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Furnished strata rentals in Vancouver

Oleg Articles, Tips August 12, 2014February 16, 2015

Becoming a landlord is exciting. If you are thinking of purchasing a condo in Greater Vancouver as an investment property you are moving in the right direction.

Investment strata properties are very popular in Vancouver. Condo rentals are especially popular in downtown core. As a new landlord you have a choice of renting a furnished or unfurnished suite.

Renting an unfurnished suit it’s pretty straight forward. Usually you would lease it out to someone for at least a year. It would be up to your tenant to furnish the unit.

Furnished rentals are increasing in popularity in Vancouver. They do require a larger upfront investment but the return most of the time is well worth the effort. Usually with furnished rentals they would be rented for a short period 2-3 months at the time. Which could mean that you are able to charge double the rent as opposed to the unfurnished renal unit.

Some strata corporations in Vancouver are becoming increasingly aware of short term executive rentals and are changing their by-laws to prevent them. Strata corporation are changing their by-laws to allow a minimum of 1 year lease thus preventing short term rentals.

If you are looking to get into executive rentals, be sure to double check all of strata by-laws regarding rental restrictions. Also be sure to check any possible upcoming amendments to the rental restriction by-laws.

For more information call or email me today: Oleg 604-564-7052 or [email protected]

Please, keep in mind that I am a licensed real estate agent and not a licensed property manager.

Home buyers continue to slightly outpace sellers, but not by much [REPORT]

Oleg Articles, News August 6, 2014February 16, 2015

DOWNLOAD FULL REPORT HERE >>> REBGV Stats Package, July 2014

VANCOUVER, B.C. – August 5, 2014 – The Greater Vancouver housing market continues to
see slightly elevated demand from home buyers, steady levels of supply from home sellers and
incremental gains in home values depending on the area and property type.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This
represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1
per cent decline compared to the 3,406 sales in June 2014.
“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000
sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed
the 3,000 sale mark since June of 2011.”
Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July
2013.
“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real
estate market,” McLeod said.
The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver. This ratio
has ranged between 18 and 20 per cent over the last four months.
New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925
in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013
and a 7.8 per cent decline from the 5,339 new listings in June.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to
June 2014.
Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the
1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold in

July 2012. The benchmark price for detached properties increased 6.5 per cent from July 2013 to
$980,500.
Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to
the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012.
The benchmark price of an apartment property increased 2.2 per cent from July 2013 to
$376,500.
Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487
sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July
2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and
2014 to $472,400.

DOWNLOAD FULL REPORT HERE >>> REBGV Stats Package, July 2014

3 common mistakes real estate agents make

Oleg Articles, Tips July 28, 2014February 16, 2015

Real estate agents are absolute professionals. We are held to a higher standard of business ethics and care. Which means that we owe our clients fiduciary duty to put their best interest ahead of our own.

What is actually considered best interest of your client? Here are 3 common mistakes real estate agents make when working with their clients.

Number one: overpricing the property. Some of the real estate agent will overprice the property to please their clients. They might want to get the listing and will put a higher value on the property in order to get their client’s business. Or maybe they have a long relationship with the client and don’t want to upset them. Whatever the case might be, overpricing your clients property is a disservice. Property will most likely sit on the market for a long time. Sooner of later price reduction will follow.

Number two: over promising and under delivering. This is a common trend in many service driven business. To get clients’ business some agent will promise a lot. Things like: “will sell in 30 days” or “it will sell for “this” price I guarantee it”. Empty promises are just setting agents for failure and clients for disappointment. It’s very hard to predict where the market is going and how buyers will react to the property you’re selling. Educated estimates based on current market conditions and agents personal experience is what clients are really looking for.

Number three: cutting corners with MLS listing. Multiple Listings Service is one of the best if not the best sources of finding buyers for your property. MLS listing for the property should clearly outline it’s benefits in the description. Great pictures of property’s best features is a must. The pictures don’t have to be professionally take but should showcase the property well. Room measurements and property information are very important as well. Cutting corners with MLS listing ads could cost clients some valuable buyers.

Real estate professionals are great, honest and trustworthy people. Chances are you will be working with a true professional who will not make any of the silly mistakes listed about. Nevertheless, keep your eyes open for the mistakes outlined above and happy selling.

Please, call or email me with any questions. Oleg 604-565-7052 or [email protected]

Everything Real Estate – Vancouver Meetup

Oleg Articles, News July 28, 2014February 16, 2015

“Everything real estate” is a Vancouver based meetup group that meets once or twice a month to talk, share and learn about real estate. Our group members range from first time home buyers to seasoned real estate investors.

Real estate has been a passion of mines since early age. After interacting with some great people I realized that most people were interested in real estate as well. I decided to create a community of like minded people who can benefit from one another. A group of people that would get together once or twice a month to talk, share, network and learn.

Meetup.com is a perfect platform for setting up such community. It is easy to register. It’s free for you become a member. And it already has a large audience interested in real estate.

Some of the future subjects we will be covering about include:

Buying your first home
Real estate investing
Your first mortgage
Your first investment property
How to buy properties with no money down
Market updates for different areas and neighborhoods
Renovations for best return of investment
How properties are evaluated
and much much more.

We have expert guest speakers with years of experience in given fields that can provide you accurate and reliable information. Join the meet up: http://www.meetup.com/real-estate-vancouver/

Can’t wait to meet you!

Should I renovate my Vancouver house before selling it?

Oleg Articles, Tips July 21, 2014

“Should I renovate?” is one of the most important questions to ask yourself when you are planning to sell your Vancouver home. Renovations could be costly, take a long time and provide you with a fair share of hassle. On the other hand with investing a little bit of money now you can get a higher return later.

There are many schools of thought on the matter of renovating your Vancouver house before selling it. I am not a professional contractor but I strongly urge you to talk to one before making any concrete decisions. With that being said let’s dive in.

In my opinion if you are thinking of selling your Vancouver house you should keep renovations to a minimum. Cosmetic touch-ups, good property clean up and landscaping will go a long way. Buyers generally don’t care how much money you spent on renovating and will want to plan their own designs anyways.

However if your Vancouver house is in a need of some serious renovations it might be a wise decision to renovate before selling it. For example you have a major crack in foundation. Should you fix it before selling or sell it as is?

If you don’t fix it the buyers will most likely ask for a discount on the property in the amount of renovations of a cracked foundation. The renovations always seem more expensive in the eyes of the buyer than they actually are. It will cost you more money in negotiation than it would to fix the foundation.

One the other hand if you fixed the crack in foundation yourself. Sure it would be next to impossible to make your money back but at least you will not lose more money in negotiations with the buyer. With a little bit of hassle you actually get to save some money.

There is an exception. If land makes a majority (80%) of the value of your property it is probably is not worth doing any major fix ups to the house.

Every situation is different. Every property is different. Contact your local real estate agent for advice on your situation. If you have more questions as to renovations before selling your Vancouver house feel free to contact me directly: Oleg Galyuk 604-565-7052 or email: [email protected]

NEWS RELEASE: Buyer demand increases while home prices edge up

Oleg Articles, News July 8, 2014

Buyer demand increases while home prices edge up

VANCOUVER, B.C. – July 3, 2014 – The Greater Vancouver housing market enters the
summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This
represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7
per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray
Harris, REBGV president said.

The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the
highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level
have remained relative stability,” Harris said. “While these numbers provide high level trends,
it’s important to know that changes in prices always vary depending on neighbourhood and
property type. Consult your local REALTOR® for information on trends in your area of choice.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339
in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013
and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count
was 2.6 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater
Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease
compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the
1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June
2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared
to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June
2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to
$378,000.

Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472
sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June
2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and
2014 to $471,200.

-30-

The real estate industry is a key economic driver in British Columbia. In 2013, 28,524 homes changed ownership in
the Board’s area, generating $1.84 billion in economic spin-off activity and 13,977 jobs. The total dollar value of
residential sales transacted through the MLS® system in Greater Vancouver totalled $22 billion in 2013. The Real
Estate Board of Greater Vancouver is an association representing more than 11,000 REALTORS® and their
companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more
information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.

SOURCE: www.rebgv.org

7 Must-Dos on the Day You Show Your House

Oleg Articles, Tips July 8, 2014July 8, 2014

The “For Sale” sign is up. You’ve completed the big projects and the little tweaks, so you’re hopeful your efforts will pay off with a quick and profitable offer. But now comes the most critical part of the home-selling cycle: the day of a showing or an open house. A negative first impression can directly translate into dollars off a full asking price. Before opening the door to potential buyers the day of a showing, follow these tips from top Realtors and stagers all over the world.

Gary J Ahern, AIA – Focal Point Design

1. Detach from the stuff. Home experts agree the first and most important step to a successful listing is to emotionally separate from the house and the objects within it. “Many clients I work with battle to let go of their property and refuse to take down family photographs and religious items,” says Gregg Churchill, owner of Mr. Home Staging & Design in Perth, Western Australia.Letting go of the emotional connections to the items inside the home will make you more objective about any necessary changes and more open to Realtor and buyer feedback. To ease the selling process, embrace the idea that your house is a commodity that needs to be sold, and transfer any emotional connections to your new destination, Churchill advises.

Don’t forget: Foyer tables, fireplace mantels and refrigerator doors are popular display spots for loads of personal items like holiday cards, children’s artwork, pictures and trophies. Pare down or clear off these spots for showings.

Blackband Design

2. Make sure it looks clean. Cleaning seems so obvious, and is inexpensive, but the lack of it is one of the biggest complaints agents hear. Hopefully, you’ve done the big scrub leading up to open-house day: carpets steamed, floors mopped, windows wiped, appliances scoured. But on the day of a showing, don’t overlook little details like crumbs on the table from breakfast, toothpaste remnants in sinks, half-full trash cans on display and dust bunnies in rooms you don’t frequent. Do a quick walk-through with a duster, reaching into recessed lights and corners, suggests Charlie Buckley, associate broker at Mr. Waterfront Team at Long & Foster Real Estate in Annapolis, Maryland.Straighten the bedspreads in all the rooms, put away loose shoes in hallways and tuck away pet beds and bowls, Buckley says.

For added visual appeal and a more spa-like vibe, switch to new, clean towels just before a showing, say Liz Larson and Jan Poulain of Perfectly Placed for You in Chelmsford, Massachusetts.

Don’t forget: Wipe down surfaces that people would naturally touch, such as stair banisters, hand rails and items that have inviting textures. “People love touching things. Textures change everything, as they propel people into various good spots in their memories. Candles. Shells. A leafy houseplant that says, ‘Touch me,’” says Mathieu Nakkach, CEO ofSignature Stagers in Dubai, United Arab Emirates.

Polhemus Savery DaSilva

3. Make sure it smells clean too. Besides a home’s visual appeal, nothing triggers more comments than scents. Diffuse cooking, pet and musty odors by airing out the home with open windows or air purifiers.Comforting smells, like baking bread or brewing coffee, can be appealing to most potential buyers. “I always recommend fresh flowers. Cider on the stove in the colder months is a nice touch,” says Travis Gray, an Annapolis, Maryland realty agent at Coldwell Banker.

But beware of strong spray scents, candles or other products. “Don’t leave plug-in air fresheners around your home. Some people are allergic to scents, and it only highlights that you have an odor problem,” says Monique Shaw, chief designer atHomes Sold Beautifully in Calgary, Alberta.

Don’t forget: Pet foods, toys, litter boxes and blankets may have distinct smells. Stow these items or take them out of the house during showings.

James McCalligan Architect

4. Remove sight-line impairments. Artists, architects and designers are well versed in the simple trick of drawing the eye to something appealing, whether it’s a unique color, the next room or a special view. Eliminate items such as knickknacks, toys, small appliances and bath products that stop the eye, or worse, make spaces look smaller. “I am selling the space and finishes of the house, not your personal property,” explains Beth Tyler, a Realtor at Long & Foster in Annapolis.Though many rugs add warmth and color, consider rolling them up if they break up a room disjointedly or if they obscure attractive selling points like stunning hardwood floors or beautiful tilework. “Bathrooms, especially small ones, will look bigger without the rugs. If it’s a huge master spa bath with a coordinated rug, then it can stay if it warms up a big, cold space,” Tyler says.

LiLu Interiors

Have bins or baskets on hand to clear off countertops, floors, tables and desks. “It’s a lot easier to put away one or two small bins than it is to have to find a spot for 15 different toiletry items,” says Annie Pinsker-Brown, owner of Stage to Sell in Los Angeles.

Don’t forget: Store tablecloths and dish towels to accentuate a kitchen’s workspace and appliances. “Kitchens look bigger if your eye does not stop at the dishtowel on the oven, dishwasher and sink,” Tyler says.

Claudio Ortiz Design Group, Inc.

5. Improve traffic flow. Over time, homeowners become desensitized to what their possessions look like and where they are placed, note Laura Grindrod and Carolyn Kibby of Annapolis Staging and Design. The coatrack by the kitchen door, for example, might be practical for your family, but it can look like poor storage to a potential buyer.

Walk through each room and determine if the furniture arrangement contributes to a comfortable flow and use of space, or if it simply is that way because that’s how it has always been, Grindrod and Kibby advise.Don’t forget: Too little furniture can be just as bad as too much. A tiny couch in a largefamily room might prompt buyers to worry they’ll never be able to furnish the whole space. If needed, repurpose pieces from spare rooms to comfortably fill out an area.

SLC Interiors

6. Create the “Goldilocks Effect.” No matter what time of day or year, the home’s temperature, lighting and noise levels should be just right during an open house. Room temperatures should be not too hot and not too cold. Blinds, shades and drapes should be open, and lights should be on, says Margaret Melvin, a Columbia, Maryland, associate broker at Prudential PenFed Realty. “A dark house may work when filming a vampire series, but not for selling a house,” she says.

AMS Landscape Design Studios, Inc.

Don’t forget: Let in pleasant ambient sounds, from birds chirping outside to a soothing water feature. Calming music in the background, high enough to hear but low enough to not overwhelm, can do wonders, Nakkach says.

Katie Leede

7. Be strategic about handouts and valuables. Documents about the home, especially with attractive photos, should be readily accessible. “I prefer that property brochures and information are in the foyer area, located on a console or table with some fresh flowers. Buyers can pick up that information upon entering or leaving,” says Melvin.Whether it’s an invitation-only showing or a large opening for the masses, it’s important to safeguard valuables, personal information and sensitive items. Stow small items like electronics, jewelry and prescription medications, and protect financial statements and documents, recommends Pinsker-Brown.

Source: http://www.houzz.com/ideabooks/24719288/list/7-Must-Dos-on-the-Day-You-Show-Your-House/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+houzz+%28Houzz%29