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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.”

RELATED READING

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

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

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Top Five Rental Woes

Top Five Rental Apartment Woes

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Top Five Rental Apartment Woes

Ways to personalize your rental that won’t break your lease

Apartment Woe No. 1

Bland or ugly wall-to-wall carpeting: Nothing reminds you that you’re totally at the mercy of your landlord’s decorating taste like that ubiquitous beige wall-to-wall carpeting that’s so common in rental units. Or maybe it’s ugly or tacky carpeting that feels like it’s been around since before your parents were born. Either way, you can’t just rip up your floorboards and redo it, so you’ve got to find a way around it.

The solution: Colourful area rugs: There’s no law that says you can’t place a rug on top of carpeting. In fact, the right little number could bring some serious harmony to your existing decor. Choose a sturdy area rug to avoid bunching. Outdoor rugs are great for this and they’re often more affordable than fiber rugs. Try a subtle pattern that will reinforce your accent colours and be prepared to draw looks of envy from your neighbors.

Apartment Woe No. 2

Outdated cabinets: Cabinets tend to get overlooked by landlords. After all, why replace something that’s functionally still working? But cabinets go through trends just like any part of your kitchen, so if you’re looking at something that was installed circa 1976, it could definitely use a refresh in order to keep your decor modern and sophisticated.

The solution: Cover them up: Yes, you may have to live with your cabinet’s profile, but not necessarily the colour. Flat cabinets — the kind that apartment owners just love — can be easily corrected with patterned contact paper or vinyl adhesive for a fresh take on kitchen decor that’s as reversible as they come. Turn plain wooden cabinets into coloured marble, or go whimsical with a pretty floral pattern. Or just pick a colour that fits your personality better than beige or white. No matter what, it will definitely be custom-made.

Removable wallpaper in a textural brick is a quick fix to boring walls and is easily removed at the end of your lease.
Removable wallpaper in a textural brick is a quick fix to boring walls and is easily removed at the end of your lease.

Apartment Woe No. 3

Your wall colour is lacking: A lot of home decor woes can be tackled with a little paint, but not if your landlord expressly forbids painting. But the colour of the walls greatly impacts the mood, sense of space and — of course — the personality of a room, so it’s no good to stick with a hue that’s less-than-ideal.

The Solution: Removable wallpaper: Did you know there was such a thing as removable wallpaper? It’s real and it’s going to come in handy as you attempt to customize your new pad. Wallpaper lets you go even more customized than painting since you can browse through patterns and designs to your heart’s content. Try a graphic geometric or punchy bohemian floral or pretty botanical-inspired look to give your walls standout styling. Taste runs on the more muted side? Try a subtler panel in a soft herringbone or textural brick. Even adding it to a single wall as a design accent can do wonders.

Apartment Woe  No. 4

The light fixtures are ho-hum: Sure, they keep your room well-lit, but a lighting fixture should offer more than mere incandescence alone. You may not have much choice over where your overhead lights are placed, but you can change the appearance of the actual fixtures themselves.

The Solution: Swap out the fixtures: This takes a teensy bit of DIY know-how, since you can hurt yourself if you jump into even minor electrical projects unprepared. However, if you bone up a little first, you can easily turn boring, basic fixtures into delightful (emphasis on the light) affairs. Switch out boring flush-mount fluorescent lights with more contemporary designer models, or trade in your workaday pendant light on a chain for something unique, like an industrial chandelier fitted from iron pipes. Even something as small as changing the light covers on the ceiling fan offers the chance to give your space your own individual touch. When it’s time to move out, just change them back for the originals — your landlord will be none the wiser.

Apartment Woe No. 5

The windows could use a little swagger: If that last suggestion seemed a little too intense for your DIY skills, then chin up. After all, window coverings are a simple swap that will impact the amount and quality of natural light in a room. Plus they add a chance to punctuate windows with your own sense of personal style. Window coverings even play a role in your apartment’s energy-efficiency, as well, so if you choose carefully you may even save on your electricity bill.

The Solution: Install your own: Nothing could be simpler than replacing outdated curtains and blinds for a revamped look in your space. For blinds, usually it’s just a matter of purchasing the right size, although many home decor and home improvement stores will cut them to custom measurements. For curtains, you’ll need to consider not just the length of the window, but how far above the glass you intend to hang them. Hanging floor-to-ceiling curtains high above the window makes for a very dramatic statement, for instance, whereas short café curtains that start in the middle of the window have a quaint, breezy feel that’s well suited to kitchens and dining spaces. In fact, you can even choose energy efficient thermal curtains to ward off temperature fluctuations due to extreme hot and cold. Most come in a wide range of flattering textures and patterns, so the world is virtually your oyster. A new look that’s both landlord approved and energy saving? Now that’s what I’m talking about!

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