Whats NEW with MVP



We hope everyone enjoyed his or her summer. Over the last couple months there has been a lot happening with MVP Properties. So, lets get started….

· The switchover

· Our first bad review

· Completed renovations

· For Sale

· 2019 = Big things

The switchover is a term commonly used by student landlords to describe the time of the year were, the outgoing students are replaced with the incoming ones over the time period of one to three days. The switch over also includes the cleaning of rooms and common areas that have been neglected. No one really enjoys cleaning and certainly we do not enjoy cleaning up after others…but hey, someone has to do it! We did it! It is a great first example for all our new students.

Editor’s Note: Tips for room cleaning is covered in our June 2016 Blog here: https://bit.ly/2OZEf1L

The switchover was only a 75% switchover because this year MVP Properties had over 25% returning student tenants. Girls outnumber the boys. Girls were slightly over 50%. Welcome back Daniel and Dhruv for their 3rd years with MVP. Overall the switchover was a great success!

You can’t make everyone happy all of the time. We tried to, but our run of a couple years with perfect reviews has ended. An original 5-star review has been changed to 1-star (with the promise of turning the review to a fair review, of 3 stars--lol.) When students leave the properties, we expect some normal wear and tear, however, we ask that the room be returned to us in the same condition of cleanliness it was received it in. We supply the broom and other various cleaning supplies. We give plenty of notice to the outgoing tenant that we will inspect the cleanliness of the room. Like we mentioned in the switchover, we do not enjoy cleaning but if the room left behind is filthy or badly damaged, we bill the outgoing tenant a small clean-up fee to help subsidize the restoration of their room to the standards our incoming tenants expect. In this case it was $50. The reviewer in question did not feel that was reasonable. We agree to disagree. That’s how we received our first bad review.

This summer also gave us the available time to improve our properties. 513D Weber Street North received a new high efficiency furnace and high efficiency water heater. A new basement washroom, new basement laminate flooring as well as new paint on the main floor. With Ontario energy rebate program MVP Properties was able to qualify for an energy rebate of over $3000 while improving the properties for our tenants.

MVP Properties at Weber Street North have been listed for sale. Our business growing and the lending mortgage landscape constantly changing, MVP has listed 3 properties in their portfolio for sale. All properties are renovated from top to bottom and minutes from Laurier and University of Waterloo. They are currently leased full until Sept 2019 with a very attractive cap rate. To learn more contact us at info@mvpproperties.ca or visit the listings below.

https://bit.ly/2xE8LYc

https://bit.ly/2zzK0xO

https://bit.ly/2IjKniF

2019 is right around the corner. A lot of moving parts are in play. It is exciting times for us personally and collectively at MVP. We have 2 more row-townhouses schedule to close in March 2019. The builder is Mattamy and the location is called Rivermill in Cambridge. Minutes from the 401. We are anticipating a home run with these properties! The big news…. We are in the process of obtaining a large property containing over 60 ROOMS! Nothing is official yet…. But with each day we are getting closer. Stay tuned for more updates and thanks for reading.


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