It can seem natural to just leave any faulty item as is, so long as it is still functioning. For instance, if a tenant calls a landlord about a heater making clanging sounds, a landlord might be tempted to leave it be so long as it is still keeping the unit heated.
Property management is a major responsibility for landlords, and can be both time consuming and costly. But there are some common traps that landlords can fall into, which can compound the issue.
Presently, landlords have a wide array of options for communicating with tenants. The difficulty is in finding the most effective ways to communicate specific information and issues to suit the needs of both the landlord and tenants.
The COVID-19 pandemic has disrupted many aspects of daily life, and even now that the health impacts of the pandemic have lessened, the economic impacts have persisted.
Millennial and Gen Z have become the dominant age group in the rental market. Significantly fewer people in this age group are purchasing homes when compared to previous generations at the same age.
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.
The Ontario Building Code contains accessibility requirements for new buildings and buildings undergoing extensive renovations. These outline the requirements for public areas such as the space required for entrances and hallways, as well as in-unit requirements such as bathroom counter height and hallway width.
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.
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.).