Be prepared for any emergency
There's hardly any area in Canada that hasn't been hit by a disaster of some sort in recent years – from flooding or wildfires in BC, power outages and damaging winds in Ontario and record snowfalls in the Maritimes. The federal government recommends that every Canadian household prepare an emergency kit that will help your family be self-sufficient without power or tap water for 72 hours.
Your emergency kit should include:
• At least three days worth of water, including one gallon per person per day for
drinking and sanitation purposes
• At least a three-day supply of non-perishable food
• Food and water for pets
• Manual can opener and eating utensils
• Prescription medications, a first aid kit and a first aid manual
• Paper towels, moist towelettes, diapers, toilet paper and garbage bags
• Personal hygiene items
• Disinfectant
• One blanket, change of clothing and footwear per person
• Extra pairs of glasses and/or contact lenses
• Extra set of keys, a credit card, cash or traveler’s checks
• Flashlight and extra batteries
• Battery-powered radio and extra batteries
• Matches in a waterproof container
• Important documents like birth certificates placed in waterproof packaging
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Inspect Your Rental Properties Often If you're one of the thousands of Canadians who either already own or are thinking of buying a rental property, then you know that having a great tenant is half the battle. Taking the time to check out references and screening your prospective tenant before signing a lease is a good first step. However, there are other safeguards you can take to help ensure that your rental property operates profitably and gives you a good return on your investment.
One of the most important things that you can do as a landlord is to inspect the property on a regular basis. It shows the tenant that you are an interested and involved landlord, and that should be well received by most responsible renters. Different provinces have different rules for property inspections, so make sure you check out your local guidelines on your provincial website, or ask your real estate lawyer about the requirements. Make sure that you give the appropriate notice – usually required in writing – of when you will be visiting the property. Do it as often as you can during the first six to nine months, say monthly if possible. You might also make it a habit to drop by in person to pick up the rent cheque for the first several months. What's more, you should let the prospective know about your plans to visit the property regularly before the lease agreement is signed. If there are any undesirables looking to use your property for illicit purposes, this will discourage them from choosing your property. There are more than a few property owners out there who were once happy to simply receive a rent cheque in the mail every month, only to learn that their house had been used as a grow op and was significantly damaged to the tune of several thousands of dollars.
You can also help to discourage problems by cultivating good relations with the neighbours of your rental property. Introduce yourself as the property owner and if they seem to be reasonable people, you might consider giving them a business telephone number where they can reach you if they see any activity that may affect the value or condition of the property. They may even be a good source for prospective tenants if they have friends or family interested in living nearby.
For more tips on how to make the most out of your income property investment, contact your Coldwell Banker real estate professional.
What Every Landlord Should Know In these days of low interest, some Canadians are dissatisfied with the returns offered by many investment vehicles and are turning to real estate. Investing in real estate for use as an income property potentially offers the dual advantage of both appreciating in value, while you rent it out at a profit. If you're considering this option, here are a few tips you should keep in mind: - Know your rights – and your tenant's rights too: Before you decide to rent out your property, you should have a clear understanding of the rights and obligations this will entail. Your real estate lawyer will be a good source of this information and there are many helpful websites that spell out the requirements under the Landlord and Tenant Act and other legislation. Be sure that you research both roles of the rental relationship. You'll need to know not only what your rights are as a landlord, but also what tenant's rights you'll be expected to honour.
- Target your advertising: If you're looking for a certain type of tenant, you can ‘weed out' undesirable applicants simply by targeting your advertising. For example, if you're looking for a student, a professional woman or a senior, target publications or bulletin board locations that will be seen by only these groups.
- Screen your applicants: It's amazing how many people would never let a stranger drive their car, yet they'll turn over the keys to a house that costs hundreds of thousands of dollars just because the prospective tenant presents themselves well and has the rent cheque ready. There are many different tenant screening services available online. Simply run a search for “tenant check” or “tenant screening”, plus your province name and your search engine will offer you several to choose from.
- Ask for a security deposit: Some landlords make the mistake of simply asking for first and last month's rent, thinking that will cover any problems when a tenant leaves. Ask for an additional amount – perhaps two to four weeks rent, depending on the condition of your property – to cover any repair or replacement costs that may be required after a tenant moves.
- If you follow these guidelines, you can avoid many unforeseen problems down the road. Of course, your Coldwell Banker real estate professional is a valuable source of information, not only for choosing the right property, but also how to present it well to your future tenants. Take advantage of this expert advice.
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Is your listing selling someone else's? These days, we're starting to see some changes on the Canadian real estate scene. The number of listings being offered for sale -- otherwise known as ‘inventory' -- is growing, so it's starting to take more time now for homes to sell. However, while your home may be on the market a little longer because there are more properties for buyers to consider, prices are still staying strong. But what if you're getting lots of showings, but never any offers? If that's the case, it could be that your home is listed at too high a price for today's market.
One indication to watch out for is when the same salesperson repeatedly brings in different buyers to view your home, yet never comes with an offer. You need to ask yourself why this is happening. Why would a salesperson continue to show a home to different people, when none of their buyers have ever shown any interest? Well, chances are this very same salesperson may have their own listing in the area and is using your property as a basis for comparison. It could be that their listing is either being offered for a lower price, or it's a similarly priced listing with superior features. The bottom line is, next to your highly-priced listing, their listing looks like the better value. Your listing is essentially being used to sell someone else's property.
The best way to ensure that such an undesirable scenario doesn't happen to you is to price your property smartly in the first place. Some home sellers list at the very highest price range assuming they can always come down later if need be. However, as any Coldwell Banker real estate professional can tell you, the first few weeks on the market is when a property normally generates the most interest. Now that the listing inventory is growing, your property is competing against a larger number of properties for buyer attention. The best strategy is to price your home competitively with today's market. Ask your Coldwell Banker professional to show you what prices similar homes have sold for within your local neighbourhood and get the benefit of their expert advice.
Four Questions to Ask Any REALTOR® These days, when it comes to selling your home you have many options to consider. So how do you ensure that you maximize the return on the sale of your home while minimizing the time and frustration? By learning the right questions to ask. There are 4 fundamental questions any real estate professional should be able to answer easily:
1. What percent of your company's listings have sold in the last 12 months? You'll want to partner with someone that has a high ratio of closed sales for your local market. Keep in mind that this number will vary depending on how vibrant your local real estate market is.
2. What was the average amount of time it took to sell those listings? Comparing marketing time between real estate companies will provide you with an indication of how well that company and sales representative market homes.
3. What was the average sale price? What you want to look for is a price that is close to what you believe is your home's value.
4. What was your company's list-price to sale-price ratio?Any significant difference between the original list prices and what the homes actually sold for can be an indication that the list price they are quoting is unrealistic.
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