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Why More Landlords are Turning to Property Management Companies in Calgary

Not every property owner is keen on having property manager duties on their to-do list every day.

And that’s where property management companies in Calgary swoop in to assist you with the complexities and do all the heavy lifting—allowing you to sit back, relax, and reap the benefits of being a landlord without even lifting a finger.

As the real estate market in Calgary continues to soar, the city has seen an increase in rental properties and landlords—but the management of these assets is getting increasingly challenging as well.

With the demands of maintaining properties, handling repairs, collecting rent, dealing with tenant issues, ensuring compliance with regulations, and maximizing profitability, many property owners have decided to leverage professional property management services instead to streamline operations, save time, and alleviate stress.

Keep reading to discover all the reasons property management in Calgary is more in demand than ever.

Table of Contents: Why More Landlords are Turning to Property Management Companies in Calgary

What Are Professional Property Management Services?

10 Reasons Why The Services of Property Management Companies Are In-Demand

Leverage Emerald Management and Realty Ltd.’s Expert Services

Make Property Management in Calgary Easy From Here On Out

What Do Property Management Companies Do?

Property management companies handle the day-to-day operations of real estate properties on behalf of the property owner. This can include tasks such as:

collecting rent
responding to maintenance requests
advertising vacancies
screening potential tenants
handling any legal or financial aspects of property ownership

Essentially, property management companies work to ensure that the property is well-maintained and profitable for the owner while providing a convenient and stress-free experience for tenants—contributing to the overall success of property investments.

10 Reasons Why The Services of Calgary Property Management Companies Are In-Demand

1.Unparalleled Expertise, Experience, and Industry Knowledge

Property management companies bring unparalleled expertise in real estate complexities, including best practices for maintaining & marketing rental properties, up-to-date knowledge of Alberta’s Residential Tenancies Act, municipal bylaws, and the latest market trends.

By working with trusted property management companies, landlords can rest assured that their investments are in capable hands—ultimately providing a more seamless experience for both property owners and tenants.

2. Next-Level Tenant Screening and Relations

Thorough tenant screenings are key to maintaining a more reliable tenant base with fewer potential issues down the road. A reliable Calgary property management company will have the resources and processes necessary to help you find the most ideal tenants for your investment.

However, finding tenants is merely the beginning of it all. Dealing with their potential concerns after they move in tends to be even more challenging. From collecting rent to addressing complaints and enforcing lease agreements, it takes a lot more effort than it seems to ensure tenant relations remain positive.

Property management companies have the experience and resources to handle tenant relations professionally and effectively. They can ensure that any issues are resolved promptly—without you needing to take time out of your schedule. These companies often have systems in place to manage tenant relations, including complaints, maintenance requests, and conflict resolution—and it’s likely to be more efficient than the strategies of individual landlords.

3. Hassle-Free Maintenance and Repairs

Maintaining rental properties can be a daunting and time-consuming task—especially for landlords who are not familiar with maintenance procedures or do not have a network of reliable contractors. Property management companies have a team of skilled professionals or trusted contractor connections who can handle all aspects of property maintenance, from renovations & emergency repairs to landscaping & cleaning. They’re here to ensure that repairs are handled promptly and cost-effectively.

4. Effective Marketing and Vacancy Minimization

Most property management companies aren’t just experts at ensuring your investment stays in tip-top shape—they’re often skilled marketers as well who leverage their strategies and vast resources to attract tenants quickly and effectively, which can help minimize vacancy periods. They understand how to advertise properties and can leverage multiple channels to find suitable tenants.

Once they post that “apartments for rent in Calgary” ad, you can count on it to trigger an incredible response.

5. Seamless Rent Collection and Financial Reporting

Landlords often find managing rent collection, late payments, and financial records to be a hassle. Rental property management companies make these tasks easier with automated systems and frequent financial reporting. This streamlines the accounting process and enhances cash flow management for landlords.

6. Legal Compliance and Risk Mitigation

Landlord-tenant laws in Calgary can be complex and ever-changing. Property management companies stay up-to-date on these laws and ensure that landlords are in compliance with all regulations. This helps to protect landlords from potential legal issues and liabilities.

7. Time Savings and Convenience

Time is precious.

Leveraging rental property management in Calgary means you can free up your valuable time and focus on other priorities—this is especially helpful for landlords who have other full-time jobs or commitments. By outsourcing the day-to-day management of their properties, landlords can focus on other pursuits, whether professional or personal, without the constant demands of property management.

8. Access to Advanced Industry Tools and Technology

Calgary property management companies are often equipped with specialized tools and technology that individual landlords may not have access to. These include property management software, online tenant portals, and advanced analytics that can greatly improve the efficiency and profitability of managing rental properties. Your apartments for rent in Calgary will run more smoothly than ever.

9. Scalability Made Easier

Dreaming big for your real estate investments? Don’t let the hassle of property management in Calgary hold you back.

For landlords with multiple properties or those looking to expand their portfolio, handling all aspects of property management can become increasingly difficult. A property management company can tailor services to accommodate a growing portfolio’s size and complexity.

10. Diverse Services To Maximize Investment Potential

There’s more to property management companies than meets the eye.

Beyond seamlessly ensuring your apartments for rent in Calgary or other property types are constantly at their best, they also offer a diverse range of valuable services to give you a holistic experience. This can include financial advice and investment planning which can add significant value beyond the day-to-day management of rental properties.

Leverage Emerald Management & Realty Ltd.’s Expert Services

When it comes to property management companies in Calgary—you’ll find that Emerald Management & Realty Ltd. is a true gem in the city that’s been shining bright for over 40 years.

For 6 years running—from 2016 to 2021— we’ve been honoured by the Top Choice Awards as the leading property management service provider in Calgary.

Bringing peace of mind to both landlords and tenants, here’s how we’ve been setting the bar high with our reliable services:

Property Manager in Calgary: Our Services

Service	Details
Managing, collecting and adjusting rent	Ensuring timely rent collection, adjusting rent to reflect market changes, and handling any rent-related issues.
Finding, screening and removing tenants	Marketing the property, conducting thorough tenant screenings, and managing the eviction process if necessary.
Property maintenance and repairs	Coordinating regular maintenance, addressing repair issues promptly, and maintaining relationships with contractors.
Enforcing landlord-tenant laws and regulations	Keeping abreast of legal requirements, ensuring compliance with laws, and executing lease terminations when needed.
Overseeing responsibilities	Supervising any personnel or contractors employed, and managing vacant properties to ensure upkeep and security.
Managing the budget	Overseeing the property’s financial operations, including setting and adhering to a budget for maintenance and repairs.
Maintaining records	Keeping detailed records of rental activities, maintenance, expenses, and other pertinent property-related information.
Filing property taxes	Preparing and submitting property tax filings and ensuring that all financial obligations related to taxes are met.

Property Manager in Calgary: Our Core Value Added Services

Core Value Added Services
– Receive leasing inquiries	– Arrange rental advertising
– Show properties	– Prepare inspection reports
– Review rental applications	– Rent & condo fee collection
– Perform credit checks	– Debit card payments
– Prepare leases	– Pre-authorized payments
– Security deposits in trust	– Direct deposit service
– Transfer of utilities	– Monthly statements
– Staff training	– Resident managers training
– Preventative maintenance	– 24 hour emergency service
– Professionals	– Licensed Property Managers
– On-Site Resident Managers	– Licensed Leasing Agents
– Accounting Personnel	– Collection Agent
– Administrative Personnel	– Maintenance Director
– Maintenance Personnel

Make Property Management in Calgary Easy From Here On Out

The combination of unparalleled expertise, comprehensive services, and the ability to save time and reduce stress are compelling reasons why many landlords are choosing to work with property management companies in Calgary.

Allow Emerald Management & Realty Ltd. to take these complex tasks off your plate. Take a front-row seat and watch your properties reach their full potential.

Effective property management doesn’t go to sleep, but with our team behind you, you can. From here on out, seamless property management in Calgary will be a dream come true.

Reach out to us today to get started.

Explore our other blogs for more helpful tips:

Explore the Summer 2024 Rental Edition of Emerald Insights – Rental Edition. Discover essential maintenance tips, safety protocols, and ways to enrich your rental lifestyle this season!

Welcome to the Summer 2024 Rental Home Edition of Emerald Insights, where we bring together valuable information designed to enhance the lives of our tenants and showcase our commitment to excellent property management.

Highlights from the Summer Edition:

1. Essential Rental Home Maintenance Tips

Seasonal Maintenance: From cleaning advice to minor home maintenance, we cover all you need to ensure you enjoy your home this summer.
Water Conservation Tips: With Calgary’s Stage Three water restrictions in effect, learn how to conserve water effectively and adhere to local guidelines.

2. Security and Safety Updates

Fire Safety in Rentals: Understand the importance of fire safety during summer—know what types of grills are permitted and how to use them safely.
Home Security While Traveling: Tips to secure your rental property when you’re away, ensuring peace of mind during your summer adventures.

3. Renter’s Insurance Guide

Protecting Your Belongings: An essential guide to renter’s insurance, explaining the importance of covering your personal belongings and liability in the rental space.

Why This Edition is a Must-Read for Tenants

This edition of Emerald Insights is tailored specifically for our rental community, focusing on practical, actionable advice to navigate the summer safely and enjoyably. Whether it’s understanding your renter’s insurance or implementing water-saving practices, we’ve got you covered.

We invite all our tenants to delve into the Summer 2024 Rental Edition of Emerald Insights. It’s more than just a newsletter; it’s a toolkit for thriving in your rental property and enjoying the best of the summer season.

Not subscribed to Emerald Insights yet? Click here to subscribe and stay up-to-date with the latest in rental living and property management insights.

Alberta’s Real Estate Insurance Market Forecast 2024-2025: Navigating Through a Transforming Landscape

As we advance into 2024, the real estate insurance market in Alberta—and indeed across Canada—displays significant transformations influenced by both global challenges and evolving local regulatory frameworks. This article explores what rental and condominium property owners can expect in terms of insurance costs, coverage, and market dynamics over the next two years, taking into account broader trends that could impact their insurance needs.

2024 Alberta Condo & Rental Insurance Key Market Trends

Increased Insurer Competition

Despite the backdrop of a hardening market where insurers are reassessing their portfolios amid various industry challenges, there remains a sense of optimism with an expected increase in competition among insurers into 2025. This trend might lead to more competitive rates and diverse insurance product offerings for property owners. According to BFL Canada, insurers are setting their sights on sustainable long-term growth with a focus on improving performance through careful risk selection and capacity placements. Considering the fluctuating market and general trends its always a good idea for policyholders to review their coverage carefully.

Importance of Accurate Information

Given the rising inflation, which impacts the cost of covering claims, insurers emphasize the need for precise risk data and property valuations. This helps in better assessing and mitigating potential losses, especially in a market where reinsurance rates are also climbing. Property owners must therefore ensure that their coverage details are up-to-date and reflective of current property values to avoid underinsurance, a growing concern in today’s economic environment. BFL highlights the critical importance of providing quality risk information and accurate property valuations to offset inflationary increases. Lloyd Sadd underscores the risks of underinsurance as inflation drives up the cost of claims, making it essential for coverage to match the rising costs¹.

Impact of Natural and Cyber Catastrophes

The increasing frequency and severity of catastrophic events, such as wildfires, alongside heightened cyber threats linked to geopolitical tensions, reshape the insurance landscape dramatically. These factors necessitate robust coverage that can address complex claims, recovery processes, and potential cyber-related financial losses. The unpredictability of such events makes it crucial for insurers to accurately predict future risks, which could translate into increased costs for policyholders if not managed carefully. BFL’s² report on natural catastrophe and severe weather events in Canada causing over $3.1 billion in insured damage in 2023 underscores the magnitude of these challenges. Additional insurers specializing in rental real estate and property management also point to the global rise in catastrophic weather events and cyber risks as key disruptors in the insurance market.

Regional Focus: Alberta

Alberta’s Wildfire and Cybersecurity Readiness

In Alberta, the growing number and severity of wildfires, compounded by the risks of cyber-attacks, highlight the critical need for comprehensive insurance solutions that cover both natural and digital realms. Property owners are advised to review their policies to ensure they encompass adequate provisions for these risks, reflecting the dual threats of physical damage from fires and potential disruptions from cyber incidents.

Legal and Regulatory Updates

Alberta’s New Licensing for Condominium Managers

With new regulations requiring condominium managers in Alberta to be licensed as of October 2023, there is an increased emphasis on professional management and compliance with insurance standards. This change aims to enhance the quality of condominium management, directly impacting insurance practices and policy structures in the sector.

Looking Ahead: Recommendations for Property Owners

Given the evolving insurance landscape, property owners must engage in the renewal process early, providing detailed and accurate documentation. Understanding the implications of regional legal changes and adapting to new insurance market realities will be crucial in securing adequate coverage.

In conclusion, while the market presents numerous challenges, it also offers substantial opportunities for those prepared to adapt. By staying informed and proactive, property owners can not only manage their risks effectively but also leverage these insights to secure optimal insurance coverage in a dynamic market environment.

Commitment to Excellence in Property Management

In 2024, clients under our Emerald Management & Realty Ltd. Master Insurance program experienced minimal increases in insurance premiums, effectively managed by considering property values and current inflation trends. This careful balance reflects Emerald Management & Realty Ltd.’s ongoing commitment to providing outstanding insurance solutions in a challenging market.

As a locally owned and operated property management company located in Calgary, Alberta, Emerald Management & Realty Ltd. remains dedicated to assisting clients in navigating the complexities of the insurance market, ensuring optimal coverage at competitive prices. The evolving landscape of insurance, characterized by rising premiums and narrower coverage options, poses significant challenges to investment property owners and condominium boards. In response, our team continually updates its market knowledge to devise effective risk management and loss prevention strategies.

Over its 50-year history, Emerald Management & Realty Ltd. has cultivated strong partnerships with leading insurance brokers who possess an in-depth understanding of the market. These relationships, combined with proactive measures such as enhanced property inspections and educational initiatives on maintenance and upgrades, help mitigate risks and control insurance costs.

The cornerstone of our approach is the customized master insurance program, tailored for the managed properties. This program leverages Emerald’s substantial industry experience and buying power to secure preferred rates and comprehensive coverage for our valued clients. Even in the face of the industry’s ongoing challenges, our focus in 2024 has been on securing favourable corporate rates, manageable deductibles, and efficient claims management.

By staying informed and proactive about changing market conditions, Emerald Management & Realty Ltd. helps clients position their properties for success, reinforcing our commitment to delivering the highest level of service and support. To discover more about how Emerald Management & Realty Ltd. can support your investment objectives in this dynamic insurance market, please contact our team today.

2024 Alberta Condo & Rental Insurance Update

1 (Lloyd Sadd)

2 (BFL Canada)

Prioritizing Mental Health in Condominium Communities: Strategies for Community Well-being

As we observe Mental Health Awareness Month, it’s vital to emphasize strategies that nurture community well-being and support residents facing mental health challenges. This month at Emerald Management & Realty Ltd., where we delve into the crucial topic of mental health within condominium communities.

Nurturing Community Well-being: Addressing Mental Health in Condominium Environments

In this comprehensive article we explore actionable strategies for addressing mental health challenges within condo environments. Our focus is on creating empathetic spaces where open communication and support thrive, especially during this significant month dedicated to mental health awareness.

Key Strategies for Fostering Mental Health-Aware Communities:

The Reality of Mental Health Challenges: Acknowledge the prevalence of mental health challenges, with approximately 1 in 5 Canadians affected.
Duty to Accommodate: Balancing accommodation responsibilities with community well-being, ensuring a supportive environment for all residents.
Encouraging Open Conversations: Creating safe spaces where residents feel comfortable discussing mental health concerns, fostering understanding and empathy.
Prompt and Empathetic Responses: Handling complaints with empathy and effectiveness, showcasing a commitment to resident support.

Enhancing Mental Health in Condominium Communities

Building upon our dedication to mental health, we recently participated in a webinar focused on enhancing mental well-being in condominium communities with Erin Berney, Field Law. If you missed the live session, you can watch the recorded video to gain valuable insights and strategies for promoting well-being and harmony among residents.

🎥 Watch the Recorded Webinar: Field Law: Navigating Mental Health Challenges in Multi-Housing Communities

Benefits of Proactive Engagement and Professional Response

Community Well-being: A well-managed condominium community can promote positive social interactions, a sense of belong, and overall well-being among residents.
Stress Reduction: Timely maintenance, dispute resolution, and clear communication can reduce the burden that might otherwise weigh on residents’ minds.
Early Intervention: Condominium Boards and Condominium Managers can play a role in fostering a supportive environment where residents feel comfortable seeking help when needed.
Legal Implications: Understanding the legal framework is crucial to avoid potential legal issues.
Community Impact: A harmonious and supportive condominium community can positively impact everyone living there, which, in turn, can contribute to better mental health outcomes.

At Emerald Management & Realty Ltd., we prioritize the mental well-being of our community members. This blog and our recent involvement in the webinar highlight our commitment to fostering a supportive and understanding environment within condominium communities. Let’s use Mental Health Awareness Month as an opportunity to amplify conversations and take proactive steps toward creating communities where everyone feels heard, valued, and supported.

We invite you to explore Emerald Management & Realty Ltd.’s additional articles on this topic for detailed insights and strategies on prioritizing mental health in condominium living: Nurturing Community Well-being: Addressing Mental Health in Condominium Environments and Enhancing Mental Health in Condominium Communities.

In conclusion, fostering mental well-being within condominium communities is not just our commitment; it’s our passion. At Emerald Management & Realty Ltd., we’re dedicated to implementing these actionable strategies to create vibrant and supportive living environments. Are you ready to prioritize mental health in your condo community? Contact us today to learn more about our comprehensive services and how we can support your condominium board in promoting well-being and harmony. Let’s work together to build a community where every resident thrives!

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