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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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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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