How to Find Rental Homes in Rural Areas

When thinking about investing in a rental property, most people will automatically turn to urban homes. There is a lot of untapped potential in rural settings as well, though this is often overlooked by investors. That small-town charm can be very enticing and the idea of friendly neighbors and a slower pace is appealing to many people.

The trick is knowing how to find rental homes in rural areas and evaluating whether they will be a promising investment for you. In this article, we’ll break down some ways to find rental homes in rural areas and weigh your options accordingly.

Seek the Help of Reliable Property Management

If you want to find your rural investment property efficiently, it may be best to seek the assistance of a licenced property management or real estate company. They will be able to present you with an assortment of options based on your desired location, budget and timeline. 

Perhaps you are looking for immediate investment opportunities or are wondering how to find cheap rental homes. In these cases, a licenced team can help. They are knowledgeable about rural legislation and will be able to offer guidance and advice in navigating the purchasing and rental process. 

Additionally, if you are looking to have someone manage the rental property for you, they would be able to take care of this. This would be an excellent option to explore if you do not want to search for the property yourself, or if you lack the knowledge to do so.  

Or You Can DIY

Alternatively, you can take on the search yourself. This is often a great way to learn more about the specific properties, the community and pertinent legislation. It is highly recommended that you study your targeted rural area and become familiar with the housing market and local economy. 

The internet is a great resource for finding this information. You can browse through the properties that are for sale to compare statistics and prices. 

It is also a good idea to physically go visit your desired location. Take a drive through the streets, as you may find properties for sale that are not listed online. Or you can stop at the community center or grocery store, as bulletin boards are still often used by people in small towns to advertise. 

It can also be a good idea to get to know the people in the town. There are usually a handful of ‘must-know’ individuals who are familiar with everything that is going on. 

Insurance for Rental Properties

Many people wonder if you need home insurance for rental properties. The answer is YES — you’ll certainly want to have the proper insurance in place when operating a rental property. 

There are a number of landlord policies available that will provide the coverage you need in this situation. This type of insurance often covers the building itself, as well as other structures on the property such as sheds or fences. Landlord insurance also typically provides liability coverage related to renting out the premises. 

For example, if a tenant is hurt in the home and you as the landlord are found responsible, this policy may help cover any resulting medical expenses or legal fees. In Alberta, you can also require that your tenants have renter’s insurance to protect their personal belongings and offer them some liability protection.

Understand Yourself and Your Market

Even if you are an experienced investor and landlord, it’s important to remember that rural rental properties are still quite different from urban ones. There are certainly some advantages, but there is also a different assortment of risks. It is especially important to understand the ins and outs of rural investing and truly have a passion for it. This will result in a far greater return from your investment property.

Contact Us Today

If you live in the Calgary area and are looking to acquire a new rural rental property (or require assistance with managing an existing one), our team at Emerald Management & Realty Ltd. can help. We are a family-owned and operated business with over 40 years of experience in the property management industry. We look forward to connecting with you soon.


The Benefits of Hiring a Licenced Property Manager

Managing a condominium corporation or a rental property is no small feat — it is a time-consuming and ongoing task that can quickly turn into a costly chore if not handled properly. Property owners, board members or landlords often utilize licensed property managers to partially or fully take care of their rental property. The duties of a property manager range from advising board members, may include screening tenants, working on budgets, setting and collecting rent, managing tenants, property maintenance and acting as a point of communication between all parties.

At Emerald Management and Realty Ltd., we want to help familiarize you with hiring a property manager and what the benefits of their service include… so keep reading! 

Hiring a Property Management Company

If you have a busy schedule or don’t have any experience in the property management field, or managing real estate, you should consider hiring a property manager. You’ll want to ensure you work with a reputable and reliable company, as they will oversee what is likely one of your largest assets. A property manager can significantly increase the value of your investment if they are capable and qualified to assume the associated responsibilities. 

You’ll want to select a property management company that has experience with your specific condominium or rental property type. Some companies specialize in residential or condominium property management (or both), while others may focus more on commercial properties. You also want to verify that the property manager is licensed by the local real estate council or board, as this will offer you additional protection and guarantee a certain degree of qualification. By choosing the most appropriate company for your needs, you will be far better off in the end.  

Here are some questions to ask a property manager before hiring:

  • Do you have experience handling a variety of condo owner or tenant interactions?
  • How do you screen potential tenants?
  • How do you handle condo board or condo owner communication?
  • How are condo fee or rent payments collected and dispersed?
  • Is your staff also licensed?
  • Will I be able to contact you directly to discuss my condo or rental property?


Advantages of Hiring a Property Management Company

Hiring a property manager does have a cost associated with it, but the benefits received in exchange are certainly worth the investment. With respect to revenue properties, property managers have access to resources and networks that expedite the tenant locating process. They will advertise the property on their platforms and conduct an extensive tenant screening process. This will ensure higher quality tenants and a lower turnover rate. 

The leasing agreement is perhaps the most technical aspect of the rental property process. A property manager is responsible for drafting the lease and making sure it includes all pertinent information and clauses to protect the property owner. Included in their duties is establishing the required security deposit based on the rental term and a variety of other factors. A property manager will also have knowledge of the laws and regulations that are applicable within your region and be able to transmit this information to you. 

Much of the above information also transfers as useful knowledge and benefits when it comes to condominium and commercial properties.  Operational real estate knowledge is most certainly an asset as understanding of buildings and various legislation is valuable when looking at experience and bigger picture issues.

Another large advantage to working with a property manager is that they will handle all daily occurrences at the property and communicate with the condo owners or tenants on your behalf. This includes scheduled and emergency maintenance or repairs, as well as complaints. The property manager will also have a large network of reliable plumbers, electricians and other contractors that they work with on a regular basis. This means your property will receive prompt and quality care and you will indirectly have access to better service pricing. 


Contact Us Today!

As one of Calgary’s leading residential, condominium and commercial property management companies, our team at Emerald Management and Realty Ltd. is ready to assist with all your rental and property management needs. Our extensive industry experience will provide you peace of mind that your property is in good hands. If you have a property you need assistance managing or renting, don’t hesitate to contact us today!


Ministerial Order Impacts Condominiums

Ministerial Order Impacts Condominiums

 

Earlier this month, the Honourable Nate Glubish, Minister of Service Alberta, issued a Ministerial Order under the authority of the Public Health Act.  The Order issued on April 9, 2020 was to temporarily modify provisions in several acts and regulations related to timelines, location and distance, as well as utility payments and access to information requests. 

 

This Order highlights the governments awareness that responding to the pandemic has challenged the ability and capacity for many organizations to comply with aspects of existing legislation and regulations.  Service Alberta anticipates that these temporary changes in place for the duration of Alberta’s State of Public Health Emergency, will help businesses, public bodies and non-profits as they focus their efforts on responding to COVID-19.   

The following is a highlight and summary of the temporary modifications made to the Condominium Property Act:

 

  • Section 10.1 now states that the interim board holds office until a board is elected pursuant to Section 29 and, for greater certainty, will continue to hold office in the event a meeting under Section 29 is delayed.
  • Section 24.1 (4.1) now states that a person, other than a person who regularly resides in a unit, is not entitled to enter a unit under (3) unless expressly or impliedly invited by a person who regularly resides in the unit, if
    • (a) any person who regularly resides in the unit is self-isolating, in quarantine, or displaying symptoms consistent with the pandemic COVID-19 or has tested positive for COVID-19; or
    • (b) the person seeking entry is self-isolating, in quarantine, or displaying symptoms consistent with the pandemic COVID-19 or has tested positive for COVID-19. 
      •  💡 The temporary modification to Section 24.1 (Right of Entry) does not impact the Condominium Corporation’s right to enter in the case of an emergency. 
  • The requirements for the developer to convene a general meeting under Section 29(1) is suspended.
  • The ability of an owner to convene a meeting under Section 29(2) is suspended. 
  • The requirement for an annual general meeting to be held under Section 30 is suspended.
  • The requirement to convene a special general meeting on the request of an owner under Section 30.1(4) is suspended.
      •  💡 Opportunity to check with your legal counsel to confirm if your Bylaws have provisions on how virtual meetings could be handled in the future. 

The Condominium Property Regulation has been modified as well:

 

  • Section 20.1(d) now includes events leading to a declaration of public health emergency under the Public Health Act as events that may delay occupancy beyond the final occupancy date for a unit, without liability for damages and without giving rise to a right of rescission by a purchaser.
  • The 5 year time period to carry out a reserve fund study, prepare a reserve fund report, approve the reserve fund plan, and provide owners with copies of the reserve fund plan since approval of the most recent reserve fund plan under Section 30 is suspended.
      • 💡 Great opportunity to review what your Condominium Corporations can proceed with at this time where possible. 

Also, the Consumer Protection Act, has been to modified to state that:

 

  • (3.1) Between the period of March 17 and June 18, it is an unfair practice for any person to charge a supplier of power or heat sub-metering or any individual, including landlords or condominium corporations, to refuse to defer payments subject to the sub-metering arrangement upon the request of an individual subject to the sub-metering arrangement, and may not disconnect service under a sub-metering arrangement between March 18 and June 18.
  • This change is in support of the utility bill payment extension resulting from the government directed optional utility bill payment deferral plan.

Click here for a complete copy of the Ministerial Order (Sections 17 & 18).  Questions about these changes can be direct to J.D. Crookshanks, Statute Administrator for the Condominium Property Act and Real Estate Act.  You may also wish to review these changes in detail with your legal and property management team, as this information is provided as a general update of the temporary changes implemented. 

Emerald Management & Realty Ltd. offers a wide range of condominium management services for condominium corporations and their Board of Directors.  The above information is a sample of the supplemental information often included with the delivery of the monthly operating statements provided to our valued clients.  As we have been for several decades, during the COVID-19 pandemic – we continue to be available  24/7 and we are proud to recognize the valued dedication and support of our valued team members and service providers.  We are here to help and will get through this together.


March 2020 Resident Manager of the Month

We are pleased to announce that the Resident Managers for the Month of March 2020 are … …

March 2020 Resident Manager of the Month

 

 

Jim and Jean T. at River Heights

Jim and Jean are long term residents at River Heights, and took over as Resident Managers in May 2016.   They have a great rapport with the building tenants, many of whom are also long term residents. The atmosphere they have created in the building, and their abundance of building knowledge has enabled them to be effective in all areas of management. They have set and maintained a high standard for the building and the tenants resulting in a great building community.

Jim and Jean T. — THANK YOU !!! for your excellent work over the past three years.

Congratulations on being named our Resident Managers of the month.