Sachin Rustagi

Sachin Rustagi is the Head of Digital for Markel International (Canada), with a focus on digital distribution, specialty portals, and InsurTech solutions. Sachin has 20 years of experience in areas of digital distribution innovation, growth & transformation. He holds a Bachelor of Mathematics (BMath) with a focus in Computer Science from the University of Waterloo and a Masters in Management (MMie) from Queens University’s Smith School of Business.

Recognized as an innovation leader in North America’s digital insurance space, Sachin enjoys sharing his passion and contributions towards improving distribution and productivity in the P&C and Specialty Insurance industry.

The post Protecting your bottom line: Insurance solutions for property managers appeared first on REM.

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post Helping clients prevent costly surprises: How to avoid water damage and maintain insurance coverage appeared first on REM.

REM Editorial Team

realestatemagazine.ca

The post Letter to the Editor: The ORWP is a long-awaited lifeline appeared first on REM.

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.

The post Opposition mounts as OREA members face mandatory insurance plan appeared first on REM.

REM Editorial Team

realestatemagazine.ca

The post OREA membership fees expected to surge over 700% after ORWP approval appeared first on REM.

Yet retail is suffering. Vacancy rates for retail space remain high. Many of the hundreds or even thousands of restaurants that shut down over the last 18 months won’t be reopening. And corporate offices are still experiencing low occupancy as workers have grown accustomed to remote work and are reticent to return to shared spaces.

As a result, many real estate owners and operators – struggling to fight back against plummeting occupancy rates during 2020 – are repurposing property to attract new tenants. For example, retail space has been converted to warehousing and vacant restaurants have reopened as cannabis storefronts. As the economy rebounds, the industry is still looking for new and innovative ways to repurpose commercial property.

No such thing as a quick fix:

Transforming a retail space for another purpose isn’t as simple as it sounds. A repurposed building will need to be redesigned, both in terms of the specific layout but even including the underlying infrastructure, including fire and life safety, mechanical, electrical and plumbing systems. It’s crucial to evaluate each of the building’s systems independently to determine if they can adequately serve the space’s new purpose.

Similarly, it’s important to familiarize yourself with local building codes and zoning laws before advertising your space in a new way. Changing a building’s zoning designation does take time and resources – and it’s important to understand that investment before you take positive steps in that direction.

Consider the risk of the change:

Even without a formal change of building code, repurposed property brings with it a new risk profile – as well as different requirements for insurance coverage. The changing risk and coverage can be a challenge to determine, especially if there is a vacancy clause in effect that nullified coverage or altered terms and conditions. Uncleared vacancies can make it difficult to secure new coverage for a repurposed property.

Another factor beyond the owner’s control that makes it more difficult to secure coverage includes insurance capacity. In many cases, different carriers specialize or offer coverage for different types of property. Many underwriters don’t offer policies for the cannabis industry, either because of specific risk factors or because there just isn’t enough data yet. So even if tenants are readily available, it may not be a good idea to make the change if you can’t secure proper coverage.

A “hard” market:

In recent years, underwriters have become more selective when it comes to real estate insurance. This means they have their pick of what to insure – and the result is that premiums have risen across the board. Even if you have squeaked by in the past because of loyalty to a carrier, a repurposed asset may not qualify as a risk they’re willing to take.

The reinsurance market:

Even a willing underwriter is subject to the risk appetite of their reinsurers. Without reinsurance, underwriters are heavily restricted on the policies they’re willing to write.

Despite these hurdles, real estate owners and operators can take steps to reduce their risk and make their property a more attractive risk. When repurposing your property, consider these factors:

1. Know the expectations in the new industry. Shifting from one space to another often leads to new liabilities and understanding them is the key to success. For instance, a newly minted warehouse owner assumes responsibility for products and materials housed in their space. A legal liability policy can help protect the owner from the financial consequences of a fire, theft or negligence.
2. Understand your new risk profile. Similarly, repurposing property often changes the risk profile of the space. This change may not require an entirely new insurance policy but could require additional limits and extensions.
3. Consider additional coverage. If you are making changes to your property, you may need to make other upgrades required by ordinances that were passed after the building was constructed. It may be a good idea to add on building ordinance coverage, an extension to a property policy, to help with those costs.

For many real estate owners and operators, repurposing property is the right way to survive the downturn. But it’s also important to consider the shift from all angles to understand the risks and insurance needs and prepare properly for the future.

Dru Douglas

Dru Douglas is an account manager for the Ontario region for global insurance brokerage Hub International. He specializes in insurance and risk solutions for the office, retail, industrial and multi-family sectors of commercial real estate.

The post Reimagining commercial properties to attract new tenants appeared first on REM.

Most of the housing-related legislation, initiatives, strategies and tactics passed in the last 40-plus years have focused on how to limit housing demand, or such programs inadvertently contribute to increasing demand, rather than increasing supply. Foreign tax on property purchases, barring foreign ownership for two or more years, taxing property “flippings” and other supposed affordable housing tactics are attacking symptoms, not causes and will all result in dire unintended consequences.

For example, while financial breaks for first-time homeowners may sound great, that incentive only increases the number of prospective buyers who are competing for the same diminishing housing inventory. Conversely, increasing the qualification bar for mortgages may have removed 200,000 Canadian families from the pool of competition but those same families didn’t move out of their rental properties, so the blockage at the top has a cascading effect of locking out new and low-income tenants from the low (“affordable”) end of the rental market.

There are a variety of other causal factors and significant challenges that impede, discourage or prevent the building of second suites, which are always rental units, and subdividing larger homes into smaller homes and rental units. These factors are spread across the three (or four) principal layers of government, which generally pay lip service to inter-governmental co-operation.

In Ontario, the Residential Tenancies Act (RTA) is brutal against landlords. Out of 46-plus potential breaches, 34 uniquely benefit tenants while one uniquely benefits the landlord. One breach benefits neither landlord nor tenant.

The Landlord and Tenant Board (LTB) is a disaster, so much so that a class action has been in discussion between the province and an organization representing small landlords. Multi-year above-guideline increase applications for recovery of capital cost investments discourage any rental property maintenance beyond minimum property standards. Rent control, despite its seeming benefit to tenants, actually is a significant career- and lifestyle-limiting factor in tenant personal growth. It also transfers the financial obligations and duties regarding municipal services from low rent-paying tenants to their market rent-paying peers.

Canada Revenue Agency policies significantly discourage housing investment, especially in the missing middle sector (as OREA noted, “condoscrapers” and single-family homes) because of passive versus active income, recoverable capital cost allowance, capital expense depreciation policies and much more.

Property insurance skyrocketed in 2020 with the Canadian insurance industry enjoying one of its most successful and profitable years in decades – during a global health pandemic. Those costs are passed on to tenants and homebuyers.

Utility rates have skyrocketed, especially electricity. Government and utility companies, which are often owned by municipalities, also pay only token gestures to alternative energy sources that could increase housing affordability. I installed solar panels and the government denied the HST rebate and the Greener Homes construction rebate.

In many Ontario municipalities, rental properties are taxed (property tax) between two and 2.5 times higher than single-family homes and condos. Renters carry more municipal services burden than single-family homeowners. Affordable housing is not possible until the affordable housing paradox is resolved. The higher the property tax, the lower the net operating income on which property tax is based. Therefore, raise property tax = lower property value (equity) = less funds for municipal services.

As OREA says, multi-year municipal approval processes are a major impediment to affordable housing development.

Punishing municipal development charges drive up housing prices too. The City of Oshawa and Region of Durham collectively charge $71,733 for a single-detached home, $57,733 for a townhouse and $42,842 per unit for an apartment building. Toronto charges $87,299, $72,158 and $51,103 per unit respectively. Using an average price for a detached home in Oshawa of $723,700, development charges represent 10 per cent of the price.

What surprised me, and I still don’t have clarification, is that the Municipal Act 2001 (Fees and Charges) states, “A municipality or local board does not have the power under Part XII of the (Municipal) Act to impose fees or charges for the processing of applications made in respect of planning matters under the Planning Act. O. Reg. 244/02, s. 3 (emphasis by me). Are development charges separate from Planning Act matters?

Separately but related, under the Planning Act 1994, s. 1.1 “The Purposes of the (Planning) Act are … (d) to provide for planning processes that are fair by making them open, accessible, timely and efficient; (e) to encourage co-operation and co-ordination among various interests; (f) to recognize the decision-making authority and accountability of municipal councils in planning. (emphasis by me). Do these lengthy municipal delays, burdensome administrative demands and oppressive fees and charges not contravene the Planning Act? Perhaps one of REM’s readers who are expert in such legal matters might post a comment?

Construction costs have also skyrocketed. No matter what inducements and incentives are offered, the cost to build anything has increased and that is the foundation for establishing the consequent sale price. The quadrupling of lumber costs over the past one to two years is everywhere in the news but steel, concrete and glass have also risen, so much so that major building projects are buying out total inventories years in advance, leaving virtually nothing for smaller projects. More workers are also leaving (typically retiring from) the construction industry than are entering it so skilled labour costs have risen.

Higher-density housing means greater parking challenges. Many applications for increased parking space run afoul of municipal “green space” zoning and supposed curbside appeal.

I built a seniors’ affordable housing pilot and shut it down in part because no mainstream lender would finance affordable housing, and private lenders wanted on average four times the prime market rate because seniors and affordable housing are “too risky.” Building insurance was quoted at two to three times higher than student housing, again because seniors were higher risk than students.

Many other housing-related government policies and strategies intersect in counter-productive ways. All layers of government completely ignore the small landlord sector but CMHC reports that 49 per cent of all purpose-built residential rental housing in Canada is owned by “non-incorporated” entities, that is, individual owners who hold title in their own name. Statistics Canada reports that there are perhaps 250,000 public housing units and 14 million private residences built by the private sector.

Ontario’s debt is the largest subnational debt in the world, ranked at number 20 – higher than the debt of 168 countries. Ontario pays $9 million per hour in interest payments. Canada is ranked number 10 worldwide despite its population-to-land ratio likely being one of the lowest in the world and without a doubt the lowest of all first-world countries. Government doesn’t have the resources to solve housing supply, let alone provide a fraction of much-needed public housing.

There are other causal factors that must also be considered as part of an all-inclusive housing strategy, which the federal National Housing Strategy hasn’t addressed. The strategy is mostly toothless and mired in red tape and bureaucracy.

Chris Seepe

Chris Seepe spent 35+ years in I.T. before entering commercial real estate a decade ago. He’s a published writer and author of two books on “landlording,” course instructor, president of the Landlords Association of Durham, and a commercial real estate broker of record at Aztech Realty in Toronto, specializing in income-generating and multi-residential investment properties. Call (416) 525-1558, or send him an email.

www.landlordingcourse.ca/

The post Opinion: OREA’s solution addresses symptoms, not causes of unaffordability appeared first on REM.

(CNW Group/RATESDOTCA)

Northern Ontario cities such as Timmins, Thunder Bay and Elliot Lake account for half of the top-10 list of most expensive cities for home insurance premiums.

“Many different factors influence the cost of insurance premiums. Unlike auto insurance, the home insurance market is unregulated. Things like credit scores and unemployment rates could be used to determine the cost of insuring a homeowner, which impacts rates,” says John Shmuel, managing editor at Ratesdotca. “Other factors include crime rates and the number of claims in a particular area.”

Only cities with a minimum population of 10,000 were included in the report.

The top 10 most expensive cities and their closest urban areas:

1. Lasalle (Windsor)
2. Windsor
3. Kingsville (Windsor)
4. Amherstburg (Windsor)
5. Thunder Bay
6. Timmins
7. Lively (Walden), (Sudbury)
8. Essex (Windsor)
9. Garson (Sudbury)
10. Elliot Lake (Sudbury)

Ratesdotca says the provincial average cost for home insurance premiums is $1,342 per year.

Across the province, there is an approximately $1,145 difference in home insurance between the most expensive, Lasalle at $2,098 a year, and the least expensive city, Woodbridge, at $953 a year.

From the top 10 least expensive list, GTA suburbs Woodbridge ($953) and Richmond Hill ($982) topped the list with the cheapest insurance premiums, with Ajax ($1,027) and Kleinburg ($1,031) taking the 9th and 10th spots.

The top 10 least expensive cities:

1. Woodbridge
2. Stratford
3. Richmond Hill
4. Oakville
5. Aurora
6. Holland Landing
7. Simcoe
8. Milton
9. Ajax
10. Kleinburg

The estimated home insurance premiums are based on a 45-year-old homeowner, who has been insured for at least 10 years and lives in a 2,500-sq.-ft. house with brick veneer, wood frame construction, natural gas heat and a roof that is 10 to 15-years-old.

The estimated condo insurance rates are based on a one bedroom plus den, 800 to 1,000-sq.-ft. condo in a high-rise, fire resistance-type building constructed after 2007, with $40,000 worth of contents.

The estimated tenant insurance premiums were based on a two-bedroom, one-bath, 1,000-sq.-ft. apartment with $35,000 worth of contents and $1-million liability.

Shmuel offers the following tips for homeowners to lower insurance costs:

• Be selective on what you claim. Avoid making claims for small things as that would impact your claims history, which affects rates.
• Bundle with your auto insurance policy. Insurance providers offer bundle discounts of up to 15 per cent if home and auto policies are purchased together.
• Maintain a good credit score or find a home insurance provider who does not use credit score to determine premiums.
• Install home monitoring systems. Decrease the risk of damage to your home and theft and avoid making unnecessary claims.
• Compare home insurance rates. Find the policy and rate that best suit your situation.

REM Editorial Team

realestatemagazine.ca

The post The most expensive Ontario cities for home insurance appeared first on REM.

In early March I received a near exact 30 per cent increase in my small multi-residential rental property insurance premium. I heard from other residential landlords before who also felt they had been victimized by massively increased insurance premiums but I was still stunned, and then quite upset.

I felt I was one of my insurance company’s better operators with a well-established track record. Despite the COVID-19 doom-and-gloom forecasters, this property had no non-payments of rent or evictions, no claims or losses in the past five years and no gas perils (electric heat). The property is much younger than most properties in Oshawa, all units were fully occupied and there was no student occupancy. I reasonably believed this property was very low-risk to an insurer.

So I solicited comparative quotes. Responses ranged from about $250 more than my current premium to almost double the amount. This was the same experience I had in June 2020 when I tried to find property insurance for my Seniors Affordable Housing pilot. The lowest competitive quote was literally double what the current premium was at that time, while a couple of quotes were triple.

What happened!? My insurance agent replied, “Our apartment rates took a hit and it is affecting all of our business, but good business should be rewarded and I will try my best to get you the best rate.” Her eventual counteroffer was to double the deductible from $5,000 to $10,000 (the amount I’d have to pay in the event of a claim) for a savings of $139.32 on a renewal fee of $3,548.80.

Essentially, what she was saying was that all the good operators that paid big premiums and never made a claim were paying for all the bad or unfortunate operators who did make a claim as well as the criminals who may have successfully defrauded the company.

To me, the agent’s explanation smacked of best-seller fiction, although the agent was likely just regurgitating to me the same crud she’d been fed by her company. In part that’s because a decade ago I chose to invest in residential rental properties rather than any other category. In my opinion, it’s the most stable and recession-resistant real property investment asset class. Everyone needs a place to live but they don’t all need a place to work, which became a top-of-mind consequence of COVID-19 – work from home.

After many, many hours of looking unsuccessfully online for summary information of actual profitability of Canadian insurance companies and also looking at individual insurance company annual reports, I stumbled across MSA Research, a Canadian insurance industry research firm that publishes an annual property and casualty (P&C) report on every insurance company in Canada. Its Q4 2020 report identified 183 insurance companies but some companies are owned by larger companies. For example, while Intact operates under its own name, it also owns Belair, Novex, Guarantee, Jevco, Trafalgar and Nordic. There are several such conglomerates including Desjardins, RSA, Northbridge, Economical, CAA and The Cooperators.

I parsed MSA’s report into a spreadsheet and checked out my agent’s claim. Her insurance company had a combined net income (profit) of $362 million. Its poorest performing subsidiary still generated $10 million net income. Out of the 183 companies, 32 did have negative net income. That left 151 companies (82 per cent of the industry) making a profit. The smallest profit was $51 million; the largest profit was about $606 million.

Insurance companies generate revenue primarily in two ways; from the premiums they charge, called underwriting, and from reinvesting that money. Unlike most other types of businesses though, if an insurance company’s investments or underwriting go south, they just hike the price of their premiums and pass the losses on to customers in the form of higher policy costs.

It’s no surprise then why Warren Buffet, the “Sage of Omaha” and the world’s wealthiest individual, invested heavily in the insurance sector by buying Geico and opening his own insurance firm, Berkshire Hathaway Reinsurance Group (BHRG). A Nov. 5, 2020 report on www.statistia.com stated that BHRG was the most profitable property and casualty (stock) insurance company worldwide in 2019, with revenues amounting to USD $254.62 billion.

That’s 3.5 times more than the whole Canadian P&C industry.

Buffet’s strategy might be condensed to three key elements: (1) premiums paid to BHRG insurance companies remain on hand or are invested as its managers see fit; (2) BHRG invests in companies that have a long history of paying dividends and (3) Buffett reinvests dividends rather than paying one out to investors.

According to Canadian Underwriter magazine’s coverage of MSA Research’s Q4-2020 Outlook Report, “Canada’s P&C insurance industry survived the pandemic year of 2020 in good financial health … The Canadian P&C industry emerged from 2020, an extraordinary year in all respects, with strong results and strengthened balance sheets,” said Joel Baker, MSA’s CEO, “… generally speaking all boats were lifted. The industry’s return on equity (ROE) in 2020 reached 11.03 per cent, which is a significant jump up from the industry ROE of 7.1 per cent … in 2019. The industry’s net income grew by 54.73 per cent (italics emphasis by me) last year, expanding from about $3.9 billion in 2019 to $6 billion in 2020. On the claims side, the industry’s net loss ratio dropped 2.42 percentage points (emphasis by me) over last year (64.15 per cent in 2020, compared to 66.57 per cent in 2019). The claims experience in 2020 wasn’t the same for all carriers, as Baker observed.

The article further stated, “Personal and multi-line carriers performed well despite offset lower auto losses with COVID relief via premium rebates and significant Cats (catastrophe events),” he said.

Baker described the top-line growth of commercial insurers and reinsurers in 2020 as “outrunning the bear” of claims inflation. Commercial insurers exhibited very strong top-line growth of 18 per cent as a result of firming rates,” Baker said. “Despite this, claims were up more than 17 per cent.”

From what I have researched I don’t see anything that indicates that the Canadian insurance industry and 82 per cent of its member companies were hurt by COVID-19 – quite the opposite.

Is it possible that there’s an unwritten conspiracy between the insurers to quote extraordinarily high premiums on their competitors’ business in order to discourage customers from changing vendors and possibly to even make the exorbitant renewal premiums look good by comparison to competitor’s quotes? Only one exception out of about 20 attempts came anywhere near to my existing supplier’s renewal premium.

All English dictionaries have a word for such practices – profiteering. Preventing this kind of unconscionable behaviour is the supposed raison d’être of Canada’s Competition Bureau. If there was ever a cry for the Competition Bureau to investigate an alleged cabal of company executives loosely communicated “verbal understandings” to profit from the misfortunes of consumers and commercial business operations universally and unreasonably, especially during times of crisis – such as a worldwide pandemic – it has to be Canadian insurance companies.

If you want to check out your own insurance company’s financial supposed “loss” claims, here is the MSA Research Report.

Chris Seepe

Chris Seepe spent 35+ years in I.T. before entering commercial real estate a decade ago. He’s a published writer and author of two books on “landlording,” course instructor, president of the Landlords Association of Durham, and a commercial real estate broker of record at Aztech Realty in Toronto, specializing in income-generating and multi-residential investment properties. Call (416) 525-1558, or send him an email.

www.landlordingcourse.ca/

The post Opinion: Organized insurance scam or troubled industry? appeared first on REM.

Run the numbers

The pandemic has taught us the importance of contingency planning and watching financials closely – or get used to being stressed out every time the bills are due. As a landlord, you should have a clear understanding of your own break-even rent price, factoring the following:

• Mortgage payments
• Property taxes
• Utilities
• Repairs and renovations
• Landlord’s insurance
• Building maintenance fees
• Vacancy costs and move-in incentives
• Professional fees, such as for tenant placement and property management

As we pass the one-year anniversary of the pandemic outbreak, we continue to notice more and more tenants in Toronto requesting early lease termination, assignment or subletting, as well as vacant units sitting on the market for longer. Keep yourself familiarized with your unit’s market price and annual rental increase potential.

In 2020, most Ontario landlords of rent-controlled units could increase rents by just 2.2 per cent and this year the rent freeze is in effect. Because of this, you should ask yourself if you want to heavily discount the rent to fill your vacancy ASAP, or keep it on the market for longer, possibly with move-in incentives, to get a higher base rent.

Keep track of all your costs and always have a backup plan!

Flexibility is key

It is important, now more than ever, to be flexible in the rental application review process. Many parts of the economy, including the rental market, have changed drastically due to the pandemic, and so have people’s financial situations. As a landlord, try to consider broader credit score ranges and income types in your tenant applicants, as well as easing up on some of the rules you have previously set – for example, pet restrictions.

Of course, that doesn’t mean that you should dismiss any due diligence – you should always conduct independent background and credit checks, including reference checks. Remember, a great tenant will not only pay rent on time, but they will also maintain the property and most importantly, give you a peace of mind. Don’t make a hasty decision, especially when many landlords are struggling to deal with their local tribunals.

Better customer service at every step

When you’re managing a rental property, you’re running a business. You should see tenants as your clients. Treat your tenants, both prospective and current, like you would treat an important client throughout the process:

• Whenever possible, offer your prospective tenants options for viewing availability, since many work from home now and don’t follow the typical 9-5 schedule. Along with in-person viewings, you could offer virtual viewings via Zoom, Google Meet, WhatsApp and other conferencing platforms.
• Ask the prospective tenants for their feedback during the viewings. See if you could make any accommodations before your tenants move in, such as applying a fresh coat of paint, paying for move-in expenses, or getting the unit professionally cleaned.
• Surprise your tenants with a welcome gift, whether it’s a bottle of wine, baked goods or day-to-day products like soaps and detergents, complemented with a hand-written card. Such small gestures go a long way.
• Check in with your tenants from time to time to see if they have any questions or issues about your property.

A little kindness and respect will go a long way when you’re looking for a tenant. Keep that in mind and you’ll save yourself a lot of time, energy and money.

Safety first!

With current social distancing and safety measures, many people are wary of open houses. Think about how to safely host viewings, such as having people at a reduced capacity (for example, a two-person maximum), requiring everyone to wear masks indoors at all times and providing hand sanitizers before they enter the unit. If your current tenants do not feel comfortable (and understandably so) with in-person viewings, take advantage of conferencing tools to host virtual viewings. We’ve seen quite a few tenants willing to do the viewings on their landlords’ behalf as well, to minimize entry into their unit, so talk to your tenants!

Work with your tenants

In the current market, finding and holding on to a good tenant has become a challenging quest of its own. If you are lucky enough to have great tenants, you should try to do everything you reasonably can to keep them. You may consider postponing any rent increases or offering payment plans (discounts or deferrals for example). Even the slightest accommodation for your tenants could go a long way in keeping them happy and maintaining a positive relationship with them.

As a landlord, you must prepare for scenarios where a tenant either doesn’t pay rent, requests for a rent payment arrangement or decides to break the lease early. Throughout the pandemic, we’ve noticed more cases of tenants looking to get out of their leases early. With classes now being offered virtually, many students don’t need to live close to their schools anymore. Many tenants are also finding cheaper rental options and some decided to purchase. Others are moving into the suburbs, as lifestyle in the downtown core is no longer the same and they no longer need to be closer to their offices. Unfortunately, there were even some cases of tenants taking advantage of the current eviction ban and case backlogs at the Landlord and Tenant Board. To mitigate this, and as intuitive as it may sound, treat your tenants to the best of your ability.

Keeping a good tenant happy is more important than ever. Little acts that show you care about them and the property will help you in maintaining the business relationship.

We understand that the pandemic hasn’t been easy for everyone, especially for landlords across Canada. Although no one has a crystal ball for foreseeing just when things might go back to the pre-pandemic normal, it’s important that you always do your homework and stay optimistic.

Sebastian Marquez

Sebastian Marquez is a senior project manager at Tolobi, a digital rental agency simplifying and innovating the rental process for landlords, Realtors and tenants. Through the use of leading-edge technologies, Tolobi provides customizable rental solutions, such as tenant placement and property management, to rental housing providers of all sizes. If you’d like to have a chat about your rental property, don’t hesitate to reach out to rent@tolobi.com or check the blog for more useful tips and advice.

The post What landlords can learn from the pandemic appeared first on REM.