 , The experienced homeowners who have bought and sold their homes before, know by their own experience that a well kept home always shows from other homes that are not well kept. More over a well kept and maintained home for sale also sells for higher than the one which owners put on the market after living years in it and just barely taking care of the necessities.
Buyers when shopping for their next home, visit and see a number of homes for sale in the area they want to buy before they like something and want to make an offer on the home to buy. First, a well kept and cared house or apartment truly shows, more over the buyers know what to look for in the homes for sale that reflects good value or major pitfalls e.g. electrical or structural issues. Therefore, I’d never suggest ignoring those before putting it on the market, it just doesn’t work out in most cases or comes out in the inspection. Worse even if someone likes the house you are likely to give more price discount to factor those than if you just took time to fix them yourself! Once you have taken care of the essentials, evaluate your property in terms of what areas may benefit by a minor repairs or upgrade. Based on the recent statistics the following repairs and upgrades bring in more value to your home for sale; 1. Kitchen Remodel Works: Most homeowners spend more time evaluating kitchen than any other part of the home when they are looking for a home to buy. Therefore, it is important that if you have an outdated kitchen or if it requires some repair anyway, you may want to invest wisely in a minor kitchen remodel or upgrade. A kitchen update for your home for sale covering 25-30 feet of re-facing for cabinets and drawers, sink and fixtures, laminate counter tops, a new wall oven, cook top and resilient flooring will set you back by about $14000–15000. However, you would be surprised that on an average such a project can fetch you about 25% more at the time of the home sale. 2. Do A Bathroom Upgrade: After Kitchen, bathroom is the next space in the home that people like to critically scrutinize when they are looking to buy a home. Depending on your taste a minor bath remodel can come at anywhere between $4500-$9000 but most of this investment you can recoup at the time of home sale. In the above budget you can get a new modern shower, a fancy bath tub, updated lighting, flooring and his and her sink with cabinets. If you are short on budget but are handy, you can use some of your elbow grease to reduce your bill. Somethings that most couples can do towards this are; getting rid of the old caulk and re-caulking your tub, re glazing your old tub for a newer look; applying fresh paint and re-tiling the walls and adding new curtains and replacing older sink and taps with a newer ones. 3. Add Curb Appeal with Landscaping: Most homes get sold between April-Jun than any other time in the year. A strategic landscaping project will not only make your home more inviting with great curb appeal but would also help bring in more buyers for your home for sale and offers at higher price. With regards to the budget; Most landscaping projects would entail a cost of $4500 -$5500 . This would include the designer fees and supplies. It would cover a splash of color at the front of the house with plants and shrubs, for most impact vary the height of plants. Replace overgrown shrubbery with flowering foundation plants, mixing heights and colors for dramatic effect. A charming focal point like a walkway and fountain adds major value to your property. “Landscaping is probably the easiest and most affordable way to increase your home value” says Joanna Kopacz from CIR Realty in Calgary. Blooming flowers or plants and neatly trimmed lawns in your front and back yard make a house very attractive. A charming focal point like a walkway and fountain adds major value to your property. 4. Make Your Home Bigger "The total square footage of your home has a big impact on market value" says Joanna Kopacz from CIR Realty who is based in Calgary. Price per square foot is one way most realtors help clients compare homes that have similar features. style and upgrades. Not surprising, bigger homes on sale tend to command higher market values. Adding a room is the obvious way to make your house bigger, but you can also create additional living space by finishing the unfinished basement or building a deck. 3 Tips to Sell Your Home Faster There is always something beyond superficial look of the house and more instinctive that makes them go for it. Make sure a proper home staging is done in advance so your home appeals to the maximum number of potential buyers looking for a similar home for sale. To bring the feeling of a home to your open house visitors you may like to use one or more of the followings winning tactics that ensure you get the best offers and top dollars on your homes; 1. Stage your home: An empty house may provide a clean slate to the home buyers to be creative and imagine how they can use the space for their own personal use, especially if neutral colors have been used through out. However, it is also on the downside makes it harder for them to visualize the true potential and possibilities that the house and space therein presents. That’s where the professional staging comes in the picture! Therefore, a house staged professionally not only presents it to the buyers in most professional way, but it also can help you sell home faster! It’s an investment worth considering if you are in the market for selling a mid or high value home! Just on a cautionary note from Joanna; You don’t have to be in the home during the staging. However if you decide to be in the open house, make sure not to volunteer unnecessary information about your home for sale to the home buyers; such as why you are selling the home. As it may work against you at the negotiation stage. Also make sure your realtor is available during the whole open house duration. 2. Bake Cookies: This is a outright winner and is used by so many top notch realtors in their open houses. The aroma and smell of fresh baked cookies is totally irresistible to visiting couples and if they have kids they just love the experience and start imagining their future in your home for sale 3. Play Music: This is another great way to welcome the visitors in to your home for sale, especially if it’s a bright warm spring or summer day people are greeted with soft playing music with a bright light falling from the open windows leaves visitors feeling a sense of home they would love to settle in! Are you are in the market and have a home for sale in the communities below, get a no obligation free home evaluation of your home's current market value from Joanna Kopacz from CIR Realty in Calgary. Richmond homes for sale; Hamptons houses for sale, Patterson homes for sale, Strathcona houses for sale, or Homes for sale Capitol Hill ------------------------------------------------------------------------------------------------------------------------------------------------- LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment. For more please visit our website www.leasewell.ca or contact us  Busy landlords and rental property investors often hire property manager that is part of a property management company to run their rental business. As an entrepreneur venturing into a property rental business, you will face with this consideration as well.
In this article we shall answer some pertinent questions regarding hiring property manager or property management company. You will also get a good insight into what their roles are, what to expect from them and how to choose the best property management company for your business. Simplifying Property Management In property management, some real estate brokers also operate as property managers. When this is the case, the real estate broker also lists, shows, and leases rental and vacation rentals. Property managers help landlord or vacation rental owner create budgets, advertise rental properties, qualify tenants, collect rent, comply with local real estate or landlord and tenant board laws, and maintain properties. Preventive maintenance, interior, and exterior cleaning, and construction all fall within the scope of a property manager or the employing property management company's responsibilities. Owners pay property managers aka property management company a fee or a percentage of the rent generated by a property while under management. 1. What is a property manager? A property manager is hired to oversee the day-to-day operations of a unit of real estate. Property owners and real estate investors typically hire property manager or property management professional when they are unwilling or unable to manage the properties themselves. The cost of employing a property manager is tax-deductible against the income generated by the property. Apartment complexes, retail malls, and business offices are common types of commercial property that are run by the property management company. 2. What does a good property manager do? The benefits of hiring a property manager sometime can far outweigh those of the do-it-yourself approach. It is often seen that most property owners decide to manage their own properties once they hear the costs of hiring a property management professional. However, several factors such as bad tenants, lack of time and commitment and inadequate knowledge to handle the intricacies of property management compel them to hire a property manager. Sadly, many people realize the importance of hiring professional help only after facing business losses for a few years. Following are the benefits of getting a professional property manager or a reputed property management company to look after your property rental business; A) Compliance and enforcement of rental terms Essentially your property management professional or property management company managing the property needs to have the accurate knowledge and understanding of the laws, rules and regulations, legal matters as well as needed documentation pertaining to property rental business. Right from the start of the business, the property manager will be able to ensure that your tenant follows the local, state and federal housing regulations. They will be able to provide the right legal advice if the need arises. Additionally, a property management company will ensure that all documentation related to maintenance, accounting, taxation and laws are in place. B) Rental Market knowledge A good property manager has the knowledge of the local rental market. He will know exactly how and where to market your property and put up the right advertisements at the right location to get you the best of the tenant pool. The property manager and the property management company will also know how to ensure shorter vacancy periods between two tenants. C) Setting the right rent pricing Many landowners argue that deciding on the rent is easy. They often look for a ballpark figure based on the going rates in the market. However, a property management company will have the tools and the means ready to conduct a thorough market research in addition to keeping market rates in mind. He will be able to strike a balance between getting a profitable income out the business while ensuring minimum vacancy periods D) Finding good tenants This is by far the most critical and important job of the property management company. It will know how to get you the right tenants. They will take on the responsibility of screening your tenant pool, getting the most relevant applications and conducting background, criminal as well security checks. They will also ensure that personal, employment and previous landlord reference checks are conducted. These responsibilities of the property manager will also ensure that precious time is saved. E) Timely rent collection The most important benefit of hiring a property manager is that your rents get collected in time. Collection of rent is the most tedious task associated with property rentals. A property rental property manager will be able to put up tried-and-tested collection systems as well as maintain on-time collections ensuring business profits. F) Managing property maintenance and repairs A property manager has the responsibility of managing most of the tenant-landlord relationship management duties. These include regular routine as well as emergency maintenance, inspections, etc. G) Managing vendors A property manager will have all the necessary contacts needed to maintain the property. He will be able to get hold of quality maintenance workers, contractors, tradesmen, suppliers, etc. on time and ensure they come at the best price. H) Maximizing value for time and money A property manager will not only manage the day-to-day running of the property, but also give valuable advice about investing in further properties to help the business grow. This ensures maximizing the time and money value in the long run. With so many benefits, hiring a property manager is worth every bit of the cost they come for in the longer run. However, the next crucial consideration includes ensuring that you hire the right property manager and property management company to run your property rental business. 3. What Services Do Property Management Companies Have for Tenants? Most property managers will take care of tenant apartment search start to finish, at no cost to you! If you are busy and don’t have time to spend scouring listings or scheduling tours. This is where they can help! Find the best apartments, condos and single family homes matching your busy schedule. They will handle all of that work and more to present you with personally curated properties that tick all of your needs, schedule your property tours for you and even assist you with the whole rental processes and related paperwork without any cost to tenants as they get paid by the landlords to rent their properties 4. Frequently Asked Questions 1. How would a property management company in Calgary know what to charge for my property? The best property management companies rely on current market data to arrive at the figure. They take into account the comparables for similar properties in the neighborhood. Property managers have tried and tested tools to help them in this regard. Property management companies also have solid experience and knowledge of the local rental markets, which enables them to get you the highest possible rent for your property. 2. How do the best property management companies’ market rental properties in Calgary? A good property management company in Calgary would generally employ a range of aggressive marketing strategies to ensure that the vacancies are filled at the earliest without any income loss. For a layman, it is usually not possible to use multiple marketing channels and strategies. This is where the best property management companies have an edge. 3. If we hire a property management company in Calgary, do we work with a direct contact? The biggest apprehension people have about hiring property management companies is that they may have to deal with a faceless entity and not a direct contact. However, this is not true. The best property management companies ensure that you deal with a direct contact for everything concerning your property. 4. How do property management companies ensure that the properties are properly taken care of? Property management companies are in the business of ensuring that your property is in the best possible condition and providing you good, consistent rental income. They conduct regular inspection to ensure that tenants are taking care of the property, and they address any repair and maintenance issues that may have developed. 5. Do we lose control of our property if a property management company in Calgary manages my property? No. The best property management companies listen to and follow landlord instructions thoroughly. They keep you updated periodically about the performance of your rental property investment and have your best interests in mind. ------------------------------------------------------------------------------------------------------------------------------------------------- LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment. For more please visit our website www.leasewell.ca or contact us at info@leasewell.ca  Whether you are a rental property investor with a diversified portfolio of rental properties in Calgary or an independent landlord seeking financial security through multiple units of rental property in Calgary, the biggest danger you face is having bad tenants in your rental property. However, like all the other investments, leasing real estate can be time consuming and troublesome for a few reasons, the most recurring of which is not knowing what to do and how to deal with bad tenants when you are stuck with them.
Bad tenants don’t pay their rents on time or in many cases miss their rents or refuse to pay the rent but mostly can damage your rental property, that’s your most valuable financial investment. Therefore, it is essential that you only find good qualified tenants but also manage your tenants professionally to comply with terms of your rental agreement same way as an experienced property management company does or savvy landlords do to identify and manage their tenants. As much as you would hope that it will never happen, your property is bound to be leased to one or more abusive tenant. The real problem is that the damage they leave might very well be a lasting damage that can take a lot of time, effort and money that you cannot afford to fix it. If you have a large property management company dealing with your re Dealing with such a hassle is certainly not an easy or a desired activity; however, there are some tips and advise that will help you know how to deal with bad tenants. The top warning signs that you have bad tenants
This article provides you vital precautions and tips to help you know how to deal with bad tenants effectively and to ensure that your investment will survive such encounters with the most minimal damage possible or no damages at all beforehand: 1. Damage deposit This would seem like we are bringing out the obvious but acquiring a security deposit from the tenant is necessary as a protection and a backup plan for the landlord in case the tenant abused any of the laws or rules enlisted in the contract. A rental property landlord or property management companies in Calgary and other cities in Alberta can charge up to one month's rent from tenants as refundable damage deposit. In most cases damage deposit may not be enough to compensate you for a major property damage done by bad tenants however it is better to have this to work as a deterrent in your rental agreement. 2. Renter's Insurance What is Renters insurance? Just in case you need to know, the renter's insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or property damage or vandalism. It is also handy in case the rental is occupied by bad tenants who’s negligent or fault causes the property damage. Renter’s insurance also covers a tenant’s liability if a visitor is injured on the premises and can also provide compensation for alternative living arrangements in case your rental unit or rented home becomes uninhabitable due to storm damage or an apartment fire. Technically, you are not required to carry renter’s insurance by law, but a landlord can require renters’ insurance in your rental agreement in your lease. Carrying renter’s insurance protects you and the landlord by ensuring that no matter what happens on the premises, either your renter’s insurance or the landlord’s insurance will provide compensation. Discuss the terms and what they mean with your insurance provider to ensure you are sufficiently covered for necessary coverage in your renter’s insurance based on your rental and lease provisions. 3. Make your leasing contract comprehensive Having a very detailed and comprehensive lease agreement might make you seem obsessed with details, but it is always much better to be safe than sorry. If you are not experienced with the matter, hire a professional specialist if needed to assist you with the format of the lease agreement to ensure that it includes all the terms and conditions that need to be listed in your lease agreement with tenants. You need to have all the possible breaches enlisted in the contract along with their consequences. Do not assume that some terms and conditions should be a given. If a rule is not incorporated in the contracted, then its value in reality is null and you cannot enforce a term in the lease agreement should the tenant break it you must have a way to deal with. 4. Keep written records of everything This advice can be applied to any transaction of any sorts you would take a place in, but its importance increases tenfold when it comes to real estate and properties. The most recurring issue some landlords would face is how some tenants would delay or avoid paying the monthly rent of the property on its due date. Thus, we cannot stress enough how crucial it is to keep a written record of all of your transactions you become involved in along with the tenant. 5. Check your property on consistent basis Another important advice is to stop every now and then to check the status of your property to ensure that the tenant is not breaking any laws or causing any damage. This way, even if something happened, you will be able to deal with it in time. Live far from your property or in a different city? Some companies can help you with this on per visit basis. Bonus tip: Check your landlord insurance, it may even be required in some cases that you check the condition of your rental home and would help maintain your cover! Contact us if you need help with this! 6. Screen potential tenants There will always be potential bad tenants; and while screening them might not be perfectly effective, it certainly is a necessity you cannot afford to ignore. Have a brief informal interview with the tenant to try to dig deeper into what kind of tenant he would be, this will help you filter out a lot of tenants who would do your property and investment more harm than good. Just be aware that tenant screening is not just about pulling a credit score of a potential candidate, it much more than that. A high credit score in itself doesn't mean anything unless you consider a number of factors in the potential renter. To ensure that bad tenants don't creep through your screening, you should do the followings;
7. Seek professional help for managing your rental There is no shame in seeking the help of the professionals when you are not experienced in what you are dealing with, especially when it comes to a property you have probably invested all your savings in. By definition, a property manager’s experience usually includes knowing how to deal with bad tenants in an effective way. If you can afford hiring one, do not hesitate to find a property management company in Calgary or seek help from a rental property professionals such as LeaseWell. It can assist you with your specific rental needs without the expensive costs of hiring a property management company to avoid many of the hassles that go with being a landlord. Two types of bad tenants: Now that you have taken your precautions, this should minimize the possible troubles you might run into. However, you can never be careful enough to avoid all the possible troubles. For that, to help you learn further how to deal with bad tenants practically, we have listed for you here the two worst types:
There is no fixed number of extra days – except for any grace period enlisted in the contract -to grant the tenant in such cases. This duration depends on many factors that include your financial history with the tenant (how consistent or inconsistent he has been with paying the rent on time) and how willing you are to go through the month without your second source of income. No matter what the arrangement you reach with him is, make the timeline for escalating the issue crystal clear for the tenant. For example: after one week you would send the first alert, send the second alert after two weeks, initiate the eviction process with the tenant if the amount was not received within three weeks B. Abusers and property-damaging tenants This second type is not less dangerous than the first one. Those tenants pay the rent on time, but they would not mind breaking some laws (for example, you might not want any pets residing in your property at any point of time) or damaging some of the property’s contents.
Finally, there is no perfect way to totally avoid leasing your property to the wrong person. However, taking some precautions and learning how to deal with bad tenants will help keep your investment a win rather than a loss of your savings. ------------------------------------------------------------------------------------------------------------------------------------------------- LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment. For more please visit our website www.leasewell.ca or contact us at info@leasewell.ca |
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