Moving or thinking of moving in December?

This could be the time to get a better break from the owner/Property Manager. With December traditionally the slowest month for rentals (and sales for that matter).

To the Owner: This is a great time to offer an incentive to the prospective tenant. Let them move in December, but offer part of the month free OR a suitable Gift Card such as Sears, Home Depot, or for groceries. You will hook that respectful and open minded resident for your vacancy.

To the Renter: Don't be shy, ASK for a little break or a BONUS for moving at a time when the owner/Property Manager needs to fill a vacancy. I'm sure you will gain the respect of the owner/Property Manager and gain a welcome gift or discount.

Keeping your Income Property “successful” and “profitable” is the goal of Property Management Companies.

“A good Property Manager is eager to help income property owners enjoy the benefits of ownership while losing all of the problems associated with rentals.” Rena Parno-McClung, director of RPM (Renaissance Property Management)

We have been listening to the growing number of rental property owners and understand that the hassles can be overwhelming to those who are involved with their own families, full time jobs and/or hobbies and sports. If only thinking of turning over that huge responsibility gives thoughts to losing more money, owners are urged to think the other way.

Professional property management companies constantly research rental rates and obtain the best rent. A large part of the service is to provide an accurate financial picture of the income property which will show how the fee is absorbed by the enhanced property values and the rent received. This has surprised many of RPM’s current clients.

“It’s just like receiving the property management service for FREE”

says a current client of RPM.

For the residents, having a Property Management Company to call on ensures that quick resolution to complaints will keep them as occupants for a longer period of time. A happy tenant makes for a profitable bottom line.

Renaissance Property Management specializes in one to four unit rental properties in Simcoe County. We treat all properties as we would care for our own!
“Keep the Income……..Lose the Hassles”

Prospective Tenant Stood You Up?

Just one of the situations that landlords/agents must deal with. Never mind a date that stands you up, this one can hurt in the pocketbook.
You can look at this predicament this way.........if the person was not sincere enough to meet with you for a viewing of the rental space, do you really want that person as a tenant?
If the prospective tenant has communicated with you to let you know something has come up to prevent him/her from honouring the commitment.......that's the person who will notify you if something goes wrong with the rental equipment, plumbing, electrical, etc. And you do want to keep informed as to the condition of your rental. This is also the person who will give you a heads up if one of the post dated cheques he/she has given you needs to be held for a couple of extra days.
I certainly love people who "communicate". It avoids creating scenerios in your own mind.

If it can't sell, RENT it!

Every day your house remains empty, you are losing money. Sure, sure you do not want any hassles if you do finally sell it. Think about a shorter term perhaps. There are so many situations out there with people on the move, it may be a good time to just give it a try. Check out my site for services from me or other well heeled Property Management Companies.
You do not have to go it alone. www.rpmKEY.com

Income Property for the New Investor

Hey all you wannabe landlords!

Be timewise and look at the listings that abound.  This is the best time since the early 80's that an investment in income producing real estate will net excellent passive income for years to come.

The ABC's of Property Management by Ken McElroy tells the complete story.  When looking for property, don't just take in the esthetics because this is not being purchased for your home.  And be wary of any property that's listed as "live in one unit and let the renters pay your mortgage. You will find out early on that you DO NOT want to live with the people who are paying you monthly rent.  Be diligent in looking at the rent roll (this is the unit list with the monthly gross).  

Another mistake that can be easily made is by overlooking property that may not cover ALL your monthly expenses.  Although it is a bonus to have a positive cash flow, it may not necessarily show the equity building ability of the property say in 5 years or 10 years.  Remember new investors are usually looking for that retirement nest egg because their RRSP just won't (or have dropped dramatically) cover your retirement years.

For more insight on this topic, please send me your questions, comments.  I would love to hear from you!

So What is New with Income Property- for the Tenant

As a property manager in the Toronto - Barrie area, I have seen rentals galore. So what should you look for in Rental Properties. Here's a check list you can use BEFORE you go viewing.

• location, location, location - is it near transportation or major routes to work


• confirm that it IS or is NOT a basement apartment, listings will show something like "lower level", "ground floor", "walk out" If you don't mind a basement apartment then it doesn't matter. (I will blog later on the pros and cons of basement apartments)


• kitchen amenities, I can't count the number of so called kitchens created in places you wouldn't put a closet!


• you CAN negotiate the price. If it is listed at $950. try giving a lesser "written offer" with a deposit cheque (perhaps $900.). It is hard for the landlord to say no to something in writing that has money attached. (but don't try and go for 1/2 price!)
• Or you can ask for a small rebate if the landlord wants full pop. If you are dilegent with the rent payments, then he/she may be receptive to giving you back a rebate cheque at the end of the year (at Christmas when you need it most)
• There are so many rentals, it is not just a home buyers market but a RENTERS market as well.