ve hammered out all of the details, and you and the property management company have been agreed on a contract. Now it’s time for them to begin marketing your property – to help it stand out from the crowd.

This is where a quality property management company shows its mettle. Using its experience in the industry, it can now list your property in places potential tenants will see it – and to now only find but also screen prospective tenants. Finding the right tenant can make or break the success of you investment condo.

4. Finding the perfect tenant

Once your condo is listed and the inquiries begin to flow in, the property manager will handle everything. They will go through all of the queries, and screen potential candidates to find the perfect tenant for you.

The firm will invite interested parties to view the condo, explain all its features and characteristics, and conduct these meetings like an interview process to get to know these potential tenants.

When a prospective tenant is serious enough, and the property manager is comfortable with them as your renter, they will perform a credit check and call their references. Are they a good fit? Will they show respect for your unit and treat it as their home? Does the property manager foresee any issues with the tenant being able to pay the rent? These are among the key questions your manager will navigate.

5. Signing the rental agreement

Once the property manager has performed all the above steps to their – and your – satisfaction, it’s time to sign the rental agreement.

Again, this is where the manager’s experience and expertise will show – having found a suitable tenant, and now creating a suitable rental agreement.

Importantly, the rental agreement is a legal document that should include everything to ensure your safety as the property owner. Remember what we said in Step 1? Ask lots of questions. If you don’t understand something, ask the manager to clarify.

And, of course, they will do the same when they review it with your tenant.

6. Tenants move in

If all five steps to this point are successful, 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’s rent.

After they move in, the property manager will perform routine checkups to see how things are going, as well as perform regular maintenance when needed. For any larger repairs that pop up, the property manager will handle those as well. This is again where their expertise will shine through – finding and working with credible service providers that may be needed, such as a plumber.

You won’t have to worry about a thing, but since this is your property and you are ultimately the boss, ask your property manager that you be kept in the loop, and that you receive a full report afterward.

Otherwise, sit back and watch the rent flow into your bank account, while your tenant helps pay down your mortgage and the value of the property grows.

It’s a win-win-win.

Ready to set up that initial meeting?

Del Condominium Rentals is awaiting your call, to help you complete these six important steps, so you can be well on your way to becoming successful rental condo landlord.

RELATED READING

Building or renting out a condo? Call Del Condominium Rentals

In Conversation With… Shanker Narayanan, Del Condominium Rentals


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Del Condominium Rentals

In Conversation With… Shanker Narayanan, General Manager, Del Condominium Rentals

Latest News


In Conversation With… Shanker Narayanan, General Manager, Del Condominium Rentals

Shanker Narayanan, general manager, Del Condominium Rentals
Shanker Narayanan, General Manager, Del Condominium Rentals

Condominiums are booming in the GTA, with an increasing number of owners choosing to rent out their units for investment purposes.

Del Condominium Rentals, setting a standard in suite rental management in the GTA since 1986, offers such owners suite leasing services without having to worry about the day-to-day concerns related to being a landlord. From marketing, tenant screening, leasing, maintenance and repair, accounting, insurance coverage, compliance enforcement and revenue retrieval, the company does it all.

We spoke to Shanker Narayanan, general manager of Del Condominium Rentals to learn a little more about this growing business.

Condo Life: What is the scope of the management services you offer to condo unit owners? Is it a one-size fits all package, or is there a range of services owners can choose from…?

Shanker Narayanan: We provide day-to-day management of the suites, including complete research and marketing for new owners, arranging insurance, utility transfers and other services – all for a fee of six per cent of the monthly rental. We plan to also introduce a tiered system involving additional services, such as rent guarantee, suite inspections and maintenance.

Del Condominium Rentals

CL: How much of a growing business category is this for Tridel? We’re hearing so much about the investor element in condominium ownership these days…

SN: We have 2,550 condos in our portfolio today and are planning to grow to 3,500 by 2024. We were primarily a company that provides leasing services for Tridel suite owners, and about 78 per cent of our business comes from their new builds. We have evolved over the past five years into a leading condo rental management company in the GTA. We are aggressively trying to grow the non-Tridel portfolio. If this happens, we would look at increasing the overall portfolio to hopefully 5,000 suites in five years.

For Tridel new builds, we provide lease-up services from interim occupancy to eventual unit registration. This period might vary from building to building. We are currently leasing about 35 to 40 per cent of the inventory in all new builds.

CL: What is your typical client profile? Investor-owners who want to be completely hands off? First-time investors who really need the help being a landlord…?

SN: About 90 per cent of our owners are first-time homeowners or single unit owners, who don’t have the time to self-manage their units. We do have a lot of seasoned investors who have multiple suites in their portfolio. On average, a homeowner stays in our program for five years. They usually have an investment cycle that culminates in either them selling, -self-occupying or in rare cases self-managing the unit.

Del Condominium Rentals

CL: What are the main benefits of using your services, that perhaps suite owners couldn’t do on their own?

SN: Most owners don’t know that there are a million things that could go wrong when managing a condo unit. We know this from experience and from managing a portfolio of more than 2,500 condos over the past decade. Most owners who self-manage condos have a belief that “this won’t happen to me.” Things get complicated at times, and that’s when expert knowledge comes handy. For example, an owner might have a new condo but there might be a water leak from a unit above and that causes water damage in suites below. There could be resulting claims from owners against this owner even though the problem isn’t with their unit. We manage these complex scenarios with the insurance adjusters and the condo property management.

We are a one-stop shop for homeowners, providing turnkey management and peace of mind.

CL: How do you arrive at the end cost to clients for these services? Does it depend on the unit size, rental rate, specific services they’re using…?

SN: Our management fees are very competitive. We have always been a market leader and have been looked upon as setting the benchmark. We also have preferred rates with vendors for services such as plumbing, electrical, HVAC and handyman work. In addition, we co-ordinate works for window coverings, flooring and window and door installation. We have synergies with Tridel and ensure that we pass on the benefits to suite owners.

CL: And how do you determine the rental rate for units?

SN: We do a thorough market evaluation. We are the rental experts, and as such, Tridel sets the rental benchmark for any community. Our expert team looks at trends on MLS and third-party Internet sites and comes up with the best practices to research and tabulate rentals.

CL: Ideally, suite owners would want to be cash-flow positive when renting out their investment condo. How do you help them achieve this goal?

Del Condominium Rentals

SN: Most suite owners have a set financial cycle that will allow them to realize market potential. We save them costs and the hassles of day-to-day management and they see the benefits over a period of time. While cash flow is key for many owners, they see the merit of us ensuring that the unit is well maintained and the equity grows over time.

CL: And when it comes time that they wanted to sell, how can you assist in that transaction, say, to another potential investor-owner?

SN: We typically refer owners back to their agent when they consider selling. This is our partnership with our realtor colleagues. We do, however, ensure the transaction and unit transition go smoothly. For example, we make sure all necessary restorations are completed and that things are co-ordinated with residents and property management.

CL: Any other key pieces of information potential clients should know about your services?

SN: We are leaders in the rental business. What sets us apart from others is that we are part of Tridel. We bring synergies from other group companies such as Del Property Management, DelSuites, Tridel Customer Care and Deltera (construction). This is invaluable and often beneficial for homeowners.

For more information, contact Del Condominium Rentals at the website, 4800 Dufferin St., Toronto, or call 416.296.RENT (7368).

 

 

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