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Wednesday, December 30, 2009

Landlord Series - Tenancy Agreements (part 2)

The landlord series are various tips to help the owner of a property become a better and more informed landlord.

In this series we explain the Tenancy Agreement (part 2).

In part 1 we defined the different types of tenancy agreements (http://www.garamarkpropertymanagement.ca/news/2009/12/landlord-series-tenancy-agreements-part.htm)

Today we are going to explain the pros and cons.

Why even have a tenancy agreement? Sounds like a lot of work, more paperwork, extra things to give your tenants, etc. In the previous post we talked about the implied lease. If RTB is willing to take the "actions" of collecting rent (and accepting rent) as a lease that should be reason enough to get something on paper with your tenant!

Other, more obvious reasons are:

(1) To avoid disputes about who pays the utilities, insurance, property tax, etc.
(2) To clearly define how much a tenant is supposed to be paying for renting their unit
(3) To clearly define who should be living in the unit
(4) To distinguish between an occupant (i.e. someone allowed to live there) and the tenant (i.e. the person or parties responsible for paying rent
(5) To define the appliances included in the rent
(6) To specify any pet policies
(7) To specify any furniture included in the rent
(8) To define pretty well anything for the duration of that tenancy

All of these reasons for having a lease will protect you in the event there is a dispute and you have to appear before the RTB.

What are the cons? There really are none, unless you count things like wasting paper or the time used in creating a lease (or reading this post to learn about leases!)

Stay tuned in part 3, where we talk about length of Tenancy Agreements

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants
www.garamarkpropertymanagement.ca

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Monday, December 28, 2009

Landlord Series - Tenancy Agreements (Part 1)

The Landlord Series are various tips to help the owner of a property become a better and more informed landlord.

In this series we explain the Tenancy Agreement (part 1).

What is a Tenancy Agreement? It is commonly referred to as a "Lease" by most people. The term "Tenancy Agreement" is one that is normally used by the Residential Tenancies Branch. they define a Tenancy Agreement as:

"an agreement may be written, oral or implied. It sets out the conditions or basic rules of the tenancy"

Let's examine each of the following terms:

(1) Written Tenancy Agreement

- this is a specific form signed by both the tenant and the landlord and specifies basic terms and conditions about the tenancy (i.e. amount of rent, who pays certain utilities, parking, etc.)

(2) Oral Tenancy Agreement

- a tenancy based on an oral offer and acceptance to rent a unit. The terms and conditions are not put in writing, and this is most commonly a month-to-month agreement

(3) Implied Tenancy Agreement

- a tenancy formed when certain actions are performed (i.e. a tenant paying rent and a landlord accepting rent).

This form of an agreement is surprising to most landlords. If there is no tenancy agreement in place, but the tenant has been paying $300 for rent and you have been accepting it, there could be an implied lease that says the tenant is on a month-to-month agreement for $300 even though the actual rent is $600!

Stay tuned for Part 2 where we further explain pros and cons for the above types of leases.

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.
www.garamarkpropertymanagement.ca

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Friday, December 25, 2009

Seasons Greetings!

We would like to extend you warm wishes for the Holiday Seasons.


Thank you everyone for all of your business, support and interest this year!


From all of the staff at GaraMark Property Management

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.
www.garamarkpropertymanagement.ca

Wednesday, December 23, 2009

How Does The Holiday Season Affect Your Vacancy?

There is a lot going on this time of year, and the only exception is renters looking for places to rent!

If you are a new landlord and have been anxiously awaiting your phone to ring for that brand new ad you placed on the internet, don't be disappointed if you have less calls then you expect. December and January are the slowest months of the year for property managers and it is always more difficult to find renters at this time of year.

Contributing factors:

  • Most people with school age children move while school is out - during July and August
  • Who wants to look for a place when it is -40 degrees outside!
  • With the holidays, most people are busy shopping, getting together with family, etc. and their minds are not on relocating
  • Who wants to move on New Year's Eve!!!

If you are a landlord, you may have to offer some incentives such as lower rent during this time of year to entice people to choose your property.

If you are a tenant, this is a good time to move (if you are motivated!) because you will have more units to choose from and less people to compete with!

Got questions? Email us at owners@garamark.net

Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.

www.garamarkpropertymanagement.ca

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Monday, December 21, 2009

How Do Winnipeg Rental Prices Compare?

Every April CMHC publishes their Rental Market Indicators and we thought it would be interesting to show how Winnipeg compares to the rest of the country.

Vacancy Rates: April 2008-April 2009 --> Our vacancy rate went from 1.0% to 0.9%

Our average rent for a 2 bedroom unit went from $746 to $774, resulting in a 3.4% increase.

This compares fairly well with the rest of the country. Saskatchewan blows us out of the water, however.
Saskatoon and Regina had 15.5% and11.4% increases (respectively) during the same period!

See the entire chart here:
CMHC%20Rental%20Market%20Indicators.pdf

What does this mean?

If you are a tenant: Winnipeg is not increasing any faster than most places in the country.
At GaraMark we try to keep our rental prices slightly below market to attract the best tenants.

See our vacancy list here:
http://www.garamarkpropertymanagement.com/property-for-rent.cfm


If you're an investor: rising maintenance and utility costs continue to outpace the rental increases. Residential Tenancies Branch has set the 2010 allowable rent increase to a whopping 1 percent!
Contact us to find out different strategies to maximize your rent increases.

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully protects the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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Thursday, December 17, 2009

Apartment Investors: How is Garamark Different?

At Garamark Property Management we manage our apartment blocks using a different business model. A typical property management company will rely solely on the caretaker to collect rent, upkeep the property, show empty units, and submit applications to the management company.

This is usually in exchange for free rent, as well as a small monthly salary.

How does the GaraMark model differ?

Our caretakers are responsible only for cleaning and maintenance of the common areas and grounds of the property. In exchange for this, they receive a small discount from their monthly rent, increasing the monthly cashflow for the owner.

We have professionally trained staff that already collect our rent and screen the prospective tenants while showing the empty units. We also answer phone calls 24 hours a day. This results in better tenants and a higher success rate of collected rent. And these services are included in our management fee.

So, in a nutshell, with the management fee being equal to other companies, our apartment blocks cashflow better than those run by other companies, and are better run by our professional staff, rather than a part-time caretaker that is working at their day job full time.

The end result will be a better run building that will have increased profit and decreased vacancy - words that only an investor will understand!

Got questions? Email us at owners@garamark.net
GaraMark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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Tuesday, December 15, 2009

Having a hard time finding a place to rent? Here's why!

We found a Canada Mortgage and Housing Corporation (CMHC) article that compared the vacancy rate in Canada for April 2009 to major Canadian Centres.

The Canadian average vacancy rate for April 2009 was 2.7 percent, which was up slightly from the year before (2.6 percent).

Compare this with Winnipeg's rate of 0.9 percent!

It's tough out there, and when you consider the average of 0.9 percent includes all of the high priced executive homes and condos, the "realistic" vacancy rate is probably much lower for the average Winnipeger - those who rent in the $600 to $1000 range.

What is one to do? Do your research, have a security deposit in hand when you view a property, and don't wait until the last minute!

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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Sunday, December 13, 2009

Winnipeg's real estate investment market is stepping into the national spotlight

What does this mean? The secret is out: Local Winnipeg investors already know this, but now the rest of North America will know the truth - Winnipeg is one of the best, if not the best investment market in Canada!

The Winnipeg Free Press published an article a couple of weeks ago indicating Winnipeg is stepping into the national spotlight with respect to Real Estate Investment.

MMPI Canada, who have never held an event in Winnipeg since their inception in 1992, is holding a Real Estate Investment Forum here in April, 2010.

During the past 18 months North America has been literally rocked with a rescession and some pretty scary times. Real estate markets have been plummetting in many centres, but "little old Winnipeg" has been progressing steadily, flying under the radar as it usually does.

Winnipeg has not experienced the growth this past 18 months as it has in recent years, but it was also largely unaffected compared to some of the larger centres like Vancouver, Calgary and Toronto.

Our Real Estate Team has been very busy, still taking out clients from all parts of Canada, and finding them sound investment properties that continue to cashflow.

The good news: Winnipeg is a great market for Real Estate Investors.

The bad news: Everyone else is going to know about it!

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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Friday, December 11, 2009

Looking To Rent In The "Sky?"




GaraMark Property Management, starting December 18th, will begin advertising two brand new units located in the new "SKY" condominium projects along the waterfront at the Forks.




Be one of the first to live in this prestigious high-rise complex at the heart of Winnipeg's Downtown district!

Two units will be available. Both are 2 bedrooms.

Watch our vacancy list or this Blog for more information in the coming weeks!
Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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Wednesday, December 9, 2009

Thinking of Buying Rental Property in Winnipeg?

We can help!!!

Did you know that we have a full Real Estate team in our offices whose sole purpose is to teach, find and acquire investment properties for our clients?

We give free seminars that educate our clients about the strategies and theory of different types of real estate investment, and the finer aspects of how to be a successful real estate investor.

Call us today to find out how you can begin building your wealth!

As a brief introduction into our philisophies, read the
"Property As An Investment" page on our website at:

http://www.garamarkpropertymanagement.ca/

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.
www.garamarkpropertymanagement.ca

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Monday, December 7, 2009

Price Reduction! Fabulous 2 BR Crescentwood Duplex!




We have just reduced the price of this newly renovated main floor duplex to $1150 plus utilities!


Featuring 9 1/2 foot ceilings, new flooring, paint, kitchen and windows right in the heart of Crescentwood.

Rent includes air conditioning, a fridge, stove, washer, dryer and dishwasher.

Be the first to live in this unit since the renovations!
Cats are allowed, but no dogs please.
Check out our website for more information:
Http: //www.garamarkpropertymanagement.ca
Email us at tenants@garamark.net and mention code 254
OR call us at (204) 415-6200 option#2.
Our On-call Property Manager will be more than happy to show you the unit.
Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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Saturday, December 5, 2009

New 2 bedroom apartment for rent in Winnipeg's Osborne Village!

Featuring our newest vacancy - a highrise 2 bedroom condo on 55 Nassau Street in Osborne Village!
This condo is located on the 8th floor of a very desirable building, complete with a private balcony with a great view of downtown Winnipeg!

Heat, hydro, water and complete cable are included in the rent of $1295 per month.

Heated indoor parking as well. This fantastic apartment won't last!

There is also an indoor pool, fitness facility, public party room and a nice terrace for the entire building to enjoy.

Cats are allowed, but no dogs please.

Check out our website for more information:

http://www.garamarkpropertymanagement.ca/

Email us at tenants@garamark.net and mention "code 80"

or call (204) 415-6200 option #2

and our on-call property manager will be more than happy to show you the apartment.

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner while retaining happy tenants.

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