Many people find buying or converting their primary residence to an investment property unexpectedly complex. Choosing the right property and hiring professional property management are critical decisions. Real estate professionals are key in guiding their clients with these key decisions.

Investment property types: Pros and cons

Choosing an investment property type has the potential to be difficult for clients, as each comes with distinct advantages and disadvantages. Vacation rentals, fully furnished executive rentals and unfurnished residential rentals cater to different markets:

• Vacation rentals offer high short-term income potential and flexibility but require intensive management and face regulatory challenges.
• Fully furnished executive rentals attract business professionals seeking convenience for medium-term stays, offering steady income and reduced turnover, though furnishings can increase costs and wear.
• Unfurnished residential rentals target long-term tenants, providing consistent income and lower upkeep, but may lack flexibility and have more extended vacancy periods. 

Realtors must consider market demand, regulations and client goals when recommending these options, balancing profitability with the specific needs of landlords and tenants.

Clients also need to consider the financial aspects of their investments carefully. While rental income is often the primary focus, many other factors come into play when purchasing a rental property.

“When I have a client looking at investment properties, we discuss everything at the beginning of the sales process,” says Julia Stauffer, real estate agent with Macdonald Realty in West Vancouver.

“I want to ensure they have their finances in order beforehand. Many clients overlook the costs associated with these properties. Depending on the property, there can be mortgage fees, property taxes and maintenance costs. Too often, people focus solely on rental income and fail to account for these expenses.”

Phillip Davies, owner of Cartref Properties, echoes this sentiment. “When I bring on a new rental client, I always advise them that operating costs can vary, impacting their income. A rental property is no different from other investments. I tell them it should be treated as a long-term investment and held for at least five years.”

Complexities of rentals in an ever-changing market

However, buying the property is only the first step. For many owners, understanding the complexities of rentals can be overwhelming, and rental agreements, provincial regulations and market trends are just some of the factors to consider when renting a property.

Clients choosing to hire a professional property manager or take on the responsibility themselves can greatly impact their experience. “Part of my discussion with clients involves the management process. It comes down to the buyer’s confidence and experience level when deciding whether to hire a professional manager,” says Stauffer.

“The Metro Vancouver rental market is difficult for landlords right now. There are ever-changing regulations to keep up with, and mistakes have costly ramifications for landlords. We’re also seeing an increase in availability, so understanding how to market units is key. Rental units are staying vacant slightly longer, and rent prices are trending downward,” Davies adds.

The right representation matters; experience and transparency are key

The right representation matters, and finding a good fit with a property manager is crucial. Clients are often referred to management companies through their colleagues, friends or realtors.

Wallis Lee, Managing Broker at Sutton Max Realty and Property Management, notes that her team is often involved during the sale. “80 to 90 per cent of our clients come from referrals, particularly from realtors. We’re often asked to provide a quote for rental management as part of the sales package,” Lee explains.

“Sales is a full-time job, and so is property management. It’s impossible to do both effectively while providing the best service to clients,” she adds, emphasizing the importance of working with a specialized manager. Lee notes that property management is more than simply renting the unit. There’s ongoing coordination of the property, from daily operations to financial needs.

Davies agrees and highlights the importance of hiring a manager experienced in handling the specific property type being rented. He also stresses the need for financial transparency. A reliable management company should provide regular financial statements detailing the rental’s income and expenditures.

Investing in rental properties can be complex for the uninitiated. It requires careful planning, financial preparation and an understanding of complex regulations. With the proper guidance from real estate professionals and property managers, buyers can make informed decisions about how to best manage their assets.

By Mark Weisleder, Senior Partner RealEstateLawyers.ca LLP

As we enter into 2025, here are five New Year’s resolutions for you to make, to protect both yourself and your clients this coming year.

1 – Review title search before going on a listing

I have seen too many deals where there is not enough money on closing to pay the seller lender and then the deposit has to be requested from the brokerage to be able to get the deal closed. Then the brokerage has to sue for commission and the seller likely has no money to pay. By searching the title in advance, you can see the face amount of any mortgage and you may also learn for example, if CRA is owed money for income tax arrears. Ask for statements to make sure there is enough equity to pay any debts and commissions.

2 – Be specific on any rental contract

It is not enough to just put furnace rental is $100 a month in the agreement of purchase and sale. Make sure the contract can be assumed. Suppliers have refused to transfer the contract and then the seller has to buy it out, at their expense. Clearly state that the buyer will sign any document required to assume the rental contract before closing. If not signed, it is a nightmare after closing having the contract transferred, and the rental company can still try and collect from the seller.

3 – Ask about the keys and make sure the seller provides two sets on closing

Never assume that the buyer will receive two sets of keys and garage door openers, draft a clause to protect your client. If a condominium FOB has to be obtained from the management company in return for a security deposit, let the buyer know this will have to be done after closing. Don’t forget to include the mailbox key, or let the buyer know if they will have to obtain one directly from Canada Post after closing.

4 – Stay involved in the deal until closing

Besides making sure that all deposits are paid and conditions waived in a timely manner, anticipate potential closing issues and deal with them. If you know a seller has to complete work on the property before closing, or remove debris, do not wait until the last minute. Be a pest. This will save a lot of potential headaches on closing. If there is any damage noticed at the final pre-closing visit, take a picture, get an estimate and try to make a deal to get it resolved.

5 – Get expert advice, when you need it

If you are not sure about anything during your negotiations, whether it is an issue related to foreign buyers, zoning, HST, condominium status certificates or basement apartments, then do not be nervous to ask for assistance. I am often consulted precisely for this kind of timely assistance. Or consider making the offer conditional upon buyer or seller lawyer approval.

I wish all of you a very happy, healthy and prosperous 2025.

Aahil Matcheswala and Tracey Choy built their property management and investment business, Dongle Capital, from their home base in Kitchener-Waterloo. They started by renting out their basement’s single room on Airbnb to overseeing about 60 properties across the country.

The pair call themselves “the Airbnb experts,” with their bread and butter being helping residential owners manage their properties on a short-term rental basis. 

The service

“That basically includes everything,” says Choy. “Someone just has a home. They want to put it up for short-term rentals. They don’t know how. They don’t want to take care of it. They hire us and we’re going to help them, give advice on how to furnish it, make sure that it’s visually and operationally ready for a short-term rental.

Then we create the listing for them. We onboard it completely so we take care of all the guest communication, prepare them for check-in, check in with them during their stay and after they check out, assess for any damages and basically reset the whole property (for the next rental).”

The journey: ‘We didn’t have the real estate investment or business mindset whatsoever … it changed quickly’

The duo’s concept began at the end of 2020 when they bought their first home for $600,000 outside of Toronto after renting and working corporate jobs downtown in the city. They started by renting out a room in their new home on Airbnb. Despite having no prior experience, their first Airbnb brought in $5,000 a month, with expenses of just $2,900. This sparked an interest in property management, and soon friends and family were asking them to manage their properties.

“We didn’t have the real estate investment mindset or business mindset whatsoever, but when we saw that type of cash flow come in, it changed really quickly and we bought a second property and did the same thing basically,” recalls Choy. “One thing led to another and we were able to create a business out of it.”

Future growth on the horizon

Today, they own two properties and manage about 55 units with 75 per cent of them in Ontario and the rest in Nova Scotia and New Brunswick. The business is now generating about $500,000 annually in revenue.

Matcheswala and Choy see future growth on the horizon for the business, which is averaging about two units per month, between 20 and 25 for the year, Matcheswala notes.

Here’s what it takes

“You need really good people that you work with, our teammates. People that we hire, our team that helps us carry out all the property management tasks, and also other subcontractors like cleaners and property managers,” he points out.

Matcheswala explains their value-add and how they’ve kept a lean team is the fact they only have two virtual assistants and leverage technology in every business aspect.

“The first piece is your property management software. Hospitable plays a key role. It’s all reactive stuff because you can’t really control everything and people are going to ask you questions,” he explains. On top of the scheduled messages that go out, he says the program allows them to create property manuals and “basically do a brain dump of all the information you have about the property. It will help you answer questions, create drafts all on its own using AI.”

Tech software is also used in several other areas — including the process of cleaning the properties when people check out to get units ready for the next rental. It also helps with pricing, providing market data for different times of the year.

The business charges a commission anywhere from 15 to 20 per cent of the nightly rental rate. Most clients are more like mom-and-pop operations or small real estate investors with a handful of properties.

Client considerations: What makes a suitable property?

Choy notes that many things must be looked at when they onboard a property or consider if it’s suitable for Airbnb rentals. 

“We have to analyze the design of the property — not that it needs to be super modern, high tech or anything — but it has to appeal to the masses, even if it’s not the owner’s style. (So) there’s a lot of convincing and discussion with the owner about this.”

This means stripping away the personal attachment they have to the property, as it’s now becoming a business. Choy notes this is especially true these days with people being pushed to putting it up for cash flow because of rising interest rates.

“There’s a lot of discussion around security on the property, where our outdoor camera is going to be placed, what type of security locks we need, which is actually one of the big aspects for us,” she explains. “We can never take on a property where an owner is not willing to change the front locking mechanism there from a key to a specific smart lock because that smart lock needs to do a couple of things, (including) hold a lot of different codes.” 

Key elements of successful property management companies

When asked about what makes a property management company successful, Matcheswala mentions the industry has been a very unprofessional one. That makes communication key, which means responding to clients on a timely basis.

Choy agrees that communication is important, also noting resiliency, or “thick skin” being a key element of a successful property management company.

Although Dongle Capital is in the hospitality industry, it serves many real estate investors. “That’s kind of where the lines get blurred,” she points out. “But at the end of the day, it’s customer service. And the customer’s always right, even if it’s not your fault.” Having that thick skin has allowed the pair to be really creative and quick on their feet, Choy says.

Love them or hate them, depreciation reports are critical documents essential to strata corporations and properties. They outline the current condition and long-term maintenance needs of a building’s joint assets, such as the roof, plumbing and elevators. The report assesses the building’s condition, estimates the remaining lifespan of its components and projects future repair and replacement costs over 30 years.

B.C.’s mandated change

In April 2024, British Columbia’s provincial government enacted additional regulations regarding obtaining these reports, forcing strata councils and owners to stop burying their heads in the sand and ignoring the need for future planning.

Effective July 1 this year, depreciation reports have become mandatory for any building larger than five strata lots. These reports will also need to be updated on a five-year cycle. Strata corporations can no longer opt-out via a three-quarter vote at an annual or special general meeting. There will be a grace period for allowing the completion of these reports, depending on where the building is located within the province.

Impact of the changes — a surprise for some

What does this mean for owners, buyers and sellers? Some might see the changes as bad news, but the pros outweigh the cons.

“These reports are a great tool in a strata corporation’s toolbox for planning their budget and repairs for the next several years,” comments Pam Zak, vice president of management services at Tribe Management.

For many, these new regulations may have come as a surprise. But those working directly with strata corporations saw the changes coming.

“The recent changes weren’t a surprise for our clients,” Zak adds. “We announced it well in advance, so our portfolio of properties has been well prepared for the new requirements. We received very little negative feedback from clients regarding the changes.”

Two reports go hand in hand, creating some cost savings

With the growing demand for electric vehicles (EVs) and the move away from gas-fired appliances in B.C., the new legislation now requires strata corporations to conduct electrical planning reports to assess their building’s electric infrastructure capacity and the depreciation report.

The electrical planning report intends to provide the strata with an overview of its current electrical capacity and what changes might be needed to upgrade that capacity, including items such as heat pumps and EV charging.

Mack Grigg, project manager with Sense Engineering, notes that these two reports go hand in hand. He says there’s a crossover between the electrical and HVAC equipment that needs to be captured in both a depreciation report and an electrical planning report, so it makes sense for buildings to do both reports simultaneously, which results in some cost savings.

“A depreciation report can be overwhelming for the average homeowner. They’re long and complex,” adds Mack.” That said, an executive summary of a high-level snapshot of the report should be provided, which we find quite helpful for owners. It makes for an easy entry into reading these lengthy reports.”

Cost increases can occur for those who budget according to report recommendations

Although change can be difficult for owners, buyers and sellers, these stricter requirements can be beneficial in the long run. While these changes have perceived downsides, such as potential for increased fees, Zak meets with her team and has not heard of significant increases overall — but that could be different for those who choose to budget according to the report’s recommendations.

Key advantages

The three key advantages of these reports for owners and sellers are financial preparedness, property valuation and sustainability.

When it comes to strata corporations themselves, the reports bring many advantages by helping them plan long-term repairs and upgrades, which can help prevent unexpected expenses for capital projects. They also provide various funding models so owners and buyers know what to expect for expenses down the road. Unlike in other provinces, British Columbian strata corporation owners still have the option of how they want to fund these projects.

Well-maintained buildings with updated reports attract potential buyers by offering transparency on the state of the building and what repairs should be expected in the future, barring unforeseen events. As many buyers look for well-run complexes, future maintenance costs and the building’s financial health can help maintain or increase property value.

Sustainability is at the forefront of real estate. Electrical planning reports ensure building managers know the electrical systems and their capacity. Owners and buyers will know if the building is ready for EV charging infrastructure or what changes need to be made to support the increased demand for more sustainable environmental solutions.

The recent changes to depreciation reports in B.C. represent a significant step forward for property owners and buyers. These updated regulations promote proactive and long-term planning in the real estate market by ensuring that buildings are better maintained and financially prepared for future repairs. In the long run, the enhanced focus on proactive maintenance and informed decision-making will benefit everyone involved.

With over 75 per cent of tenants worldwide reporting that rising rents have negatively impacted their quality of life, property managers have the opportunity to differentiate themselves by offering competitive rates and using technology to enhance tenant satisfaction and loyalty.

Capterra explored this through its global survey across 12 countries, with 4,800 tenants, including 400 respondents from Canada, to understand their experiences and perceptions. The results reveal a complex mix of factors influencing the short-term rental market, including rising rental costs, neighbourhood disturbances and tenant satisfaction issues. They also highlight the need for property managers to adopt new technologies and property management tools to improve the tenant experience, especially in the face of external factors driving rent increases.

Rising rents due to short-term rentals: A worry for over half of tenants

Globally, 51 per cent of tenants are concerned about rising rental prices due to short-term rentals, with the same sentiment reflected in Canada.

Among Canadian tenants familiar with the issue, 44 per cent believe short-term rentals have significantly driven up local rent prices.

High rent dissatisfaction in Canada

Globally, 34 per cent of tenants are challenged by high rental costs, while 36 per cent express dissatisfaction with their current rent — a number that’s even higher in Canada, with 39 per cent of tenants unhappy with how much they pay for rent.

Additionally, 76 per cent of tenants globally agree that rising rents have negatively impacted their standard of living. These numbers underscore the need for property managers to foster strong, long-term relationships with tenants through transparent communication and fair pricing strategies.

Impact of short-term rentals on neighbourhood dynamics

30 per cent of tenants globally report noise issues due to short-term rentals, while 29 per cent mention parking problems and 24 per cent express safety concerns. Furthermore, 23 per cent have observed changes in neighbourhood character.

The report suggests that property managers should adopt community engagement strategies to address these issues, helping to build a sense of community and improve tenant satisfaction.

Other key findings

The report also cites that 40 per cent of tenants worldwide support rent control, while 30 per cent favour discounts for timely payments to combat rent inflation. As well, 31 per cent of tenants are willing to pay higher rent for properties equipped with home security systems.

How property managers can strengthen neighbourhood communities

The report goes on to suggest six things property managers can do to strengthen their communities:

1. Enhance security. Install security systems, surveillance cameras and access controls to improve safety and foster a community watch culture.

2. Address congestion. Implement traffic calming measures and develop designated parking spots to reduce congestion.

3. Minimize noise disturbances. Enforce quiet hours and invest in soundproofing to address tenant concerns about noise.

4. Improve waste management. Ensure regular trash collection and provide recycling and waste disposal facilities.

5. Preserve neighbourhood character. Engage tenants in beautification projects and community events to foster neighbourhood pride.

6. Build community ties. Partner with local businesses, organize community service projects and promote diversity and inclusivity to create a welcoming environment.

Review the full report here.

Understanding insurance needs can be daunting for any small and medium-sized enterprise (SME). Yet as SMEs contend with an evolving landscape marked by economic fluctuations, technological disruptions and heightened regulatory scrutiny, having a robust insurance strategy is crucial to maintaining stability and peace of mind. 

This is particularly true in the real estate industry. In fact, according to Innovation, Science and Economic Development Canada, over 99 per cent of businesses in real estate and rental and leasing are small businesses. To safeguard against uncertainties, it’s crucial to identify specific risks that could jeopardize their operations and seek appropriate, tailored insurance solutions to protect their bottom line.

Unique challenges faced by real estate SMEs

Real estate SMEs operate in a highly competitive and often unpredictable environment. From property management firms to small-scale developers, the risks are diverse — ranging from monetary or reputational harm, they can significantly impact a business’s bottom line. 

For instance, a property manager might be forced to face legal action if a tenant damages a property and the screening process had been inadequately performed. Imagine a scenario where the property manager overlooks the tenant’s previous eviction history during screening. The tenant subsequently causes extensive damage, leading to costly repairs and lost rental income. The property owner then sues the property manager for negligence, claiming that the manager should have identified the tenant’s past issues during the screening process. 

Such situations underscore the importance of having insurance that appropriately addresses highly specific risks. However, knowing which ones you face can be a challenge, and working with an insurance professional who has specialized knowledge and experience in risk assessment is always a good place to start. 

Essential insurance solutions for property managers

Considering the various risks that can jeopardize their operations, property managers operating on tight budgets may see insurance as an expense rather than a necessity, overlooking its importance for business continuity.

Essential coverages for property managers can offer security by mitigating risks that could disrupt operations and stunt future growth:

• Directors and Officers (D&O) Insurance. Protects the personal finances of directors and officers from legal challenges arising from their decisions, offering crucial protection for company leadership.
• Errors and Omissions (E&O) Insurance. Protects professionals whose business decisions may lead to errors, omissions, neglect or breach of duty while providing services resulting in third-party claims.
• General Liability Insurance. Protects against claims of bodily injury, property damage or personal injury that occur within their office premises.

Customized insurance solutions: A necessity, not a luxury

Every industry has its own unique risks, and the real estate industry is no exception — whether it’s residential property management, commercial real estate or development. That’s why working with an insurance professional who understands the specific challenges of the industry can help tailor a policy package that fits a business best. 

One common challenge SMEs face is limited resources. When it comes to insurance, most SME owners don’t have the bandwidth to explore every option available, and this can lead to difficulty in finding comprehensive coverage that properly protects them from a range of exposures.

To address this need, the insurance industry is developing new inclusive policy packages — offering combined policies that are customized for small businesses. This can make it easier for SMEs to manage various areas of coverage and enhance their ability to proactively control risk.

In response to the specific needs of SMEs for a single insurance policy, many are seeking “insurance packages” that combine various coverages into one, including E&O liability, general liability, contents, cyber and legal coverage together, simplifying the management of insurance needs for small businesses.

Balancing affordability with adequate protection and a reliable contact point

Cost is always a concern for SMEs. However, it’s essential to balance the need for affordability with the need for adequate protection. Cutting costs by reducing coverage can lead to vulnerabilities that may be far more costly in the long run. Instead, SMEs should look for insurance providers who offer competitive pricing without sacrificing the quality of coverage. 

Lastly — and perhaps most importantly — having a reliable point of contact during the claim process will help ease the pressures faced by SMEs throughout that time. This fosters trust and facilitates more seamless solutions when an incident arises so that SMEs can focus on what matters most: their business. 

Embracing technological advancements  

Brokers act as a lifeline for SMEs, providing them with products, services and experiences based on the risks they’re exposed to. As the insurance space adopts new technology, brokers can now utilize user-friendly digital portals to better assist real estate SMEs in a timely and efficient manner.

These portals offer real-time quotes and policy issuance, available around the clock, enhancing satisfaction and ensuring that clients can purchase insurance policies at their convenience.

Insurance plays a vital role in risk management for SMEs in the real estate industry. Understanding insurance products and utilizing technological advancements can greatly simplify the process of acquiring comprehensive coverage. Staying informed, leveraging technology and prioritizing comprehensive coverage will help real estate SMEs protect their bottom line and build a resilient business for the future.

Realtors and property managers. A duo that blends as well as oil and vinegar. Both parties bring specialized skills and knowledge to the table, and when these are effectively combined — just like vinegar and oil — the result is something special.

But can realtors and property managers really get along? By understanding common challenges and implementing simple strategies to overcome them, realtors and management companies can build happier, more productive relationships that benefit everyone involved: realtors, property managers and their clients.

Limitations of property managers

“We want to help realtors, but sometimes we’re limited by what we can actually do,” says Katharine Olson, associate broker at FirstService Residential in Vancouver. “I’ve had instances where a realtor has promised prospective buyers renovation approvals. As much as we’d like to help, strict regulations in British Columbia limit what can be done before a buyer becomes an owner.”

But who is responsible for that? Many times, it’s assumed that the property manager has more power than they do. This assumption leads to misunderstandings, inefficiencies and client dissatisfaction. Confusion often stems from a lack of clarity about the roles and responsibilities of management companies in a specific market. For example, in B.C., the management company is only obligated to the owner or their representative — strata managers can’t provide information or approvals to prospective buyers.

Understanding role nuances goes beyond legislation: Tips for realtors

David Locke, vice president of business development and managing broker at Duka Management, emphasizes that understanding the nuances of these roles goes beyond mere legislation.

“While realtors should familiarize themselves with the relevant laws in their market — like the Strata Property Act in B.C. and the Condominium Act in Ontario — issues often arise from not understanding the building and its intricacies,” he comments. “A quick overview of the building and its documents, if available before listing, goes a long way in avoiding conflict and ensuring happier clients.”

Locke advises realtors to know the bylaws and rules of the building they’re dealing with. “Respecting the bylaws and rules builds goodwill and a potential client pool,” he says. He also notes that Metro Vancouver developments are becoming increasingly complex.

“Buildings are much more complicated now than even 10 years ago,” Locke adds. “I’m always happy to help realtors navigate them, provided they’ve read the documents first.”

Mike Heddle, broker at Heddle Real Estate, adds that avoiding assumptions about a building based on others and having a systematic process for listings is crucial for success, along with solid communication. Heddle notes that he opens the lines of communication at the start of the sales process and aims to keep the property manager in the loop the entire time, from listing to closing.

Proptech: Meant to streamline but can cause delays in getting answers

Just like any good relationship, communication is the cornerstone for success. Thanks to the multitude of proptech in the real estate market, communication lines between realtors, owners, clients and property managers have been streamlined. But maybe too much.

Many companies have adopted online portals for ordering the documents needed during a sales transaction, offering convenient timelines and various document options. While this is meant to streamline the process, there comes a time when a realtor might need clarification on a point, and this is where problems arise. Realtors frequently face frustration when their calls and emails go unanswered for days or aren’t responded to.

“It’s no surprise that’s a complaint,” Olson notes. “In a year, I can get over 10,000 emails and phone calls from one building alone, and agents here tend to have six to eight properties each. That’s a lot of correspondence. My preference is always email, with clear and concise questions.”

How to help property managers help you

A quick scroll through LinkedIn results in dozens of posts about emails and the sheer amount of them: getting the best results from a property manager means knowing how to reach them. Olson adds she appreciates when realtors take the time to structure the email in a way she can quickly answer it — clear subject line with the property, point form questions and a timeline she can work with (at least a couple of days).

Knowing who the questions should go to is vital in many situations. She further adds that it might be quicker to call the building staff directly for simple questions about daily operations instead of the strata manager.

While it looks different for each party, realtors and property managers are working towards the same goal: client satisfaction. Understanding common challenges and implementing minor changes would easily make the relationship less contentious. Could realtors and property managers actually get along? Yes!

In recent years, the concept of “home” has taken on new meaning as a hub to live, recharge, work and play. That’s why residential communities have become even more appealing. They provide residents with convenient services and shared amenities that enhance community spirit and bring this modern concept of “home” to life.

However, managing such communities is an increasingly complex task, and this is where our industry has had to evolve to better serve our customers. 

More than just rule enforcers

Council/board members in residential communities play a crucial role in making essential long-term decisions to enhance property values and support resident well-being. Yet, as volunteers, they often lack the time and expertise required to handle the many aspects of community management.

That’s why today’s property management companies are more than just rule enforcers. The best of them build teams with diverse skills ranging from hospitality to technology, insurance, financial, operations, sustainability, training and development — not to mention expertise in complying with rapidly evolving regulations, at the federal, provincial and municipal levels. 

Professional insurance advice

For example, property insurance availability and premiums are important factors impacting condominium corporations and stratas. More than ever, council/board members need expert advice to secure the coverage they need.

Property management companies can play a crucial role by offering a team of insurance professionals to consult council/board members, even in evolving and volatile markets. These teams work with the goal of securing improved coverage to help corporations achieve savings in premiums, bringing peace of mind to councils/boards and residents in a shifting insurance environment. 

EV charging

Another example is EV (electric vehicle) charging, which is becoming an expectation and an essential utility. Communities are looking for guidance and support to update their electrical and parking infrastructure, so they provide that amenity in a sustainable, easy-to-manage and cost-effective manner.

Property management companies need to be equipped with the resources, relationships and expertise to deliver custom solutions for each community. 

Expert guidance to drive energy savings & comply with new regulations

When it comes to sustainability in general, properties need expert guidance to drive energy savings and to comply with new regulations. This requires market-level experience to leverage local incentives and secure funding for extensive capital projects.

For example, a 500-unit condominium community in Toronto recently implemented an extensive energy-saving capital project. Their property management team identified a Save on Energy incentive program called BizEnergySaver, which offers substantial incentives for installing LED and lighting control upgrades, parking garage exhaust fan controls and variable frequency drives. After applying for the program, the community secured $35,000 in incentives, so the capital cost was dramatically reduced from $51,000 per year to $17,000. 

Technology: An essential tool to the business

While our business is about relationships, technology is also an essential tool that can save time and improve the resident experience. Each community has unique needs and requires custom technology solutions to operate seamlessly — from security to package management and reserving amenities to managing billing.

In Vancouver, for example, communities are simplifying operations with technology designed to reduce emails and provide owners and residents with quick answers to general inquiries on accounts and payments, maintenance, document requests, strata lot renovation requests and more. This tool immediately reduces the time managers spend on recurring questions so they can focus their time engaging with strata councils/boards and residents, providing thoughtful service and support. 

Education investment: Key to setting up the new generation for success

As I think about the future, I’m excited to see a new wave of homeowners taking on leadership roles in their corporations. In markets such as Vancouver, more first-time homebuyers are moving into high-rises and joining their strata councils/boards.

To set this new generation of strata council/board members up for success, property management companies must invest in council/board education programs to develop their skills. That includes dedicated webinars, training and continuing education to help both new and seasoned council/board members learn and navigate change.

Good property managers, including those working with developers, need a varied team of experts

These examples support my view that a good property manager always has a team of experts in different fields to offer comprehensive solutions. That means providing council/board members with resources to make decisions that put residents and owners’ interests first.

This also applies to property management companies working with developers. Each developer has a unique vision for their community and the resident experience. The property management company can set the developer and residents up for success from the initial planning stages to the eventual transition to the condominium council/board.

As the industry evolves, property management needs to be about simplification. By providing expertise, anticipating needs and offering innovative solutions, our industry needs to make life easier for council/board members, developers, residents and property management teams alike. 

It’s clear that professional property management will continue to play a vital role in creating thriving, harmonious communities that residents are proud to call home, however they choose to define it.

Century 21 Assurance Realty Ltd. of Kelowna, British Columbia recently announced its launch of a new property management division.

The brokerage says this expansion aims to provide comprehensive real estate services to Okanagan Valley area investors and property owners, enhancing the overall client experience and ensuring the highest standards of property care and tenant satisfaction.

With over 85 properties under management so far, the division offers a full suite of services, including tenant screening, lease administration, rent collection, property maintenance and financial reporting.

“We’re pleased to introduce the launch of our property management division which represents a significant milestone in our company’s growth and evolution,” says Max Carbone, partner, Century 21 Assurance Realty Ltd. “This expansion allows us to offer a broader range of real estate services to our clients. We look forward to delivering exceptional value, service and expertise through residential, property management and commercial real estate sectors.”

Kim Davies joins as new managing broker of property management & commercial

Kim Davies recently joined Assurance Realty as managing broker of property management & commercial, bringing experience and expertise in property management, and residential and commercial real estate.

She says, “Century 21 Assurance Realty is a company built on a strong foundation of care. Care for each other, care for our clients and care for those that we work with every day. I am excited to lead the property management and commercial divisions and help our clients achieve their real estate goals with confidence and success.”