Benefits of hiring a Property Manager

Investing in a condominium or a single family home is just the first step of becoming a landlord; it is best to maximize your potential for higher profits by hiring a licensed property management company. By delegating the painstaking task of managing your property, you avoid so many potential headaches. 

Read on to learn more about the numerous benefits of using a property manager

Higher Quality Tenants

Your investment in a rental property will go much further if you have high-quality tenants. This means they are dependable individuals who will stay on the property for an extended period, take care of it, and pay their rental fees on time. 

By employing a licensed property management company, you can rely on a skilled property manager to inform you of who is and is not a suitable candidate for renting a property. Furthermore, having excellent renters helps you avoid major issues such as late rent payments, property damage, or even legal concerns.  For more tips on spotting fake tenant references … read more!  

Shorter Vacancy Periods

An important aspect of owning a rental building is to make sure the residences are occupied as much as possible. You want to squeeze out as much income as you can, and one of the best ways to do that is by relying on a property management company. Rather than dealing with the headache of always finding the right tenant, an experienced manager will do all the heavy lifting for you. 

The rental market is competitive; therefore, it is essential to price your properties correctly and pick the appropriate tenant. Your property manager will be equipped with a wealth of knowledge and experience to address these issues plus help with marketing and showings, thus granting you fewer chances for vacant residences. 

Less Legal Problems

Once again, employing a property manager usually leads to better, high-quality tenants. Therefore, you end up with fewer legal problems. 

While you are spending money on hiring a property management company, it is essential to note how the money you spend now will save you from potentially higher costs if you are caught in a legal battle with a tenant. If you find yourself in a legal dilemma or having a problem with boundaries by some misfortune, your management company will have the backing of their legal team to help you. 

Efficient Rent Collection Process

There is no need to stress about rent collection because your property manager can easily set up an automated system to receive rent payments efficiently. You also get the added benefit of not having to deal with anyone who’s late with their rent payment. Your property manager can take the brunt of the work in confronting any tenants who are behind on payments. 

Lower Maintenance and Repair Costs

Looking after an investment property is a full-time job, and we doubt you would want to split your valuable time between managing your rental property, spending time with your family, and going to work. As the property owner, you want to relax and not stress too much about maintenance and repair costs. 

Having a property manager to always keep an eye on things and tackle any issues before they become too big to handle is a surefire way of keeping your investment profitable and maintaining its longevity for many years to come. A property management company also has the perks of having a network of trusted companies and vetted partners who will always do an excellent job with any needed repairs or maintenance. 

Contact Us Today

We are one of the leading property management companies in the Calgary area and have been experts in our field for close to 50 years.  Profit from our experience and contact us today for all your property management needs. You can call us at 403-237-8600 or send us an email.

COVID19 Update

September 2021

Media headlines regarding COVID-19 are a cautious reminder to stay up-to-date on provincial public health guidelines. It is important to follow the guidelines and information provided by the Government of Alberta.  

The impact of COVID-19 continues to impact lives locally and around the world.  In response to the recent mandates by the Province of Alberta and the City of Calgary, the team at Emerald Management & Realty Ltd. continues to work hard to ensure usual practices and minimize disruption in services levels.

As part of providing competent service, our team members at Emerald Management & Realty Ltd. continues to work cooperatively with residents to find a solution for relieving the concerns of everyone involved.  If you have any concerns regarding maintenance or cleaning requirements please contact our team immediately.

We are actively monitoring all updates to take care of our people, our clients, and our business. Emerald’s executive team meets weekly and more often when needed, to discuss provincial and local updates. We continue to meet with our various teams to ensure we are responding to implement solutions to address restrictions and mandates. 

Communication is key and we continue to connect with residents, clients, trades and contractors. Our goal remains to react to this dynamic and unprecedented situation while continuing to communicate and keep our stakeholders informed as best as possible.

On September 23, 2021, Calgary City Council voted to implement a proof of vaccine bylaw for all businesses that are eligible to participate in the provincial Restriction Exemption Program.  As such, the following businesses are required to check for proof of vaccine or a privately paid negative COVID test (within 72 hours) for customers over the age of 12:

  • Restaurants (for sit-down dining);
  • Bars and pubs;
  • Nightclubs;
  • Casinos;
  • Entertainment and recreation centres (bowling, racing entertainment, arcades, billiards halls, other similar venues);
  • Museums and art galleries;
  • Movie theatres;
  • Conferences, meeting spaces, halls and rented spaces;
  • Weddings and funerals held in public venues;
  • Professional sporting or other performance events (for spectators);
  • Private social events held in public facilities;
  • Adult recreation sport groups;
  • Recreation classes and activities; and
  • Amenities in hotels (pools, gyms, etc.);

We understand this is a difficult time for all and we are in unprecedented territory right now. We appreciate your patience as we work to support you.

To observe social distancing measures, as well as ensure the health and safety of our clients and staff, the following measures continue and/or have been re-implemented at Emerald Management & Realty Ltd.:

  1. Masks are worn in all indoor spaces.
  2. Where essential to operations, team members are working from the office when possible.  We strive to maintain normal business operations and assure you that team members are working and available to speak with you.
  3. We continue to adhere to all recommended health and safety guidelines as outlined by Albertha Health Services.
  4. Signage has been posted to outline social distancing, masks and where required, how to handle social rooms or amenity spaces.
  5. We kindly ask any client or team member experiencing COVID-19 symptoms to reschedule appointments with us and complete the Alberta Health Services COVID Health Assessment to determine if you should be tested.
  6. The Emerald office remains open, but we do have reduced office hours: Monday-Friday 8:30am-5:00 pm (note: 24-hour emergency service in effect)
  7. We ask that you please call ahead prior to visiting our office, even if you have a pre-arranged meeting. If possible, meetings should be conducted via telephone or video conference.

Thank you for your continued support and connecting with us in regards to any questions or concerns you may have.  Stay well!

Debunking Popular Property Management Myths

Real estate is a savvy way to invest your money. As the population grows, the demand for homes and apartments continues to grow, so you’ll never have a lack of customers. According to the Canadian Rental Housing Index, there are over 406,200 renter households in Alberta and over 4 million in Canada at the moment. The number of renter households is projected to rise as more immigrants come into the country and the population increases. 

Now, when it comes to investing in real estate, buying the property is just the initial part. You need to be prepared to manage it along with the tenants. After all, rental properties don’t manage themselves. Managing a property requires a lot of time and effort, both of which most investors don’t have. 

Hiring a property management firm is your best bet, but you’ve probably heard the rumours surrounding the business. We are here to bust the most common myths about property management companies, so you can take advantage of the service for your rental properties.

Myth #1: The Fees will Add Up

The number one myth you’ll come across about property management is that it will cost you an arm and leg. Every property owner is looking to make the most out of their property. They think that by paying a firm to manage the property, they either give up a huge chunk of the revenue or even worse go into a loss. 

Well, you don’t necessarily have to give a huge chunk of the revenue to a property manager. If you are working with a licensed property management, you will have a signed agreement in place. 

Will they charge you a fee? Yes. 

Will the fee be based on the rental revenue? Yes. 

Your property management company is hired to bring peace of mind.  The companies experience, knowledge of the marketplace and experienced team is worth the fee.  (TIP: Speak with your accountant, this expense is probably a deductible expense).  The property management company should also be able to support you in achieving cost deductions based on their purchasing power with the goal to improve your bottom line. 

Working with the right company will end up saving you a lot of time and money. So much so, that the investment will be second to your decision to buy a rental property. 

Myth #2: I Could Lose Control Over my Property

It’s common for property owners to find themselves hesitant to hand over management duties because they are scared they could lose their property to a firm. However, that is not the case. 

Once you choose a firm, you sign a contract with them. The contact will outline each persons duties and obligations. 

Myth #3: I Can Manage the Property Myself

It’s typical for first-time property owners to start off thinking they can easily manage the property. They take the task on themselves, thinking they will end up saving a lot of money. While you might …  there are many responsibilities that come with managing a property. These include:

  • Marketing the property
  • Responding to emergencies in the middle of the night
  • Screening potential renters
  • Rent collection
  • Repairing the property when needed
  • Routine maintenance
  • Dealing with tenants’ issues
  • Eviction of tenants due to non-payment
  • Bookkeeping
  • Reporting
  • … the list goes on!

Maintenance and responsive communication is a major paint point for tenants. Renters want a well-run property. Hiring a reputable property management firm covers all your pain points and you have a team of people working around the clock to deal with these types of things.  As highlighted above, a property management team is armed with proactive and responses services, marketing knowledge and experience necessary. 

Hire a Property Management Company Today!

Property management companies make your life easier by handling all the responsibilities of renting out a property. You won’t have to deal with the headache of handling unexpected tenant issues and routine maintenance. All that would be taken care of for you, making your life remarkably less stressful. 

If you are looking to reap the benefits of using a property manager and profit from the experience of a licensed property management company, contact Emerald Management and Realty at 403-237-8600 or inquire online.

Emerald Management & Realty Ltd. has served the Calgary & Area community, managing properties for close to 50 years, and have won countless awards in the process. Contact us today for the best property management and peace of mind.

5 Traits of Successful Condo Board Members

Condo Board members are a group of individuals – usually but not always owners within the condominium – who are elected at an Annual General Meeting to represent the interests of owners and community members that form part of the condominium property. They work alongside property management personnel, formulating decisions most suitable for the condo corporation and the condo owners or mortgagees. Board members who do their jobs effectively and practice good governance are responsible for some of the best run condos.

Here are five traits of successful board members:

1. Excellent Communicators

Miscommunication is one of the main reasons for conflict within a corporation. Because board members handle significant decisions and hold liability concerning the residents’ needs, they must be strong communicators. 

Another great trait of an excellent communicator, is a board who takes a friendly tone and communicates to educate with respect in a professional manner.  The condo board should speak with “one voice” and practice confidentiality and take care to protect the privacy of others. 

Since board members make decisions based on the community within the condominium, it is their job to communicate with fellow owners residents and discuss their needs and interests. Board members oversee the organization of events and other activities throughout, therefore it is essential to consider opinions and to communicate regularly with community members.

Listening to understand owners and residents is key to ensure that board members can govern and meet the expectations.  Whether this is an annual survey or an informal email, asking for positive feedback and opportunities for improvement is a great way to engage owners and make sure the condominium board is in touch with the current needs of the Corporation. 

Asking for feedback and providing a format to ask questions or provide feedback also helps build communication and engagement.  If engagement is a problem, maybe it is because owner’s feel that the board isn’t open to change or considering an alternate perspective. 

2. Strong Understanding of Finance

Another key obligation of the board members is working alongside property management and handling budgetary operations. A strong understanding of finance is mandatory to meet community needs concerning maintenance, events, and general affairs.

Typically, property management personnel will control the day-to-day financial obligations, but board members contribute and make recommendations based on the needs of the condo community.

3. Team Player

A condo board usually consists of three to seven people. Each board member’s role is to collaborate effectively with each other and to meet the needs of the condo community. Working together as a team is a fundamental part of the process. Board members work together by sharing ideas and asking for feedback within the group.

A team player respects the ideas and knowledge of others, keeps an open mind to suggestions, and contributes from their area of expertise.

It is up to current board members to recruit new members when the time comes. Therefore, having familiarity with the strengths of each person is beneficial when adding new members to complement existing members, or if anyone needs to be replaced.

4. Constant Learners

Managing the needs of a large community entails being open to always learning. One thing we have learned this past year … Change is constant, and technologies and policies are changing every day. People don’t live the way they did even 5, 10 or 20 years ago. 

Therefore, board members must stay up to date with corporation policies and procedures and the needs and expectations of those within the community.

The drive to keep on learning coincides with the road to success simply because the individual is open-minded and willing to go the distance. It can be as simple as learning more about dogs to help condo owners with specific issues they may run into, or as complex as the architecture within the condo to answer any questions owners may have to figure out how an improvement can be made for the benefit of all involved.

As a licensed property management brokerage, Emerald Management & Realty Ltd. invests  in the continued education and licensed certification of our team members. We believe that licensed managers demonstrate to our clients that we are invested in providing a proven professional track record of property management.

5. Organized

Organizational skills are a huge asset in becoming a successful condo board member. To execute all tasks and responsibilities, one must effectively plan and organize meetings, events, and other affairs.

Becoming a board member requires a lot of responsibility, and without the appropriate organizational skills, it would be challenging.

For more information on fundamental goals of board members and the importance of the collective decisions they make in service to corporation and the members which they represent, visit: A Beginners Guide to Condo Board Member Responsibilities. 

Let Us Help You

All condo owners want the success of condo boards. While the above are just some of the common traits we’ve found to be inherent skills of great board members. As it is just a summary, it does highlight traits integral to good governance of a condominium corporation.

Are you an existing condo board member looking to improve your skills or a community member looking to join the board? Our team at Emerald Management & Realty Ltd. can help you with answering any questions you have about the roles and responsibilities as a member of a condo board. Board members are an essential part of the condo corporation, working to keep the community safe and happy.

 Please call us at 403-237-8600 or contact us through our website.