Canadian Apartment Magazine - Sept/Oct 2009

C A N A D A ’ S O N LY N A T I O N A L P U B L I C A T I O N F O R A P A R T M E N T O W N E R S A N D M A N A G E R S

VOLUME 6 / NUMBER 3 / SEPTEMBER/OCTOBER 2009

WWW.CANADIANAPARTMENTMAGAZINE.CA

Airof Success Park Property Management soars using tried and true real estate strategies

2009

PM#40063056

Mover &Shaker

09321_CAM_Oct09.indd 1

+

BIM is in Integrated Pest Management OEB issues decision on sub-metering

10/27/09 4:23:14 PM

PM Exp

Making a Difference Selling Apartment Buildings Across Canada Over 26,500 Units Sold in 11 Years in 31 markets! ents

rtm

Apa ew stvi e r C ew/ levi s Map artment tario p n 84 A kville, O Broc

at om nts io l p e r Di m ta e art On h T Ap ay, 76 nds Li

Lido Tower 60 Apartments Hamilton, Ontario

Completed Transactions In Belleville, Brampton, Brantford, Brockville, Burlington, Chatham, Cornwall, Edmonton, Gatineau, Hamilton, Kingston, Kitchener, Lindsay, London, Mississauga, Montreal, New Westminster, Niagara Falls, Oakville, Oshawa, Ottawa, Owen Sound, Peterborough, Richmond, Sarnia, St. Catharines, St. Thomas, Simcoe, Toronto, Vancouver, Windsor

Sam Firestone LL.B. Principal/Broker (613) 614-6434 ext. 222

Aik Aliferis B.B.A. Principal/Broker (613) 724-9242 ext. 234 Primecorp Commercial Realty Inc., Brokerage Primecorp Québec Commerciale Inc., Courtier Immobilier Agréé HEAD OFFICE

275 Bank Street, Suite 301 Ottawa, Ontario K2P 2L6

36 Blue Jays Way, Suite 718 Toronto, Ontario M5V 3T3

1233 rue de la Montagne, Suite 101 Montreal, Quebec H3G 1Z2

www.primecorp.ca

09321_CAM_Oct09.indd 2 PrimeCorp_CAM_Oct09.indd 1

10/27/09 4:23:16 PM 10/27/09 3:45:29 PM

45:29 PM

PM Expo Ad 2009 FULL:PM Expo Ad 2008 FULL

2/13/09

12:15 PM

Page 1

December 2-4, 2009 Metro Toronto Convention Centre

South Building

Meet Key Decision-Makers at PM Expo: Canada’s Largest Real Estate and Property Management Show!

PM Expo is a powerful vehicle to launch new and green products, generate leads and meet contacts and clients face-to-face.

IT’S ALL HERE! s Networking s Leads s Strategy

s Launch New

& Green Products

s Marketing s Exposure s Branding

DON’T MISS THIS OPPORTUNITY! With a total attendance of over 23,600, PM Expo 2008 was sold out for the sixth consecutive year.

Consider the value of PM Expo and book your exhibit space now!

RESERVE YOUR SPACE NOW! To reserve your exhibit location or to receive additional information, please contact Jeff Ingram at (416) 512-3811 or send an email to jingram@mmart.com Your Customers and Prospects Will Look for You at PM Expo!

09321_CAM_Oct09.indd 3

ANY QUESTIONS? Call 416-512-0203 VISIT OUR SHOW WEBSITE

www.pmexpo.com MEDIA SPONSORS

©2009 MMPC Expositions ULC.

10/27/09 4:23:17 PM

24 COVER STORY

Slow & Steady Wins the Race Park Property Management is a big believer in the buy and hold strategy when it comes to the multi-unit residential market

contents...

6

EDITOR’S NOTE Blueprint for Success John Tenpenny

8

8

ELEVATOR MAINTENANCE Do Your Homework The choice of an elevator service provider is of critical importance to owners and ultimately tenants.

Phil Staite

12 ENERGY MANAGEMENT BIM is in Energy reduction made easy through advanced modeling analysis.

Michael Laurie

16 BUILDING MAINTENANCE Integrated Pest Management When building or remodeling, prevent pests from taking up residence.

Bill Melville

18 FINANCE Financing made easy 16

What to demand from your multi-residential property lender.

Peter Cook and Robert Fleet

22 INSURANCE Exposure can be Costly Personal information—too much and too easy.

Andy Schwartz

38 MULTI FACTS Industry News Zigomanis joins Boardwalk REIT … TowerWise creates advisor service … and more.

22

41 MARKETING Getting it Right the First Time In the case of brochures, less is more.

Carissa Drohan

42 REGULATIONS OEB renders decision on sub-metering

4 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 4

10/27/09 4:23:24 PM

CDN_

Your CMHC Experts for today’s market First National is Canada’s lending lender of CMHC insured mortgages. Our complete understanding of CMHC underwriting policies and procedures provides you with quick turnarounds and some of the best rates available.

Our CMHC Program Includes: s Funds available for terms of 1,2,3,5 and 10 years s Attractive rates (fixed or floating) s Higher loan amounts (up to 85% LTV) s Extended amortization s 1st and 2nd mortgages

Make First National your first call.

Contact us today, and we will customize a mortgage solution for you.

www.firstnational.ca

Vancouver

Calgary

604.681.5300 800.567.8711

403.509.0900 888.923.9194

Toronto

416.593.1100 800.465.0039

Montreal

Halifax

514.499.8900 888.499.1733

902.452.0776

First National is licensed under the Mortgage Brokers, Lenders and Administrators Act 2006 (Ontario) Licence No. 10514

CDN_APT_CAM_0409_FNL.indd 1 09321_CAM_Oct09.indd 5

10/20/2009 12:56:47 PM 10/27/09 4:23:25 PM

editor’snote

Blueprint for Success

Chances are that if you’re reading this you’re asking

Q

yourself “Who is this guy?” I am the new Editor of Canadian Apartment Magazine. With more than 15 years of experience I look forward to immersing myself in the multi-unit residential industry and meeting the interesting and creative people who drive it forward. And I’m not the only new face. Chuck Armitage joins the magazine as publisher. Chuck has a 20-year history in the publishing and media industry and a strong background in the real estate industry. MediaEdge would like to thank Marc Côté for his contributions over the past five years and wish him well in his future endeavors.

We are also proud to announce the launch of our new website www.CanadianApartmentMagazine.ca. The goal of the site is to be your must-visit destination for information on the Canadian apartment building ownership and management industry. With this issue we also welcome Peter Cook and Robert Fleet and their financing column (page 18).

Peter and Robert are Apartment Financing Specialists with First National Financial LP and bring a combined 32 years of experience to Canadian Apartment Magazine.

As the only national publication serving Canada’s apartment owners and managers, we welcome your input into how we are doing and what you think we should be doing. With that in mind we also invite you fill out our 2009 Reader Survey to help us serve you better, both in print and on-line. You will find a link to the survey on the homepage of the Canadian Apartment Magazine website.

The buy and hold real estate strategy is nothing new, but Park Property Management Inc., the subject of our cover profile, is one company that has perfected this approach to the multi-unit residential market. But recently, Park added a wrinkle by breaking from their plan of running, but never building rental buildings by developing a new one—Annex Terraces—near downtown Toronto. While the only reason the company entered the development side of the business was because they already owned the land on which the apartment building was constructed, they haven’t altered their blueprint for success. As long as Park owns the building, and their nearly 50-year corporate history says they won’t sell it anytime soon, it will remain a rental building. That’s what I call long-term thinking.

John Tenpenny Editor johnt@mediaedge.ca

Quoteworthy “We want all the buildings we manage to be ones that you or your family could live in. That is our philosophy.”

6 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 6

– page 36

PUBLISHER Chuck Armitage chucka@mediaedge.ca

ASSOCIATE PUBLISHER Marc L. Côté

EDITOR John Tenpenny

SENIOR DESIGNER Annette Carlucci

DESIGNER Ian Clarke

PRODUCTION MANAGER Rachel Selbie

CONTRIBUTING WRITERS Peter Cook, Carissa Drohan, Robert Fleet, Michael Laurie, Bill Melville, Andy Schwartze, Phil Staite, Randy Threndyle

CIRCULATION MANAGER Cindy Younan

CIRCULATION INQUIRIES 416.512.8186 ext. 259 customerservice@mediaedge.ca For sales information call (416) 512-8186 ext. 223 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 President Kevin Brown Copyright 2009 Canada Post Canadian Publications Mail Sales Product Agreement No. 40063056 ISSN 1712-140X Circulation ext. 232 Subscription Rates: (GST Included) Canada: 1 year, $46.30 2 years, $82.60 Single Copy Sales: Canada: $8.00 Reprints: Requests for permission to reprint any portion of this magazine should be sent to Marc Côté Authors: Canadian Apartment Magazine accepts unsolicited query letters and article suggestions.

Manufacturers: Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor.

Sworn Statement of Circulation: Available from the publisher upon written request. Although Canadian Apartment Magazine makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused.

Printed in Canada

10/27/09 4:23:28 PM

YARDI PORTAL™ CONNECTS You with Prospects & Residents

Alliance Residential Company

Greystar

Westdale Asset Management

Sheraton Real Estate Management Weidner Apartment Homes

Beacon Communities

Korman Communities

Fairfield Residential Signature Management LLC

Online Marketing of Properties and Unit Availability Online Applications and Leasing Resident Portals and Online Payments Data Integrity with Seamless Voyager Integration Rapid Deployment

Boost your web presence, offer online services, reduce operating costs, and increase your competitive edge.

Learn more at www.yardi.com/cam33 or call 888.569.2734

09321_CAM_Oct09.indd 7

10/27/09 4:23:30 PM

AA09-

elevatormaintenance

Do your homework

The choice of an elevator service provider is of critical importance to owners and ultimately tenants

By Phil Staite

Every day many people depend on the safe and reliable

Types of Maintenance Agreements

operations of your building’s vertical transportation system. It is of critical importance to the owners and ultimately to the tenants and visitors who travel throughout these buildings each day. The elevator system is made up of electrical and mechanical equipment that is constantly moving. Typically, a 15-floor apartment building with three elevators averages 350,000 to 400,000 starts per year. Problems can be experienced with the equipment or there can be perceived problems with the elevator equipment. This can adversely effect relations with building tenants.

Elevator service should be a partnership between the building management and the elevator service provider.

The relationship should be based on honesty and integrity.

Building management should also be educated to understand their contracts and elevating equipment.

The relationship should start with the service contract.

Today, companies have many different types of contracts.

Building management should have an understanding of what is and is not covered by their contract. Although the contracts may look similar between different elevator service companies and there is only a slight difference in monthly maintenance price there may be a major difference in what is covered under the contract. Although some of the terms may be technical, the result of not understanding the contract may result in extra costs for building management.

Knowing the different types of elevator contract options can greatly increase your chances of saving money and finding a maintenance agreement that meets your building’s requirements. The more risk you are willing to assume, the lower the cost of services will be. Most elevator companies offer two main types of elevator maintenance contracts.

These contracts offer you a range of coverage options and discount opportunities.

A full maintenance contract (FMC) is written to allow an elevator service company to take total responsibility for the repair or replacement of elevator equipment identified (although the identified components may vary from contract to contract or contractor to contractor) in the maintenance agreement. The repair or replacement of components is the elevator contractor’s responsibility when required during normal use of the elevator, excluding outside influences such as vandalism, floods, etc.

Oil and grease (OG) or examination and lubrication contracts include lubrication of moving parts and minor adjustment on a regularly scheduled basis. When additional services are needed, the mechanic reports potential problems to the property manager who then schedules all repairs to be paid by the building owner. The monthly cost for the OG contract is relatively low but when you include repairs, the entire yearly cost is usually much higher and more complicated to budget. OG agreements also generate additional paper work, as the property manager must

8 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 8

10/27/09 4:23:39 PM

AA09-300.qxp:Layout 1

1/21/09

12:57 PM

Page 1

The future of laundry:

Huebsch’s Quantum System TM

with EcoWatersaver

TM

Huebsch’s new Quantum system with EcoWatersaver is a major step toward improved efficiency, boasting machines that are 62% more efficient than commercial top load washers*.

TM

TM

Now I r II CEE Tie d! e qualifi

For a giant leap in laundry management, Quantum’s advanced microprocessor control enhances the laundry experience. The bonus vend options represent substantial opportunities to increase ancillary income while offering residents premium wash cycles including prewash, extra wash and rinse.

TM

Quantum models also provide an automated secured TM

audit system that enables laundry service providers to easily download reports to their PDA. These reports track card payment and coin activity of the on-site laundry room.

Take your laundry into the future with Quantum .

Contact us today for more information and a FREE laundry room cost analysis! *Commercial top loaders prior to 1/07.

TM

ADA Compliant

Call today for more information!

920-748-3121 Commercial Built to Last Longer

09321_CAM_Oct09.indd 9

®

10/27/09 4:23:41 PM

elevatormaintenance coordinate with the maintenance provider on all repairs.

Customer satisfaction with this type of agreement is usually very low.

Understanding Maintenance Contract Terms and Conditions Once you have decided which maintenance contract will work best for your building you will need to find an elevator company. The company you select will then perform maintenance services under the type of contract you have specified. But here’s where your troubles can begin. You must understand what is not covered and how those services will be billed and what steps can be taken to control overall maintenance costs.

The building manager should understand what the additional charge-out rate for work outside of the contract that is completed on a labour and materials basis. Charges for single man or team hourly rates for both regular time and overtime should be confirmed. Also, it should be understood if there are additional charges, for such things as traveling to a job site or fuel surcharge. The building manager should also know what the minimum time charged for labour and materials will be.

The building manager should understand how much their elevator system is used before signing an elevator maintenance contract. Many elevator service companies are providing on-site elevator maintenance much less than once per month although the maintenance contract is paid monthly. Most building managers are under the impression that their elevators are maintained monthly, when in fact, some elevator service companies are visiting the site as few as three times per year. Preventative maintenance is key. This results in fewer call backs and fewer shutdowns.

The building manager and elevator service provider should have a relationship so that the building management can understand the life cycle of their elevator equipment and can plan accordingly. Major elevator components wear out over time and cannot be replaced any more, elevator technology is constantly improving the service, power usage and safety to the tenants. There may be major safety features that can be addressed to reduce building liability to prevent accidents, such as trips and falls or tenants being struck by a door.

When the building manager understands their elevator service contract and building requirements and is able to build a strong partnership with their elevator service provider, the result is reduced costs, increased communication and equipment planning for the future. C A M

C

M

Y

CM

MY

CY

CMY

K

Phil Staite is Vice President of Quality Allied Elevator (www.qualityalliedelevator.ca).

10 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 10

10/27/09 4:23:47 PM

3780RCI_CanPropMan_Ad_LdTab_FA.pdf

C

M

Y

CM

MY

CY

CMY

K

5/1/09

5:01:59 PM

CHOOSE ROGERS AND GIVE YOUR RESIDENTS THE HOME THEY’RE LOOKING FOR. When you choose Rogers as your communications and entertainment provider, you’re choosing to partner with a leader. Through our continued partnership, Rogers will carry on delivering excellent value for your residents.

Call your Account Executive today at 1 866 567-5778 or visit rogers.com/cma for more information.

BENEFIT FROM CHOOSING MULTIPLE ROGERS PRODUCTS – HOME PHONE, WIRELESS, INTERNET AND DIGITAL CABLE. ™Rogers

Communications Inc., used under license or of Rogers Cable. © 2009 Rogers Cable Communications Inc.

09321_CAM_Oct09.indd 11

27-20

10/27/09 4:23:51 PM

energymanagement

BIM is in

Energy reduction made easy through advanced modeling analysis

By Michael Laurie, P.Eng

As demands upon global energy resources increase, local building owners and managers are turning to energy audits based on sophisticated Building Information Modeling (BIM) to help them make informed decisions that preserve energy and save money.

BIM is the most flexible, effective, and technologically advanced tool currently available for pinpointing potential energy savings available through critical upgrades, alternative designs, and green retrofits. The parametric software platform allows the user to identify specific strategies to capture and maximize energy—while it also provides realistic building models that can test and analyze each approach.

Once comprehensive information about the existing building is uploaded, different scenarios can be applied to see what the cost savings outcome will be for each one. The versatility of BIM technology allows an auditor to integrate a combination of changes or strategies and apply them within a single test or analysis. By contrast, conventional energy auditors can only show the result of modifying one component at a time.

Flexible Cost Benefit Analysis Using BIM, a building owner can compare and contrast all of the different methods, designs, and energy-saving ideas under consideration to observe their impact and calculate the financial return on investment of each energy reduction approach or possible combination of synergistic approaches.

This enables interested parties to avoid expensive miscalculations and mistakes while they capitalize upon the best energy-related options for a specific building or situation.

BIM was originally created to assist those undertaking projects that were still in the design stage—especially those seeking LEED certification—so it is remarkably adaptable in terms of showing before and after effects while experimenting with various plans and ideas. With BIM it is easy to analyze the flow of energy in and out of a building based on factors including the architectural design, building materials, and structural layout; the forms of energy that are used and the usage patterns of occupants; plus local weather conditions and the orientation of the property.

12 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 12

10/27/09 4:23:55 PM

09321_CAM_Oct09.indd 13

10/27/09 4:23:57 PM

energymanagement

“Future energy costs can also be estimated for side by side comparisons and cost benefit analysis” Future energy costs can also be estimated for side by side comparisons and cost benefit analysis, and it is even possible to chart life cycle energy costs and perform a comprehensive carbon neutrality analysis.

Customized Calibrations Before starting the BIM energy reduction analysis, an updated digital model of the existing building is first created to establish benchmarks and as-built measurements. The model can be calibrated to reflect the current energy use and utility bills of the existing building, for example, and then the owner can perform any number of creative and informative exercises to find out how those numbers are affected by various changes to the building.

Deploy BIM to examine the dynamic interaction of both internal and external energy sources to calculate a precise net result for the building as a whole. Or identify the changes in energy and water consumption if an on-site community laundry facility or swimming pool were added.

Incorporate data such as room sizes, floor plans, the dimensions and configurations of windows and doors; the insulation value in walls and the HVAC capacity; and the energy consumption impact of occupied units versus vacancies. Input optional information like preferred thermostat settings, the number of occupants, light and equipment power densities, and thermal details for walls, windows, or other components of the structure.

Side by Side Comparisons Experiment with a simple idea such as installing fluorescent lights in the building, for instance, to reduce energy consumption. Try out a retrofit with energy efficient windows and calculate how much heat that will save in the wintertime or how it will affect air conditioning bills in the warmer months. Study the impact of using native vegetation for landscaping or employing rainwater harvesting. Perform the same kinds of comparisons to view water consumption rates using low-flow toilets in an apartment building or to

study the energy savings gained by installing high-efficiency boilers or solar panels.

If an owner is planning to perform similar upgrades on identical buildings that are located in different cities, for example, it is possible to first do a BIM analysis to find out how much the energy savings will differ because of the difference in pricing of utilities in each particular region of the country. Water prices in Toronto, for example, may rise significantly due to the fact that the city’s water infrastructure may need to be repaired and upgraded—but an effective BIM energy analysis can factor in the impact of such events to predict future expenses or savings.

The climate is also factored into the analysis using data from the nearest weather station. Excess rain would affect landscape watering and water reclamation, for example, whereas cloud cover impacts solar panels and the use of natural lighting.

Similarly, strong wind currents might require better insulation on one side of the building but help to lower cooling costs in the summer by providing natural ventilation.

Additional Financial Incentives To add to the appeal of BIM, various government incentive programs such as the BBP Multi-Family Energy Efficiency Rebate (MEER) and BOMA CDM/ECAP programs are available to help fund the creation of BIM energy analysis initiatives. In fact, BIM is so useful that the United States General Services Administration (GSA) now requires BIM models on all its building projects. To determine the effectiveness of BIM, the GSA initially tested it with a twoyear pilot program. The cost savings on just one of the pilot projects was so great that it essentially paid for the entire nine-project program.

These features and others make a BIM-enhanced perspective the ideal starting point for any energy savings initiative. CA M Michael Laurie, P.Eng. is President of PLANiT Measuring (www.planitmeasuring.com).

14 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 14

10/27/09 4:23:59 PM

09321_CAM_Oct09.indd 15

10/27/09 4:24:00 PM

buildingmaintenance

When building or remodelling, prevent pests from taking up residence Implement Integrated Pest Management into the construction process

By Bill Melville

Construction or renovation of an apartment building is typically initiated to attract new tenants or better serve current residents. With so many details to consider when you’re investing in the future of your property, it may not occur to you to factor pest management into your construction plans. However, without it, you could be inadvertently constructing a money pit.

When construction and renovation projects disturb pests’ habitats— whether in the ground you build on or under an existing structure—they can wreak havoc on the building site.

Displaced pests will go in search of a new home, which could send them into residents’ apartments.

Pest presence that starts on the construction site can affect the building long term. Pests can infest on-site building materials, such as shingles and wood. If undetected, they can literally be built or sheet-rocked into the building, causing expensive structural damage down the road. Rodents can chew through wires causing electrical fires. Bed bugs and other insects can creep into items on construction sites, requiring furniture and materials to be thrown away.

Protect your building and reputation As you begin construction, make sure your contractor doesn’t neglect pest management and potentially

damage your apartment’s reputation in the process. Protect yourself with a proactive approach to keeping pests off your property by implementing an Integrated Pest Management (IPM).

IPM programs view pest control as an ongoing process and combine multiple methods to prevent, manage and reduce pest activity. This approach stresses prevention over remediation through proactive practices such as sanitation, facility maintenance and landscaping.

IPM examines why pests infest a property in the first place—typically in search of food, water and shelter—and identifies ways to minimize those pest survival needs on the site.

Get builders, contractors and staff on board with an IPM program to save your time, resources and reputation during the construction process, and build a wall against pests that will last long after construction is complete.

Groundbreaking While you might think pest management doesn’t apply until the actual building process begins, the truth is that pest management should be part of the blueprint. Call a licensed pest management professional to survey the site and review plans before breaking ground. Having a plan in place from the beginning ensures the groundwork is laid for continual pest prevention. A professional’s suggestions may include:

• Set out monitors to assess pest populations in the area. Once you know what kinds of pest species frequent the area and identify their habits, you can take the appropriate steps to mitigate pest activity.

• Sufficiently grade the property to eliminate the formation of puddles around the foundation. Moisture attracts pests like mosquitoes and termites.

• Choose non-cellulose building materials to deter termites, especially in areas of the country where termites are most active. A pest management professional can provide the proper recommendations and guidance.

• Plan to start construction during the driest season, if possible, and cover up all building supplies at the close of each workday to shelter them from the weather. Pests often infest wet building materials, such as wood.

A Solid Foundation The onset of construction will displace pests from their homes. As you pour the concrete, take the following steps to manage their relocation: • Keep the construction site as clean as possible to deter pests attracted by food and odors. Ask workers to appropriately dispose of food wrappers and drink cans so they don’t provide pests with a midnight snack.

• Instead of mercury vapor or fluorescent lights, install sodium

16 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 16

10/27/09 4:24:06 PM

buildingmaintenance vapor lights, which are less attractive to flying pests in outside areas.

• Install baits around the exterior of your property to keep fleeing pests from seeking residence in neighboring buildings.

• Thoroughly inspect the foundation before construction proceeds. Some pests need an opening of less than two millimeters to access a building.

pest management measures you’ve undertaken during construction. At this point, your pest management professional will be familiar with the property and can help educate your staff on daily proactive pest management techniques.

By building pest management practices into your construction and remodeling projects, you sign a long-

term lease against pests. Whether you start with a fresh foundation or finish the final phase, IPM will help you deliver a building that welcomes home residents only. CA M Bill Melville (bmelville@pcocanada.com) is Quality Assurance Director for Orkin PCO Services and has 35 years of experience in the pest management industry.

Finishing Touches Once your structure is complete, continuing your IPM program will ensure that you build on the preventive measures taken at the ground level. Facility maintenance and landscaping play an integral role in preventing pests from seeing a “move-in special.” Work with your pest management professional to incorporate these measures to avoid future pest infestations: • Install a double set of automatic sliding doors in community areas to provide an extra barrier for pests trying to fly or crawl through entrances.

• Work with an HVAC professional to create positive airflow in the building—air that flows out the door, rather than in. When doors open, air should push flying insects out and not suck them into your building.

• Ensure all doors and windows are flush against frames and install weather stripping so smaller pests cannot squeeze their way into your building.

• Install a half-meter gravel strip around the building. Rodents do not like to be out in the open so this will provide a no-cover zone. Also, the gravel creates a rough terrain for insects to traverse.

• Keep plants at least a half-meter away from the building as they can promote excessive moisture and hide termite activity. Branches that touch the side of the building can also create a bridge for pests into your apartments.

Grand Opening With the apartments ready for residents, you have one final step before you can turn over the keys.

Bring your staff up to speed on the

Good with numbers. Great with people.

We offer complete property management services and guarantee profitable budget results. As industry leaders in professional property management, we vouch for high resident satisfaction and low vacancy rates.

80 apartment communities professionally managed by Metcapʼs executive team 30 languages spoken to better serve our diverse and growing client roster 20 years setting the industryʼs benchmark for successful management To learn more about our Guaranteed Vacancy Reduction Program, contact: Anne Meinschenk Director, New Business Development MetCap Living Management Inc. 416.993.4305 • anne.meinschenk@metcap.com • www.metcap.com Discover more at www.goodwithnumbers.net

September/October 2009 17

09321_CAM_Oct09.indd 17

10/27/09 4:24:10 PM

finance

Financing made easy What to demand from your multi-residential property lender

By Peter Cook and Robert Fleet

There are critical elements to demand

Terms and Conditions That Actually Benefit You

the interest rate until five days before closing. In a rising interest rate market this type of limitation by your lender may cost you thousands of dollars in additional interest. Some lenders may allow the option to set the rate early with or without additional cost. Ask your lender to disclose details of when the interest rate may be established and any additional costs associated with an early rate set.

If minimizing your down payment or unlocking maximum equity is important to you then you will want to consider financing up to 85 per cent of the value with a CMHC insured mortgage. You can also enhance your cash flow by extending the amortization to 35 years. Not all lenders offer this. When acquiring a new property consider leveraging beyond 85 per cent using a vendor take back mortgage. Another method of unlocking equity is with a second mortgage. Your lender should be able to offer second CMHC mortgage financing at close to first mortgage rates.

If you’re considering selling during the term of the mortgage, your mortgage should be fully assumable so you don’t incur any penalties if a buyer assumes your mortgage.

Ensure that you can lock in your rate up to 90 days prior to closing. Interest rate quotes provided in advance of the funding date may offer little value to you if you’re not permitted to establish

Save You Money And Limit Your Exposure You need to consider the lender’s closing costs when choosing a financial institution. The difference in costs

from your lender when financing multi-residential properties. Borrowers today have many choices when it comes to financing apartment buildings. They can borrow from chartered banks, life insurance companies or a number of mortgaged-backed security lenders.

Financing products available include variable rate, conventional and Canada Mortgage and Housing Corporation (CMHC) insured mortgages. The method of determining the interest rate, the timing of when your rate can be set, borrowing costs and closing requirements will vary depending on the lender and product you choose.

Financial institutions all claim best rates, better service, and beneficial terms, but how do you sift through their marketing hyperbole to find out what actually saves you money, avoids problems and gives you the most options?

Simply choosing the lender with the lowest rate may be a costly mistake.

If you are planning to finance, unlock equity, renew or acquire a new property, be sure to demand certain critical elements are met by your lender.

between lenders may be equivalent to adding several basis points to your interest rate quotation.

Consider this: The cost to the borrower for appraisals, environmental reports and engineering/structural reports may vary significantly depending on the third party firms approved by the lender. The difference between all these costs could be substantial. You could end up paying thousands of dollars unnecessarily.

In this industry the borrower pays the lender’s legal fees. These fees may vary by several thousand dollars depending on the law firms approved by the lender. For example, legal fees on a $3 million mortgage can be up to $2,500 or more. Since you are footing the bill you should stipulate that your lender provide you with quotes from three approved law firms and let you choose which one to use.

A mortgage of $3 million or less is considered a small mortgage by most lenders’ standards. Some lenders will permit you to close with title insurance and allow your lawyer to close both sides of the transaction, saving you thousands in legal fees. (This may not be an option in all provinces.)

If you insure your mortgage through CMHC, not only will you save thousands of dollars in interest over the life of the mortgage, you will also limit your exposure. Your personal guarantee can be limited to as little as 10 per cent and up to a maximum of 50

18 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 18

10/27/09 4:24:15 PM

BBP_T

S W VE NE NTI CE IN Better Buildings Partnership - Multifamily Buildings Incentive Better Buildings Partnership - Multifamily Buildings Incentive offers assistance tailored to the needs of multi-residential building owners and property managers in the 416 area code to support energy projects that reduce energy operating costs and environmental footprint.

Current Incentives for Multifamily Buildings: The Multifamily Buildings Incentive offers condominiums and multi-unit apartments in the private and social housing sector attractive financial incentives for any projects taken on since July 2006: $400 per kW of peak demand reduction or $0.05 per kWh annual energy reduction *Incentive payments are limited to 40% of total eligible costs.

You Can Benefit From Participation in BBP t

Verifies and ensures accuracy of energy and cost savings through timely evaluation of projects

t

Financially rewards your efforts that can facilitate further projects

t

Provides liaising assistance with energy management consultants

t

Helps your organization achieve environmental and sustainability commitments to investors and other stakeholders

Contact Us For More Information: Social Housing Sector: Natalie D. Maniates E-mail: nmaniat@toronto.ca Phone: 416-397-9217

BBP_TorontoAD_May09.indd 09321_CAM_Oct09.indd 19 1

Privately Owned Buildings and Condominiums: Tom Chessman E-mail: tchessm@toronto.ca Phone: 416-392-1501

10/7/09 4:07:36 10/27/09 4:24:16 PM PM

finance How money laundering legislation affects apartment mortgage financing If you haven’t purchased an apartment building for a while you will discover that legislation for anti-money laundering has become much more stringent.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, lenders are obligated by law to collect from borrowers more personal information, including photo ID and verification of the source of funds to be used for down payment. This is a condition precedent to funding.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing.

According to David Redmond, Partner in the Toronto law firm Cassels Brock, “Borrowers need to prove that the funds came from a legitimate source.

They’ll need to produce a record over time to show that they’ve accumulated the funds through savings, by selling an asset or by whatever means they used to acquire those funds. The intent of the legislation is to help our government detect and deter money laundering from criminal activity.”

A paper trail showing a record of accounts going back a minimum of three months will be necessary to prove legitimacy of the funds. Personal verification is required of all principals involved in the purchase. The combination of a passport and one other piece of identification will be required. Borrowers will be required to disclose the type of borrowing entity as being a corporation, partnership, individual or limited partnership.

If a corporation is making the purchase, all directors, officers and shareholders must provide the required information. Furthermore, if the corporation will be holding the property on behalf of another entity, all disclosure requirements flow to that entity as well.

– Peter Cook and Robert Fleet To find out more about FINTRAC visit, www.fintrac-canafe.gc.ca or call, 1-866-346-8722. per cent of the loan amount depending upon your loan to value percentage.

There are significant tax savings to be realized when financing through CMHC by writing off your mortgage insurance premiums and application fees. Other fees that are commonly overlooked when evaluating a lender are insurance review fees and processing fees. Insurance requirements differ between lenders. Increased liability coverage or other additions to your policy required by various lenders may add several hundred dollars to your annual insurance premium.

Lenders’ processing fees may range from 0.10 to 0.50 per cent of the loan amount depending on the financial institution.

Meet Deadlines and Make It Convenient An understanding of how lenders determine interest rates is useful information. Most commercial mortgages are established based on a spread over Government of Canada bond yields or Canada Mortgage Bond yields.

However, a number of institutions have moved to setting their rates on a spread over their internal cost of funds. In this case borrowers may be disadvantaged because the lender’s cost of funds is unpublished and not always correlated with fluctuations in bond rates. Request that your lender provide a quote based on a spread over Government of Canada bond yields or Canada Mortgage Bond yields depending on which bond they use to set their rate. If you are in the

market for a new mortgage, have your lender email bond rates to you daily to help you make informed decisions and lock in a favourable rate.

Demand a one level approval process.

This enables you to receive letters of interest within 24 hours, allows you to waive financing conditions on time, get the required inspections and get funded on schedule. Multidepartmental institutions may frustrate you with last-minute changes, reports or addendums that could delay or prevent closing.

Your lender should guarantee that they will lock in your rate within 24 hours of receiving your signed commitment letter and associated holding fee. A lack of timeliness on the part of the lender could end up costing you money.

To achieve your real estate investment goals, start by building a strong relationship with an experienced commercial lender. Select a person that will share their long term experience and is willing to do more than just quote a competitive interest rate. Test their knowledge and willingness to work in your best interest against the information in this article.

Take the time to evaluate your total cost of borrowing including all closing fees, legal, insurance costs and nonmonetary advantages like limited liability. Remember that a few basis points saved on your mortgage rate can cost you dearly if coupled with the wrong advice. CA M

s &

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.

20 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 20

10/27/09 4:24:17 PM

Armstr

e c i v r e s y t i l i b a & Armstrong Baum Plumbing and Heating congratulates Gerd Wengler and Park Property Management Inc. on their achievements over the years.

Proudly maintaining your caliber of service and excellence for over 30 years. We wish you continued success!

ARMSTRONG

BAUM

P L U M BI N G – H EAT I N G – DR AI N S B O I L ER S – P U MP S – S P R I N KL ER S 130 Bentwor th Ave ., Toronto ON M6A 1P7 Tel. 416.785.0575 Fax 416.785.7527 h e n r y @ a r ms t ro ngbaum.com | peter @ar mstr ongbaum.com

09321_CAM_Oct09.indd 21 1 ArmstrongBaum_Oct09.indd

10/27/09 10/27/09 4:24:17 PM3:43:19 PM

insurance

Exposure can be costly Personal information—too much and too easy

By Andy Schwartze

Years ago, I cannot exactly remember when, it was publicized that the province of Ontario medical insurance system (OHIP) had a much greater number of plastic identification cards in circulation than there were people living in the province. The number of extra cards in the hands of the public, and obviously some less than honest individuals, was stated as being well in to the six figures. It really doesn’t matter how this extra stash of cards found its way out into the world, the fact that government systems did not have the tools to control access to OHIP was the defining problem and the associated cost was indeterminably high.

Ultimately, the system was converted to a photo ID card system, renewable every so many years, but (strangely enough) no blanket recall of the well known red and white cards that many (including myself) still possess.

Fast forward to today’s instant information society and you’ll quickly agree that the old OHIP frauds are kindergarten games in comparison to what happens today. The carelessness of large government database systems has been replaced by the foolishness of a too trusting society. Many of us are careless in the way we allow important information about ourselves to slip away, or to be easily seen.

Cash machines are top of the list. Any so called “white” machine that is not attached to a bank branch, or any other ATM machine that is not part of a system managed by a reputable corporation, is easily compromised with card reading technology (which can be purchased for about $1,500) that captures everything written on the magnetic strip of a bank or credit card. Removing the card reader yields the key information needed to make use of your card’s information, even if it is used only once and then discarded.

Internet communications are another growing level of serious exposure. So many Facebook users are incredibly proud of all the “stuff” they display on their pages, where anyone can determine just who you are, your behavioural patterns and whether or not you are a suitable target for criminal behavior. I have seen Facebook sites that are open books of information about a person. Follow that person on Twitter and when you see the phrase “on my way to Florida for a week … wish you could all join me …” the stage is set. We would not think to stop strangers on the street, give them our address and then enthusiastically admit that we’re taking off

to go on vacation. What makes broadcasting this information into the void of the Internet any less dangerous?

GPS units are another wonderful device with lots of potential information that makes the criminal’s work easier.

All the bad guy needs to do is punch in “home” and head in that direction. Cell phones and Blackberries are also fascinating devices that yield up some pretty interesting information. In the latter case we even back up the data on our computer, with a big bold “Blackberry Desktop” icon.

Many computers can just be turned on and have no password protection for easy access. Everything from addresses, emails, contact information and our own personal information can be, and often is, stored on these little devices.

Naysayers will scoff at these security warnings, and probably not without justification. Fortunately, most citizens are honest and it is this fact that keeps criminal activity from running rampant.

We’ve all heard media reports about the devastating impact that the theft of personal information has on individual victims. Sure, the odds of being targeted are low, but why bother helping the cause? The public domain is no place to “expose” yourself and your personal information. CAM 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.

Andy’s Tips •

Keep copies of important documents, in paper form, in a safe place.

•

Carry only essential plastic with you.

•

Passwords don’t guarantee security, but they go a long way.

•

Leave nothing in your car that isn’t absolutely necessary.

•

Avoid the trap of too much information on social networking websites.

22 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 22

10/27/09 4:24:22 PM

What is smart money doing in tough times?

No cost Smart Sub-metering with Stratacon.

Call Stratacon now for our straightforward, no-capital cost solution.

905-856-4001

www.stratacon.ca

Licensed by the OEB # EB -2007-0948

Stratacon_CPM_Nov08.indd 1

11/27/08 5:13:24 PM

TIRED OF PAYING

HIGH ENERGY BILLS?

Have empty rooms that you don't need to heat or cool?

CALL TODAY and LEARN how you can ELIMINATE unnecessary energy waste!

1 866 787 1836 | www.energexinc.com September/October 2009 23

09321_CAM_Oct09.indd 23

10/27/09 4:24:32 PM

coverstory

Park Property Management President Gerd Wengler 24 www.canadianapartmentmagazine.ca 24 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 24

10/27/09 4:24:34 PM

coverstory

Slow&steady

winstherace

Park Property Management is a big believer in the buy and hold strategy when it comes to the multi-unit residential market

By Randy Threndyle

September/October 2009 25

09321_CAM_Oct09.indd 25

10/27/09 4:24:36 PM

coverstory

“Our business is apartment rental and not condo.”

Park Property Management’s head office staff in Markham, Ontario.

Park Property Management Inc. takes the long view.

Beginning in the early 1960s the company began buying multi-residential and industrial real estate in the Greater Toronto Area. Their first purchase in 1964 was two multiresidential buildings on Combermere Ave. in North York.

While the company has evolved, they still own these buildings and many others that have been acquired over the years. In fact the last time the company sold a multiresidential building was in the 1980s.

Today, Park manages over 8,000 multi-residential units in the GTA and other cities including Cambridge, Kitchener, Waterloo, Stratford, and Guelph, and about 1.5 million square feet of industrial space. About 7,000 multiresidential units and all of the industrial space are owned by the original investment group. The remaining units are managed on a third-party basis for another private ownership group. The industrial properties were almost all developed by Park on land owned by the company.

Company President, Gerd Wengler, says the company’s business plan is based on a “buy and hold strategy.” The original investors according to Wengler are a German

family who viewed Canada as a safe place to invest. They also took the view that multi-residential real estate would always provide a positive return on investment; hence, the buy and hold strategy.

In fact, the company’s belief in buy and hold has led them to do something that few multi-residential investors have been willing to do in recent years; to construct a new building aimed strictly at the rental market.

The new six-storey, 91-unit building is located next to one of Park’s existing buildings at 100 Spadina Road in the Annex neighbourhood of Toronto. The land adjacent to 100 Spadina was its under-used parking lot. “We saw the opportunity to build a new apartment building on that land. The way we made the numbers work is that the land was basically free,” says Wengler. “Otherwise it would have been economically impossible.”

But, even with free land, constructing a new rental building in an existing neighbourhood was not an easy sell. While Wengler had envisaged a much taller and larger building, the city and area residents wanted a smaller structure that would fit in with the historic urban Annex area.

26 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 26

10/27/09 4:24:44 PM

Mettel_

Proud partners with Park Property and Gerd for over 25 years Congratulations and all the best in the future

We take pride in our long history of servicing commercial developers and property management companies.

Since 1956, we have continued to strive to maintain the quality of workmanship that our customers have come to expect.

B&L Mettel Limited 197 May Avenue Richmond Hill ON L4C 3S8 T. 905-884-9857

09321_CAM_Oct09.indd Mettel_CAM_Sept09.indd 27 1

10/27/09 12:17:51 4:24:45 PM 10/22/09 PM

coverstory “It was all about size and setbacks. The neighbours acknowledged this was a good site for an infill building, but they wanted it to be much smaller with just a few apartments. We believe the city should also grow vertically.

We wanted to have it much bigger, but that was the maximum allowed by the city,” says Wengler.

However, Wengler wanted to avoid any disputes that would require taking the project, known as Annex Terraces, to the Ontario Municipal Board, the government body that arbitrates development disputes. In the end, the parties agreed on a sixstorey building with extensive setbacks on the upper floors that allow it to blend in with the low-rise structures around it.

Wengler negotiated with both the residents and the city until a compromise that all parties could agree to was reached. The building was not so high that it would block sunlight to neighbouring properties and extensive landscaping was included to lessen the building’s impact.

Passersby see plants and gardens rather than a building, and on the upper floors, where setbacks were required, terraced gardens were built.

Also included in the development are 10 townhouses that are now under construction. The four-storey townhouses were designed to be in the same style as other buildings in the Annex. Unlike Annex Terraces, the townhouses are being sold rather than rented.

As part of the deal with the city and the neighbours, Park agreed to rent the building for a minimum of 20 years. In addition, they are not allowed to apply for condo status for 20 years. “We are just fine with that because our business is apartment rental and not condo,” says Wengler. “Since this is our business and this is what we want to do, that does not create any problems for us.”

Park also agreed to place a historic designation on 100 Spadina, designed by legendary Estonian-Canadian architect, Uno Prii. The modernist ‘60s apartment is noted for its distinctive flared base and pattern of oversized diamonds on the north and south faces.

Consultation with Neighbours Once construction began, consultation with the neighbours continued. Steve Weinrieb, Senior Property Manager for Park Property was the owner’s representative throughout the construction process. “It’s been a huge part of my life for two years. I was there when the first piece of concrete was broken at the garage, and I was there when the first tenant moved in,” says Weinrieb, a 30-year veteran of the company.

Part of his job was to maintain good relations with the neighbours during the construction process. As an example, Park was restricted in the hours in which work could be

Annex Terraces, with 100 Spadina in the background

28 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 28

10/27/09 4:24:47 PM

Ambie

Congratulations Gerd Well deserved as an industry Mover & Shaker

Always on call Our mission in business is to provide you, our customer, the very best in service, equipment and direction.

Ambient Mechanical is always on call, 24 hours a day - seven days a week.

www.ambientmechanical.com 191 Caldari Road, Unit 2, Concord, ON L4K 4A1 T. (905) 738-1738 F. (905) 738-6211

Ambient_CAM_Oct09.indd291 09321_CAM_Oct09.indd

10/22/09 PM 10/27/09 12:17:21 4:24:47 PM

coverstory

“Location is an important thing because you want to be in an area where you see growth.”

– Margaret Herd, VP, Residential Property Management

carried out. However, sometimes, as Weinrieb came to realize, construction schedules have to be flexible. If, for instance, a concrete slab didn’t dry as quickly as expected, work needed to be done in the evening. “You have to finish it or you are going to lose the slab,” he says.

In those situations, Weinrieb would call people in the neighbourhood to let them know what was happening. He says most people were cooperative, as long as they knew the reasons why work needed be done in the evening.

The inaugural tenants at the Annex Terraces were met with what Park refers to as “premium rental living.”

Among the apartment designs are those with private outdoor balconies and spacious terraces, while all the units feature designer-inspired interior standards including engineered laminate flooring throughout the living and dining areas, premium Energy Star appliances, customdesigned kitchen cabinetry, ceramic bathtub surround walls, and much more.

Completed in April of this year, the building was fully leased by September.

While the new building added some units to the company’s total, growth is typically done through acquisition. In August of this year, Park closed a deal to buy a 198-unit building in Burlington, Ont. Margaret Herd, Vice-President of Residential Property Management says finding buildings, especially in the GTA, has become increasingly difficult. “We’ve looked at 20 or 30 buildings over the past two years and we have bought two.”

She says while the cap rate is a major factor in any purchase, the location of the building is equally important.

“Location is an important thing because you want to be in an area where you see growth.”

Herd points to the recently purchased Burlington building as an example. “There wasn’t a lot of rental property competing with the building, and it’s just a block away from Lake Ontario. It’s close to the hospital and close to shopping. We felt there was growth and potential there and that it would fit well in our portfolio.”

Commenting on the market for multi-residential buildings, Wengler says there are few buildings for sale and prices are still high. “I had expected that given the financial crisis and the recession, that there might be more apartment buildings on the market. Owners that were in some financial distress might be forced to sell. We were also expecting that prices might come down, but I was totally wrong on both counts.”

“It is as it always was. Apartment buildings are seen as a very safe and sound investment and in tough times like we are going through, that doesn’t change. They are still very sought-after investment opportunities.”

Preventive Maintenance Park has always had a strong belief in preventive maintenance and energy conservation. As long ago as the 1970s, when the first energy crisis hit North America, the company’s owners took the view that lowering energy costs and maintaining their buildings would pay dividends over the long term.

Herd, describes the company as an early adopter of energy saving measures. “We installed low-flush toilets and water

30 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 30

10/27/09 4:24:53 PM

09321_CAM_Oct09.indd 31

10/27/09 4:24:53 PM

coverstory

Margaret Herd (centre) with Park’s six residential and industrial property managers.

saving faucets before they were giving rebates,” she says.

In order to maintain efficiency the company does annual preventive maintenance checkups to make sure that everything is functioning to peak efficiency.

Park has also done extensive work in retrofitting energyefficient boilers and domestic hot water systems in its buildings. “When we started doing boilers, we looked at mid-efficiency boilers. It costs quite a bit less, but the high efficiency is where you really get the savings,” says Herd.

While repair costs can be higher, high efficiency boilers increase the longevity of the building, something the owners’ value.

Depending on the building, the payback is between three and five years. “The owners recognize the importance of energy conservation, and, because of their philosophy of green energy, they applaud any effort we make,” says Herd.

In order to maintain peak efficiency, the boilers are computer-monitored on a 24-hour-a-day basis. If problems are detected, they can be adjusted remotely and, if necessary, a service technician is sent to the site to fix any problems.

Weinrieb says if a pump or boiler breaks and temperature drops, things start to happen within 15 minutes. In most cases the problem is fixed without the residents even realizing that there has been a breakdown.

While constant monitoring reduces energy costs, it is also a major part of Park’s preventive maintenance program.

Weinrieb says in addition to daily monitoring, the company has an extensive yearly preventive maintenance program aimed at making sure the buildings and their mechanical systems are in top condition.

The company also uses a decentralized management hierarchy, with six management offices spread throughout the geography of their holdings. Each office is linked via computer with Park’s head office, allowing for a free flow of information about each building. The system, which includes a minimum of one property manager and three administrative staff at each office, maximizes efficiency by limiting the amount of traveling required to attend to each building’s needs.

“It’s a great way to successfully manage our buildings,” says Herd.

Park also has its own maintenance department so that repairs can be done quickly by staff that are trained on Park’s building systems and are also Park employees.

Having Park personnel do most of the work in the buildings also builds trust with tenants, as they are comforted to know that the work being done in their suites is being executed by people who work for the same company that owns their building.

Staff Training & Life Safety In order to keep plans current and keep staff properly trained, Park has developed both an extensive training

32 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 32

10/27/09 4:25:06 PM

COMP

Com-Plex Systems wishes to congratulate Gerd on the recent announcement of naming him as this year’s recipient of the Movers and Shakers Award. All of the staff at Com-Plex Systems considers it a privilege and a pleasure to be associated with such an outstanding person. We wish you and the valued team of industry leading professionals at Park Property Management much success in the future.

Electrical Safety Systems protecting people and property.

Com-Plex Systems specializes in the most advanced electrical and life safety systems for multi-unit residential, commercial, industrial and institutional applications.

Ontario licensed Electrical Contractor, license #ECR/ESA 7001592.

Our teams of licensed electricians provide preventative maintenance, emergency service, repairs, and system upgrades. s 'ENERAL ELECTRICAL SERVICE AND MAINTENANCE s 0OWER AND DISTRIBUTION DESIGN INSTALLATION AND MAINTENANCE s "REAKER PANEL INSERTS RETROlT GLASS FUSE TO BREAKERS s %NERGY SAVING LIGHTING RETROlT STUDIES AND INSTALLATIONS s 0OST LIGHT INSTALLATION AND MAINTENANCE SERVICES s #ERTIlED &IRE 3AFETY #ONTRACTOR s 4ROUBLESHOOTING AND REPAIRS OF ALL ELECTRICAL SYSTEMS s %MERGENCY LIGHTING POWER SYSTEMS SALES SERVICE AND INSTALLATIONS s 4HERMAL IMAGE DIGITAL INFRARED INSPECTIONS

available

24/7

Guaranteed maximum 2-hour response time for all regular or after-hours emergencies 5466 Gorvan Drive, Mississauga, ON

ECRA/ESA license # 7001592

905.212.1474 1.888.870.8666 www.com-plex.net COMPLEX_CAM_Oct09.indd 09321_CAM_Oct09.indd 33 1

10/27/09 AM 10/27/09 10:01:56 4:25:08 PM

coverstory

Passion forflying& helping others

For Gerd Wengler, the President of Park Property Management Inc., flying his own airplane is something of a passion. In August, Wengler’s zeal for flying led him to make one of the most unique flights possible in Canada.

He and his wife Dorothy flew their Cessna 182, a single engine aircraft, from Pelee Island, Canada’s southern most point to Canadian Forces Station Alert in Nunavut on the northeastern tip of Ellesmere Island, and the most northerly inhabited place on earth.

Wengler made the flight as part of the celebration of the 100th anniversary of powered flight in Canada.

Wengler, who has flown across the Atlantic five times in his Cessna, says the landing in Alert was one of the most demanding in his 20-year career as a pilot. He tried twice to land as he battled rain, fog and a temperature of only two degrees Celsius.

In order to allow long distance flights, Wengler’s plane has been modified with extra capacity fuel tanks that allow it to remain airborne for up to 10 hours. Even with the modifications, Wengler had to have aviation fuel shipped to various landing sites throughout the route in order to make the flight possible.

After leaving Alert he flew almost to the North Pole then across the Atlantic to Norway and home by way of Iceland, Greenland and Goose Bay, Labrador. The whole trip covered about 15,000 kilometers and took three weeks.

Wengler says when he first contemplated the trip he was surprised to find that Canada is almost as big south to north as it is east to west. “As Canadians, we really don’t think about this. We see ourselves as a very long east-west country. With all the discussions about sovereignty in the Arctic, I thought it was a good opportunity to make the point that there are people and communities in the north.”

In addition to long distance flying, Wengler is also active in an organization known as Hope Air, which flies financially needy Canadians in remote areas who require medical care to and from medical centres.

The pilots are all volunteers and the patients are not charged for the flights. The group has about 250 volunteer pilots and is active in every province and territory in Canada.

In Ontario, medical travel from places such as Kapuskasing or Hearst in northern Ontario is not covered by OHIP. Often patients and their relatives have no means to get south.

“They have no money for a ticket, so we fly them free of charge to wherever they have to go and back,” says Wengler. “If patients have to drive or take the bus, the trip can be 15 hours. By air it is less than two hours.”

Wengler, who has devoted many weekends to Hope Air flights, says Gerd Wengler and his wife Dorothy the volunteer work helps to keep his flying skills in top condition.

Photo by Jerry Abramowicz

34 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 34

10/27/09 4:25:16 PM

HRA_C

Are proud to assist Park Property Management Inc. in the maintenance of the many residential buildings to the highest quality standards, and we congratulate the Park Property Management Group on receipt of this award of excellence.

HRA Ltd. are your Engineers and Project Managers for building- underground garage, and balcony restoration, window replacement, waterproofing, roofing repairs and replacement, fire safety up-grades, building audits, life safety plans, design of buildings, building additions and alterations.

Our 25 years of experience serves our clients with proven solutions at competitive costs.

Call for free estimates and brochures.

H. Rentsch Associates Ltd. 130 Bridgeland Ave, Suite 211, Toronto, ON M6A 1Z4 Tel 416-787-0371/0372 Fax 416-787-9180 henryrentsch@bellnet.ca

HRA_CAM_Oct09.indd 135 09321_CAM_Oct09.indd

10/26/09 AM 10/27/09 11:38:05 4:25:16 PM

coverstory program and three company training centres, with two located in Toronto and the other in Waterloo. All of Park’s superintendents and building staff receive compulsory training at these locations covering everything from installing toilets to human rights. It is known at the company as “super school”. One of the new aspects of this training is in the use of “green” cleaning products, and where possible, these are now used exclusively in the buildings.

Graduates of Park’s super school are awarded certificates for their achievements in first aid training, Workplace Health & Safety, WHMIS, cleaning, maintenance, tenant relations, etc.

Steve Weinrieb, Senior Property Manager at Park Property Management

Park is also always proactive instead of reactive—from dealing with by-law revisions and an asbestos management program to hydro vault surveys.

Another area where Park has been on the leading edge is in the area of life safety. Weinrieb, who runs the company’s fire safety program, says it’s a good example of what makes Park both a good company to work for and a company that cares about its tenants. Some years ago, he says, he was checking a fire safety plan for one of the company’s buildings and realized that changes were needed. When he approached management about the situation they agreed to put him in charge of the company’s entire life safety program.

To make sure that all fire safety plans are up-to-date, Weinrieb keeps a chart on the wall of his office where each

building is listed along with the expiry date of the building’s fire safety plan. “It’s not piece of paper or a manual that you stick in a drawer. It’s an entity that has to be dealt with,” says Weinrieb.

In order to keep superintendents and other staff members trained, Weinrieb has developed a three-part course, which he teaches himself. The first course covers the physical nature of the fire panel and covers how all the devices work. The second course covers fire emergency training and tells staff what their responsibilities are should a fire break out in the building.

The third course covers general emergency planning for things other than fires. Its curriculum includes items such

63 Widdicombe Hill Blvd., Toronto, Ontario

as electrical emergencies, elevator breakdowns, floods, and gas leaks. “It covers everything from people stuck in an elevator to a broken garage door, to bad weather like a hurricane or a tornado,” says Weinrieb.

Wengler says all aspects of tenant safety are important.

“When you come into the building, the most important criteria is the safety of our tenants. It’s almost a given, but that is the most important thing,” he says.

The building is a home for the tenants and it should be a home that is the same as any other home. “We want all the buildings we manage to be ones that you or your family could live in. We want them to be buildings where you and your family would feel comfortable. That is our philosophy.” CA M

36 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 36

10/27/09 4:25:25 PM

Kaleid

A^SQWOZWhW\U W\ /ZZ @SaWRS\bWOZ O\R 1][[S`QWOZ >OW\bW\U @S_cW`S[S\ba

>`]cR b] PS ^O`b\S`a eWbV >O`Y >`]^S`bg T]` ]dS` ! gSO`a

# BVc\RS`PW`R 1]c`b ;O`YVO[ =< B " $ &&% $" $ 4 " $ &&% $ 3 YOZSWR]aQ]^SW\Q.`]US`a Q][

09321_CAM_Oct09.indd 37 Kaleidoscope_CAM_Oct09.indd 1

10/27/09 10/27/09 4:25:26 2:19:41 PM PM

multifacts Bill Zigomanis joins Boardwalk REIT

Colliers International Canada enters multi-unit residential market

Bill Zigomanis has Colliers International announced that it joined Boardwalk REIT is entering into a new real estate market as Vice President, segment by establishing a Residential Investments and will Project Marketing group. The Residential be working closely Project Marketing group will provide with the existing developers with real estate marketing acquisition and and sales services for large-scale multifinancing teams. unit residential projects.

Zigomanis was previously Managing Director, Multi-Unit Residential CARMA_CondoBusiness_01-19-2009_CS2--F.pdf 2/3/09 of5:41:35 PM service line is The addition this new Mortgages at TD Canada Trust. part of Colliers International’s growth

strategy as it enhances its services across multiple real estate market segments. The new practice, headed by industry veteran Greg Ashley, is planned to expand its services into the U.S. and other markets abroad.

“The addition of this new practice group will provide an added value to our clients while supporting Colliers’ growth strategy,” says David Bowden, Canadian President at Colliers International. “This service will offer our clients the unique opportunity to distribute product internationally by leveraging our vast network. As the residential markets are stabilizing, this is the right time to expand into this market segment.”

The Residential Project Marketing group will initially operate from both Vancouver, led by Scott Brown, and Toronto providing developers with marketing services in all major markets across Canada.

TowerWise creates advisor service to advance energy efficiency in Toronto Information on all the financial incentives available for high-rise energy efficiency retrofits is now just one phone call away.

The new TowerWise Incentives Advisor service will provide a free, one-window information source for owners and managers of apartment buildings and condominiums in the City of Toronto on funding available from governments and utilities to boost water and energy efficiency, reduce greenhouse gas emissions and improve their building’s bottom line.

“Most building owners, from sophisticated property management companies to condominium unit owners, don’t realize the full extent of the financial incentives available to support energy and water efficiency work or the huge savings that can result.” says Tim Stoate, Associate Director, Mandaterelated Finance with the Toronto Atmospheric Fund (TAF). “For example, on a $1 million retrofit project, current incentives could be as high as $500,000.”

Through its TowerWise program, TAF has partnered with the Greater Toronto Apartment Association (GTAA), the Canadian Condominium Institute, the Better Buildings Partnership (BBP), Enbridge Gas Distribution and Toronto Water to create the Incentives Advisor service.

38 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 38

10/27/09 4:25:27 PM

multifacts “My job is to help high-rise apartment building and condominium owners understand their energy and emissions reduction potential and access the various incentives so they get the best value,” explains Rob Detta Colli, the new TowerWise Incentives Advisor.

Detta Colli, an engineer and MBA, has significant experience in the energy efficiency retrofit area.

The Incentives Advisor can provide general information on how an energy retrofit can reduce operating costs and add value to a building; independent advice on how to plan and sequence an energy efficiency retrofit; comprehensive information on all of the incentive and rebate programs available to the multi-unit residential sector; and assistance in applying for and securing any incentives for which the retrofit project is eligible.

“Instead of having to call different government agencies and different utilities our members will now be able to get one answer from one trusted source. That’s the kind of efficiency we need to get efficiency rolling in the high-rise sector” says Brad Butt, president of the GTAA. The service is free for any building owners, property managers or condominium owners in the City of Toronto. Rob Detta Colli, the TowerWise Incentives Advisor, can be reached at 416-450-7989 or advisor@towerwise.ca.

FRPO supports Ontario Human Rights Commission’s Policies on Human Rights and Rental Housing The Federation of Rental-housing Providers of Ontario (FRPO) welcomed the release of the Ontario Human Rights

CMHC & Conventional Mortgages for: Multi-Family Rental Properties Senior’s Housing Projects Commercial Properties Construction Projects Vancouver Brian D. Kennedy or Jonathan Wong Phone: 604-685-1068 Fax: 604-683-2787 Email: vancouver@peoplestrust.com Calgary Dennis Aitken or Doug Eveneshen Phone: 403-237-8975 Fax: 403-266-5002 Email: calgary@peoplestrust.com Toronto Michael Lombard Phone: 416-368-3266 Fax: 416-368-3328 Email: toronto@peoplestrust.com ™

www.peoplestrust.com

September/October 2009 39

09321_CAM_Oct09.indd 39

10/27/09 4:25:28 PM

multifacts Commissionâ&#x20AC;&#x2122;s Policies on Human Rights and Rental Housing. â&#x20AC;&#x153;The policies released by the Commission [October 5] are a valuable resource for helping housing providers understand their responsibilities while helping to prevent human rights violations in the first placeâ&#x20AC;? said Vince Brescia, President and CEO of FRPO. The Commissionâ&#x20AC;&#x2122;s report outlines in detail the rules, policies and procedures that help ensure the practices of private

and public sector housing providers are nondiscriminatory in nature, and includes information to help landlords take proactive steps to ensure their policies are not having an adverse impact based on Code grounds. â&#x20AC;&#x153;FRPOâ&#x20AC;&#x2122;s commitment to being proactive on reducing discrimination is emphasized by its Certified Rental Building (CRB) Program,â&#x20AC;? said Brescia. â&#x20AC;&#x153;Compliance with the Human Rights Code is one of the required standards of practice that

must be met in order for a rental building in Ontario to receive the Certified Rental Building Program designation.â&#x20AC;?

FRPO states it is a strong supporter of human rights compliance and supports efforts by the Commission to promote education to landlords about the Human Rights Code. Together with its members, FRPO opposes discrimination in all its forms.

Avison Young releases BC multi-family investment report British Columbiaâ&#x20AC;&#x2122;s multi-family investment market is starting to stabilize as investor confidence grows and prices return to levels seen 18 months ago, according to Avison Youngâ&#x20AC;&#x2122;s Q2 2009 BC Multi-Family Investment Report.

Are you contemplating the sale of your apartment property?

A total of 14 multi-family transactions were completed in the second quarter of 2009, down slightly from 17 in the first quarter. Despite the dip, total dollar volume increased 51 per cent to $89.8 million in the second quarter from $59.3 million in the first quarter. On a year-over-year basis, second quarter 2009 dollar volume nearly matched the $88.3 million in sales that occurred during the same period in 2008.

Consider the following:

t 8IP XJMM SFQSFTFOU ZPVS CFTU JOUFSFTUT t 8IP XJMM HJWF ZPVS QSPQFSUZ NBYJNVN FYQPTVSF t 8IP XJMM EFMJWFS UIF IJHIFTU WBMVF GPS ZPVS QSPQFSUZ

8JUI PWFS ZFBST FYQFSJFODF UFOT PG UIPVTBOET PG VOJUT TPME BOE IVOESFET PG DMJFOUT SFQSFTFOUFE XF IBWF DPOTJTUFOUMZ EFMJWFSFE TVQFSJPS SFTVMUT 5ISPVHI PVS MPDBM BOE OBUJPOBM DPWFSBHF XF DSFBUF NBYJNVN FYQPTVSF FOTVSJOH NBYJNVN WBMVF GPS ZPVS QSPQFSUZ 1MFBTF WJTJU PVS XFCTJUF BU XXX DCSF DB OBH UPSPOUP PS DPOUBDU VT BU UP MFBSO NPSF BCPVU IPX XF DBO IFMQ ZPV

40-% 4VJUFT 5PSPOUP

40-% 4VJUFT 5PSPOUP

â&#x20AC;&#x153;Individual private investors were the most active in the second quarter of 2009,â&#x20AC;? says Avison Young sales associate Matt Saunders. â&#x20AC;&#x153;Most vendors continue to be private investors who are either retiring or looking to reposition their finances.â&#x20AC;? The most significant change for vendors in the second quarter, he adds, was the emergence of institutional sellers as some had to reposition their equity to deal with refinancing challenges.

40-% 4VJUFT #VSMJOHUPO

NATIONAL APARTMENT GROUP : : %BWJE .POUSFTTPS * &YFDVUJWF 7JDF 1SFTJEFOU

EBWJE NPOUSFTTPS!DCSF DPN 4BMFT 3FQSFTFOUBUJWF

According to the report, purchasers have forced vendors and their brokers to market properties based on actual income and opportunities for real returns. Purchasers, while drawn to Canada Mortgage and Housing Corporationâ&#x20AC;&#x2122;s (CMHC) attractive financing and the consistency of multi-family returns, have returned to fundamentals that emphasize cash flow.

$# 3JDIBSE &MMJT -JNJUFE 3FBM &TUBUF #SPLFSBHF

XXX DCSF DB OBH UPSPOUP VANCOUVER CALGARY EDMONTON WINNIPEG LONDON KITCHENER TORONTO OTTAWA MONTREAL SAINT JOHN HALIFAX

Avison Young Principal Rob Greer adds that due to a rise in vacancy rates, owners are now competing for quality tenants.

According to the report, rental rates are beginning to favour tenants, especially in some of the tertiary markets, whereas 18 months ago landlords were able to set record rental rates.

40 www.canadianapartmentmagazine.ca AD Redesign Half Page Island.indd 2

09321_CAM_Oct09.indd 40

4/22/2009 4:37:58 PM

10/27/09 4:25:29 PM

marketing

Get it right the first time In the case of brochures, less is more

By Carissa Drohan

The industry is undoubtedly getting more and more competitive by the day. In an effort to keep up and even gain the lead, companies are expanding their marketing efforts and creating unique and targeted brochures and flyers in an attempt to attract new tenants. So, how does your brochure measure up? Let me give you some tips on how to create a brochure that sells.

The first and most critical step when designing any brochure or flyer is to identify your target audience. Is it families, young professionals, seniors, or students that you want to attract? Correctly identifying your market will help you customize the rest of your brochure. For example, I’ve seen some low-quality brochures for high-end apartment buildings. Those brochures are targeting high-income earning couples who are probably used to shopping in highend stores, buying brand name products and driving mid to high-priced cars. If they come across a low quality flyer, chances are good that it will not get their attention. Be sure to match the quality of your brochure with the caliber and behavioural characteristics of your target audience.

Once you have identified your ideal customer, think about what emotional response would be most appropriate for your product to generate. We expect to laugh at a beer commercial and get warm and fuzzy during the De Beers “diamonds are forever” commercials. Brainstorming on different emotional angles can elevate your basic brochure to a full customer experience. For example, those same high-income earners may be drawn to modernized apartments that feature upgraded appliances or other luxury amenities. If your apartment satisfies those desires then focus the messaging towards promoting that and the feeling that lifestyle would provide.

Choosing the right colour combinations for your brochure will attract customers and make them want to explore your brochure. Use tones and colours that complement your logo colours, the photos in your brochure or other colours that

are associated with your brand. This will also make your brochures look more professional.

Finally, let’s look at the guts of the brochure. It’s time to show and tell so the audience knows what you’re offering. I recommend laying out the brochure design before adding the text. It often makes it easier to limit the amount of text I have if laying it out shows there is little room for it. What you’re trying to do is to sell the customer on the features and benefits of how your apartment can satisfy their wants, but without overloading them with information. If you overwhelm the customer with wordiness they may abandon the brochure before getting to the contact information. You may be surprised to discover that fewer points of data can actually be more interesting and insightful. All you need to do is dangle the carrot just enough to capture their interest.

Make the front page strong and eye-catching. Once it has been folded, the first page of a pamphlet is the only part most clients will see. Remember that you want the customer to follow-up with you, so give them just enough information and visual enticement so that their interest is peaked and they want to follow-up with you.

Last, but certainly not least, it’s time to call the customer to action. This can be anything from encouraging them to visit the property, call for additional information, or visit your website. Careful contact information placement is essential as you never want your brochure to feel like a sales and marketing piece. Keep your information compact and easy to find, but avoid plastering your info all over the brochure. A simple statement like, “Call us today for pricing” or “Visit our website for more information” may be all you need. Again, less in this case is more. CA M Carissa Drohan is the Marketing Coordinator at Skyline Apartment REIT. You can contact Carissa at cdrohan@skylineonline.ca or call 519-826-0439.

Dos and don’ts of designing your own brochure • Do use white space. Our eyes need to rest when reading things.

• Do use bullets where possible. They are easy to scan and take less effort to read.

• Do use images of people along with your images of the apartment itself. They create a lifestyle visual.

• Don’t use more than three font types in your brochure.

• Don’t write a novel. Keep your descriptions short and to the point.

• Don’t use low resolution photos. Make sure your photos are high quality and bright.

September/October 2009 41

09321_CAM_Oct09.indd 41

10/27/09 4:25:37 PM

regulations

OEB authorizes installation of electricity smart sub-metering systems in residential and commercial complexes

The Ontario Energy Board issued a Decision and Order on August 13 authorizing Exempt Distributors (e.g., landlords) to conduct discretionary metering activities (install smart sub-metering systems for individual units). The use of the smart sub-metering systems to bill tenants is only permissible with the express written consent of the tenants.

The Decision and Order provides landlords with clear direction on the conditions necessary for using smart submetering systems to bill tenants.

In the case of residential complexes: the tenant’s written consent must be voluntary and informed; an energy audit must be conducted by an independent third party; additional details such as a corresponding rent reduction must be provided; and a licensed smart sub-metering provider must be used.

In the case of commercial complexes, the tenant’s consent must be in writing, and meters must be installed by a licensed smart sub-metering provider.

The Board’s Decision and Order makes it clear that the smart sub-metering of residential and commercial complexes was not authorized if the smart sub-metering system was installed prior to the August 13 decision and on or after November 3, 2005. It does, however, recognize existing written consent in the case of commercial complexes given at the time the tenant leased the property.

Residential and commercial complexes are typically supplied with electricity by licensed local distribution utilities through a bulk meter. This meter records all of the electricity flowing into the building without any differentiation between users. Smart sub-metering systems are designed to enable the allocation of electricity usage by individual tenants on a unit-by-unit basis. CAM To read the full report, visit: www.oeb.gov.on.ca/OEB/_Documents/ EB-2009-0111/dec_order_SmartSubMeters_20090813.pdf.

ad index

C O

Ambient Mechanical . . . . . . 29 . . . . . 905.738.1768

Coinamatic . . . . . . . . . . . . . OBC . . . . 800.561.1946

MetCap . . . . . . . . . . . . . . . . 17 . . . . . 416.993.4305

Armstrong Baum . . . . . . . . . 21 . . . . . 416.785.0575

Com-Plex Systems . . . . . . . . 33 . . . . . 905.212.1474

Peoples Trust . . . . . . . . . . . 39 . . . . . 416.304.2078

B&L Mettel . . . . . . . . . . . . . . 27 . . . . . 905.884.9857

Energex Inc . . . . . . . . . . . . . 23 . . . . . 866.787.1836

Planit . . . . . . . . . . . . . . . . . . IBC . . . . . 800.933.5136

Carma . . . . . . . . . . . . . . . . . 38 . . . . . 888.298.3336

First National . . . . . . . . . . . . 5 . . . . . . 416.593.1100

Prime Corp . . . . . . . . . . . . . . IFC . . . . . 888.720.2020

CBRE . . . . . . . . . . . . . . . . . . 40 . . . . . 416.362.2244

HRA Engineers . . . . . . . . . . . 35 . . . . . 416.787.0371

Quality Allied Elevator . . . . . 13 . . . . . 905.305.0195

Champ Engineering . . . . . . . 31 . . . . . 416.741.2222

Huebsch . . . . . . . . . . . . . . . . 9 . . . . . . 920.748.4282

Rogers . . . . . . . . . . . . . . . . . 11 . . . . . 866.567.5778

City of Toronto BBP . . . . . . . 19 . . . . . 416.397.9218

IMS Insurance . . . . . . . . . . . 39 . . . . . 905.271.2070

Stratacon . . . . . . . . . . . . . . . 23 . . . . . 905.856.4001

CMHC . . . . . . . . . . . . . . . . . . 15 . . . . . www.cmhc.ca

Kaleidoscope . . . . . . . . . . . . 37 . . . . . 416.887.6416

Yardi . . . . . . . . . . . . . . . . . . 7 . . . . . . 905.671.0315

42 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 42

10/27/09 4:25:46 PM

P c t id

In o

Reality Sucks!

CONVENTIONAL MEASURING TECHNIQUES COST BUILDING OWNERS IMMEASURABLE AMOUNTS OF MONEY PLANiT’s patented MeasuringBoard® technology has been adapted to collect and create Building Information Models (BIM). Since visualization is key to keeping owners informed, BIM is quickly gaining traction as the tool that can identify issues before they have an impact on a building’s financial bottom line.

In today’s increasingly competitive marketplace, BIM gives building owners the one tool to not only save but make money!

TM

1.800.933.5136 www.planitmeasuring.com

09321_CAM_Oct09.indd 43

10/27/09 4:25:51 PM

What Your Competition Doesn’t Want You To Know

We’re a different kind of laundry company…

At Coinamatic, we know you can’t run a superior property with ordinary suppliers. We understand the difficulties of managing multi-family properties including: the time required to keep up with day-to-day operations and the lack of time to focus on developing new revenue opportunities.

We can help.

We’ll work with you to ease the pressure of resident relations and superintendent performance by creating new revenue streams and providing better management of both laundry rooms and parking facilities.

Please call Virgina Tolfo 1 800 361 2646 to arrange a no-obligation survey of your laundry and parking operations.

Anything else is a compromise.

TM

44 www.canadianapartmentmagazine.ca

09321_CAM_Oct09.indd 44

10/27/09 4:25:51 PM