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Rental Increases: Something To Think About

In this 3-part video blog series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd. takes a look at how a landlord might move through the preliminary stages of a rent increase review. 

 

Rent Increases – Part One

PART ONE:  In the property management industry, there may be many different reasons and investment strategies that justify a rent increase. Discussion is held in our video blog to capture the indicators you might want to consider before the implementation of a rent increase for your rental property in Calgary & Area.  

Monitoring the viability of rent increases is not only important while working towards investment goals during an inflationary economy but also important to manage expectations and risks in tougher economic times.  Further to this, this item should be mindfully approached given that this is an extremely sensitive matter to many tenants and should be handled with respect and professionalism.

 

PART TWO: In Part 2 of the series, discussion is held on how to determine the rent, opportunities in a hard market for concessions and doing what tenant’s do all the time … check out the comparables. The importance of being mindful of respectful communication is addressed when reviewing tenant criteria and being open to considering potential upgrades.

PART THREE: In this final segment of the 3-part series exploring the topic of rent increases, Jodena Rogers VP of Emerald Management & Realty Ltd., discusses the various sales and communication strategies involved with rent increases. In addition to determining if the market can support an increase, often a landlord in put in the position of justifying the increase to the tenant.  In addition to balancing financial goals, it is key to know your product and market conditions.  Again when it comes to interacting with your tenants: Be fair and communicate, know your product and be able to justify.

Jodena Rogers was the keynote speaker at the January 2020 Calgary Residential Rental Association and presented this topic to over 100 attendees consisting of property managers, rental property owners, and landlords. Emerald Management & Realty Ltd. is a property management company located in Calgary, Alberta with over 40 years of experience in the southern area of Alberta.   Emerald’s property management team was recently awarded the Top Choice Award for Property Management Services in Calgary for the 5th year in a row.  For more information about the services Emerald’s team provides to investment property owners visit: Property Management Services. 

 


10 Property Management Tips to Survive Winter

 

Extreme winter temperatures and arctic winds can take a major toll on single family homes, residential rentals and condominium buildings.  It is a good idea to take the necessary precautions to minimize heating emergencies and avoid unnecessary insurance claims.

These 10 helpful and basic property management tips can help make sure you can brave the cold during extreme winter conditions:

Want to spend more time on the slopes? Don’t let winter do a number on your rental home.  Follow these 10 simple tips to pre-empt and potentially solve cold weather problems while protecting your property. 

The following are some more useful maintenance and property management tips provided by Emerald Management & Realty Ltd., check out our other useful blog articles:

  1. Protect Your Home From Water Damage
  2. Why Every Condominium Owner Should Have Insurance
  3. Maintenance Request Form
  4. What Qualifies as an Emergency

What Does The Management Fee Cover?

If you are a rental property owner, choosing to work with a property management company is a huge decision to make, both time and money-wise. If you have a packed schedule, additional occupation(s) or multiple properties to juggle, hiring an experienced property management company can be a great way to secure rental income while also saving yourself both stress and time.

Blog Post – Emerald Management & Realty Ltd.

Property managers usually collect fees for their services, which ensures that all areas of your property-related concerns are looked after. This includes some of the tougher work, such as eviction processes, dealing with difficult tenants, hunting down overdue rent payments or answering late-night phone calls. At Emerald Management & Realty Ltd., we also offer 24-hour emergency support to make sure any issues with your property are resolved promptly and efficiently. 

Management fees also cover other processes that are undertaken to ensure the success of your property. At Emerald Management and Realty Ltd, we also provide a value added service with our in-house maintenance department. Emerald’s maintenance team members cover responsibilities that are often beyond the scope of on-site building managers. 

Some of these value added services include: 

Managing Tenants 

When you hire a property management team, one of the main responsibilities they take on is managing your tenants. From finding your tenants to screening tenants to handling evictions, they are experienced with keeping everything in check. 

Financial Reporting

Knowing that the rent has been paid and that your property is being maintained is important.  Every month, Emerald Management & Realty Ltd. will send you an operating statement that includes income, expenses and a detailed ledger. This will keep you informed about how your real estate asset is performing.

Preventive and Routine Maintenance 

Property maintenance doesn’t just involve addressing problems when they arise or on a case-by-case basis. It also involves organized planning of maintenance tasks, which is often best-handled by a professional property management team. When maintenance is regularly handled, tenants are more likely to remain comfortable and happy. 

Preventive maintenance helps keep the property functioning in good condition at all times. This may include regular plumbing and leak checks, extermination checks to keep the property pest-free, regular landscaping, trash removal or snow removal. Routine maintenance involves scheduling specific tasks that need to be done repeatedly and consistently, such as cleaning leaves from the front lawn or changing HVAC filters every few months. 

Renovations and Repairs 

It is the property manager’s responsibility to either fix issues when they arise or take care of hiring another professional to handle them. This means they will be in charge of finding reliable plumbers, contractors, electricians or other professionals to make sure the job gets done right. 

Reach Out To Us 

Overall, as your property manager will be looking after your most important assets, our services have been developed to help ensure peace of mind. To learn more about our property management, maintenance and other services at Emerald Management & Realty Ltd., contact us today!


Building Assessment Winner 2019

And the winner is….Cortese Estates!

Building Assessment Review Contest

Congratulations to Property Manager Glen F. and Resident Manager Gail S. on taking the winning title for Emerald Management & Realty Ltd.s Building Assessment Review 2019! 
 
This rental property located in Airdrie, Alberta highlights the importance of a positive first impression.  The well cared for lawn, use of flowers, bird baths and garden features create an inviting entry and welcoming feel all around the property and for the residents that call Cortese Estates home.
 
Thank you and congratulations to both Glen and Gail on your achievement, focused teamwork & dedication to the Emerald Standard of Care!


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