CAM September 2014

CANADA’S NATIONAL PUBLICATION FOR APARTMENT OWNERS AND MANAGERS

VOLUME 11 / NUMBER 4 / SEPTEMBER 2014

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DOING IT THEIR WAY

Family-owned Cando Apartments takes on the big guys

Headline body copy Finance Issue: Rental market PA R T O Fupdate THE Benchmarking tips

PM#40063056

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Editor’s Note

Managing the Money Flow When it comes to our physical health, many factors play a role.

Diet, exercise, sleep, stress, genetics, and even the environment contribute to our overall well-being. The same holds true for apartment buildings. From damage caused by weather, to the “inner climate” felt as a result of exceptional (or poor) customer service, how a property manager maintains his or her rental community has a lot to do with that community’s success.

And, flowing readily at the centre of it all, like blood pumping to and from a beating heart, is money. For building owners, the continual flow of money is critical—with the obvious goal being to have more of it pumping in as opposed to out.

In this issue, we take a look at some of the financial realities of owning an apartment building. Up front, we feature CMHC’s market survey results, as well as RealNet’s data on the GTA’s recent notable transactions. In our marketing section we offer some important tips for benchmarking your building against the competition, while our finance feature forecasts the industry’s movement in the coming months and beyond.

Cando Apartments is the small but mighty property management firm featured in our profile. The father-son duo has been actively rebranding their company for the past year, and the results of their efforts can be found on page 18.

We hope you enjoy the issue, and we look forward to a great last quarter of 2014.

Sincerely, Erin Ruddy

Quoteworthy

Erin Ruddy

Editor

Publisher Paul Murphy paulm@mediaedge.ca

(416) 512-8186 ext. 264 Senior Designer

Annette Carlucci

Designer

Jennifer Carter

Production Manager Rachel Selbie Contributing Writers P eter Cook, Robert Fleet, Paula Gasparro, Derek Lobo, Jessica Green, Chaim Rivlin, Andy Schwartze, and Chris Seepe Circulation

Gill Daniels

For sales information call (416) 512-8186 ext. 264 Canadian Apartment Magazine is published six times a year by:

5255 Yonge St., Suite 1000 Toronto, Ontario M2N 6P4 E-mail: info@mediaedge.ca

Tel: (416) 512-8186 Fax: (416) 512-8344

“Even though we are a small to medium-sized management firm, we operate like a company double or even triple the size.”

- Jeff Birman

President Kevin Brown Copyright 2014 Canada Post Canadian Publications Mail Sales Product Agreement No. 40063056 ISSN 1712-140X

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CONTENTS COVER STORY 16 Creating Continuity

In an industry known for gobbling up the little guy, Cando Apartments strives to build a long-lasting brand

By Erin Ruddy

FEATURES 14 Tips for Maximizing your Sale

By Erin Ruddy

36 Thermoplastic Finishes

By Brian Burton

COLUMNS 8

Transactions GTA New & Notables

By Richard Vilner

10 CMHC Canadian Rental Market Survey

By Paula Gasparro 12 Financing A Year in Review

By Peter Cook and Robert Fleet 24 Portfolio Growing Demand for Family-Friendly Apartments

By Derek Lobo 28 Management The Changing Face of Service

By Jessica Green 32 Insurance Playing with Perspective

By Andy Schwartze 34 Marketing Benchmarking your Rental Property

By Chaim Rivlin

DEPARTMENTS 4

Editor’s Note

46 Smart Ideas

COLUMNISTS Peter Cook, Robert Fleet, Paula Gasparro, Jessica Green, Derek Lobo, Andy Schwartze, Richard Vilner

6 www.canadianapartmentmagazine.ca

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Transactions

GTA Apartment Transactions September 2014

By Richard Vilner

For the month of September, there were a total of thirteen apartment transactions that sold for over one million dollars in the Greater Toronto Area. The total dollar volume for these transactions amounted to $90,743,000. The average price per unit was $207,105 and the average capitalization rate was 4.81 percent.

NEW & NOTABLE TRANSACTION: 22 – 24 THORBURN AVENUE

Located south of King Street West and west of Dufferin Street, this property is improved with a three-storey apartment building containing a total of eight units.

The building was purchased for a total consideration of $1,970,000, representing a price per unit of $246,250. The asking price for this property was $2,200,000.

The transaction was brokered by RE/MAX West Realty and Weiss Realty Ltd. The property was on the market for approximately three months and at the time of sale the building had no vacancy.

Date of Sale: September 29, 2014 Sale Price: $1,970,000 Capitalization Rate: 5.7% Total # of Units: 8

Price per Unit: $246,250 Brokers: RE/MAX West Realty and Weiss Realty Ltd.

Top Five Multi-Residential Sales GTA - September 2014 Transaction Date 14-09-09 14-09-11 14-09-12 14-09-30 14-09-30

Transaction Name 3455 Glen Erin Drive 580 The East Mall 2100 Camilla Road Eden Manor 1491 Wilson Avenue

8 www.canadianapartmentmagazine.ca

Municipality Mississauga Etobicoke Mississauga Toronto North York

Price $32,000,000 $18,300,000 $14,360,000 $5,550,000 $5,078,000

Size (Units) 163 122 103 33 40

Price/Unit $196,319.00 $150,000.00 $139,417.00 $168,181.81 $126,950.00

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TOP FIVE TRANSACTIONS

The top five apartment transactions for September, by dollar volume, in the Greater Toronto Area totalled $75,288,000, representing an average price per unit of $156,174.

When compared to a year ago, the total dollar volume of the five largest multiresidential transactions in September 2013 totalled $67,139,000, with an average price per unit of $149,423.

On a price per unit basis, this represents an increase of five percent year-over-year.

A month earlier, the top five apartment transactions in August 2014 amounted to a lower dollar volume of $19,460,000, however, these five transactions represented a significantly higher price per unit of $213,447.

This article was written by Richard Vilner, Research Manager at RealNet Canada Inc. Contact Richard at: rvilner@realnet.ca.

RealNet Canada Inc. is the leading real estate information services company in Canada, powering the decisions of firms involved in approximately 75% of the market activity. www.realnet.ca September 2014 9 Untitled-1 1

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CMHC

Canadian Rental Market Survey Vacancy Rates Remain Steady in 2014

By Paula Gasparro

Twice a year, in April and October, CMHC conducts a Rental Market Survey to provide vacancy, availability and rent information on privately initiated structures in all centres with populations of 10,000 and more across Canada. Reports are released in June and December.

The spring survey covers apartment and row structures containing at least three rental units, and, unlike the fall survey, does not report information on smaller geographic zones within centres; and secondary rental markets (rented condominium apartments, single detached, semi-detached, duplexes or accessory apartments).

10 www.canadianapartmentmagazine.ca

According to the CMHC’s spring Rental Market Survey, the average vacancy rate for primary purpose-built apartments in Canada’s 35 major centres was 2.7 per cent in April 2014, unchanged from April 2013.

“The stability of the national vacancy rate is due to supply and demand factors,” said

CMHC Bruno Duhamel, Manager of Economic and Housing Analysis. “Demand for rental housing continues to be supported by population gains from net migration and stable employment levels for young workers aged 20 to 24.”

The results of CMHC’s spring survey also revealed that major centres with the lowest vacancy rates in April 2014 were Edmonton and Calgary (1.4 per cent each) and Kelowna (1.5 per cent). The major centres with the highest vacancy rates were Moncton (10.7 per cent), Saint John (10.0 per cent), and Charlottetown (8.7 per cent).

The Canadian average two-bedroom rent in new and existing structures was $930 in April 2014. With respect to the census metropolitan areas, the highest average monthly rents for two-bedroom apartments were in Vancouver ($1,274), Calgary ($1,267), and Toronto ($1,241). The lowest average monthly rents for two-bedroom apartments were in Saguenay ($562), Trois-Rivières ($571) and Sherbrooke ($594).

Is there a “Housing Bubble” in Canada?

CMHC continuously monitors housing market conditions, including house prices. Overall, demographic and economic factors continue to support the Canadian housing market, including growth in employment, and net migration.

However, there are some centres that CMHC is monitoring more closely. CMHC is looking at a number of indicators, including supply and demand, accelerating trends in house prices, house price valuations and inventories of completed and unoccupied units.

It has been suggested that Canadian housing markets would experience the same severe adjustments as happened in U.S. markets; however, this has not materialized.

Canadian housing markets are less exposed to some of the risks that shaped the recent U.S. experience. The sub-prime market, in particular, has never been a major market in Canada, while Canadian credit lending standards remain more rigorous than in the United States.

information. Whether you are looking for up-to-date high-level national and provincial housing statistics or want to drill down to local data for specific cities and neighbourhoods, this user-friendly tool gives you access in a matter of seconds whenever you need support in making strategic business decisions.

This new web tool offers four different ways of accessing information depending on the user’s needs: At-a-Glance, Compare, Tables and Publications. Each view has a map-based interface, making access to geography-specific information you want quick and easy. A state-of-the-art search function with drop down menu provides an alternate method to refine your search from the national to the neighbourhood level. You can produce customized reports in a range of formats (PDF or CSV) and export them to share with clients, stakeholders and colleagues via e-mail, Facebook, LinkedIn, Google and Twitter.

The Housing Market Information Portal will be demonstrated this fall at CMHC’s Housing Outlook Conferences. The conferences are held across the country

Facts, analysis and forecasts CMHC has created a new web application to provide clients with greater flexibility and enhanced accessibility in the retrieval of relevant statistical housing data and information. The Housing Market Information Portal, allows users to access and customize housing market

and each program is tailored to the specific local markets. They are designed to help you understand new trends in the market place, identify new markets and investment opportunities, determine consumer housing preferences, make business decisions or plan your business strategy and earn education credits.

For more information on CMHC’s Market Analysis Centre, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/ housingmarketinformation.

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Finance

2014 A Year in Review Reflecting Back on 2014; Looking Ahead at the Future

By Peter Cook and Robert Fleet

With 2014 winding to a finish, First National’s Peter Cook and Robert Fleet answer some important questions about apartment financing in today’s competitive market. Read on for their thoughts on rates, trends and a glimpse at what they believe is in store for 2015.

For more financial tips, visit

12 www.canadianapartmentmagazine.ca

How much impact do global markets have on interest rates here in Canada?

U.S. and global economic news will significantly influence Canadian bond rates. In an increasingly global economy, the strengths and challenges abroad can have a large impact in Canada. If you look back on 2014, investors had a lot to digest. Ebola, ISIS, conflicts in Ukraine and the Middle East, as well as sparring between Russia and the West, have had a significant impact on interest rates. All of this bad news is positive for borrowers as bond rates continue their decline.

Where have interest rates gone in 2014?

In January of 2014 bond rates were at their highest point since July of 2011. Early in the first quarter bond rates declined sharply. During the second and third quarter this decline continued at a much slower pace. Early in the fourth quarter there has been another sharp decline in bond rates largely due to the instability of global markets. As of October 15th of this year the five year bond has dropped over 40 basis points and the ten year bond is down approximately 75 basis points.

Finance

What were apartment building sales in Canada like in 2014?

Sales have declined over 30 percent in 2014 compared to the previous year. The shortage of supply continues to contribute to a seller’s market. Prices continue to climb to record highs with the average per suite sale price exceeding 30 percent from the prior 12 months. Offers to purchase with no or few conditions are now the expected.

What recent trends have you noticed in the apartment market?

The number one trend is an increase in the number of applications for purpose built rental construction loans. There are many reasons for this: • Increasing demand for high-end rentals • cooling of the condo market • extremely low cap rates • shortage of rental supply • low cost of borrowing for construction financing • Aging rental stock requiring extensive capital improvements Another trend we have noticed is many of our clients are taking advantage of the low rates and unlocking equity to make major capital improvements to their buildings. Landlords have also been borrowing to improve curb appeal, add amenities, green their buildings and modernize suites to increase rents.

Where are we heading in 2015?

We expect that 2015 will continue to be a seller’s market with strong demand for multi-family properties. We also anticipate that we will see even greater construction activity across Canada in the apartment sector. Landlords will continue to re-invest in their properties by taking advantage of the low rates.

The speculation by many experts these days seems to be rates will eventually increase over the next few years. This will happen if there is a firm economic recovery and we overcome the most recent global turmoil. However in our opinion we are not convinced these conditions will improve anytime soon. Borrowers should be grateful for extremely low interest rates currently available to refinance or acquire new properties.

Peter Cook (pcook@firstnational.ca, 416-593-2913) and Robert Fleet (robert.fleet@ firstnational.ca, 905-301-3449) are Apartment Financing Specialists with First National Financial LP. Together they have originated over $3 billion of mortgages and their combined 32 years of experience with mortgage financing has led to frequent speaking engagements across the country.

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Finance Feature

Tips for Maximizing your Sale Every Successful Transaction Starts with the Right Brokerage

By Erin Ruddy

When it comes to selling an apartment building, there are many factors property owners should consider before diving into, what for most, is an intensely complicated process. Among those factors, and perhaps the most important of them all, is choosing the right brokerage to engage the right buyers.

Cliff Ford is the director of sales and marketing at Skyview Realty Limited. As someone who has been facilitating this process for more than seven years, Ford offers the following guidelines for finding a brokerage firm to foster successful transactions and ensure the highest results.

right brokerage will use what is called target marketing. “Using multiple forms of communication, your brokerage should identify the best strategy to reach all buyers in the apartment building industry directly, resulting in you getting the most efficient marketing results,” he says.

Go with experience Real estate markets change from year to year, even from month to month. “When dealing with a brokerage firm, owners need to find the delicate balance of experience, coupled with the up-to-date understanding of today’s current marketplace and trends,” says Ford. “Experience alone will fail to provide strategies that reflect current trends in the industry.” On the other hand, a brokerage firm lacking in experience will not be able to accurately predict and prepare for upcoming trends.

Find someone connected The ideal brokerage is connected not only to you, but also to a network of current buyers. When you are ready for your property to be listed, Ford says your brokerage should already have contacts with potential buyers and know who would be the right fit for your building.

Look out for number one Ford advises that above all else, apartment building owners choose a brokerage that looks after their interests and works hard to achieve their trust, confidence and commitment. “Your brokerage should ultimately be looking to serve your needs throughout the process of selling,” he advises.

Take the right approach While some brokerages focus on the approach of, “Bring me an offer, any offer,” Ford points out that finding the right buyer with the right offer is the better way to go. “A good brokerage will bring the right people to the table to help you sell your building,” he says.

Know your value Many brokerages waste valuable time and resources trying to pinpoint the market value for a building. “The right brokerage will have the knowledge and experience to provide an accurate opinion of value prior to even listing your building,” says Ford. “Knowing what your building is worth will help you get the right return on your investment.”

Get maximum exposure Marketing is not just a matter of using one or two forms of communication to blanket the market in hopes of finding potential buyers; to properly market a property, the 14 www.canadianapartmentmagazine.ca

Remember, established is good Along with knowledge of current buyers, a brokerage should have already established relationships with other companies in the industry—appraisers, environmental and structural inspectors, financial institutions, and other key players.

“Having an established network of industry professionals can assist you in bringing your transaction to a quicker close,” he says.

Look beyond the offer Many real estate transactions fail at the most crucial stage: the due diligence process. “Having a brokerage that engages in a thorough due diligence process ensures that your building’s information is verified for the buyer and your transaction closes smoothly and promptly.”

Get what you pay for “Whether you are paying a low or high commission fee to the brokerage of your choice,” says Ford,” you need to be confident in the level of service you received. The right brokerage will be dedicated to providing the ultimate service for the commission fees you pay.”

Finally, when all is said and done, Ford explains that the most important element in dealing with a brokerage firm is achieving top dollar for an apartment building. Finding the right brokerage— one that fulfills the above criteria—ensures that the owner walks away from every transaction with confidence, having received exceptional service, maximum exposure, hassle-free processes, and best of all, financial results.

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C C CREATING Cover Story

CONTINUIT

16 www.canadianapartmentmagazine.ca

C C TY

Cover Story

In an industry known for gobbling up the little guy, Cando Apartments strives to build a long-lasting brand

By Erin Ruddy

Harry and Jeff Birman are making the rounds, installing their newly unveiled Cando Apartment building signs. The first batch has already gone in. The towering grey slabs feature a red mounted “C”— a symbol the father-son duo hopes will soon become synonymous with the quality and care they believe Cando stands for.

September 2014 17

Cover Story

With approximately 3,000 rental units currently under its care, the small management firm has been committed to providing value to its residents since 1981, when Harry Birman started the company with only two apartment buildings—one in Mississauga and one in Scarborough. “Back in the day, I did everything,” he recounts. “I was a rent review consultant, a construction supervisor, as well as being the property manager. I wore at least three hats at all times. My office was eight feet by eight feet. I had one person who worked for me at the time, and she is still with Cando today.”

Cando has grown since then, responsible now for more than 25 buildings across the GTA with the help of eight fulltime office staff, 45 on-site managers and his son Jeff Birman, who officially joined the team in 2001. “A common issue with family businesses is how to ensure their future success when the next generation takes charge,” says Harry. “It’s difficult for some founding owners who have spent their life building up a business to let go of the reins and give the control to their successor.”

But Harry believes he is in good hands with his son Jeff, who currently runs the day-to-day operations of the business.

“His fresh ideas combined with my experience creates a solid foundation from which great results can be achieved,” he says.

“I’m the new blood,” adds Jeff. “The guy who offers new approaches and perspectives. Over time, things can get stale and that’s always the death of a business.”

One of Jeff’s recent initiatives has been the company’s new look. He has been working on re-branding, starting with the striking new grey signs. Jeff believes that developing Cando’s brand, or rather enhancing the one already engrained, will strengthen the corporate identity and establish continuity across all Cando properties, from the low-rise complexes of Oakville to the high-rise apartments of Scarborough. “In addition to brand recognition,” Jeff says, “I feel that the new signage elevates the properties and portrays the message that a professional and sophisticated management company is in charge.”

C Harry Birman

18 www.canadianapartmentmagazine.ca

Jeff Birman

“

A common issue with family businesses is how to ensure their future success when the next generation takes charge.”

- Harry Birman

Cover Story

Beyond the new signage, Cando is excited to be launching its new website later in the year. “We are just putting the finishing touches on it,” he says. “It will be fresh in its presentation and feel, but still remain very user-friendly for those searching for their next home.”

Jeff adds that his objectives go much deeper than establishing a brand identity for Cando—that the bigger goal is to deliver the service his residents have come to expect, so that they become lasting customers.

“Our residents know we provide reliable, professional service at all of our properties,” he says. “We want them to forego a short stay and make a Cando building their long-term home.

If someone is living in Scarborough and he’s happy with his apartment, we want him to stick with our brand when he moves to Toronto.”

The value of good staff Cando might be a family-run business but Jeff and Harry are the first to admit they couldn’t accomplish any of their goals without the support of a skilled and dedicated staff. “We are a small operator, so everyone at Cando plays an integral role in the success of the business—there’s no waste,” says Harry.

The Birmans feel that their dedication to hiring the best staff available is something that sets them apart from their competition. “We look for trained and educated individuals, but they also need to be problem solvers, therapists, communications specialists, and linguists,” says Jeff. “Even though we are a small to medium-sized management firm, we operate like a company double or even triple the size, only without the layers of hierarchy and inner-office politics.”

In keeping with larger companies, Cando holds regular status meetings and offers professional development training sessions to ensure that each of its staff members are qualified, informed and content in their individual duties. The company also rewards performance through a monetary bonus system. “In our business, we aim to reduce turnover,” says Jeff. “This not only applies to our residents, but also to our loyal employees who are motivated to do their best every day.”

Jeff says that if it weren’t for his staff, Cando would not be where it is today. “I believe our superintendents are the ‘front-line staff” of Cando. They are our customers’ first exposure to our brand and they are responsible for representing our company each and every day. I’m proud to say that we have many superintendents who have been with us for over 15 years.”

COI 003 7,125 x 4,75_Layout 1 2014-10-02 2:55 PM Page 1

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Cover Story

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- Harry Birman

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The benefits of being ‘boutique’ The Birmans feel that the pros of being small far outweigh the cons. “Larger firms can get bogged down in the burdens of a robust upper management.

Being lean gives us the advantage of being able to make decisions quickly, whether it’s about spending on capital repairs or the implementation of new corporate policy,” says Harry. “We offer a human element that might not exist at other management firms.”

To nurture and ensure this human element, Harry and Jeff personally visit each one of their buildings on a regular basis, getting to know residents while also enforcing their standard of cleanliness, safety, and maintenance. “By being present and seeing things with our own eyes,” says Jeff, “we can act quickly. If more security cameras are needed, for example, we don’t have to go through a lengthy approval process in order to get them.”

Cando might be small but the owners seem to like it that way. “Being on the small size doesn’t mean we can’t have a strong presence in the market,” says Jeff. “We are a diligent and proactive operator, and we are not afraid to evolve in order to give our customers the best living experience.”

Moving forward As Harry and Jeff make their rounds viewing the installation of their new rental signs, they can’t help but reflect on the past and present of Cando.

“We are an evolving company,” says Harry. “Some smaller companies get stuck and can’t keep up with the industry’s changing pace. We rebrand, we design new rental signs, we have on-site computers and our own proprietary software. In short, we keep up with technology.”

Harry says that this path of continued evolution and commitment to innovation has been a big part of their success. “Recognizing the need to be current and to not get left behind in the dark ages despite that we are on the smaller side, this is what has kept us going.”

And with a keen eye on the future, the Birmans hope the next 35 years are just as successful.

22 www.canadianapartmentmagazine.ca CertifiedBuilding_CAM_September_2014.indd 1

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Portfolio

Growing Demand for Family-Friendly Apartments Why Developers Should Address the Rising Family Market in the Downtown Core

By Derek Lobo

For those of us in the apartment business, it is a very good time to be a part of the purpose-built rental industry. Years of restrained supply and burgeoning demand for rental housing have created a perfect storm, making apartment buildings an excellent investment for developers.

While the downtown cores of most Canadian cities have become the exclusive domain of lavish condominium developments, we are now seeing a noticeable shift to high-quality rental apartment construction.

24 www.canadianapartmentmagazine.ca

Portfolio

For the past five years, downtown markets have been the focus of developers largely because that’s where demand for high quality housing has concentrated.

By and large, these developments have targeted young urban professionals, largely in their twenties, usually single and often childless. As a result, most new multi-family buildings in the downtowns of Canadian cities only offer bachelor or one bedroom units.

This is not a new trend. Although many downtown neighbourhoods are experiencing gentrification and, with it, increases in property values and rents, the sense that downtown is the place for young single people has been around for decades.

According to statistics from Canada Mortgage and Housing Corporation, fewer than 30 percent of all rental apartment units in downtown Toronto have two or more bedrooms. In neighbouring suburban TakeCover_CAM_August_2013_FINAL.pdf Mississauga, more than 60 percent of rental

units provide two or more bedrooms. Since the Second World War, the message to young people growing up in our downtowns has been: If you want to have a family, you must move to the suburbs.

However signs indicate that this trend is changing. In 2011, the City of Toronto released a study showing that most of the people living in the downtown core love where they live. Despite this fact, the survey also found that a substantial number of downtown residents saw themselves moving out of their apartments within the next five years. Why? The reasons given included that their accommodations were too small and unlikely to fit their lifestyle in the coming years. But where did most respondents want to move? To larger accommodations downtown.

According to the most recent Canadian census data, the population of downtown Toronto has increased by more than 50,000 residents between 2006 and 2011. Similar trends have been measured in other hot markets including Vancouver and Montreal.

Most of these new residents have been young urban professionals drawn to the amenities of the cities’ cores.

But young people don’t stay young. In the next five to ten years, many among this cohort will marry and begin to raise a family. As the Toronto study shows, they want to build a life for their new families downtown. The question is, will the apartment market cater to their needs?

Condominiums vs. apartments Condominium developers are focused on what will sell over the short term. In 1 13-07-22 2:54 PM contrast, apartment developers are in for the longer haul, so they need to think less

September 2014 25

Portfolio

about where the marketplace currently is, and more about where the marketplace will be in five to ten years.

Downtown neighbourhoods in Toronto and Montreal are beginning to defy old stereotypes. Their streets are as safe, if not safer than suburban neighbourhoods.

Downtown areas offer more amenities within walking distance. Some of Ontario’s best schools can be found in downtown Toronto. Well established parks, playgrounds, libraries and family attractions abound within the downtown core for parents and their kids.

Missing however are apartments that cater to families, and not just to young single professionals. Urgently needed are more apartments offering two and more bedrooms, apartments with safe and secure playgrounds and space for onsite childcare services.

Apartment developers who understand how to serve the needs of the young, affluent family will reap the benefits of being at the ground floor of a market

that is poised to grow significantly in the years to come.

As always, developers must carefully consider what and where to build before deciding to proceed with construction.

While it’s easy to see the overall trend, savvy developers should always commission a detailed feasibility study beforehand to ensure that a particular project is designed to meet the needs of the marketplace while also delivering the best return for the developer’s investment.

By leveraging the knowledge of a qualified and impartial third party with specific expertise in the rental apartment industry, developers can be sure that the insights and recommendations they receive are accurate and unbiased, so they can be certain of their next move.

Derek Lobo is the CEO and Broker of Record at Rock Advisors Inc., a brokerage firm with over a quarter-century of experience in purpose-built rental apartments. For more information about feasibility studies and new apartment construction, visit Rock’s website at www.rockadvisors.ca or e-mail Derek at dlobo@rockadvisors.ca.

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Management

The Changing Face of Service How Resident Portals, No-Membership Fitness Facilities and Art Installations Meet the Needs of the Modern Renter

By Jessica Green

A recent online survey conducted by RentShare indicated that some of the most popular features of an apartment building boil down to convenience and comfort: in-suite laundry facilities, recent renovations and access to parking all scored very high. In the same survey, renters were asked to name their biggest pet peeves. The top answer? Not enough quality services.

“Along with a solid management team, amenities and top-notch services are truly the difference-makers when it comes to retention,” says Trish Macpherson, VP Sales and Marketing at CAPREIT. “The key is to not only listen to the wants and needs of your residents, but to be constantly evolving and experimenting as well.”

With increased environmental awareness coupled with technological advances, it’s no wonder that today’s property management landscape looks very different than it did only a decade ago. Above and beyond the draw of traditional service offerings, apartment dwellers expect their properties to have a line-up of condoquality services that simplify the rental experience while making life a bit more enjoyable.

Go paperless We get it. Managing your rental office entirely on paper is comfortable and familiar. However, the advancements in digital storage, including reduced costs, now make it easier than ever to take your operations online and reduce the amount of paper you use. “Making the move to paperless record keeping has actually made us more organized,” says Michael Holmes, President & Chief Operating Officer, Larlyn Property Management Ltd. “It’s much 28 www.canadianapartmentmagazine.ca

easier to quickly access the information we need without having to sort through mountains of paper or filing cabinets.”

An online portal for renters to pay rent, open maintenance requests and connect with each other, is another desirable feature for both convenience and sustainability. PropertyVista, a Canadian web-based property management software developer, launched an online tenant portal to much fanfare and success. PropertyVista’s online portal allows property managers to send out information to residents about events and activities on-site, follow up on requests for services, and even allows potential residents to fill out an application—all without the need for paper. “The number one request from our renters was for an online option to pay rent,” adds Holmes. “Since we’ve added the PropertyVista portal, we’ve received numerous happy reviews for both the convenience and the ease of use. It’s also a huge selling point for potential renters that might be trying to decide between a few different properties. The one with the online portal will win nine times out of ten.”

Get a real gym Having a fitness centre integrated into your property is a huge selling point for potential renters, but it’s what’s inside that fitness centre

Management

that really counts. At 33 Davisville Avenue in Toronto, a CAPREIT building, a large, unused basement space was transformed into Striation 6 Exercise and Performance Centre, a revolutionary gym for the city’s midtown neighbourhood. Boasting fitness equipment that is exclusive to the facility, a team of professionals that hold some truly impressive fitness credentials, and a pay-per-use system, Striation 6 has become a runaway hit not just for CAPREIT residents, but for the entire Yonge/Davisville community.

“The addition of Striation 6 has had a profound impact on this property,” Macpherson explains. “We recognized that an amenity such as this should be open to the public, not just our residents. Now residents from other properties in the area are able to utilize this unique fitness centre without being tied down to a monthly gym membership.” For renters, having easy access to such an innovative facility adds immense value and encourages them to renew their lease year after year. “The convenience factor is key,” adds gym Co-Founder Brad Thorpe. “To accommodate every lifestyle, we

currently offer approximately 75 classes per week. Our goal is to eventually offer up to 300 classes a week, which is unprecedented in this industry.” For CAPREIT, it’s also the ideal way to attract potential residents without having to spend money on advertising—the word-of-mouth buzz surrounding Striation 6 speaks for itself.

Think high(er) brow The addition of artwork to the common areas of an apartment complex brings a little bit of luxury home. Many property managers have already incorporated art into the interior of their buildings, but asset and property management company Greenwin Inc. has gone one step further and taken art installations to the streets. At 30 Carabob Ct., David Binder, the architect who designed the restoration, and president of the company that owns the building, commissioned Toronto-based artist Harley Valentine to install permanent sculptures that now grace the lawn of the property. “Harley Valentine is renowned for his colourful and creative pieces,” explains Binder. “We wanted to

bring a bit of that artistic energy home for our residents and to enhance the resident/ pedestrian experience of the newly restored and reconfigured site. Each piece tells a story and now our building tells a story, too.”

Indeed, seeing beautiful art installations like the 30 Carabob Quartet, as the piece has been dubbed by Valentine, is a rarity in the rental space. Commissioning sculptures, particularly ones created by local talents with global reach, instantly enlivens a property in a truly innovative way. The sculptures at 30 Carabob Ct. have already generated a buzz throughout the neighbourhood, with many non-residents stopping by to view them.

“The art is so unique to the area—it really has people talking,” says Binder. “We’re proud that they are here for our residents to call part of their home.”

Jessica Green is the founder of Cursive, a Toronto-based communications consulting firm that specializes in brand messaging with an emphasis on digital media strategy.

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Insurance

Playing With Perspective What Will the World of Risk and Insurance Look Like Down the Road?

By Andy Schwartze

There is a growing concern that world economies are stalled and that there is nothing on the horizon that points to growth and the inevitable benefits that can be derived from a robust economy.

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32 www.canadianapartmentmagazine.ca

An interesting part of this concern was recently voiced by a young Bay Street hotshot who is fairly well tuned in to the financial community, through his access to the gurus that are forever casting their eyes to the horizons. He steadfastly maintains that the next battleground in world power will be a war of currencies—but not as one might think, rather that it will be a race to the bottom: whose currency will tank first?

The clear message here is that currencies will devalue and it is simply a question of

strategic input, at government levels, that will determine whose currency devaluates the quickest. At the end of September, 2014, we see the Europeans stalling once again in their attempts to breathe life into the euro, the Chinese (already struggling with diminishing output) trying to figure out what to do with a rising social rebellion in Hong Kong; and the Americans restretching their already weakened federal debt, yet again in Iraq, now almost unbelievably for the 3rd time in 25 years.

Insurance

No matter which direction we look, it appears that governments are struggling under massive debts, unable to contain their burgeoning cost structures and faced with cranky burghers decidedly unwilling to submit themselves to even higher taxes while not being fooled about “revenue tools” and what they mean. If ever there were signs of social unrest on all fronts, this is surely it.

There is nothing that points to higher interest rates, other than the wishes of the occasional prognosticator. These are used to control inflation, which is driven by the demand cycle that causes the cost of supply to rise. Certainly in some narrowly defined housing sectors this is happening, but by and large, a combination of lowered consumer expectations and technology is flattening demand. In Europe, and in North America, an aging population is simply not contributing to economic growth. Young people fuel economic development, older people do the opposite.

For the financial services industry this presents a challenging future. Banks, trust companies, life insurers and general insurers all love the “easy money” that comes from higher interest rates. These four pillars of the financial community balance their revenues by combining the “fees” they charge customers with the interest income that they can earn.

There is generally an inverse relationship between fees/premiums and interest rates. In the property/casualty insurance world, very low interest rates make the attraction of chasing new business with premium discounts a guaranteed disaster. Struggling economic conditions

will increase the claims demands on the system as people try to transfer more costs to their insurance policy in an effort to conserve resources. Life insurance companies, while able to invest in instruments that are longer than 90 days, such as mortgages, also find low interest rates unappealing.

Seniors, affected by lowered incomes from savings that do not yield as much, become very involved in saving money (there’s a reason why “dollar stores” in North America are flourishing). They spend more time searching out a better deal, thus taking up more of the people resources available in financial services.

As the middle class is hollowed out, it too spends increasing hours on looking for deals. This creates an enormous load on financial service providers, who, in order to protect their financial performance, add technologies in place of people.

The growth in “do-it-yourself” or “buy it online” activity has skyrocketed.

Banks and insurance companies face some difficult challenges in this regard.

They are licenced, and while banks do not need to licence their sales staff (at the branch level), insurance companies are required to distribute their products using licenced sales people, either their own or independent. In the property/casualty world some 250,000 occupation codes in North America, make it very difficult for this financial sector to work with a “one size fits all” sales force. Insurer consolidation can only solve part of the problem.

In the past years, we have seen insurers buy brokerage firms only to dispose

of them at a later date, in some cases at a loss. Consolidation at the insurance broker level has also forced efficiencies into the distribution system—however the delivery of insurance remains a licenced activity requiring depth of knowledge, specialization and individual work ethic. Insurers are finally realizing that increasingly their growth will stem from the business relationships that they have with individual specialists in certain fields.

The idea that a broker can look after “all your needs” is becoming mythical. As with the banks, the field of insurance suppliers will (if it isn’t already) be dominated by a handful of “big guys” and a whole bunch of small specialists. Brokers will have to structure themselves along those same lines—by being either a generalist in decline, or a specialist who is well known in his/her area of expertise. The generalist will retreat to being a low paid distributor of everyday, off the shelf products. The specialist will handle the complex risk areas, from an increasing depth of knowledge derived over the course of a lifetime. It’s going to be interesting.

Andy Schwartze, BSc., MBA, CIP, is an insurance broker specializing in property management and real estate. He is a former President of the Insurance Institute, has taught in the community college system and provides continuing education to other brokers.

He can be reached at andy@takecover. ca. For any comments, you can go to www.takecover.ca and post them on their new blog.

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Marketing

Benchmarking your Rental Property Keeping a Close Eye on the Competition has its Rewards

By Erin Ruddy

Owning and managing an investment property isn’t all about bricks and mortar and collecting rent cheques from tenants. It’s about enhancing the resident experience, building a harmonious community and ensuring the longevity of that community via good benchmarking strategies and efforts.

With so many different players in the rental market today, being successful means paying close attention to what the competition is up to—particularly when it comes to how owners and property managers are marketing themselves publicly.

The advent of social media has made it easy to tap into what other rental companies are doing, which in turn, is making it easier for the industry as a whole to identify new trends and ideas. Having an eye on change, keeping up with industry leaders and benchmarking against those leaders could have enormous impact on a company’s reputation and ability to deliver top notch service.

“Most market surveys have the same goal, which is to uncover information about the competition and adjust communications accordingly,” explains Chaim Rivlin, president of Rentseeker.ca. “But, while keeping an eye on the marketing activities of other companies can provide a broad range of insight into of-themoment trends, I find that the most effective campaigns are the ones that pave their own course.”

Over the past decade, digital communications have exploded in popularity with advances in technology making outreach efforts fast and convenient for both the marketer and the audience. But even though online marketing may seem ‘like a breeze,’ Rivlin warns that it is actually an incredibly sophisticated area that requires careful planning, tailoring and implementation— particularly when social media is in the mix.

“A unique, brand-specific strategy will beat the competition any day,” he stresses. “You can certainly take your cues from other companies, but I truly believe that the best ideas are homegrown.”

Benchmarking 101 To begin your benchmarking efforts, Rivlin suggests taking a good look at the competition’s apartment listings. What deals or promotions are they offering? What property features are being emphasized? Are they identifying themselves as green leaders? What style of language are they using to sell themselves? Again, Rivlin says the idea isn’t to copy the competition but to use their initiatives to help refine your own messaging and carve out your own brand identity.

And apartment listings are just the beginning—websites and social media offer a wealth of insight into what the competition has to offer.

What tone of voice are they using to describe themselves? What is their value proposition? What kind of testimonials and supporting data are they using to promote their services? When looking at social media, how often are they reaching out to followers, and what kind of information are they sharing—is it mostly self-serving or is it beneficial to residents?

Darren Hunter (of darrenhunter.com) is an international property management trainer, speaker, consultant and authority on property management fees and income maximization strategies. Though he echoes Rivlin’s sentiments, he adds that keeping on the cusp of new trends and ideas is just one benefit of benchmarking.

“If you know your competition and you really understand them,” he says, “then you will also know their weaknesses. And once you know their weaknesses, then it will be easy for you to shine in the marketplace.”

Hunter adds that companies that give poor results typically have poor values and these competitors will show themselves quickly through your benchmarking efforts. “You can know your competitors’ weaknesses at the top,” he says, “simply by examining their results at the bottom.”

And a weak competitor is really no competitor at all.

RentSeeker.ca is Canada’s Leading Online Apartment Finder and Real Estate Marketing Company, offering Landlords a full suite of marketing services.

34 www.canadianapartmentmagazine.ca

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Feature

Thermoplastic Finishes Saving Time and Money for Apartment Owners

By Brian Burton

Owning and maintaining an apartment pool in Canada can be extremely costly due to damage caused by our climate and the harsh mix of chemicals needed to make the water safe for swimmers. Overtime, pool resurfacing is a reality all property managers and building owners must face.

Available options for problem pool surfaces range from paint and plaster to vinyl liners, all of which can be expensive, time-consuming and have significant performance limitations.

In the past, pools were coated with rubber-based paint; however government regulations in recent years have banned those (and other toxic paint ingredients) due to environmental implications, forcing pool owners to switch to more time-consuming repair techniques.

Typical surface repair techniques require a complicated start-up process and are prone to staining, shrinking and cracking.

Most coatings involve at least several weeks cure time, and after the pool is filled, harsh chemicals are needed to balance the PH levels, resulting in more wait time to normalize the pool water.

Thermal spray systems A recent innovation that first came onto the scene in the U.S. in the late 2000s, replaces traditional repair methods using a thermal spray system with acrylic resins. This technique provides a uniform coating that bonds securely to create a permanent, eco-

For more maintenance tips, visit

friendly and maintenance-free liner for swimming pools. Today, thermal spray systems are gaining praise and popularity across Canada, too.

How these systems work Thermoplastic finishes are applied using a patented process, which is much faster and less disruptive than traditional repair technologies. In fact, pool repair time is reduced from two or three weeks, to three or four days.

Thermoplastic spray finishes are designed for new surfaces as well as for the resurfacing of most pool finishes, including: concrete, plaster, fiberglass, steel and aluminum. The product is highly resistant to acid, chemicals, salt and scaling. In addition to being ecofriendly, energy-efficient and user-friendly, the surface will not fade, rust, corrode or crack, providing long-term strength, durability and maintenance ease that comes with a 10 year warranty when installed correctly by a trained and certified installer.

Thermoplastic pool finishes ensure a timely on-site renovation that costs less and is less disruptive to building operations and occupants. Best of all, this technique produces an attractive, durable, maintenance-free finish that helps raise and maintain property values.

The benefits of thermoplastic liners: • Erosion resistant and offer long-term flexibility • Tough, adherent and attractive, with high UV stability • Impact and abrasion resistant • Eco-friendly and unlike other coatings, thermoplastic liners minimize waste and eliminate maintenance and related costs Additional advantages: • No curing time or unsightly seams, joints or wrinkles that break down over time and will not delaminate or scale.

• Can be used as a top coat to restore or protect an existing top coat.

• Restores pools in place; saving expense for removal and replacement.

• Non-slip surfaces can be easily installed on steps and ledges.

Brian Burton served on the Committee that prepared CSA’s new Certification Program for Fenestration Installation Technicians, which ensures the skills and abilities of individuals who install fenestration components in buildings. He is also involved with a firm that specializes in technical business writing; Award Bid Management Services. http://award-bid-management-services.com/

36 www.canadianapartmentmagazine.ca

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Smart Ideas

What’s New for Property Managers Online New Website puts Vacant Parking Spots to Work

WhereiPark.com is a new web-based marketplace that connects drivers looking for monthly parking with parking operators, property owners and managers looking to fill their vacant spots.

Created by entrepreneurs Jeremy Zuker and Alex Enchin (who also founded the daily deals site, WagJag), the website provides property owners with a really simple performance-based marketing tool to quickly fill their vacant parking assets.

“We’re already working with a number of leading commercial property owners and managers,” explains Enchin. “By helping them fill their parking vacancies, they can collect money that is currently being left on the table.”

“Many real estate firms are eager to work with us,” says Zuker, “because there are no fees, upfront costs, or risks associated with using WhereiPark. Vacant parking assets can be listed on WhereiPark for free, and only in the event that we successfully rent out a spot, do we collect a performance-based fee equal to the first month’s rent. So there is literally no downside here and parking operators and real estate owners/managers love that!”

BC’s new Residential Tenancy Website

The province of British Columbia has developed a new Residential Tenancy website to help tenants and landlords understand their responsibilities and access the information they need on tenancy laws and regulations.

The website, which was launched mid September, is aligned with the province’s Citizens @ Centre goal, set to increase online self-service options for British Columbians. The province has also committed to

making government data, information and services more accessible to citizens of B.C. The redesign features: • Searchable information; • Helpful tips for landlords and tenants; • Online forms; and • Contact information.

Landlords and tenants are encouraged to use this site to better understand their rights and responsibilities. The Residential Tenancy Branch can also help answer questions or provide dispute resolution services for problems that landlords and tenants can’t solve on their own.

38 www.canadianapartmentmagazine.ca

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