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There’s just under one week until recreational cannabis becomes a legal product throughout Canada which poses new concerns for property managers, property owners, and tenants alike.  Regardless of which side of the fence you are on regarding the use of cannabis, there are several challenges that will be brought upon the multi-family industry now that growers, smokers, and objectors may be living side-by-side under a...

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There is no way to avoid inspecting your rental units on a regular basis.  Whether it’s part of the move-in process with a new tenant, an annual condition inspection, or a pre-moveout inspection to determine the work required to prepare the unit for a new tenant, identifying the key areas and components to check can speed up the process and ensure your units remain in...

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Owning rental properties comes with a variety of challenges, not the least of which is starting and maintaining a positive relationship with your tenants.  From an owner or property managers point of view, you want your tenants to rent your units, enjoy their experience in their unit, and have as few issues as possible during their tenancy.  The tenants want to be sure they have...

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  Capital improvement budgeting is an annual requirement. Sometimes finding the data from your expenditures last year to help you plan your budget can be a paperwork nightmare. What are capital improvements? They are major repairs, replacements and upgrades, which require larger – and not always planned-for – outlays of time, effort and expense.  Capital expenditures can include replacing appliances, kitchen cabinetry, mechanical systems, and even...

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  Do you conduct unit inspections in your building just because you have to? Many people do inspections without a real goal, and they end up documenting simply the general condition of the unit. Does it really make a difference to know that Unit 2301 has carpet and Unit 3205 has parquet flooring?!? When you conduct an inspection of multifamily property, it’s an opportunity to collect information...

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Leveraging technology can bring greater efficiency and accuracy to the turnover and asset management processes. It is important that there is a measurable return on investment. The first to adopt will likely maintain their leadership in “ready to change” industry. The property management industry has become very sophisticated, managing large portfolios with hundreds of diverse assets. When you manage such a large portfolio and unit-turnover rates are...

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