Calgary based Mainstreet Equity Corp (TSX: MEQ), a publicly traded real estate company in Canada and leading apartment provider in Surrey, BC; Abbotsford, BC; Calgary, AB; Edmonton, AB; Saskatoon, SK, and the Greater Toronto Area, adds portfolio of apartment rentals on RentSeeker.ca, a Toronto based web ILS and online marketing firm focused on advertising and syndicating professionally managed rental properties for rent online, across Canada.
?We chose RentSeeker.ca for a number of reasons. RentSeeker's website layout, listing features, user friendliness and their active presence and use of social media, were all considerations in our decision to add our portfolio of apartments for rent on their site,? says Michael Birklein, Director of Marketing & Communications for Mainstreet Equity Corp.
Mr. Birklein continues ?we envision 2011 / 2012 to be an exciting year for us in terms of marketing, branding and expanding Mainstreet?s web presence. Mainstreet Equity Corp. was built on forward thinking and is focused on providing renters and our residents, online & social tools that are becoming mainstream in communicating these days.?
Chaim Rivlin, CEO of RentSeeker.ca commented, "Mainstreet Equity Corp (TSX: MEQ) and it?s management team, are leaders in the Canadian apartment industry. Adding Mainstreet Equity Corp?s portfolio of apartments on RentSeeker.ca, has been an incredible boost of confidence in our ability to attract the best in the business as we innovate the search and marketing approach for rental properties online using 3D floor plans, property videos, social media and more. We are delighted that Michael and his team chose RentSeeker.ca to help achieve Mainstreet?s online marketing goals and we look forward to working together.?
To learn more about both companies, visit http://www.rentseeker.ca or http://www.mainst.biz.
About Mainstreet Equity Corp:
Company Overview
Mainstreet Equity Corp. is a publicly traded (TSX: MEQ) residential real estate company in Canada. Established in 1998, Mainstreet has grown its portfolio from 272 units with a market value of approximately $ 17 million to 7,362 units and approximately $ 831 million market value. Mainstreet positions itself as a value creator by purchasing under-performing properties, renovating them to a branded standard, improving operating efficiencies and repositioning them in the market for greater returns. Mainstreet currently owns and operates properties in Surrey, BC; Abbotsford, BC; Calgary, AB; Edmonton, AB; Saskatoon, SK, and the Greater Toronto Area, ON.
Acquisitions
Mainstreet focuses on the acquisition of mid-market multi-family properties. ?Mid-market? is defined by size, location, condition, and state of management. Typically, mid-market properties have less than 100 units, making them less attractive to institutional investors. These buildings are often mismanaged and in poor condition, needing substantial renovations to bring them to market standards. The rents in these buildings are generally below market, which tends to attract tenants with weak credit. The state of the buildings and tenant base can create a downward spiral effect, where rents are slashed to attract tenants, but problem tenants create additional issues for the building management.
Mainstreet Spec
After Mainstreet purchases these undervalued buildings, we begin our renovation process. The units are transformed to Mainstreet specifications, with hardwood laminate flooring, ceramic tile, new bathroom fixtures, electrical upgrades, fresh paint, new countertops and energy efficient appliances, as necessary. In addition, Mainstreet often renovates the exterior of the building with vinyl siding and new windows where required. We landscape external common areas and install Mainstreet signage on all of our properties.
Operational Efficiency
Mainstreet also reduces operating costs through professional management, information systems, and the use of energy saving equipment. We ?cluster? buildings by purchasing a number of mid-market properties in a specific area. Where the property would generally require a live-in manager, Mainstreet positions one building manager to oversee approximately 150 ? 200 units (four to seven buildings) in a specific area. This allows for substantial savings in management and maintenance costs, as well as marketing costs, including signage. Mainstreet also improves customer service by providing 24-hour access to emergency maintenance for tenants, managers close by to resolve issues and complaints, and a state-of-the-art information system to maintain tenant records and process payments.
Financing
After renovation, suites are re-positioned in the market at higher rents and attractive features for credit-worthy tenants. With the increase in rental income and reduction in vacancy and operating costs, cash flow increases significantly. That presents an opportunity for us to refinance the property with higher principal under long-term, CMHC-insured mortgages, typically resulting in the recovery of the entire capital expense and original equity investment. The funds raised through refinancing are used to acquire further under-performing assets, resulting in the continuous cycle of the Mainstreet Value Chain. Occasionally, Mainstreet will divest a stabilized property in order to redirect capital into properties with higher potential.
Objective
Mainstreet?s objective of becoming the mid-market market leader is unique in that mid-market properties generally do not provide tenants with a high level of customer service, renovated suites at market rents, and a strong, consistent brand. Mainstreet is committed to providing consistent, high quality living standards for our tenants.
Contact Information:
Michael Birklein
Director, Marketing & Communications
Mainstreet Equity Corp. | Calgary
direct 403.539.8157 | email mbirklein(at)mainst(dot)biz
Corporate Head Office
305 - 10 Ave. SE
Calgary, AB T2G 0W2 CANADA
main 403.215.6060 | fax 403.266.8867
http://www.mainst.biz | twitter | facebook
TSX : MEQ
About RentSeeker.ca:
RentSeeker.ca is a Toronto-based ILS and marketing firm focused on rental properties throughout Canada and features unique client services which include; listings, syndication, 3D floor plans, property videos, social media, website design, search engine optimization services and more.
Contact Information:
Chaim Rivlin
CEO
Rentseeker Inc.
75 Wildcat Road
Toronto, Ontario
M3J 2P5
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Tel:????????????416.800.7572????
Fax:???????? 416.800.7568
Email:????????contact(at)rentseeker(dot)ca
Web:???????? http://www.RentSeeker.ca
Twitter:???? @rentseeker ????????????
Facebook: facebook.com/rentseeker
YouTube: youtube.com/rentseekerinc
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