The unit turnover process is a common issue for landlords and property managers, as any time a unit spends without a tenant is time the unit is losing potential revenue. This process tends to have some redundancies involved, such as performing multiple inspections of a unit and adding work to the scope for the turnover.
/ Property Management
The COVID-19 pandemic has permanently changed the way we view our daily interactions with each other and our environments. Buildings are currently designed with certain risks in mind, such as smoke, fire, power failures, and flooding. But the pandemic has manifested the need for the future of building design to safeguard public health. Considerations such as contactless interaction, ventilation, moisture control, noise reduction, and adequate space for working from home are all pivotal factors, among others, being considered in the future of building design following the experiences of tenants throughout the pandemic.
The COVID-19 pandemic has permanently altered the way we experience and perceive our environments, with new considerations taking priority in what we expect from property owners and managers. Public health guidelines and city bylaws have been issued and updated regularly throughout the province since the onset of the pandemic, regulating the required measures to be put in place by building operators to keep staff and residents safe.
A long-term strategic capital expenditure plan should be the first line of defense in ensuring no unforeseen large capital expenses creep up on landlords. Not to be confused with operating expenditures (OpEx) such as wages, taxes, insurance, equipment maintenance, etc., a thorough CapEx plan should include information on assets which provide a long-term benefit to the landlord and tenants, such as structures (foundation, windows, parking lot resurfacing, etc.), equipment (computers, security systems, printers, etc.), and appliances (laundry machines, stoves, refrigerators, etc.).