I’m going to buy more real estate (Downtown condo’s and a house in East Van) and I’m going to get 5 year fixed rate mortgages to keep my payments (costs) consistent and then rent these places out. Inflation should push up rents while my costs remain static, leaving me with a nice profit. (hopefully)
I plan on getting 4% 5 year fixed rate mortgages. I like these because a decent amount of principal gets paid off and the costs remain low.
Selling A Tenanted Property in Vancouver? Being Nice can Save you Money, Hassle, and Time!
Selling tenanted properties in BC can be tricky and if done wrong, very expensive. Your tenants have been supporting your investment and helping you pay off your mortgage. Treat them like a partner when selling and it will save you money and stress.
3 WAYS TO KEEP YOUR TENANTS HAPPY!
1) Treat tenants courteously and professionally One of the best ways to to keep your costs down and stress levels low is to ensure a good and professional relationship with your tenants. Remember the “Golden Rule“? People tend to reciprocate good behaviour, so be nice. When you’re selling you want to have your tenants onside so they will be willing to show the suite and cooperating with the marketing and sale. A suite that is shown to more people will get higher offers.
2) Give them plenty of notice you’re selling (several months) Let them know your plans are so your tenants can plan accordingly AND prepare your suite for sale. A clean, tidy, and uncluttered suite takes time to prepare and tends to sell for more money sooner.
3) Keep them in the Loop People like to know whats going on with their home. If they know whats going on they are much happier and cooperative than if they don’t. ALSO they might be interested in buying the suite themselves. Good way to save even more money!
Unhappy and non-cooperative tenants will cost you money and stress you out. They have the BC Residential Tenancy Branch that is very good at making your life miserable as a Landlord if you treat your tenants badly.
So remember, be nice!
I’d love to hear your thoughts on this in the form of a comment!
The “Working with a Realtor” brochure is one of the most misunderstood documents I work with.
Some people think that by signing this document they are committing to work FOREVER with the Realtor who got them to sign it. THIS IS NOT THE CASE!
The “Working with a Realtor” brochure is simply a signed confirmation the Realtor has explained the Agency Relationship to the client.
By signing this brochure, the client is NOT BOUND TO THE REALTOR. It is simply a signed disclosure that the client has had their rights in the Agency Relationship explained as well as the Realtors obligations and responsibilities to the client in this relationship. Nothing more.
The Agency Relationship is as follows:
1) Undivided loyalty. The Brokerage must protect the principal’s negotiating position at all times, and disclose all known facts which may affect or influence the principal’s decision. 2) To obey all lawful instructions of the principal. 3) An obligation to keep the confidences of the principal. 4) To exercise reasonable care and skill in performing all assigned duties. 5) To account for all money and property placed in an Brokerage’s hands while acting for the principal.
If you feel your Realtor is not following these rules bring it to their attention. If this doesn’t work, speak to their manager.