A Realtor’s Oversight Became a Client’s Problem
A real estate agent in Milton recently called to inform me that his client was considering submitting an offer on one of our properties for sale. The property being considered was a detached, single garage home with three legal parking spaces –the importance of this is to follow. He told me that his client would pursue another property if we didn’t accept their offer. This is a common negotiating tactic. As real estate agents, our job is to determine whether or not they’re bluffing. As our conversation progressed, I discovered that the other property was a larger home, and it was semi-detached with a single garage and two legal parking spaces. I also found out that the primary intent of this purchase was to finish the basement as an apartment, renting it out separately from the upper levels. This is what prompted me to write this blog. Basement Apartments in Milton In this particular municipality, Milton, Ontario, two of the many requirements for basement apartments include the property having at least three legal parking spaces, and the property must not be attached. If this buyer were considering the semi-detached house, the property would not qualify on both requirements –a critical oversight on behalf of the buyer’s Realtor. Hiring a Professional Realtor The value of having professional representation when transacting in the hundreds of thousands, if not millions, of dollars, is priceless. I cannot stress the importance of ensuring your Realtor knows what they’re doing. The value of having professional representation when transacting in the hundreds of thousands, if not millions, of dollars is priceless. In this case, the buyer may have purchased an unsuitable home, perhaps even finished the basement as an apartment, and maybe even rented it out. However, if the Town found out, they’d be in for a big and costly realization. Keep in mind that contractors will seldom say no to doing work on a house, and it’s not their job to know local by-laws or question your intentions. I have a client who reached out to us after finishing their basement as an apartment in a semi-detached home. They hired a company to excavate and add a separate, below-grade entryway, a costly feature! They did this only to find out that they couldn’t rent it out separately. Just because your best friend or your Aunt is a Realtor does not mean they’re the right choice. Do yourself right by interviewing and researching multiple real estate agents. Tips for Real Estate Investors If you’re considering buying real estate for investment purposes, as this buyer was, here are some common questions to help you succeed: Do the condo corporation and municipality allow short-term (Airbnb) rentals? Are there minimum stay requirements for short-term rentals in this municipality or condominium? (ie. some require no less than 30-days) What are the basement apartment requirements in this municipality? Is the ‘basement apartment’ in the house I’m considering permitted and registered with the municipality? What have similar properties rented for in the last two weeks to thirty days? How long have similar properties been on the market in the last month before being rented? Lastly, learn how to properly qualify and filter through tenants to find the right one. Investing in real estate can be rewarding, but it requires work and knowledge like anything.
Spicing Up Commercial Real Estate
Over a decade ago, I sat in a classroom, preparing for my real estate exam. During that time, I recall having a particular interest in the Commercial Real Estate portion of the course. And, while we jumped into residential real estate with both –err, all four feet, that interest remained dormant. I was occasionally intrigued by the opportunity to assist a client with a commercial lease or sale, which has become a more frequent occurrence recently. During each of these opportunities, I’m blown away by how under-serviced our industry’s commercial real estate segment is. So, when I was fortunate enough to be allowed to list for sale a stunning mixed-use, main-street, historic building in Downtown Milton recently–this place is incredible BTW, my creative juices got flowing! While most commercial real estate properties have a handful of low-quality cellphone photos, no description, and little information about the property, let alone its potential, we decided to ramp it up (this sounds awfully familiar to a conversation from our early days in residential real estate sales!) Here’s a list of things we did with this property to spice it up: Virtual Staging and Renovations This particular property is vacant, so we were able to clean it up and have photos virtually staged to help prospective buyers envision the potential of the space and appreciate the size –space always feels smaller when not properly furnished or vacant. From one of the residential apartments to the two commercial spaces, we helped buyers envision how great the space is. We also had the main floor edited in three variations, one as a cafe, another as a retail clothing store, and the last as a trendy office, each strategically done to ensure buyers could envision the building’s potential. BEFORE AFTER Measured and Floorplan Created A previous listing for the building stated an estimate of the square footage at around 3,100 square feet. We spent the money to create a professional floorplan, which revealed a hidden 500+ square feet! Talk about return on your investment. This simple service added tremendous value to the building. Check out the floorplan here. Cleaning This vacant building wasn’t filthy by any means, but the floors were dirty, and the space hadn’t been used much recently. A thorough cleaning assisted in creating a better first impression and improved the overall appearance of the building. Window Vinyl Wrap We had over fifty square feet to get creative rather than simply leaning a “For Sale” sign in the storefront window. Therefore, we decided to have a custom vinyl wrap made. The vinyl wrap grabs the attention of passersby, ensuring they know the building is available. It also had a large QR code and critical points of the property. Lastly, a twenty-one-inch, wall-mounted hanging sign also presented an excellent opportunity to get creative. Here we made a sign that said “Your Business Belongs Here” to assist visitors to envision their logo and brand in the hottest area in Town. 3D Tour No different from how we’d prepare a residential listing, this massive building deserved a 3D virtual tour … so we made one. Now buyers could virtually walk through every square inch of the upper levels to truly appreciate the space before visiting. Combine these efforts with social advertisements, among other things, and the place stands out from the crowd … to say the least. CHECK OUT THE PROPERTY HERE – 196 Main Street E, Milton