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Sunday, January 31, 2010

Property Feature: Duplex on Boyd near McPhilips Street










This 2 Bedroom modern duplex on Boyd Avenue is currently ready to have a good, qualified tenant move in!

Located in a good part of the North End of the City, this duplex is situated at the end of a quiet street close to McPhillips.

It has been newly renovated, and is very clean and quiet. You have your choice of the upstairs or downstairs!

Shared basement and separate entrances for each unit. There is also a single garage that can be rented for only $25 per month!

Priced to rent quickly at $795 plus hydro, you won't find a deal like this anywhere in Winnipeg!

Call 204-415-6200 and refer to code 71 or email us at tenants@garamark.net

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

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Friday, January 29, 2010

Deadline to Comment on Real Estate Condition Reports today at 5pm!

Currently there are no requirements forcing a homeowner to disclose certain defects about their home during the sale process. A few realtors use a Property Condition Statement (PCS) to attempt to protect their buyers, but the majority do not.

A report written by real estate lawyer John Neufeld suggests the province should look into making the use of PCSs mandatory. According to Neufeld, other jurisdictions have introduced the use of compulsory PCSs, resulting in an overall increase in buyer satisfaction.

In Manitoba, there is no such requirement unless a seller is specifically asked or if the property has problems with it that would prevent it from being used for it's intended purpose.

Manitoba Securities Commission has been taking comments on this issue, and that deadline is at the end of business today, January 29, 2010.

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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Wednesday, January 27, 2010

Full Time Office Position now available in our Property Management Company

Garamark Property Management is looking for an individual to fill the Property Services Coordinator position:

Duties include:

Accounts receivable
Filing Residential Tenancies paperwork
Preparation and Maintenance of Leases
Approval of Rental Applications
Scheduling of personnel for maintenance/inspections, etc.

Previous property management experience an asset.

All applicants will have to take a typing test to prove they can type at least 40 wpm.

The position is full time, Monday to Friday, 9am to 5pm. Starting wage is $12 per hour plus bonuses.

Individuals with leadership qualities can advance within the company.

Please send resumes to applynow@garamark.net - refer to position #GPM-PSC-050


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, January 25, 2010

CMHC Introduces Mortgage Loan Insurance for Student Housing Projects

On January 21, 2010 the Canada Mortgage and Housing Corp (CMHC) announced new mortgage loan insurance policies to facilitate the financing of student housing projects.

CMHC Muti-Unit Student Housing will enable the borrower to obtain loans of up to 85% of the lending value for the construction, purchase or refinancing of housing specifically built for students. These properties support the housing needs of Canadian publicly funded educational institutions, including universities and colleges.

This annoucement comes at a great time given the shortage of available student housing, and will allow developers and borrowers to access competitive interest rates for the life of the mortgage and lower renewal risk.

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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Saturday, January 23, 2010

Attention Investors: Major Portfolio For Sale!

Are you a property investor? Are you interested in buying cash flowing properties?

One of our clients is selling 19 properties from their portfolio. These properties are in the 4A, 4B and 4C area (all parts of the north end, including close to Inkster Blvd).

The properties consist of single family homes, duplexes and triplexes and are all fully tenanted.

If you or anyone you know is interested in buying these properties privately before they hit the MLS, please contact us at owners@garamark.net for more information.

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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Thursday, January 21, 2010

Want a Career in Property Management? Join Our Team!

We are expanding our operations and are currently looking to fill 4 part time positions:

(1) On-call Property Manager

Duties: booking appointments with prospects, showing them available units for rent and turning in rental applications to the Property Services Coordinator

(2) Property Inspector

Duties: collecting rent, performing inspections/meter readings, serving eviction notices

Property management experience not necessary, as we will train you on our system!

If you, or anyone you know is looking to get into this field, have them send their resume to applynow@garamark.net or fax it to 1-888-508-0545

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, January 19, 2010

As A Landlord, What Are Your Obligations To Your Tenant?

What kind of tenant do you have in your property?

The nightmare tenant? Or a tenant that has been there for years, respecting your property and treating it like their own?

If you have screened your tenant(s) properly during the leasing process, hopefully you have the latter rather than the former.

But does your obligations stop there?

That depends on what kind of landlord you are.

Every tenants has three basic expectations:
  • to have a clean, safe, environment in which to live
  • to have the landlord perform repairs and maintenance when necessary
  • to be able to contact their landlord occasionally

Be honest...do you provide this to your tenant? If so, your chances of creating a loyal tenant that will care for the property and notify you when things are in need of repair (before they get any worse) increases exponentially.

We have a space on our rental applications that says "Reason for moving from current address" and the most common answer is "Landlord will not fix anything"

It's unfortunate there are so many irresponsible landlords out there. We hope you are not one of them, because by not maintaining your property, you are not hurting the tenant, you are actually hurting yourself by decreasing the value of your property!

Be there for your tenant, fix the basics, and hopefully you will be rewarded with a loyal tenant that stays for years and years - so that paintjob you just completed only has to be repeated once every 10 years! (a landlord's dream...)

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, January 17, 2010

As A Tenant, What Are Your Obligations To Your Landlord?

Do you love your landlord? Hate him/her? Can't stand when they come around every month to collect rent? Or do you invite them in for coffee?

Your relationship with your landlord can be any of these, but think of things from your landlord's perspective:

  • they want you to pay your rent on time
  • they want you to respect and care for your rental unit
  • they want you to follow the basic rules and regulations for the building

What should a responsible landlord give in return?

  • be attentive to the repairs and maintenance of the property
  • be available for phone calls when the need arises
  • be understanding about requests for upgrades to the property

This is always a fine balance, but as they say: You get back from a relationship what you put into it.

The title of this post is "What are your obligations to your landlord?"

If you have honestly been following the basic three expectations from your landlord's perspective, hopefully your landlord is responsible enough to return the favour.

If so, the two of you should be able to co-exist for many months and years.

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, January 15, 2010

FEATURE: 1BR and 2BR New Condo(s) for Rent in Wolesley











Be the first to live in these newly renovated condos!

4 units to choose from, starting at $850 per month.

All units feature 10 foot ceilings, open concept kitchens and a small deck for a BBQ.
New paint, flooring, kitchens, baths, electrical and plumbing.

Fitness room and free laundry room on site as well!

For more information about each unit, visit our website at

or call us at (204) 415-6200

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, January 13, 2010

Recession? New MLS Statistics Beg to Differ!

The Winnipeg Realtors just issued a press release 2 days ago that states despite a 2009 spring laden with recession woes and a flood, the Winnipeg market has rebounded to finish with an all-time high of 2.5 billion dollar volume, 2 percent higher than the best ever year!

The Winnipeg market has had three years in a row of volume of over 2 billion dollars, indicating strong market fundamentals and the continued strength of the local economy which is supporting increased population growth.

How did December compare to the previous year?

December 2009 had an average sale price of $220,000 compare to $189,000 in 2008!

What does all of this mean for the Winnipeg market?

It's a good time to own and invest in property!

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, January 11, 2010

As an investor, at what amount should you set your rent?

Here in Winnipeg, Manitoba, there is a very low vacancy rate. As an investor, when you have a rental property that becomes vacant you want to get the maximum rent possible!

How to find this out?

Using Google and searching the term "rental rates Winnipeg" will give you anything from car rental rates to hockey ice rinks!

Why not email us at owners@garamark.net and we will be happy to give you our opinion of the current market rates for your rental property.

We manage properties in all areas within the City of Winnipeg and have an extensive database we can instantly access to suggest a good rental rate for your property.

What's the catch? There is none. We are willing to do this quite simply because we are investors too, and feel that "what goes around, comes around" and like to help our fellow investors!

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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Saturday, January 9, 2010

Landlord Series - Fuses and Lightbulbs

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

"Rinnggg, Rinngggg"

That's a landlord's least favorite sound - the maintenance phone call from your tenant! As a owner of rental property, I can relate gritting my teeth everytime a tenant calls. After all, when is the last time a tenant called you to thank you for providing them with a clean, quiet, safe roof over their head?

In all seriousness, though, as a responsible landlord, you are required and responsible for maintenance and repair of the major systems in the house.

What about Light Bulbs and Fuses?

The Residential Tenancies Act states and landlord is responsible for:
making sure all light bulbs and fuses are in place and working when thte tenant moves in
  • replacing light bulbs in hallways and other common areas like laundry and recreational rooms and parking lots
  • repairing light fistures in hallways and other common areas like laundry and recreational rooms, paking lots and in rental units

They also state a Tenant is responsible for:

  • replacing light bulbs in their rental unit during tenancy
  • making sure all light bulbs are in place and working when they move out
  • replacing standard fuses in their unit
  • making sure fuses are in place and working when they move out
Therefore, all you need to do is make sure the light bulbs and fuses are working when your tenant moves in, and you don't need to go out at 2:00 in the morning to change a fuse!

Sleep tight...

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.

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Thursday, January 7, 2010

Now available: 2BR condo on Kenaston in the Ponds complex!






New Vacancy: 2 Bedroom condominium located in the "Ponds" complex on Kenaston behind the Superstore located close to the corner of Grant and Kenaston in River Heights!

This unit is completely renovated, and ready to move in! It has 2 floors, a private balcony, wood burning fireplace and insuite laundry (new front loading washer and dryers!)


Rent includes cable, water TWO parking spots and access to the pool and fitness facility.

This one won't last, so call us now if you or someone you know wants to live in this super convenient location!

Price: $950 + hydro!

See more details about this unit 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 and retaining happy tenants.

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Tuesday, January 5, 2010

Landlord Series - Late Fees

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 Late Fees.


What is a late fee? It is a fee charged to a tenant when they don't pay their rent on time. According to the Residential Tenancies Branch, you need to inform the tenant of this in writing:


  • on a tenancy agreement
  • on a Rules and Regulations document
  • on a separate notice given directly to a tenant (you can't post it in your lobby of your apartment block)

Once the tenant knows about the fee, a landlord is entitiled to charge it.

How much can you charge?

You are allowed to charge $5.00 for the first day, and $1.00 per day, to a maximum of $65.00

For example: If your tenant pays their rent until the 8th of the month, you are entitled to charge $12.00 in late fees

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.



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Sunday, January 3, 2010

Landlord Series - Tenancy Agreement (part 3)

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 3).


In Part 2 we explained the Pros and Cons of leases (http://www.garamarkpropertymanagement.ca/news/2009/12/landlord-series-tenancy-agreements-part_30.htm)



Today we are going to explain the different term lengths of a lease.

There are two types of Tenancy Agreement terms: Fixed and Month to Month.

A Month to Month agreement is exactly the way it sounds: It is an agreement that continues on from Month to Month until the tenant gives a months notice and moves out.

A Fixed Term agreement is an agreement made between the landlord and tenant for a specified period of time. The most common length of time is a year.

Many landlords prefer the Month to Month lease because they think that it will be easier to evict a tenant. This is false! As long as a tenant is paying rent in your rental property, there are only a small handlful of legal reasons to terminate a Tenancy Agreement.


A fixed term agreement may be more work because you need to give the tenant 3 months notice to renew their lease, but we like the fixed term agreement for the following reasons:

(1) A tenant is more likely to stay the entire year, creating less turnover in your property
(2) If a tenant wants to move mid-agreement, they have to sublet the unit themselves
(3) Most lending institutions require a lease to be in place for funding, and they prefer (some require) a year lease to prove stability within your rental property

Therefore, even though it may be more work to maintain a lease, the long term benefits outweigh the negatives!

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.

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Friday, January 1, 2010

Happy New Year! And Welcome To The 1% Rent Increase!

As you wake up and recover from your 2009 Goodbye celebration its time to get back to business...and the allowable annual rent increase announced by the Province of Manitoba of:


ONE PERCENT!!!

"But..." you sputter

"That's crazy!!! That doesn't even begin to cover the costs of utility increases last year, nevermind the increases in trade labour, building materials, property tax..."

Last year's increase was 2.5%, which by historical standards is fairly high (sigh... why do we own property in this province?)

From 1993 to 2000, the rent increase was also set at 1%. It went up slightly in 2004 and 2005 to 1.5%, 2.5% in 2006 and 2007 and dropped slighly to 2% in 2008.

What is the highest increase (as posted on the RTB website)? 9% in 1982!

Still: the average rent increase for the past 10 years is 1.8 percent. Doesn't really help an average landlord, and makes it difficult to operate a rental property in Manitoba.

Under the Residential Tenancies Act, tenants must be given proper written notice at least three months before the rent increase takes effect. A notice to increase rent must meet the requirements of The Residential Tenancies Act. The guideline applies to rented residential apartments, single rooms, houses and duplexes.

What else can you do? Contact us and we can further explain some different strategies increase your rent above these restrictive guidelines.

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.

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