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Emerald Management & Realty Ltd.: The Platinum Standard in Best Property Management Services in Calgary

Emerald Management & Realty Ltd. – Setting the Standard for Platinum Property Management Services in Calgary.  

Emerald Management & Realty Ltd. takes pride in its recent achievement of winning the Platinum award for delivering unmatched property management services in Calgary for the second year in a row. As the leading provider of platinum-level services, Emerald Management & Realty Ltd. continues to set the benchmark for excellence and professionalism in the industry. With a team of seasoned professionals and an unwavering commitment to customer satisfaction, they are the go-to choice for property owners seeking top-tier management solutions in Calgary.  

“As the city’s premier property management service provider, Emerald Management & Realty Ltd. continues to deliver unparalleled excellence and professionalism in the industry.”

Unparalleled Property Management Services in Calgary:
Emerald Management & Realty Ltd. has solidified its position as the go-to choice for best property management services in Calgary. With their award-winning expertise and unwavering commitment to excellence, they have become synonymous with top-quality service delivery.

A Team of Seasoned Professionals:
At Emerald Management & Realty Ltd., a team of highly skilled and experienced professionals is at the forefront of their success. From expert property managers to diligent leasing agents, dedicated maintenance staff to meticulous accounting professionals, their team ensures seamless operations and maximum profitability for property owners. Their comprehensive understanding of the Calgary real estate market allows them to provide tailored solutions that meet the unique needs of each client.

Superior Customer Satisfaction:
Customer satisfaction is of paramount importance at Emerald Management & Realty Ltd. They prioritize open and transparent communication, rapid response times, and personalized attention to ensure that clients’ needs are met with the utmost care.  Challenging situations can happen and Emerald takes the common sense and respectful approach when working towards win-win solution for all involved: “where there’s a will … there’s a way”. Whether it’s addressing maintenance requests promptly, handling tenant concerns efficiently, or providing detailed financial reports, Emerald’s team goes above and beyond to exceed expectations and deliver unparalleled satisfaction.

Innovation and Adaptability for Optimal Results:
To maintain their position as leaders in the property management industry, Emerald Management & Realty Ltd. thrives on innovation and adaptability. They continuously invest in cutting-edge technology and consciously work to stay ahead of industry trends to streamline their processes and enhance the overall client experience. By leveraging these advancements, Emerald Management & Realty Ltd. provides property owners with efficient and effective management solutions that optimize profitability and property performance.

Choose the Platinum Standard in Best Property Management:
Emerald Management & Realty Ltd.’s recent Platinum award win is a testament to their commitment to excellence and superior service delivery. As Calgary’s leading property management service provider, they offer unmatched expertise, a team of seasoned professionals, and a customer-centric approach that sets them apart. By choosing Emerald Management & Realty Ltd., property owners can rest assured that their investments are in the hands of trusted professionals who consistently deliver exceptional results.

Emerald Management & Realty Ltd.’s recent Platinum award win for best property management services in Calgary solidifies their position as the city’s premier property management service provider. With their team of seasoned professionals, unmatched customer satisfaction, and dedication to innovation, Emerald Management & Realty Ltd. continues to lead the way in the industry for 50 years. Whether you’re a property owner or an investor, choosing Emerald Management & Realty Ltd. ensures optimal performance and maximum returns on your investment.  Contact our team today to learn how we can support you in achieving your property management goals!


Reinvesting in Your Rental Property

At Emerald Management & Realty Ltd., we take immense pride in delivering exceptional property management services and prioritizing the well-being of your investment. As part of our unwavering commitment to maintaining your property and attracting high-quality tenants, we are currently directing our attention to the essential spring and summer annual exterior maintenance. This comprehensive effort made in collaboration with our clients and in accordance with our management agreement, includes roof inspections, necessary repairs to building exteriors, and meticulous landscaping.

Importance of re-investing back into your rental property

It’s essential to recognize that re-investing back into your property goes beyond tenant satisfaction. It also plays a pivotal role in preserving your property’s value by ensuring that depreciating components endure for the long haul by:

1.Enhancing Tenant Satisfaction:

When you invest in the upkeep and improvement of your property, you create an inviting and well-maintained environment that attracts and retains high-quality tenants. Tenants are more likely to appreciate a property that is aesthetically pleasing, structurally sound, and thoughtfully landscaped. By focusing on spring and summer maintenance projects, such as roof inspections and repairs, exterior enhancements, and meticulous landscaping, you contribute to a positive tenant experience and foster a sense of pride in their living space.

2. Prolonging the Lifespan of Depreciating Components:

Property ownership comes with the inherent challenge of managing the natural wear and tear of various components. Roofs, building exteriors, and landscaping are subject to degradation over time. However, by reinvesting in these areas, you effectively prolong their lifespan and reduce the need for frequent, costly repairs or replacements. Regular inspections and timely repairs to roofs and building exteriors, such as repainting or addressing cracks, help mitigate potential issues before they escalate. Additionally, investing in landscaping upkeep not only enhances the property’s visual appeal but also promotes healthy growth and prevents potential hazards.

Depreciating components and wear-and-tear are further defined by the Residential Tenancy Dispute Resolution Service (“RTDRS”) as the amount of expected wear and tear on a property of time.  Essentially, wear-and-tear is defined as the natural occurrence in any property, and tenants are generally not responsible for normal wear-and-tear. This means that tenants cannot be charged for items that have depreciated or exceeded their life expectancy. For example, if you have carpet that is 20 years old and a tenant accidentally causes a stain, you cannot most likely charge them for the cost of replacing the carpet. Depreciation and the aging of property components are part of a landlord’s responsibility to reinvest in the property.

The formula used by the RTDRS when applying depreciation and calculating rewards in a dispute being handled by the RTDRS is: 

Age/Expected Useful Life X Replacement Cost = Depreciated Value

For a summary of the expected useful life applicable to the type of property, visit: RDTRS Depreciation Table

3. Safeguarding Property Value:

Real estate investments hold substantial value, and it’s crucial to protect and enhance that value over time. By prioritizing reinvestment into your property, you ensure its long-term appreciation and financial stability. When your property is well-maintained and equipped with updated components, it becomes more attractive to potential buyers or investors in the future. Additionally, an investment property that exhibits a history of consistent upkeep and improvements demonstrates responsible ownership, which further bolsters its value.

4. Maximizing Return on Investment:

Reinvesting back into your property can yield significant returns in the form of increased rental income and reduced vacancies. A well-maintained property attracts tenants who are willing to pay a premium for a comfortable and visually appealing living space. Moreover, by investing in energy-efficient upgrades, such as insulated windows, efficient heating systems, or solar panels, you can reduce utility costs and attract eco-conscious tenants.

Key risks associated with avoiding repairs and preventative maintenance

A significant risk for owners who are reluctant or simply refuse to spend money on repairs is the potential for escalating damages and declining property value.

Here are some key risks associated with neglecting repairs:

  1. Increased Property Damage: Ignoring necessary repairs can lead to minor issues turning into major problems over time. For instance, a small leak left unaddressed can result in water damage, mold growth, or structural issues. By neglecting repairs, the damage can spread and become more extensive, leading to higher repair costs in the long run.
  2. Tenant Dissatisfaction and High Turnover: Neglected repairs negatively impact tenant satisfaction. When tenants experience unresolved maintenance issues, it can lead to frustration, inconvenience, and a diminished perception of the property’s quality. Unhappy tenants are more likely to seek alternative housing options, resulting in higher turnover rates and increased vacancy periods. This turnover can be costly in terms of lost rental income and expenses associated with finding new tenants.
  3. Legal and Liability Concerns: Failure to address necessary repairs can expose owners to legal and liability risks. Inadequate property maintenance may violate local health and safety codes, putting owners at risk of legal consequences, fines, or potential lawsuits from tenants. In the current insurance environment, insurers are also putting more emphasis on preventative maintenance programs and attention to upgrades of depreciating property. Moreover, neglecting repairs can compromise the safety and well-being of tenants, potentially leading to injuries or accidents on the property, for which owners could be held liable.
  4. Diminished Property Value: A property in disrepair will likely experience a decline in value over time. Prospective buyers or investors may be deterred from purchasing a property that requires substantial repairs or has a history of neglect. Additionally, lenders may be hesitant to provide financing for properties in poor condition. Neglecting repairs can result in a decreased market value and limit the potential return on investment.
  5. Negative Reputation and Difficulty Attracting Quality Tenants: Word travels quickly in the real estate and property management community, and neglectful owners may develop a negative reputation among tenants, real estate agents, and property management professionals. This reputation can make it challenging to attract quality tenants who seek well-maintained properties. Poor property conditions can also deter potential tenants from applying, reducing the pool of qualified applicants and potentially compromising rental income.

How to deal with wear-and-tear and tenant responsibilities

In Alberta, as in many jurisdictions, it is generally understood that tenants are not responsible for normal wear-and-tear on a rental property. Wear-and-tear refers to the gradual deterioration that occurs over time because of ordinary and reasonable use of the property by tenants. Examples of wear-and-tear include minor scuffs on walls, carpet wear in high-traffic areas, or fading of paint due to sunlight exposure.  On the other hand, tenants may be held responsible for damages caused by negligence, misuse, or intentional actions that go beyond ordinary wear-and-tear. These damages typically involve excessive and avoidable harm to the property, such as holes in walls, broken windows, or significant stains on carpets.

Caveat:  It is important to be mindful to differentiate tenant caused damages from normal wear-and-tear.  While tenants may be responsible for excessive damages resulting from negligence, misuse, or intentional actions, they are not accountable for the natural aging and deterioration of property components. Landlords should assess damages on a case-by-case basis, considering the age and condition of the items in question.

In summary, owners who refuse to invest in or defer necessary repairs put themselves at risk of incurring higher costs, losing tenants, facing legal issues, experiencing declining property value, and struggling to attract quality tenants. Proactive and timely maintenance is crucial to protecting the value of the property, ensuring tenant satisfaction, and minimizing potential risks and expenses in the long term.

Remember, the law generally recognizes that tenants should not be held accountable for the normal wear-and-tear that occurs as a result of their everyday use of the property. By reinvesting in your property, you fulfill your role as a responsible landlord, protecting your investment while providing a comfortable and well-maintained space for your tenants.

Note: It is always advisable to consult the specific regulations and guidelines of your local jurisdiction, including the Residential Tenancies Act or other relevant legislation, to ensure accurate and up-to-date information regarding tenant responsibilities and landlord obligations in your area.

At Emerald Management & Realty Ltd., we understand the value of reinvesting in your investment property. Through our ongoing commitment to exceptional property management services, we prioritize the well-being of your property and its financial success. By focusing on spring and summer maintenance projects, such as roof inspections, exterior repairs, and landscaping, we aim to enhance tenant satisfaction and ensure the longevity of your property’s depreciating components. Investing back into your property not only preserves its value but also maximizes returns and establishes a solid foundation for continued success in the real estate market.

Remember, when you invest in your property, you invest in your future. Let us help you achieve your property’s full potential and secure long-term prosperity.  Contact our team today, your property matters to you … and that matters to us! 


Air Quality Precautions during Forest Fires

Important Notice Regarding Forest Fires and Air Quality Precautions

Tuesday, May 16, 2023
Dear Residents,
 
Our province is currently facing a challenging situation with forest fires causing significant damage throughout Alberta. Our thoughts go out to all those affected by these destructive events.
 
While we have been fortunate to experience unseasonably warm weather recently, it is crucial to acknowledge the potential impact on air quality due to the ongoing fires. Today, we have witnessed how rapidly the air quality can change, emphasizing the need for vigilance and adaptability during this dynamic situation.
 
To ensure your safety and well-being, we kindly request that you follow the recommendations provided by Alberta Health Services:
  • Keep all windows and doors, including attached garage doors, closed as much as possible.
  • Turn down furnace thermostats and furnace fans to the minimum setting. Please note that you should not attempt to extinguish the pilot light.
  • If you have an air-conditioner, keep the fresh-air intake closed and the filter clean to prevent outdoor smoke from entering your home.
  • Avoid running fans, such as “whole-house fans” or “fresh air ventilation systems,” that may bring smoky outdoor air inside.
  • Ensure that all floor registers are switched to the closed position.
  • Close fireplace dampers on wood-burning fireplaces and refrain from using wood-burning fireplaces, wood stoves, or any smoke-producing appliances or features, including candles.
  • If you possess room air cleaners with high-efficiency particulate air (HEPA) filters, turn them on. Avoid using air cleaners that may produce ozone. Please refer to the manufacturer’s instructions for filter replacement, device placement, and recommended room size.
  • If applicable, turn off your Heat Recovery Ventilator (HRV) or put it into re-circulating mode while the air quality remains poor. Remember to turn on the HRV once the air quality improves in the coming days.
  • If you need to drive to another location, keep windows and vents closed. Utilize the re-circulate mode for car fans to prevent the intake of outdoor air. Please note that vehicles should not be used as a means of shelter.
  • Reduce levels of physical activity as necessary to minimize the inhalation of airborne pollutants.
  • Stay hydrated by drinking plenty of water to keep your nose and mouth moist.
In addition, we highly recommend signing up for air quality alerts at www.ecalertme.weather.gc.ca to stay informed about the latest developments.
 
For further information on protecting yourself and maintaining good health during Air Quality Advisories, we encourage you to visit the following resources:
Your safety is our utmost priority, and by taking these precautions, we can collectively help to ensure the well-being of our community during these challenging times. To help offer relief to those impacted by the crisis, we are collection donations for the Calgary Food Bank and have made a donation to the Alberta Fires Appeal managed by the Canadian Red Cross.  Donations for the Calgary Food Bank can be dropped off at our office during regular business hours.
 
 

Emerald Management & Realty Ltd. has built a reputation for quality and effectiveness, making us one of the go-to property rental companies in Calgary. During our 50 years in operation, we have encountered many problems and developed many solutions ensuring we can put our years of service and hard work to use in your favour and that the management of your property is worry-free.

We are dedicated to providing top quality care and service to our clients, and believe that our continuing success as a property management company in Calgary showcases our commitment to both relationships.

 

Managing Insurance Costs for Investment Properties: Tips for Positioning Your Property in the Face of Rising Premiums

As the Canadian real estate market continues to evolve, so does the importance of insurance for property owners, condominium boards, and managers. The insurance market has undergone significant changes in the past couple of years, which continues to have a significant impact on the real estate industry.

Current Insurance Market Conditions

The insurance market in Canada is facing a number of challenges, which have led to significant increases in premiums for property owners, condominium boards, and property managers. These challenges include an increase in natural disasters globally and in Canada, such as wildfires and floods, as well as an increase in claims related to water damage, mold, and asbestos. In addition, the insurance industry is also facing increased costs related to reinsurance, which is insurance that insurance companies purchase to protect themselves from large losses.

These challenges continue to present as a hardening of the insurance market, which means that insurance companies are becoming more selective about the risks and the types of investment properties they are willing to insure. As a result, property owners, condominium boards, and managers are finding it more difficult to obtain insurance coverage, and premiums are increasing significantly.

Challenges for the Industry

Natural Disasters — One of the biggest challenges facing the insurance industry is the increasing frequency and severity of natural disasters. In recent years, Canada has experienced several catastrophic events, such as: the Fort McMurray wildfires in 2016 and the flooding in Ontario and Quebec in 2019. These events have led to significant losses for insurance companies and have made it more difficult for them to offer coverage in high-risk areas.

Reinsurance — Another challenge for the industry is the increasing costs of reinsurance. Reinsurance is becoming more expensive as insurance companies are facing more significant losses from natural disasters and other catastrophic events. As a result, insurance companies are passing these costs onto property owners and managers in the form of higher premiums.

Inflation — Inflation is also having a significant impact on the real estate insurance market. Inflation refers to the general increase in prices of goods and services over time, which can lead to a decrease in the purchasing power of money. As inflation has increased, the cost of repairing or rebuilding damaged property also increases, which is another challenged directly impacting the cost of insurance. This is because insurance companies must pay out more money to cover the increased costs of materials and labor associated with repairs and rebuilding. As a result, insurance premiums tend to increase in response to inflation.

In addition, inflation and current market conditions are also impacting the value of property. As the cost of goods and services increases, the value of property may also increase. This can lead to higher property values and replacement costs, which can further increase insurance premiums. Furthermore, inflation can also impact the investment potential of real estate. As inflation increases, the value of money decreases, which can make real estate investments more attractive as a hedge against inflation. This increased demand for real estate can also impact the insurance market, as insurers may face increased competition for coverage in certain areas.

Rising market values — As highlighted by the impact of inflation, the market value of real estate investment properties and condominium corporations is also impacting the cost of insurance in several ways.  In this current climate, as the market value of a property increases, so does its replacement cost, which is the amount of money required to rebuild or replace the property in the event of a loss. As a result, insurance companies may charge higher premiums to cover the increased replacement cost of the property.  The market value of real estate investment properties can impact the cost of insurance in several ways, including replacement cost, location, property characteristics, type of property, and market conditions.

Secondly, the location and characteristics of the property can also impact the cost of insurance. For example, if a property is in an area with a higher risk of natural disasters or crime, the insurance premiums may be higher.   Similarly, if a property has certain features that increase the risk of loss, such as an outdated electrical system or a lack of fire safety measures, the insurance premiums may also be higher. 

Thirdly, the type of real estate investment property or condominium property can impact the cost of insurance. For example, a multi-unit residential building may have higher insurance premiums than a single-family home due to the increased risk of liability claims and the need for additional coverage. 

According to a recent articles on their websites, Lloyd Sadd, BFL and HUB International recommend that investment property owners should prepare for continued increases in insurance premiums in 2023 due to ongoing challenges in the insurance market. They note that increased claims related to natural disasters and other events are driving up insurance costs, and that insurance companies are becoming more selective about the risks they are willing to insure.

Overall, all these challenges are impacting the cost of insurance for real estate investment properties and condominium corporations.  This is further impacted with the decreased competition and appetite by insurers to provide coverage and capacity.  Combined, these challenges continue to have a significant impact on the real estate insurance market by increasing the cost of insurance premiums and impacting the value of property. Property owners should be aware of the potential impact of inflation on the insurance market and work with experienced insurance brokers to navigate these challenges.

Future Forecasts

Insurance companies are predicting that the challenges facing the industry will continue in the coming years. In a recent report, the Insurance Bureau of Canada (IBC) stated that climate change is expected to increase the frequency and severity of natural disasters, which will lead to higher insurance costs for property owners and managers. The IBC also noted that insurance companies are likely to become more selective about the risks they are willing to insure, which will make it more difficult for some property owners to obtain coverage.

In addition, the IBC noted that insurance companies are likely to continue to increase premiums to offset the increasing costs of reinsurance. This could lead to significant increases in premiums for property owners and managers in the coming years.

Tips to Manage the Impact

Despite past indications from Insurers that the market is softening, the insurance market in Canada continues to face significant challenges, which are having a significant impact on the real estate industry.

Property owners and managers are finding it more difficult to obtain insurance coverage, and premiums are increasing significantly. Insurance companies are predicting that these challenges will continue in the coming years, which means that property owners and managers will need to be prepared for higher insurance costs.

There are several tips an investment property owner can do to position their property and help minimize the impact of increased insurance premiums:

  1. Implement Risk Mitigation Strategies: Property owners should implement risk mitigation strategies to reduce the likelihood of claims. This may include regular maintenance of the property, inspection programs, implementing preventative maintenance strategies and starting to accrue for the replacement of depreciating capital items (i.e.) roofs, electrical, plumbing related items, etc., Education of tenants and residents is also key.  Especially around the importance of tenant insurance and ensuring that tenants are aware of emergency procedures.
  2. Build relationships: It’s important to build relationships with your insurance broker to understand what the Insurers are doing and how best to position your property for the best coverage at the best rates.
  3. Increase Deductibles: Increasing deductibles can lower insurance premiums. Property owners should consider increasing their deductibles to offset the impact of increased premiums. Gone are the days of using your insurance policy as a bank.  Property insurance isn’t a right and management of claims needs to be considered on how it could impact future coverages.
  4. Invest in Property Upgrades: Upgrading the property can reduce the risk of claims and lower insurance premiums. For example, upgrading plumbing and electrical systems can reduce the likelihood of water damage and fire damage, respectively.  Reviewing the useful life of items in the property is important.  Re-investment into the property pays off from an insurance perspective as it helps to reduce the risk of claims, as well as preserves and improves the equity in your real estate asset. 
  5. Consult with a Professional: It’s important for property owners to consult with a professional, such as an insurance broker or real estate lawyer, or property management company to understand their insurance options and legal obligations. A professional can help property owners navigate the insurance market and ensure they have adequate coverage at a fair price.

By implementing these strategies and taking proactive steps to mitigate risks, investment property owners can position their property to help minimize the impact of increased insurance premiums and reduce their overall insurance costs.

Commitment to Navigating the Challenges of the Insurance Market

As a property management company locally owned and operated out of Calgary, Emerald Management & Realty Ltd. is committed to helping their clients navigate the challenges of the insurance market and find the best coverage options at the best price. They understand the impact that rising premiums and reduced coverage options can have on investment property owners and condominium boards and are working to stay up to date on the latest market conditions and trends.

Emerald Management & Realty Ltd. has developed strong relationships over its 50-year history in the property management industry and remains committed to building relationships with experienced insurance brokers who have a deep understanding of the insurance market and can help clients find the coverage they need at a fair price. They are also working closely with their clients to develop risk management and loss prevention strategies, and are re-looking at ways to improve on inspections, education of residents in areas such as regular maintenance and upgrades, to mitigate risk and reduce insurance costs.

The team at Emerald Management & Realty Ltd., is proud of their master insurance program that has been customized for the properties under management.  With 50 years of property management service, they continue to leverage their buying power and proven track record to obtain best in class preferred rates and robust coverage for valued clients and property owners.  As highlighted in 2021 and 2022, the insurance market continues to be incredibly challenging for the real estate sector.  Emerald’s focus in 2023 remains on advocating for low corporate rates, reasonable deductible levels, and prompt claims management in the event of an approved claim. A large part of their process includes our focus on achieving stability and retaining loyal insurers for our stakeholders on our program.

By staying informed about the changing market conditions and working proactively to manage risk and reduce costs, Emerald Management & Realty Ltd. is helping their clients position their properties for success in the face of the challenges of the insurance market. They are committed to providing the highest level of service and support to their clients and helping them achieve their investment goals.  To learn more about how Emerald Management & Realty Ltd. can help you achieve your investment goals and outcomes in this current insurance market, contact their team today!

Additional Resources

Looking for more resources on the topic of insurance market conditions and additional insights on the impact on the real estate market as well as strategies for managing rising insurance costs, visit:

  1. “Real Estate Insights” by Lloyd Sadd Navacord Insurance Brokers
  2. “Insurance Services Market Insights 2023 by BFL Canda
  3. “The Hardening Insurance Market: What You Need to Know” by HUB International. 
  4. “How the Hardening Insurance Market is Affecting Real Estate” by Insurance Business Canada
  5. “The Insurance Market and Its Impact on Real Estate Investment” by National Real Estate Investor
  6. “Insurance Market Hardening, Rising Rates Impact Real Estate” by GlobeSt.