Managing a rental on your own can be a financially rewarding venture. However, it can also require a fair amount of your time, energy, and commitment. There are a lot of headaches and stresses that can come with taking care of your rental property, such as tenant issues, payments, and maintenance. You may consider hiring a property manager to alleviate some of the taxing work that goes into rental properties. Here are some reasons as to why hiring a property manager can be beneficial for you:

What a Property Manager Can Do

Rental Rates

A property manager will know how to set the correct rental rates. They’ll be well versed in knowing what to charge, as they’ll study the market to select the correct rate for your property. This way, they can ensure you get the right amount of monthly income, rather than you having to ballpark it yourself.

Find Tenants 

An experienced property manager will know the right kind of tenants to rent your space to. They will do any background or criminal record checks, verify employment, collect references, etc. A property manager will ensure that your tenant will be a good fit.

Manage Tenants 

Managing tenants on your own can be hectic. Your property manager will manage every aspect of the landlord/tenant process, such as routine inspections, conflict resolutions, and maintenance. They’ll act as the buffer between you and the tenants. This way, you won’t have to risk  ever getting personally involved. 

Maintenance Calls

At some point, a landlord has had to make a house call related to something needing repair, replacement, or overall maintenance. It can take up a lot of your own time, as you’ll have to look for the right vendor and get a fair rate for repairs. The property manager will take care of all of that for you so that you won’t have to stress about those issues on your own. 

Vendor Relationships 

Property managers tend to have a good relationship with contractors, suppliers, trades people, and maintenance workers. It is a massive benefit if you expect to keep your property up and running without having to do all the work yourself. Your manager will find the best services for the best prices. 

Collect/Deposit Payments 

Securing payment from clients can be a difficult task when doing it yourself. A property management company knows how to take care of these situations effectively and efficiently. 

They Know the Law

A property manager should be well acquainted with the law. You don’t want to make a mistake and end up being accused of discrimination. A property manager will know the housing laws and will be able to avoid any legal issues, as well as understand how the laws in your city work. If an eviction becomes necessary, your property manager will be able to handle it. 

Marketing/Advertising 

Property managers are experienced when it comes to marketing properties. They’ll be able to properly advertise your space to create appeal so that you can get tenants quicker than doing it on your own. Managing a property on your own can be a long, tiring, and hectic process. Save yourself the trouble and hire Premier Property Management Solutions in Winnipeg. They’ll ensure you’re given the best services possible so that your residential or commercial property is a success.

As a landlord, one of your biggest concerns when it comes to your rental property is whether your tenants will be good or bad. There are many horror stories out there about bad tenants, and you don’t want to be the victim of one of them.

You may be stuck with a dilemma: You want to rent out your property as soon as possible, but you also want to ensure you pick respectful residents. The question is, how do you find good tenants for your house, condo, or apartment? 

Here are some helpful tips for you to utilize in your search for the perfect tenants:

Create a Rental Application

Creating a rental application is an excellent first step in deciding what kind of tenants you want. However, knowing what questions to include can be complex and confusing. With the right set of questions, you’ll have a better understanding of who has the potential of being a spectacular tenant.

What To Ask For

• Personal references 
• Employment history 
• Any previous rental history 

In addition to these inquiries, you may also want to state your requirements for the rental space, which can include:

• Specification of the rental price
• Whether you allow pets or not
• A required credit score
• No previous evictions 
• No smoking in the home 

This type of information will help when identifying the right tenant for your rental space. 

Advertise the Rental Property

There are several ways to advertise your rental space. With the rise of the internet, there are many options to consider, whether it’s using Kijiji or other reliable rental websites to list your property in Canada.

What To Include

When creating the advertisement, ensure that the photos you take of the location are clear and up to date. The last thing you want is to deceive your future tenant. When writing about the rental property, you’ll want to break down the basics and specify what people may be looking for. E.g.,  $1050 – 2 bed/1 bath apartment with balcony and in-suite laundry.

Write some brief descriptions of the property and area, including the following:

• Specifications of the property’s best features and functions, such as whether it’s near a park, school, or mall, or has a fireplace, swimming pool, storage unit, etc. 
• Discuss the area and neighbourhood. Use positive and descriptive words to boost their appeal. 
• Details about the rental, like whether it’s pet friendly, has a laundry machine, new renovations, etc. 
• Include contact information for serious inquiries and details about the application process. 

The Selection Process

You may get several interested individuals or few to none. Be patient and do the proper background checks when going over seriously interested applicants. You may also want to brush up on the human rights code when it comes to rental housing.

What To Check For

The things you may want to check on include:

• The status of their employment
• Income requirement
• Whether they have pets
• Eviction history 
• Any previous felonies
• Landlord references

Checking the boxes can narrow down the best possible applicant for your rental property. 

Meet & Greet

It wouldn’t hurt to meet your potential tenant and show them the place. Most people will want to see the location before they get serious about wanting to move in. The meet and greet process is a good way for you to get a sense of what the applicant is like and whether you think they will be a good fit.

Remember to be respectful and as open as possible. Creating a welcome and trusting relationship with a potential tenant will go a long way in making sure your rental property will be treated well. There are many challenges when it comes to finding the perfect candidate for your rental property, and it can be overwhelming. There are Winnipeg property management companies that will do it all for you. Skip over the trials and tribulations of marketing and maintaining your property on your own, and meet with us today!

Every landlord hopes for the perfect tenant—one who pays their rent on time, doesn’t cause issues for the neighbours, and keeps the unit in good condition. But for one reason or another, you might end up with a tenant who does more harm than good.

This can raise a few questions. You might wonder: Is it legal to evict a tenant in Manitoba? And if you need to terminate a lease, what does that process look like? 

There are a lot of misconceptions about evictions. We’re going to explain what the process is to end a tenancy:

Reasons To Evict a Tenant

A landlord can’t choose to evict a tenant simply because they don’t like them—that’s discriminatory. A landlord can issue an eviction notice for any of the following reasons:

• The tenant is committing unlawful activities on the property
• Repeated late payments of rent
• Disturbing other tenants or neighbours
• Damaging the unit
• Not paying rent

In these cases, a landlord is within their rights to evict a tenant. 

What if you’re selling your rental property?

You might end a tenancy if you plan to sell your property. However, the process is a bit different than evicting a tenant for criminal activity or non-payment of rent. 

The landlord must give their tenant 3 months’ notice from the date of a signed accepted offer. The eviction notice should be handed to the tenant. The landlord will also be responsible for paying the moving fees up to $500. 

If the tenant has school-aged children and the notice is given during the school year, that tenant can remain in the unit until the school year is finished. 

Issuing an Eviction Notice

If you want to end a tenancy, what are your options? First, landlords must use a notice of termination form provided by the Residential Tenancies Branch. There are several forms available for various termination reasons, which you can view here. 

An eviction notice needs to be handed to the tenant in person. It should include the names of each tenant at the unit. Are you having trouble delivering an eviction notice to your tenant? If so, contact the RTB for alternate methods of issuing the notice.

What if the tenant won’t leave?

You can arrange for a hearing by applying for an Order of Possession. When you apply, you are given a hearing date as well as the documents to serve the tenant. This must be served in person to the tenant or an adult at the property. 

Once served, you must fill out a Statement of Declaration with the details of when, where, and who was served. This has to be signed in front of a Commissioner of Oaths and submitted with your evidence before the hearing. 

At the hearing, the RTB will decide whether to grant the landlord with the Order of Possession. This order is legally binding and will have the date on it that the tenant must move out. 

If the tenant still refuses to move, the landlord can use the Order of Possession to obtain a Writ from the Court of Queen’s Bench and have the tenant forcibly removed.

Talk to a Property Manager

Evicting a tenant is not a simple process. If you don’t do things correctly, you could end up in legal trouble. Luckily, there’s a way to simplify this process: By working with a property manager. As part of our property management solutions in Winnipeg, we offer assistance with RTB relations. We’ll take care of everything from eviction notices to orders of possession. At Premier Property Solutions, we’re here to help you with the responsibilities of managing a property. To learn more, contact us today.

If you’re looking for investment opportunities that can help you turn a profit, investing in real estate can provide you with multiple options. While some people may consider stocks a reliable alternative, you don’t have much control over the companies they invest in. With real estate, investors have the potential to do a lot more with their property; they can buy, sell, rent, or lease their real estate and generate more profit.

However, with many horror stories about real estate investments gone wrong, many of you may still be wondering: Is real estate a good investment? 

The Advantages of Real Estate Investment 

There are many advantageous ways you can benefit from investing in real estate, whether it’s buying the property for yourself or renting it out. You won’t be short on the options that real estate can offer.

Equity 

The biggest advantage when it comes to buying a home is that you’re already technically investing. Not only are you purchasing a place to reside, but you’re putting your money toward a long-term investment known as equity. 

Home equity is considered an asset, just like any other personal property of significant value, such as a vehicle. The more money you invest, the more ownership you claim over it, and the more valuable it can become. So, as you make more and more monthly payments, your equity will go up in value. If you plan on doing some renovations or keeping up with general home maintenance, your equity can begin to increase. 

After a year of living in your new home, you can claim it as a principal residence. The bonus about this is that you can receive a tax exemption. 

Rent Out 

Statistics from the Government of Canada show that nearly 30% of Canadians rent their home, and that number will only be growing. Renting out your residential property and becoming a landlord can be a profitable choice. You can rent out homes, apartments, condos, duplexes, and townhouses, which can provide a steady cash flow.

However, you’ll want to ensure that the rental property is located in a desirable area and that the responsibility of maintaining the property will be in your control. It’s a lot of responsibility, so make sure you go over all the factors involved in renting out your property. 

House Flipping 

House flipping is a popular real estate investment method that requires a lot of hard work and dedication. The process of finding a residential property to flip can be as lengthy as the time it takes to do the flipping. First, you have to find a home that needs dire repairs and renovations. As you make those changes, the value of the home can go up. Once it’s finished, you can sell it for a higher price than what you invested. It’s not an entirely easy process, but it’s always an alternative way to make money on real estate.

Vacation Property

You don’t strictly have to invest in property that will house someone. Instead, you can use your real estate property as a vacation property to accommodate tourists, much like Airbnb. You could look at properties near frequently visited Canadian destinations, such as Niagara Falls, Blue Mountain, or big cities like Toronto, Quebec, or Vancouver. 

While there are potential risk factors involved in real estate investments, there are always potential benefits that you can accrue from purchasing a property. Are you searching for the best ways to reap benefits from your residential or commercial property? Get expert assistance from reliable Winnipeg property management services. We can provide marketing services, tenant selection, maintenance, and more when you contact us today

WINNIPEG, MB: Premier Property Solutions Inc., a top-rated real estate management company, is opening a new office in 2023 at D-194 Osborne Street. 

Their previous location was at 863 Elm Street in River Heights. The team at Premier Property Solutions is looking forward to being part of the Osborne community. The company decided to move locations to accommodate its growing team and better serve its clients across Winnipeg. 

Osborne Village is known for its vibrant arts and culture scene, along with a diverse collection of local businesses. It’s also home to a residential sector, marked by high-rise condo buildings and apartment blocks.  

“We are looking forward to being a part of the Osborne Village Biz,” said Nik Fast, the Director of Premier Property Solutions Inc. “We manage a number of buildings in the neighbourhood, and we’re looking to establish ourselves as the go-to for Village management.”

Premier Property Solutions was founded when the owner, Nik Fast, struggled to find a real estate manager to assist with his properties. He decided to launch his own business to help other property owners in Winnipeg.

A property manager helps real estate owners look after all aspects of managing their buildings. If the owner needs a tenant, the property manager will assist by processing applications and performing background checks. 

A property management company will also help the owner advertise their listing on a variety of platforms, including Facebook Marketplace, Instagram, and/or through physical signage. 

Another important service that property managers offer is maintenance. When an important appliance breaks at a building, the property manager will arrange repair services to solve the problem. They can also coordinate major renovations of the property to increase its value. 

If the tenant and building owner are in a dispute, the property manager can assist with contacting the Residential Tenancies Branch (RTB) to resolve the issue.

Premier Property Solutions Inc. is a leading provider of property management in Winnipeg. The company’s services include tenant selection, marketing, reporting, maintenance, RTB relations, and rent collections. 

This new location marks another milestone in the growth of the company. Presently, the team at Premier Property Solutions Inc. manages over 450 residential properties in the city, along with 25+ commercial units. Its commercial units include industrial, office, and retail spaces. 

Premier Property Solutions Inc. was incorporated in 2015, registered with the Securities Commission in early 2016, and is a member of the Professional Property Managers Association. For more information about the company and the services it provides, visit its website at https://premierpropertysolutions.ca/. 

Single Homes, Duplexes, and Triplexes 

First, to understand how to apply rental rates to houses of different sizes, you must know the general descriptions of these properties. 

Single-Family Home

According to Realtor.com, a single-family home is described as “a structure maintained and used as a single dwelling unit.” A single dwelling means that it is built for one person or family. 

The benefits included in renting out a single-family home are:

• Long-Term Tenants: Single-family homes are more likely to attract longer-term tenants. Most people that rent out single-family homes are families or couples. Usually, these types of tenants tend to be more financially stable than single tenants.
• Low Property Tax: While this may not be a standard rule for property taxes, single-family home property taxes tend to be less expensive than multi-family homes.
• Lower Management: If you plan on renting out a single-family home, you’ll find that it’s generally easier than managing duplexes or triplexes. With bigger properties, there will be more for you to worry about when it comes to maintenance. 
• Resale Value: Single-family homes are easier to maintain, and if properly taken care of, you can hold onto the resale value. 

Duplexes & Triplexes 

A duplex is considered one of two dwellings and can be built in one of two ways. 

• Over-Under: One part of the dwelling is located on the bottom floor, while the other is located on the top.
• Side-by-Side: One dwelling is on the right, and one is on the left, sharing a single wall.

A triplex is a building that connects three separate residential units into one structure. It’s essentially like a duplex, but there are three residences instead of two. A triplex can share one or two common walls and is typically built to serve three different units. 

While there is a lot more work required with renting a duplex or triplex property, there are many other aspects to consider as well:

• Mortgage Payments: Whether you’re choosing to live in one part of the duplex/triplex or rent out the extra dwellings, you will be able to garner the income from your tenants and put it toward the mortgage 
• Tax Benefits: If you reside in one part of the dwelling, you can write off that side. If you rent out the other sides, you can receive additional write-offs for repair and renovation costs. 
• Maintenance Costs: Duplexes and triplexes will usually have higher maintenance costs than a single-family home, but utility costs can be written off. 

Rental Rate Considerations 

When considering the rental rate, look at the following factors to best determine what makes the most sense for your financial situation:

• Cost of the mortgage
• Maintenance costs
• Property tax
• Cost of amenities 

To gain a better understanding of what prices are ideal, look at other competitors. Research and see what the average rate is for the type of property you want to rent out. Consider the appearance and condition of the property, the neighbourhood it’s located in, and the type of tenants you want to attract. 

Renting out your single residential home, duplex, or triplex can prove to be a difficult experience. If you’re looking for assistance in tenant selection, maintenance, marketing, or require further information about the rental process, get the most out of our reliable real estate management in Winnipeg. We know the ins and outs of the commercial and residential property game. Contact us for assistance today!