Ottawa Property Management

Posted July 20th, 2010

The Emergency Call

Imagine getting a call at 11:30 pm from one of your tenants 30 minutes away in a panic because one of the plumbing pipes burst and there is water everywhere. As you get out of your bed and drive towards the investment property you start thinking about how wonderful this idea seemed at first and the dreams of cashflow you once had. After arriving at the unit you realize that the flooding has seeped to the other units and now you have to fix it. 

This is a nightmare situation that many landlords face and may turn them off completely from real estate investment. Many purchase a property without realizing how much work goes into managing a property effectively. One of the most important aspects of property management would have to be the emergency response and resolution. As we all know there is no property that is perfect and never has any issues – from gas leaks to sewage backups there are so many surprises that arise from owning a multi-unit property in Ottawa. The older the property the more likely it will experience some sort of problem and the more units you have, the more items of operation that you must take into consideration.

Many new landlords don’t realize this important component of being a property owner. Effective management is key. In order to keep tenants and avoid the stress of dealing with emergencies on your own, a property management company is a sound investment. Most investors are not contractors, nor landscapers/construction workers, cleaners, leasing agents, or any of the many specializations required to effectively manage a unit. The time wasted and spent on micro managing your tenant issues is almost always more expensive than dealing with an organization that is adept at these things while simultaneously looking after your interests as the landlord. Many believe it is expensive but with costs as low as 5% of gross rent it is a small price to pay to have a team of professionals dealing with whatever arises. 

We deal with many former landlords who swear never to touch a building again because of past negative experiences with bad tenants, nightmare situations, etc. AEI has been servicing the Ottawa area since 1998 and prides itself on providing exceptional value similar to larger property management companies but custom tailored to small and medium properties.

Professional management companies have many superintendants on call, they have reliable emergency plumbers, and many other specialized and experienced professionals to call upon for whatever situation that should arise. Rather than re-invent the wheel a smart investor pays a small percentage from profits to have it professionally managed thus not having to deal with the midnight emergency. With that fee many property management companies will include bookkeeping, accounting, forms/documents, advice, and many other critical value-added services to ensure your property is professional.

Contact us for more information on how we can help you manage your real estate investment.

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Tips For Ottawa Tenants

Posted July 5th, 2010

Ottawa is well known to experience heatwaves, and the last week has been no exception. There are many things that you can do to stay cool this summer even if you choose not to use an air conditioner or don’t have one readily available.

  • Fans – Sounds simple enough right? Remember though – fans also generate heat. Place a bowl of ice in front of a fan, so it isn’t just circulating the warm air in the room but will blow cool air in your direction, like an air conditioner. Consider having a fan in every room that you want to keep cool.
  • If you have a basement, use it – It’s always the coolest place in any house.
  • Avoid the South Side of Your House – Where the sun is shining is going to be the hottest, if you can stay on the north side of your house you will be cooler.
  • Take Cold Showers, or At Least End Your Shower with Cool Water – When you take a shower, if you don’t want to take the entire shower in cool water, just make sure that when you end your shower that you run some cool water over your body. Even taking a shower at the beginning of the day is a good idea, it will keep you cooler if you are cleaner. Taking one at night can help you sleep better too.
  • Water is your best friend – Drink water and avoid drinking alcoholic and caffeinated beverages.

Small little changes in what we do and how we do it can make a difference.

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Ottawa Vacancies Fall as Rents Increase

Posted July 5th, 2010

Wednesday, June 16, 2010

By Bert Hill, The Ottawa Citizen

Rental vacancies fell and rents rose faster in Ottawa than in the many other major cities in the last year.

Canada Mortgage and Housing Corp. said Tuesday that vacancy rates fell to 2.4 per cent in April from 2.7 per cent a year earlier.

The average rent for a two-bedroom apartment rose 2.9 per cent to $1,061 over the same period.

Sandra Perez-Torres, a CMHC analyst, said demand is still high for rental units in Ottawa because the combination of low unemployment and high average weekly earnings compared to other big cities “makes Ottawa a magnet for immigrants.”

In addition, the rental supply is tight because only seven per cent of the apartment units that were built in the last five years were aimed at renters.

While the Ottawa condominium apartment stock is growing, she said it typically takes new arrivals in the country at least five years before they can afford to buy.

In Gatineau, the vacancy rate rose to 2.8 per cent from 2.0 per cent in April 2009.

Average rents rose 2.4 per cent to $713 for a two-bedroom apartment.

Across the country, CMHC said the average rental apartment vacancy rate in 35 major centres increased slightly to 2.9 per cent in April from 2.7 per cent a year earlier.

“Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre.

Results of this survey reveal that, in April 2010, the centres with the lowest vacancy rates were Québec City (0.4 per cent), Regina (0.8 per cent), Winnipeg (1.0 per cent), and St. John’s (1.1 per cent).

CMHC said the centres with the highest vacancy rates were Windsor (12.4 per cent), Peterborough and Abbotsford (6.6 per cent each).

Rents declined in Alberta, led by 6.4 per cent in Calgary. Ottawa had one of the biggest increases among major cities except for Winnipeg, which was up 4.6 per cent. Rents rose 1.0 per cent in Toronto, 1.3 per cent in Halifax, 2.8 per cent in Montreal and 2.9 per cent in Vancouver.

CMHC said the highest average monthly rents for two-bedroom apartments in new and existing structures were in Vancouver ($1,150), Toronto ($1,134), Calgary ($1,082), and Ottawa ($1,061). These four centres had average rents at or above $1,000 per month.

© Copyright (c) The Ottawa Citizen

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