Stonegate Property Management

Here is a before and after of plaster job fix. Unfortunately when dealing with older buildings is that you will have to deal with leaks. The good news is when this happens you can get the matter fixed with up to date modern parts, meaning it should leak again. Another thing you will have to deal with is the water damage. Its not an expensive fix but it is an eye sore. We are going to wait a few days to let it dry and then we will sand it down and paint it like new.

Today's project...new bathroom vanity. We decided to replace the old sink that was leaking and dated to a more modern sink with cabinets. keeping tenants happy is a great way to assure that your rents are paid on time.

As property managers, we can only do so much to enforce the rules and laws. However, when other tenants get involved we find that issues get resolved much quicker. We try to be on good terms with all tenants. We all work together for the common good.

When dealing with larger rental properties there is usually a laundry room. Here is something that happens every once in a while. People sometimes get so desperate for money they will break into our machines for a few bucks. Luckily we empty the money bins frequently. The bigger issue is we need to hire a repairman to fix the machines so they can be put in use again.

It's that time of the year again to get ready for the winter season. Last year there was a salt shortage so this year we pre-ordered two skids of salt to make sure we have enough. Even if we are left with extra, we can use it the following year.

TIP: Something to consider when owning property, especially multiple properties. It is to have a lockbox on site. This is a small box with a combination where you can place certain keys inside. The advantage is that if you ever have tradespeople, a Superintendant, real estate agent or yourself needs a key you can place it in here. We can tell you from experience that it has saved us A LOT of time. Oh, by the way, the cost of this lockbox is about $60. You can get fancier ones that you can control with WIFI as well.

There is a saying that you can only make a first impression once. This weeks project we are renovating a storage area to an office space. Painting, new floors and a kitchenette. However before anyone steps into the office e they have to walk up the stairs. They used to be dirty and neglected and now they are clean and vibrant. This office space is almost ready to start dealing with clients. Ohhhhh of course the landlord is happy as well since we turned a useless space into an income generating space.

Here is a project we are working on for one of our landlords. We are renovating a commercial unit for a future law office. With electricity becoming more expensive we decided to upgrade the lights to LED. They are energy efficient, brighter and will save on the electrical bill.

Something we can't stress enough is to have a list of great tradesmen on file. Thank you to "Walker Watt Roofing" for another great roof at one of our properties. We have done several roofs with these guys and their workmanship and service are second to none. With this project, we needed to replace the roof for a free-standing garage. Thanks to the relationship we have developed the roofers were able to get us a great deal and under budget. Landlords! Treat your trade workers well! You never know when you will need them! Walker Watt Roofing

Something we can't stress enough is.........regular maintenance. People think maintenance is expensive, but we can tell you that repairing is far more expensive. Here is a project we are working on right now. After 40 years of moisture coming in and flaking off the plaster, it's time for a new facelift.

Something to think about when renting out space is if the electricity is include or not included in the rent. We have a practice to always exclude electricity and make the tenant setup their own account. If the tenant doesn’t pay their bill the power company will come and shut it off. Be sure to write up your leases properly to avoid headaches.

Since we are a property management property, we often have rental listings. We use Kijiji, Facebook marketplace and other internet properties. Lately, we have been getting an increase of calls from people that claim they have international connections with renters for our properties which mitigates our risk and guarantee the rents. As appealing as this may seem.......NOTHING is guaranteed in real estate. Today on my Facebook newsfeed I saw a promotion of how to use Air BnB to become rich. So obviously the calls we are getting are from people with the dream of controlling other peoples real estate with little or no risk. Be warned! If you get the wrong tenant it WILL cost you thousands. What are your thoughts?