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It’s Moustache Season at Emerald

It’s year 7 and the Emerald Management & Realty Ltd. family is getting to GRO for moustache season! 

Stayed tuned to Emerald Management & Realty Ltd.s Facebook page and Instagram page for the announcement of THE “sign” that the season has officially begun, along with updates about what the #EmeraldMos are doing to do good and save lives by raising funds and awareness for mental health and suicide prevention, prostate cancer and testicular cancer.

If growing a moustache isn’t your thing, but you want to support the cause – just follow the link and make a donation on our page!

Have a peak at our TikTok Movember Memories created by Emerald’s MoBros and MoSisters in 2021:

 

May The Stache Be With You!


Celebrating 50 years for property management and service to the community, Emerald Management & Realty Ltd. is a leading licensed property management brokerage of rental housing, mixed-use real estate assets and condominium corporations.  The Emerald family is engaged to foster a vibrant corporate culture that ensures equal opportunity and well-being for all team members in a dynamic and rewarding workplace.  To learn more about Emerald’s commitment to community, visit our Community Involvement page or contact us today!


The Investors’ Guide to Rental Property Maintenance

What is a rental property investment?

A rental property investment is when you purchase a condo, home, apartment, or any other dwelling with the intent of renting it out on a long-term basis. The end goal is ultimately to make a profit, so in some cases, a rental property investment may include buying a “fixer-upper” and completing renovations, then renting it out for a significantly higher price than the mortgage amount.

Investing in a rental property can be majorly successful or cause a huge headache. It’s important you know what to look for and how to properly manage the property maintenance before spending your cash on a property meant for investment.

It’s also important to make sure that you’re keeping up with proper maintenance year-round, which, for different climates, may look different. If you’re in a location where the climate varies wildly in each season, keep in mind that you should be ensuring the following seasonal maintenance:

Spring

  • Clean rain gutters and ensure eavestroughs are free of debris, leaves, and sticks
  • Power-wash exterior surfaces like concrete pads and pathways
  • Repair any cracks in concrete patios, pathways, and driveways
  • Inspect your HVAC and air conditioning

Summer

  • Keep lawn maintained, trimmed/mowed, and weeds at bay
  • Ensure gates and locks are working/in good condition
  • Conduct seasonal pest control to avoid bug infestations
  • Re-level concrete if pathways or the foundation is shifting

Fall

  • Have your roof inspected and ensure any cracks or damage is fixed/the roof is replaced
  • Re-caulk any areas that are letting in air
  • Once again ensure gutters are cleared as leaves begin to fall
  • Inspection your furnaces and change all filters

Winter

  • Winterize pipes to ensure they don’t freeze
  • Keep the faucet slowly dripping at all times to maintain water flow and avoid freezing pipes
  • Flush the water heater

While these are great things to stay on top of each season, keep in mind that it will be your tenants’ responsibility to maintain the property while they are renting. Subject to your lease agreement with them, this includes things like lawn care, water costs, gutters, and more. In the meantime, hiring a property management company can help you ensure your property is maintained properly without you having to worry about setting everything up or going to the property to do the work yourself.

Making sure that the investment is profitable

Ultimately, finding long-term tenants is a great way to keep your rental property bringing in income and have it profitable. To attract long-term tenants, keeping your property properly maintained and staying on top of more serious issues such as leaking water tanks and broken AC systems (covering these costs yourself) is important.

Ultimately, your property should be well-maintained, safe, and you should be available for your tenants (or have a property manager who can be readily available for them).

The pros

  • Obtaining property management services will allow you to focus your time on other avenues
  • Potential tenants will appreciate your dedication to maintaining property
  • You will show that you care about the living situation of tenants, and are not just looking to make a profit

The cons

  • Property maintenance can be costly and time-consuming
  • It cuts into your bottom line

Rental options for landlords

  1. Fixed-term lease.
  2. Fixed-term lease followed by periodic-term

These are the most common forms of rentals for residential properties. It guarantees tenancy for a set period of time, often between six months and two years.

  1. Month-to-month.

This is not an ideal option for landlords as it does not guarantee income or a long-term tenant. It can lead to a revolving door of tenants, quickly deteriorating your property if tenants do not care about how they treat the property, and can make it difficult for you to consistently find new tenants.

Let Us Help You!

If you have a rental property but don’t know where to begin, Emerald Management & Realty is here to help. Give us a call 403-237-8600 or fill out our contact form to get in touch!


Airbnb vs Renting Out Your Home: Which is Better?

Airbnb listings skyrocketed as people heard of the income potential of renting your home while you are not using it. Before choosing the Airbnb platform to rent your space, there is much to consider beyond the revenue-generating aspects. We’ve compiled the information you need to make an informed decision about renting your property on your own or using the Airbnb model.

Rental Income

Owning a property can provide a good source of income. Whether you’re looking to be one of the many long-term houses for rent or are looking for something short-term, the property provides value.

Renting out your property on your own can give you peace of mind knowing that you have tenants in your home for an agreed-upon amount of time, helping you budget and plan your life.

If a tenant doesn’t pay and you don’t have a platform to help you get your payment secured, you can proactively hire a property manager

When providing a house for rent on your own, you are limited to a single monthly payment rate, whereas at Airbnb, you can have different rental prices per week. Your earnings could be significantly higher if you opt for the latter.  However, your costs could be significantly higher when it comes to: wear-and-tear; turnover costs; cleaning; legal; … the list goes on.

You will need steady vacationers or short-term renters to guarantee the difference in higher revenue from Airbnb; you need to be mindful that there are fees associated with the platform and service that will take a chunk of your earnings.  And … not ever home and its location makes it vacation home worthy.

Rules and Regulations

Whether you rent your property on your own or through Airbnb or using the valued expertise of a licensed property management company, there are regulations. Early in 2020, the Alberta courts made a decision that prevents condominium owners from using their units as short-term rentals for websites like AirBnB & VRBO.  Owners who use those services to get sort-term “renters” are considered the same as running a hotel. 

It is extremely important that you check your local laws and regulations before jumping into the vacation rental world to make sure that you don’t get yourself into trouble!!

Vacation vs Traditional Rental Insurance

A short-term (vacation) rental is less than 28 consecutive days, putting Airbnb rentals in this category. Vacation rentals may be your owned houses for rent, or another type of property like a guest house in your yard.

Each of the above options requires different types of insurance. You will want to obtain vacation rental insurance before you begin renting out your home.  If you don’t disclosure that you are renting your property as a vacation rental, you may not be covered in the event of a loss.   

Rental property insurance is important for both renters and tenants to have. Speak to an insurance broker before renting on the platform or your own.  Rental insurance covers the property, rental loss (in the event of an insured loss) and your mortgage payments.

Short-Term and Traditional Rental Tax Considerations

Tax stipulations and price increases can vary from province to province. Speaking to a tax expert about what to expect when renting your property is important regardless of how you choose to offer out your property.

What Should You Choose?

Renting out your home long-term can provide you with a stable, steady income that helps cover your mortgage and expenses. A short-term offering could be a way to increase your revenue, helping you cover expenses.

Make Your Home Work for You!

No matter which option you choose for your home or apartment, you can rely on Emerald Management & Realty to help you with property management and property investment goals. We pride ourselves on being available to our clients 24 hours a day, seven days a week.   Your property matters to you … and that matters to us!

To learn more about making your home work for you, call us at  403-237-8600 to discuss the current market and your options … or contact us online today!


Your Annual Property Maintenance Checklist

Conducting yearly property maintenance can save you significant time and money. Choosing one day of the year to conduct a thorough inspection around your property and make necessary repairs can prevent potential damage and keep you and your tenants safe. Continue reading for details on the checklist you should follow each year.

Check for Water Leaks 

Checking pipes for water leaks should be at the top of your annual property maintenance checklist. Even small and seemingly insignificant leaks can diminish the life of your pipes and lead to costly repairs. Addressing leaks and cracks in the water line can prevent a pipe from bursting and flooding areas inside of your property. 

Change Furnace Filters

Furnace filters work hard to keep you and your tenants safe. Some filters require quarterly inspections; however, it’s best to conduct a more thorough examination of the furnace and the filter annually. This is essential for property owners who rent out their homes because a clean furnace filter prevents dust, dirt, and mould from building up and circulating throughout the property. 

Check for Mould 

Completing a yearly checklist can be stressful, especially if you’re inspecting multiple homes you rent out to tenants. Using property maintenance services can help with some of the more difficult areas of the checklist by enlisting the help of professionals. When checking for mould, your tenants’ health is at stake, so it’s always best to consult a professional and ensure that the home is safe to live in.

Inspect the Gutters 

One of the areas that often gets overlooked is the gutters. They are vital and can protect the life of your roof when properly maintained. Adding gutters to your checklist and inspecting them yearly will ensure that debris or animal nests are removed and that the gutters are working properly. 

Check Kitchen and Bathroom Ventilation 

One of the key benefits of hiring a property maintenance company for your rental home is having access to local resources and professional companies. Trusting your property management company to source out yearly tasks like checking the kitchen and bathroom ventilation can ensure that your home is in proper working order. Relying on a professional company to take care of ventilation issues will save you time and ensure that if any problems are found, they’re taken care of immediately and correctly.

Check for Pest Intrusion 

If your home has attic or basement space, checking for pests while working through a yearly checklist is imperative. Pests can come in all sizes and tend to favour areas that don’t get used often. If you find yourself with nests or insects/animals living in any space of the home, call a pest control service immediately to save your home from further damage. 

Check for Air Leaks 

Old doors and windows around the home can easily let air from the house slip out. Adding sealant around the window or replacing old door frames during your property maintenance checks can go a long way in helping your home stay warm or cool, depending on the season. Eliminating air leaks will also help lower your energy bill.

Inspect Your Deck 

Don’t forget to inspect outdoor structures around your property. If you’re renting out a home, your tenants will likely enjoy spending time on the deck. Ensure the structure is stable and has not deteriorated. 

Want More Advice & Guidance?

Give the team at Emerald Management & Realty Ltd. a call at 403-237-8600 for help on your annual property management checklist. You can also fill out our online form with questions about how we can help and the resources we can provide. We look forward to hearing from you!


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