greenwin supplement to property management report

www.greenwinpm.com 1

Greenwin Property Management Inc.Supplement to Property Management Report

Celebrating 60 Years


on’t look here for wrinkles. If anything, 60 years in the business has made Greenwin Property Management Inc. a more attractive partner. Michael Bolahood, CPM, Chief Executive Officer, says that if people have the wrong impression about his company, it is not necessarily a bad thing: It is because the company has evolved to meet the needs of the marketplace.

But Bolahood is quick to set straight a couple of misconceptions about his company. “One of the fallacies out there is that we only manage these huge 400 and 500 suite highrises,” he says, noting that the average building size his company manages is 70 units. He is also quick to jump on another misconception: that Greenwin Property Management is primarily a builder/owner/manager. Today, he says, the company owns only 15 per cent of the rental buildings it manages—and all the rest are third-party clients.

Now Bolahood is out to challenge another idea: that all property managers are alike. “A lot of potential clients look at property management like a commodity,” he says. It is no surprise, because pricing by most industry players is often quite similar. Bolahood says that pricing is one thing—experience is another. His company offers partners a forward-looking attitude powered by 60 years of experience. For building owners, than means more than just a rent cheque.

60 Years of ExperienceFounded by Al Green, Harold Green, and Albert Latner, the company’s roots stretch back to the early 1950s, as one of the original home builders in the Toronto suburb of Don Mills. At the time, Harold Green helped set an industry trend by pioneering the use of pre-fabricated houses.

During the 1960s and 1970s, the company built over 10,000 residential units including single family homes,

condominiums, rental apartment buildings, and social housing. Harold Green’s innovations in concrete construction during this period have been adopted by builders worldwide. With such a strong pioneering involvement in construction, Bolahood says it’s no wonder that many people still think of Greenwin primarily as a builder/owner/manger.

Greenwin TodayToday, Greenwin Property Management is one of the largest privately owned residential property management companies in Canada. Headquartered in Toronto, the company has a combined staff of over 500 employees at its head office and property sites—giving it both size and unparalleled experience in rental properties.

The company manages buildings in the GTA, Hamilton, Cambridge, Ottawa, and Montreal—over 20,000 units with over 50,000 residents. “A big portion of our portfolio is smaller buildings with a lower suite count,” notes Bolahood, as he lists off properties including townhouses, garden complexes, walk-ups, and large highrises. Suite counts, he says are anywhere from 25 to 700 units per building.

Partner in Building Long-Term ValueBolahood says that Greenwin Property Management is more than a property manager. “We’re not only property managers—we’re asset managers too. It’s one thing to fix a leaky pipe and collect the rent on time. But you also want to position an asset in such a fashion that you can increase its value over the years,” he explains.And if the term asset manager makes people think of investments, that is what Bolahood wants. Looking at a rental property as an investment as well as an income generator

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overview

Greenwin Builds on 60 Years of Experience

4 Supplement to Property Management Report

Congratulations to

Greenwin Property Management

on your 60th Anniversary. The Sacks Partnership wishes you continued success.

23 Lesmill Road, Suite 418Toronto, ON M3B 3P6T. 416-444-1500

Sacks_GreenwinSupp09.indd 1 10/29/09 12:03:54 PM

means driving up the revenue stream while bringing down expenses. The result, according to Bolahood, is more bottom-line revenue.

Bolahood thinks the timing is right: many rental properties are approaching the 35 to 50 year mark. At this age, he says, if not already completed, they will require a substantial injection of capital. That is where Greenwin steps in and helps with an asset-management plan. “To take the top-line revenue from today’s point A to tomorrow’s point B, here’s

“We come pretty close to condo quality, and that is the plan.”

Michael Bolahood

what we have to do,” says Bolahood, listing options such as modernizing heating systems, updating kitchens and bathrooms, and installing high-speed elevators. Are they the right choice for the building? Bolahood believes that without a well-documented asset-management plant, an owner goes into such upgrades blindly.

Looking Ahead“You have to put the business case together,” says Bolahood as he talks about Greenwin-managed buildings competing with condominiums in the Yonge and Eglinton neighbourhood. These buildings have been turned into what Bolahood describes as “higher-end product.” Along with extensive upgrades to common areas, H.V.A.C systems, elevators, and facilities there are amenities such as a concierge, media and theatre rooms, convenience stores, and salt-water pools. “We come pretty close to condo quality,” he says. And that is the plan.

As the housing industry has evolved over the past 60 years, Greenwin Property Management has grown from its roots as a builder/manager to become largely a third-party manager. “A lot of our third party clients have been with us for many, many years: 10, 15, 20 years,” says Bolahood. He plans to keep those customers by bringing them analytical skills, skills that will give them more than just a distribution cheque each month.


veryone loves to get new apartment windows, but it’s a very intrusive project,” says Michael Bolahood, Chief Executive Officer at Greenwin Property Management Inc. As he describes the process of moving furniture, taking down window coverings, pulling out existing windows, removing windowsills and casing, installing the new units, and collecting and controlling dust, plaster, and debris, Bolahood paints the picture of what could potentially be a very messy and frustrating project.

But it’s a project that tenants will accept—unless there’s a hiccup along the way. And if there is a hiccup, Bolahood says it all comes down to project management, or a lack of it. That is why Greenwin has a dedicated in-house project management division.

“We set up project management about 20 years ago,” he explains. At that time, the company was doing a lot of capital work on buildings using outside personnel. Given the repetitive nature of the work that takes place in rental apartment buildings, and the importance of good tenant communication and relations, Bolahood says it made sense to have qualified personnel on staff to manage such projects.

Managing ExpectationsThe project management team develops specifications, requests tenders, awards work, and manages tradespeople. But according to Bolahood, “The most important thing about project management is managing tenant expectations while the work is going on.”

“Tenants are OK with it as long as your schedule meets their expectations—as

long as you constantly keep them in the loop,” he says, adding, “You want to make sure that your schedule is bang on.”

A Lift for ResidentsBolahood uses the example of elevator upgrades to highlight the importance of project management. In buildings with two, three, or four elevators, he says, such projects can be relatively easy to manage.

But recently, Greenwin has upgraded elevators in several low-rise buildings with only one elevator. Describing the original equipment in some buildings as, ”Slow as Molasses,” Bolahood says most residents welcomed the idea of an upgrade.

What gave them pause, however, was the thought of being without an elevator during the upgrade. According to Bolahood, getting residents on board for such projects starts with a survey of residents and their requirements. Where necessary, Greenwin project managers arranged for staff to help residents carry parcels up the stairs—and in some cases hired someone to be on hand to help people in need. Greenwin also purchased a portable stair lift that is available to all sites during this process.

Managing Cost Pass-ThroughsNoting that many building owners consider rent increases when planning capital improvements, Bolahood says that good project management is critical to achieving the fully allowable above-guideline rent increase.

Talking about the rent-review process, he says, “If you go ahead and spend $300,000 on new risers, and residents in the building can demonstrate the project

was not managed properly, your fully allowable increase could be jeopardized.”

Bolahood goes on to explain that if building managers can demonstrate during the rent-review process that new risers were a requirement and the project was well managed throughout the process, there is a much greater likelihood of getting the fully allowable cost pass-through.

As far as project management goes, Bolahood feels the most important factor is getting work done according to spec, with as little disruption as possible and in the prescribed timeframe.

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management

Managing Projects & Expectations

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sked about how best to get in touch with him, Michael Bolahood, Chief Executive Officer at Greenwin Property Management sighs and says, “E-mail is the best in case I’m in a meeting ... and besides, I’m addicted to my BlackBerry.” Sure enough, Bolahood is pretty quick to respond to e-mails.

It’s a fast-paced industry, and all managers at the company have laptop computers and BlackBerrys. But for Bolahood, that’s not enough. Property management, he says, is about more than property. It’s about people too—which means technology that makes the cut in his company has to bring value to tenants, Greenwin employees, and building owners alike.

Empowered by its IntranetAs IT Manager at Greenwin Property Management, part of Dawne Hudson’s job is to implement technology that can pull together a decentralized workforce. And when it comes to being connected, she says, the Greenwin’s own intranet is an outstanding tool for pulling people together.

To illustrate the benefits of the intranet, Hudson gives the example of a property manager in Mississauga helping a tenant who is planning to move to a Greenwin-managed building in Montreal. The employee can use the intranet to see which apartment units, lockers, and parking spots are available at the building. And if the tenant is ready to decide, reservations can be made on the spot.

“At a glance they can see what’s available, not only for the properties they manage, but anywhere that Greenwin manages a property,” explains Hudson, adding, “It keeps us completely up to date at all times with what is available at every one of our sites.”

The intranet has also become an important tool in ensuring adherence to company policy and regulatory changes. “All of our site offices can access up-to-date, standardized forms,” she says, pointing out the importance of something as simple as up-to-date forms when it comes to meeting regulatory requirements.

But the intranet is not only about reserving units and compliance. It is also a tool to bring together employees. “We have a section where we can post headlines relating to company operations,” says Hudson as she talks about a news section. Then she laughs as she describes the monthly arrears reports that are posted on the intranet, saying a bit of friendly competition in collections is good.

Using Technology as a Collections AssistantWhile the company uses the intranet to book units, share company information, and track receivables, it uses the Internet in a different way: as a very effective collections assistant.

If building owners wish to participate, Greenwin will set up the option for tenants to make online rent payments using Interac and/or credit cards.

Adelia Machado, controller at Greenwin Property Management, explains that many tenants like paying by credit card because they can accumulate points. “If they’re earning points or Air Miles, they’re motivated to pay by credit card,” she says. But points aside, the other advantage is that tenants can pay from anywhere there is internet access.

The advantage of online payments for building owners is that the money gets to the bank more quickly. There are no NSF fees for dishonoured cheques and no funds on hold while cheques clear the system. But Machado is most excited about the decrease in arrears and expedited payments at buildings offering this payment option. She says that the company has seen a decrease of approximately 12 per cent in overall month end arrears when buildings offer the option of online rent payments.

Property Management ToolsAlong with the company intranet, Greenwin uses specialized property management software. It is the latest state of the art internet-based system that allows site offices the same access and functions as the head office. Hudson says, “There is the ability to access the property management software from any computer that has internet access.”

This means that property managers can access real-time centralized data, with the ability to generate reports, track payments, and access rent information.

With a highly effective intranet, online convenience for tenants, and specialized property management software, Bolahood thinks the company has brought together the right mix of technology. More than speed, he sees technology as a way to brings together employees while giving tenants and building owners fast, effective service.

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technology

Bringing Together the Right Technology at Greenwin

Adelia Machado


ichael Bolahood is pumped about the new electronic tool in the Greenwin Property Management toolbox. “The results were absolutely incredible,” raves Bolahood, Chief Executive Officer at the company. “It was very unique and attracted a great deal of positive feedback,” he adds.

“It started out as an electronic brochure, but it morphed into something much more valuable to us,” continues Sheryl Erenberg, as she describes the website that Greenwin Property Management built for the property it manages at 88 Erskine Ave. “The number of times it was viewed surprised even us,” she says, adding that the hours at which people visit the site surprised them too.

Erenberg, Greenwin’s marketing consultant who oversaw the project, says that the website, www.88erskine.com, was initially intended to provide information in a format targeted to tenant prospects in the 20-35 age group. But the scope of the website quickly grew and opened up new communication channels with current residents and became a good sales tool. “We realized that electronic was the preferred method of communication,” she says.

After-Hours Rental OfficeAside from generating interest with prospective tenants, the website now allows pre-sold prospects to rent units. “We were very surprised at how many people rented apartments sight unseen,” says Erenberg, who suspects that viewers feel comfortable making such a decision because of the video testimonials and detailed building information on the site.

Greenwin staff now use the website as a tool to close sales with prospects who have a high level of interest. Erenberg says that staff encourage these undecided prospects to go home and think about things—and then go online later to reserve the unit using a credit card. The advantage for prospects is that there is no need to wait until the sales office opens the next day, by which time someone might have “scooped” the unit.

Tenants Like it TooBolahood says that adding tenant video testimonials to the website was a great decision. The building management held a contest encouraging residents to submit a video in which they explain what they like about living at 88 Erskine Ave. Videos were judged and the top three were placed on the website. Erenberg says the videos proved to be more than a fun contest: they gave a huge boost to website traffic, upwards of 25 per cent.

Erenberg says that tenant use of the website now extends beyond viewing videos. A resident-only photo album contains pictures of building events such as barbeques and wine tastings, material that she feels is not appropriate for general public viewing.

The residents-only section of the site also allows tenants to place work orders, book the media room, or arrange to borrow a folding bed for guests. “At some point the electronic work orders surpassed the written ones,” notes Erenberg, explaining that the system is very convenient for tenants—and gives the company a better tracking mechanism for maintenance issues than paper-based forms.

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online

88 Erskine Website

Bringing Together the Right Technology at Greenwin


75D Konrad Crescent, Markham, Ontario L3R 8T8 Tel: 905.940.4131 Fax: 905.474.1611

R. F. Porter General Contractingcongratulates Greenwin Property Management on it’s 60th Anniversary.

R.F. Porter General Contracting as a strategic supplier to the Apartment Management Industry provides Greenwin Property Management with a full line of interior renovation and operational maintenance.

RFPorter_Greenwin09.indd 1 10/29/09 12:12:45 PM

Because such work orders go directly to the superintendent’s Blackberry, the response can be very rapid—something that residents appreciate. Staff like it too, as it saves trips to and from the office. “It’s a good time-management tool for the staff,” says Erenberg.

Looking AheadErenberg says that while most large property management companies have websites, the 88 Erskine Ave. website is still

unusual. “For a building to have a building-specific website is less common—but I believe essential,” she says.

While 88 Erskine is an upscale building, Erenberg feels that websites are beneficial for other sorts of properties. Another Greenwin-managed website is the 1240 and 1244 Donald Street site (www.donaldapartments.com), a more moderately priced community in Ottawa. This website has information for prospective tenants, along with information on the recreational and social programming that Greenwin supports in conjunction with a local agency.

The success of the 88 Erskine website has not gone unnoticed. The Federation of Rental-Housing Providers of Ontario (FRPO) selected Greenwin Property Management as their Annual Industry award recipient for the website. When asked what merits the award, Erenberg says that an effective site must be easy to use—which means minimizing the number of clicks required to get to key information such as floor plans. Equally important, she says, is to help viewers take the next step. “There’s a very strong call to action on every single page,” she says.

Have there been challenges in the project? Erenberg laughs as she says that the challenge is to give prospective tenants enough information so that they will come to the building and sales staff can close the sale. With too much information, they might not have a reason to come to the building.

“ For a building to have a building-specific website is less common–but I believe essential”

Sheryl Erenberg


e’re very stable,” observes Michael Bolahood as he describes the low rate of employee turnover at his company. If Bolahood, Chief Executive Officer at Greenwin Property Management, sounds a bit smug, it’s because the labour force in the property management business is often transient, sometimes higher than 50 per cent per year.

“One of the things we’re quite proud of here is that the turnover in this company is very, very low,” says Bolahood. “Over 30 per cent of our head office employees have been with the company at least 10 years, many have over 20 years tenure, and we have several individuals who have been with the company for over 30 years.” He goes on to note, “I don’t think I’ve had more than two people leave in any of the last three years.”

What’s his secret? Bolahood sums it up as ongoing corporate support combined with a comfortable work environment. Noting that in the past he has even had several employees leave and then return to the company fold, he knows he is doing something right. And that something is helping employees excel through a strong support network.

Greenwin UThat support starts with information. Greenwin U is a series of bimonthly educational events run by the company. Local staff members attend sessions in person, while out-of-town staff are able to connect via teleconference. Course material covers a broad range of subjects relevant to day-to-day responsibilities.

With waste removal and recycling being hot issues lately, Greenwin U has hosted waste-handling experts from the City of Toronto, waste removal companies, and compactor suppliers. Human resources has been another theme, with tips on maximizing staff performance, and labour experts providing insights into site recruiting issues. There has even been a session given by a pest control company, looking at how insect pests propagate, steps for preventative maintenance, and how to treat them.

The goal of Greenwin U, explains Chris Hawley, is to train the trainer. Hawley, Vice President of Rental Operations, says that property managers attend the session, and then return to buildings with the knowledge to train their site staff.

Wired for SupportIn the property management industry, employees are often away from the support network at the head office. Hawley says that employees are able to access company resources remotely on the company’s own expansive intranet. Ana Bellamy, HR manager, explains how the intranet is structured to support staff: While viewing a cleaning schedule, for example, an employee will see a link to the cleaning policy and checklist, documents that clearly lay out company expectations. “It saves time because they don’t have to call for help,” she says.

And for situations where there isn’t internet access, employees are given a portable zip drive that contains forms, reference materials, policies and procedures, and departmental training.

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support

Supporting Staff for the Long Haul

Michael Bolahood Adelia Machado Chris Hawley


Congratulations toGreenwin PropertyManagement on60 years of success!

For more information:

Christopher [email protected]

2 Queen St. East, Suite 1500Toronto, Canada M5C 3G5www.blaney.com

A Simple ReminderAnother way of supporting staff, says Hawley, is with regular notices. Monthly risk-avoidance updates keep seasonal risks on the radar of site staff. The goal of this simple program is to reduce accidents with reminders of risks. Hawley considers it an easy way to minimize potential claims for things such as slips and falls.

He gives the example of spring notices reminding site staff to be on the lookout for trip hazards resulting from freeze and thaw cycles. Spring weather also brings on lots of water, so another notice may remind staff to post warning signs on wet, slippery floors.

Outside EventsHawley says that training and networking does not stop with in-house events. Property managers attend several Greater Toronto Apartment Association (GTAA) training sessions every year.

Recent sessions have featured a leasing and marketing guru who talked about promoting rental properties, discussions about recent legislative changes such as the waste levy in Toronto, and hands-on training for minor plumbing and electrical repairs.

Staff have also taken part in training through the Federation of Rental-Housing Providers of Ontario (FRPO), an initiative that

now has all participating Greenwin-managed buildings certified under the Certified Rental Building program (CRB) program. Hawley says the receipt of this designation gives Greenwin buildings the industry’s new professional seal of approval.

TeambuildingGrowing a dedicated workforce means fun too. “We have a number of different staff teambuilding events during the year,” says Hawley as he lists off a bowling night, boat cruise on the Toronto harbour, and a company box for a Blue Jays game at the Rogers Centre. Bellamy agrees, saying, “It’s a fun company to work for.”

This past winter a number of staff members formed a hockey team that took part in a tournament with other property management companies and clients. “Other office staff came along to cheer us on,” notes Hawley.

Hawley points out that the employees convey the team spirit and tend to stay with the company for many years. “The staff tenure is quite unique,” he says. Bellamy adds, “It’s a family-owned company, so why not be like a family.”

Hawley sees something else: Longevity. “The company has 60 years of history, and people like the fact that there are very good policies and procedures in place supported by a very good infrastructure,” he says.


hile green is trendy, building owners are looking for more than feel-good greenwashing. And if being green means spending a lot of money, it is not always an easy pitch to make. But when being green has short payback periods—and when it makes buildings more appealing to prospective tenants—it’s easier to sell. In short, there has to be a business case.

This is the practical approach that has been the backbone of green initiatives at Greenwin Property Management, focusing on tenant comfort, energy cost savings, and improved marketability. “Once you can get the return on investment below five years, everyone wants to listen,” says Michael Bolahood, Chief Executive Officer.

Good Hot Water Systems More than Hot AirInstead of pouring money into old systems at the end of their useful lives, many owners opt for a new heating plant. And Bolahood’s suggestion is that they consider new piping configurations and new control systems too.

“The days of when you go by a building in the dead of winter and everyone on the south side has their windows open due to high temperatures in their units are over,” says Bolahood. He believes that control systems are just as important as heating equipment—and sophisticated zone-control systems allow more options than simply on or off.

Along with increased comfort for residents, sophisticated control systems greatly reduce wastage. He goes on to talk about another development, effective make-up air heating for corridors tied to the central heating system—not like the old days when corridor heating units (and make-up air) were either on or off. The result, he says, is more than better heating control: better pressurization in hallways, meaning that apartment odours are not pulled out from suites. This translates into a more marketable building when showing suites to a prospective applicant.

A recent installation of new heating and DHW boilers, related piping, and controls in a 500-suite Toronto building could cost upwards of $450,000. It’s a daunting figure. But

savings in energy consumption were $126,000 per year, and there was a federal energy-reduction incentive of $145,000. With a payback of 2.3 years, Bolahood says this was an easy decision for the building owner.

Mark Kesseler, Director of Physical Operations, explains the thought process he uses when he looks at a building that needs a new heating system: First, he says, it is necessary to design boilers with the appropriate capacity to meet the needs of the building, because these boilers will feed all the ancillary systems such as domestic hot water, suite heating, makeup air, and garage heating. Next, it is necessary to redesign the piping system. Most importantly, though, are the controls. “The integral part of piping and boilers is controls—that’s the heart of it,” he says, adding, “The controls are the key element that keeps it running and realizes savings.” But many companies shy away from the building automation control systems because they do not have people in house to deal with them.

Kesseler talks about more low hanging fruit: domestic hot water. Instead of storing thousands of gallons, he says, it makes better sense to store a small amount, then generate the rest as needed. Going from a 5,000-gallon tank to a 200-gallon tank eliminates huge storage and standby heat losses.

Waste Not Want NotWith a waste levy in Toronto, waste diversion is more than a green initiative: it is a money saver. The key, says Bolahood, is to make it easy for tenants.

“We’ve made great strides in recycling,” he says as he describes a pilot program that has been launched at several Greenwin-managed highrise buildings. With no separate chute for recyclables, these buildings close the garbage chute to garbage for two days each week, taking recyclables instead. The key, explains Bolahood, is education, communication, and the installation of appropriate signage to direct residents. “Most people are stepping up because of the convenience,” he says.

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environment

Going Green in the Black with Greenwin

Mark Kessler


One wasteful practice he hopes to see changing is in the use of electricity. “It’s quite evident, if you drive by two highrighes—one apartment and one condominium—that the one with many of the lights out is the condominium and the apartment with no sub-metering has many more lights on in unoccupied areas,” he says.

Looking ahead, Bolahood expects to see more heating system upgrades, and a continued replacement (as technology improves even further) of items such as incandescent and first generation fluorescents light bulbs, low-flow toilets, and showerheads—all of which have a short payback period. He is also excited about something

new on the horizon: Greenwin is in the planning stages of a project to install rooftop solar panels to heat domestic water. “I think you’ll see the solar option begin to flourish in the next few years as the technology continues to advance and more incentives are offered to apartment owners,” he says.

Talking about weed control following the enactment of the Toronto pesticide bylaw, Bolahood says, “We’re having a fair amount of success.” Instead of pesticides,

Greening the Landscapethe company has adopted maintenance programs that use aeration, dethatching, and well-timed irrigation. “For the most part we’re able to control weeds with regular maintenance,” he says. And he is a big proponent of mulch in planting beds. “ The biggest saver for us is mulch,” he says, describing how it keeps in moisture, while stifling weed growth.


e’re not only property managers, we’re also asset managers,” declares Michael Bolahood, Chief Executive Officer at Greenwin Property Management Inc. If it seems like a trivial distinction, Bolahood doesn’t think so. In fact, he thinks that the term asset management is thrown around far too loosely in the property management industry.

While property management is considered by many to be a commodity, Bolahood says that real asset management—based on a comprehensive plan that builds value for owners—is a specialized service, one that requires extensive industry experience.

“Basic property management is doing repairs and collecting the rent. Asset management is the bigger picture,” explains Bolahood. And he thinks his firm is well positioned to see that picture, with over 60 years of development and real estate management experience. Greenwin Property Management, he says, has a combination of experience and forward-looking expertise that help clients focus on the big picture.

Simple LogicTo drive home the point of what he means by asset management, Bolahood uses the example of a typical conversation with a client when reviewing the progress of the plan: “When we acquired the management of the building it was worth “X”; at this point it’s now worth “Y”, not only because of general price appreciation but because we have been able to accomplish the following…”

The logic is simple: A higher net operating income from the building results in a higher building value. That higher value means higher proceeds for owners who sell, or more principal loan amount headroom when obtaining financing.

Bolahood says that to get that higher net income, either bottom line costs are pushed lower by reducing expenses, or the top line revenue is lifted higher. And that is where he feels Greenwin Property Management can bring value. “It’s not just strictly saving money, it’s looking at ways at moving that top-line revenue stream higher,” he explains.

Commercial Uses Bolahood says that many buildings have untapped potential for commercial uses. He gives the example of a ground-floor convenience store. Even in neighbourhoods with nearby amenities, he says, residents like having an on-site store so that they do not have to put on coat and boots and brave the elements. At the same time, renting out the available commercial space helps increase the revenue stream.

Another example is a recent trend to install electronic display screens in lobbies, laundry rooms, and elevators to provide residents with news, weather, and real-time building information. When some advertising is included, such screens become a revenue generator.

Beyond Bricks and Mortar“You have to look beyond the bricks and mortar,” says Bolahood as he talks about maximizing the value of assets. The land itself, he continues, is often overlooked.

“There’s always ways to expand upon a property,” he says, noting that with vacancy decontrol, building additional units on a property makes more sense than it may have made in the past. Many apartment buildings have excess land surrounding them, and finding a way to increase density—condominium units, townhouses, or additional apartments—means increased revenue.

“It’s not a slam dunk all the time,” acknowledges Bolahood, but he goes on to say, “But you need the right people to have a look at it. You’ve got to explore those opportunities.” He adds that something that did not work in the past might work today, as policy and political climate change over time.

As an example, Bolahood talks about a low-rise building that had individual ground-level garages. These, he says, were easy to convert into additional apartments that added significant dollars to the revenue stream.

Going Head to Head with CondosRent increases are an obvious way to increase top-line revenue. For people worried about having enough price elasticity for rent increases, Bolahood has a solution. Think big.

He explains his thinking at a mid-town Toronto project in an upscale neighbourhood: “How do we get the value of a rental unit close to what a competing rental condo would be like?” he asks. Rent control and other factors had left the 60s-era building in need of many upgrades. Vacancy decontrol meant that increased service options and suite improvements could offer considerable payback in the form of increased rent.

Bolahood describes renovations where walls were partially removed between kitchens and living areas to create a more open space. “When you open up the space of a unit that’s already nearly twice the size of a competing condo, it really makes a huge difference for tenants looking for a larger, more accommodating layout,” he says.

management

More than Collecting Rent and Fixing Leaky Pipes

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e’re always looking at new ways of generating renewed interest in our product,” explains Chris Hawley Vice President of Rental Operations at Greenwin Property Management Inc. The product Hawley is talking about is residential rental units. And the challenge is keeping those units filled at rental rates that lead the market.

Along with innovative advertising campaigns, the company looks for ways to reach out to as many prospective clients as possible. That means that while Greenwin-managed buildings conduct marketing activities on their own, they also leverage Greenwin’s corporate marketing activities, benefiting from the size and know-how of a company with 60 years of experience.

Successful City.Life! CampaignPrint advertising is a key element of the marketing strategy. Greenwin Property Management runs marketing campaigns that change seasonally. “Our campaigns reflect the season,” explains Hawley.

A recent campaign, City.Life!, was built around the theme of urban living. “We wanted to come up with something different—something unique,” says Hawley. Because the bulk of the properties managed by Greenwin are in urban areas, the campaign features colourful graphics of urban life in multi-residential properties. “We asked our designer to look at something for the spring that would be colourful, vibrant, and different,” he says.

The campaign, which runs in Renters News, has advertisements that are refreshed on a weekly basis. “It’s certainly got us a lot of good feedback. It’s caught people’s attention,” says Hawley. “It tells the story we want to tell,” he continues, saying that if you want to live in an urban environment you don’t have to look further than Greenwin. Advertisements typically feature a guide that lists all Greenwin-managed properties, allowing readers to scan for details such as amenities, location, and contact information.

Another recent print campaign featured images of smiling tenants in photo booths. The theme was the Greenwin tenant-referral program, with advertisements showcasing what tenants like about Greenwin-managed properties. It had the look and feel of testimonials to friends.

Creating Curb AppealHawley explains that there is more to marketing residential rental units than traditional print advertising. Curb appeal,

he notes, generates a significant amount of traffic.

The company has won the Federation of Rental-Housing Providers of Ontario (FRPO) award for curb appeal at a building with over 30 units. The Davisville Ave. building in Toronto has numerous expansive gardens planted with an array of colourful annuals and perennials, a huge water fountain feature, custom sculptures, and meandering flagstone walkways.

Building and Leveraging Resident GoodwillHawley says that people who live in Greenwin-managed buildings typically enjoy where they live. Having worked hard to turn residents into satisfied customers, Greenwin Property Management then leverages that goodwill through a resident referral program. “Resident referrals is a big part of what we do,” he says. The resident simply provides a name and

phone number, and Greenwin Property Management reaches out to make the initial contact.

In return, residents benefit from a monetary incentive for each referral, which varies depending on unit demand and availability. “Our residents like being recognized for that referral,” he says, noting that some residents are very active in the program, bringing in four to five new tenants per year. “It can be pretty good remuneration for residents who want to participate,” he remarks.

Appealing to Online Apartment HuntersRecognizing that some people prefer to conduct an apartment search online, the company has built an interactive website that helps viewers locate a suitable unit. “Our Greenwin website is producing a lot of interest,” says Hawley.

The website allows viewers to see pictures of available rental units, the building, the grounds, and the neighbourhood—and to obtain details about the site facilities. It also makes it easy for viewers to send a message to site staff. “People find searching for accommodation online effective. It allows them to narrow down their search quickly,” notes Hawley.

By combining company-wide and building-specific marketing activities and by reaching out and making it easy for prospective tenants to choose a Greenwin-managed building, Hawley feels the company reaches the widest possible audience.

“W

marketing

Making Rental Units Stand Out Through Marketing

City. Life!

e close to all that makes the city great. Live comfortably in a quality location, with helpful management and staff. Enjoy excellent value with great prices.That’s exactly why Greenwin is your perfect choice.

• Bachelors to large townhomes — with everything in-between!• Minutes to schools, playgrounds, parks, neighbourhood plazas

& major malls• Close to public transit• Exciting resident events • The GTA’s most innovative payment methods:

Online • Interac • Visa • Mastercard • American Express — at participating buildings.

2G

Chris Hawley


Congratulations Greenwin on your

60th Anniversary!

Proud member of the RRJ Insurance Group Limited

With a dedicated account executive from Rogers, you’ll get personalized supportyou can count on. It’s your one point of contact to ensure your residents arecompletely satisfied with their TV, Internet and Home Phone services.With over 30years in residential properties, Rogers is the industry leader. After all, yourresidents aren’t the only ones who deserve the ultimate in service.

Call your Account Executivetoday at 1 866 567-5778or visit rogers.com/cmafor more information.

™Rogers and the Mobius design are trademarks of Rogers Communications Inc., used under license. © 2008

LET US SWEAT THE SMALL STUFF,THE BIG STUFF ANDEVERYTHING IN BETWEEN.

Congratulations

We are privileged to provide counsel to Greenwin Property Management Inc.

Partnership. Results. Success.®

Brookfield Place, 181 Bay Street, Suite 1800, Box 754, Toronto, ON M5J 2T9 CanadaT 416.863.1500 F 416.863.1515 W www.airdberlis.com

Robert Doumani416.865.3060

[email protected]

Tom Halinski416.865.7767

[email protected]

511 Millway Ave, Concord ON L4K 3V4

Tel.: 905-660-2353Toll Free: 888-660-2353

MultiTech 2000 would like to congratulate

Greenwin Property Management on it’s 60th Anniversary

MultiTech_Greenwin09.indd 1 10/29/09 12:21:54 PM

Making Rental Units Stand Out Through Marketing

Congratulations Greenwin Property Management!

BrookRestoration_GreenwinSupp09.indd 1 9/23/09 3:48:32 PM

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