The housing market in Toronto is evolving.
As demand for rental housing increases, the cost of renting in Toronto remains high, with the average two-bedroom in the GTA going for $3,139 a month, according to the Toronto Regional Real Estate Board.
And according to Oren Turkienicz, CEO of property management group Holt Meadow, the high cost of rentals lead to high expectations from tenants.
To meet these standards, landlords and property management companies need to ensure they’re providing high-quality management and impeccable customer service.
“I think that’s what differentiates Holt Meadow’s from our competitors,” says Turkienicz, “it’s our customer service. We understand that when rentals are high quality, the customer service and overall offering has to meet that quality.”
But what exactly does high-quality property management look like?
Turkienicz believes that communication is key – property management companies need to be responsive, available, and prompt when liaising with tenants.
This means providing emergency support, 24/7 assistance, and concierge services. It means setting up online portals for tenants so they can pay their rent online, or reserve building amenities at the click of a button.
Holt Meadows also uses QR technology, so tenants can submit service requests immediately, without having to make a phone call. Essentially, Turkienicz explains that it’s all about fostering a comfortable, intuitive environment for tenants, to make everyday living easier (and, ultimately, happier) for them.
READ: This Property Management Group Brings Innovation To A Growing Rental Market
While tech is a great way to boost a building’s livability, Turkienicz says that livability starts with intentional, purpose-built design – which is another way that Holt Meadow cares for their tenants.
“Given our experience in construction, we help consult with developers on how to implement intuitive design – such as opening up floor plans, where to place management and liaising offices, the types of amenities that are trending, and the like.”
For Holt Meadow, this means getting involved in the process very early, and working with developers every step of the way to ensure the end result's building is high quality. (And, once again, optimized for comfortable living.)
By prioritizing livability, Holt Meadow helps landlords and developers keep their residents happy and comfortable. This is a mindset that’s becoming increasingly crucial as the rental landscape continues to evolve.
According to Turkienicz, rentals are seeing a renaissance right now, since “a lot of developers, who previously might have been focused on condos, are now seeing a lot of value in rental development. [Because of this], we’re seeing a lot of developers pivot into a rental product.”
Wineva Beaches via Holt Meadow, Instagram
As rental supply grows in the coming years, Turkienicz believes even more pressure will be placed on landlords, who will need to differentiate themselves from the competition and show prospective tenants what makes them better than the building next door.
In Turkienicz's eyes, “it’s all about providing those intangible amenities. How do you implement something that a tenant will really appreciate?”
To learn more, visit holtmeadow.com.
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This article was produced in partnership with STOREYS Custom Studio.
