Posts Tagged ‘jeff miller’

R.E.S.T. Series – Early Birds, Worms and Real Estate

Hey Everyone and welcome to our series where we talk about the career that we love… real estate.

What does R.E.S.T. stand for? real estate straight talk – where we give you the heads up, the real deal, real scenarios, myths and myth busting, the rules, the ethics, the process, the expectations – what you really need to know. Let’s dive in to today’s episode.

WHEN SHOULD YOU FIRST GET IN TOUCH?

We’ve run into more than a few occasions when clients will call us and say “Hey! We’re ready to list our house – can you have it on the market tomorrow/ in a couple of days?”

We could certainly make it happen, and we have, but there are a few KEY points we want to make about when to actually get in touch with a REALTOR® in order to put your home on the market – it’s often the difference between more money in your pocket and a faster sale! – Yep, you heard it right….getting in touch last minute can affect your bottom line.

RENOVATIONS

Before you even THINK about picking up that hammer…or calling a contractor that will…give your REALTOR® a call. Ultimately you are going to do what you want, but there are renovations that will bring you a return on the investment, and some that won’t. The basic rule of thumb for a renovation is that you “should” get a 40-50% return on the initial investment. Things like kitchens, bathrooms, flooring and lighting often get the highest return, followed by landscaping and additions. But the maximum return is often only offered when the renovation is functional appealing, and timeless.

We can’t tell you how many times we have been in trendy kitchens that one year got a 70% return on investment and only 20% the next because it was now out of style. Having been in thousands of homes, and seen thousands of renovations – a good REALTOR® can at least give you suggestions on the resale/investment value of what you are thinking.

Because you did hefty renovations may lead you to believe that you can get all your money back – so getting in touch with your REALTOR® before your reno, and well before you sell will help you understand the roll and price value your renovations will have on the market in your city…you don’t want your REALTOR® surprising you WHEN you are ready to go on the market – and we don’t like giving you that surprise!!

IMPROVEMENTS

Improvements to your home is kind of a sub-category to renovations. It can include flooring, light fixtures, a new roof, new windows, added insulation in the attic. Improvements follow the same rule as renovations, but with a slightly lower ROI. What is critical to know here is that Buyers won’t necessarily pay a higher dollar for a new roof, or improved attic insulation – it is just an improvement that makes them feel more solid in their purchase, knowing you as the owner has taken care of the home. Improvements usually have more weight in the time it will take to sell your home. Confident buyers tend to move more quickly on homes they feel have been well taken care of.

The other side to improvements is this – the nanosecond you are thinking of selling your home – get in touch with your chosen REALTOR® so you can have a discussion on improvements you have already made, or improvements that you SHOULD make in order to get top dollar for your home. Sometimes something as simple as a fresh coat of paint that would cost you your time and a few cans of paint ($500) can get you an extra $5,000!!

A professional REALTOR® will be honest and forthright with their list of items that would be best to tackle before going on the market – and will outline the cost differential of doing it or not doing it when you sell.

STAGING

Calling a professional REALTOR® early has other added bonuses. We know how a house should look for showings. We normally meet with you 3 or 4 times before we even decide on a time for the sale. We help you prepare lists of things to do, what to put away, what to keep out, paint colours, furniture placement etc. All this prep work usually makes for a much faster sale, closer to asking price as we help you keep the Buyers focus on the house and not the items in it.

YOUR PRIORITIES

Another reason to be an early bird with your REALTOR® – you have reasons for moving. Whether it is time to move to a bigger house, a smaller house, out of town, downsizing you will have priorities about your sale – when you want your closing or possession date to be, how long you are hoping to be on the market, what times you prefer your showings – the more you communicate your needs to your REALTOR® the less stressful the process becomes. If you call last minute, you and your REALTOR® may miss something critical to you – it helps your REALTOR® guide you, understand your needs and ultimately helps them negotiate much better on your behalf. The REALTOR® you pick should also be asking these questions no matter WHEN they meet you, if they aren’t concerned about your priorities, that’s a big ole red flag!! That worm is likely rotten 😉

TIMING – SEASONS

Being an early bird in your communication with your REALTOR® will also help in picking the best time to put your home on the market. Every town, city and province is different in their busy/slow seasons, so the more time you have to plan for “BEST” timing, the better!

MARKET CONDITIONS

Our last point is that early communication will allow you and your REALTOR® to examine market conditions, both current and past – likely over the course of the last 6 months to a year. This strategy session gets you up to speed on what the market is doing. Is it a Seller’s market where properties are selling quickly and for more money? Is it a Buyer’s market where prices are lower and properties take longer to sell? Knowledge is power – but it takes some time to absorb it – so the earlier you contact a REALTOR® the faster they can help you read the market and know what to expect.

Personally, we love it when folks call us 6 months early so we can provide them with real time data all the way up to the time they go on the market – that way, they have watched the market with us and know what is likely to happen.

So if you have just started talking to your spouse, partner or friends about moving – IT’S ALREADY TOO LATE…just kidding – add your REALTOR® to the conversation, or start interviewing REALTORS® so you know what to expect from the process.

Real Life Real Estate Minute – Small 3 bedroom condo townhouse. I had sold it to them. They got in touch 6 months before they wanted to sell.  Tenanted – components sound, paint awful, bathroom dated, floors scratched.  Market value with no work – $195,000. Market value with $5,000 of work (paint, refinish wood floors, re-fresh bathroom (new vanity/sink/tub surround) got a sale price of $220,000 – $20,000 profit.

As always – if you liked what you heard, saw or read subscribe to our podcast, YouTube channel or Like our Facebook page to be notified of the next time we have some straight talk. Thanks for listening…and REST easy!

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R.E.S.T. Series – WTF is an HHT

Hey Everyone and welcome to our series where we talk about the career that we love… real estate.

What does R.E.S.T. stand for? real estate straight talk – where we give you the heads up, the real deal, real scenarios, myths and myth busting, the rules, the ethics, the process, the expectations – what you really need to know. Let’s dive in to today’s episode.

WTF is an HHT? This term will be very familiar to anyone of our listeners that is with the Canadian Armed Forces or the Royal Canadian Mounted Police. HHT stands for House Hunting Trip – don’t google it though because you will come up with 1.5 million hits for

Hereditary Hemorrhagic Telangiectasia and what we are talking about is not that!!

Anytime someone is relocated to a new city, there will be some form of House Hunting Trip. For the purposes of this episode, we are going to concentrate on the style and type of HHT that our military and RCMP families have to deal with.

Picking up and moving yourself, you family and your pets is a pretty stressful and anxious event. There is so much to coordinate!

Whether this is your first, last or somewhere in between posting we want to give you an idea of what you NEED to expect from a REALTOR® and what a good relocation REALTOR® expects from you. We will focus on both sides – selling you home to go on an HHT and then actually going on your HHT.

For anyone coming from overseas or a PMQ this first part won’t affect you as you only have to pack and move.

Selling your home to relocate:

Step #1 – GET IN TOUCH AS EARLY AS POSSIBLE!

Selling your home in anticipation of a posting is a time sensitive event. As REALTORS® that have moved hundreds of families, relocation specialists want to hear from you the second you even THINK you may be posted. It is never too early to get the process rolling. Even in the event the posting doesn’t come through, you will have an idea of what would be required to sell you home.

WHERE ARE YOU GOING?

A REALTOR® with experience in relocating families usually has many many contacts. Often they have created relationships with similar REALTORS® in your destination city who will provide you with the same exceptional service. Also ask your colleagues – they  may have had a great experience with someone that you can reach out to. This may save you a lot of headaches moving forward.

In both the selling and buying scenario make sure the REALTOR® is experienced in relocations! Ask how many relocations they do every year and if they have references or testimonials they can provide from CAF or RCMP members. They should also (at the time of this blog) be approved suppliers on the lists of both BGRS and the RCMP.

When you do get your posting or release message (in Ottawa you can not list your home for sale without one) then the REALTOR® you pick needs to provide you with the following at a minimum

MARKET ANALYSIS / PRICING REPORTS

It’s important to provide you and the relocation company with a completed market analysis of your current home’s value. We are familiar with all the forms and will make sure they are sent to you or directly to your consultant / representative. It is important that the REALTOR® you pick gives you pinpoint pricing and has a strategy for the market and the “what ifs” of your timeline.

Your job – arrange for a property appraisal for your relocation file – a good relocation REALTOR® will know of a few that are experienced and on the relocation company’s approved supplier list.

LISTING YOUR HOME
Make sure the REALTOR® you choose has a great marketing plan – from photography to feature sheets to social media plans. You want to be in as many places and in front of as many faces as possible.

ON THE MARKET

Just because there is a sign on the lawn and pictures on the internet doesn’t mean it is time for the REALTOR® to disappear – Every showing should get Feedback and that feedback should be given at least once a week, with a market update.  Your REALTOR® should also make sure the relocation company or relocation division has their updated market reports and recommendations when required. NONE of this should have to be solicited by you – a really good relocation REALTOR® will have all this scheduled and part of their SOP (standard operating procedure)

Your job in all this – keep your home clean and show ready and make every effort to leave the house when a showing is booked. (Much harder than it sounds 😉)

DON’T GO ON AN HHT WITHOUT SELLING YOUR HOME FIRST

Relocation companies/divisions won’t tell you that you can’t. But it isn’t wise. Unless the bank tells you you can carry two homes, two mortgages, then don’t put yourself under that kind of stress. In addition, if you came and found a house and even IF the seller allows you a condition in which time is allocated to sell yours, there is a chance someone else can buy the house in the meantime and that results in a failed HHT and you may not be covered for a second one.

BUYING AND THE ACTUAL HHT

So now on to the other end and the actual HHT. Again, and we can’t recommend this strongly enough – get in touch, ask for recommendations, google research and interview REALTORS® the moment you get a whiff that you are going to be posted/relocated. The earlier the process can begin, the more confident and less stressed you will feel when you actually hit ground in your destination city.

COMMUNICATION

When you find the REALTOR® you want to work with in your destination city an enormous multi-faceted conversation begins and it should start with the following;

Needs & Wants – it is important for us as REALTORS® to know what is absolutely critical to you and your family and what is just a “wish”. From the number of bedrooms, to garages, to schools, parks, amenities and budget, your relocation specialist much be able to tell you 1. If what you want is possible and 2. Give you an idea of where and at what price those types of homes are. What you don’t want to hear are our two most hated words in real estate – NO PROBLEM!

Expectations need to be set, realities explained with some good, honest back and forth. Any REALTOR® can put you on an automated search, but to give you the straight talk, not all will give you a running commentary on the pros and cons of each home and each area. This organic and on-going part of the HHT is critical to your success. If you have never been to your destination city, then you need guidance – and that can take time.

We totally understand when last minute postings happen and there is little time to finesse the communication – but the earlier you can get in touch, the better!

ADVANCE PLANNING

THE most important piece for you to have in place before coming on your HHT is your mortgage pre-approval. By having this done, you can comfortably search for a home knowing it is within the budget. If you already have a mortgage on the home you are selling, then you need to make sure it is portable and there will be no penalties when you move and bring it with you, or that you can pay it outright and get a new mortgage with your home purchase. If there are penalties – you need to know if they are covered under your relocation package. No one likes surprises!

If you aren’t sure where to start – then an experienced relocation REALTOR® will have some recommendations of financial experts that are accustomed to military and RCMP moves.

BOOKING HHT DATES

The moment you have an idea of the dates you will take for your HHT, make sure to run them by your REALTOR® in your destination city – it now becomes a team effort and you want to make sure 1. Your REALTOR® isn’t already booked (or has backup) and 2. There isn’t something going on in the city that will limit your house hunting ability. A good relocation REALTOR® will be booking that entire timeframe to work with you and your family so make sure it works for both of you.

WHAT TO EXPECT ON YOUR HHT

REALTORS® that specialize and excel in military and RCMP relocations are a rare and different breed. They are like professional athletes as they zone out all other distractions until your HHT is successful. They have HHT’s down to an art form. Here is what to expect;

Depending on your arrival time, your REALTOR® will pick you up and begin by showing you the top 3-5 homes you have identified from all that communication prior to your HHT. By viewing your top homes you get to finally see what you have been scrolling through for days/weeks/months – sometimes they aren’t what you expected – but it gives both you and your REALTOR® time to get to know each other and for your REALTOR® to listen to your thought process. By the end of the first round of showings, your REALTOR® should be honing in on exactly what you like and don’t like. It helps set up the schedule for the proper first day.

If you arrive late on that travel day, then your REALTOR® would likely incorporate your top 3-5 into the full list of homes you will see on your proper first day. Don’t be surprised how long this first day gets – there is a mission that has to be accomplished and a good relocation REALTOR® is looking to have your new home secured no later than day 3, as you need the rest of the time to have the inspection(s) done, scout out work, schools and the 100 other things on the list.

On that note – a good relocation REALTOR® will have lined up the inspector already for day 4/5 and have all your approved suppliers lined up. (lawyer/other inspectors for rural properties/mortgage broker/banker)

IMPORTANT STRAIGHT TALK – if your REALTOR® is not pointing out pros & cons for each home, and talking about the resale value of the home ad nauseum – be worried. For ANY client, our single biggest value to you is in the investment/resale value of a home. For all of you CAF and RCMP members this is CRUCIAL. Whether you get posted out in 6months, 6 years or never, the resale potential for your home is of paramount importance.

WHAT TO BRING ON AN HHT

Proof of employment and income. Often a pay statement is all that is required; however, the bank will also need a letter confirming employment and salary from your pay office. (If you haven’t provided that in advance in the PRE-HHT work)

Proof of down payment (photocopy bonds, bank passbook or statement from accounts).

Your cheque book / money in the bank – A deposit will be required once you have successfully completed your Agreement, usually between $2,000 and $10,000. Also a cheque for the inspector(s) should you not be able to bill or estimate for BGRS or the RCMP. ($450-$600 for a house, $600 each for well and septic inspections). This is the only money that will change hands prior to closing.

The name, phone number and email of your BGRS or RCMP consultant (if available) and your DND or RCMP file number (DND/RCMP 20151234).

Slip on shoes – when you see 15 houses or more in one day, laces can get a bit cumbersome.

Definitely bring a sense of humour – if you have found the right REALTOR® it should be a lot of fun too!

As always – if you liked what you heard, saw or read subscribe to our podcast, YouTube channel or Like our Facebook page to be notified of the next time we have some straight talk. Thanks for listening…and REST easy!

For more information you can;

Listen to our podcast – https://bgmteam.podbean.com

Watch us on YouTube – https://www.youtube.com/user/myottawateam

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Fantastic 3 bedroom split level on corner lot in Rockland

 Rockland, Ontario

3 Beds 2.5 Baths Irregular lot Sq. Ft.

Looking for a private, detached 3 bedroom home on a large lot with a double car garage? This 3 bedroom home is filled with sunlight. Large country kitchen is great for entertaining and the dining area is open to the living room with large picture window. Spacious master bedroom has a large closet. 2 good sized bedrooms and an update...

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Fantastic 3 bedroom detached home with main floor family room in Fallingbrook

 Ottawa, Ontario

3 Beds 2.5 Baths 43' x 101' Sq. Ft.

Well maintained and freshly painted 3 bedroom home in family oriented neighborhood of Orleans. Walking distance to shopping, schools and parks. Home has practical main floor laundry. Renovated ensuite bathroom. Main floor features oak floors and ceramic tiles. Family room off the kitchen over looks the fenced backyard. Finished base...

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4 bedroom split level townhouse in the family friendly neighborhood of Blackburn Hamlet

 Ottawa, Ontario

4 Beds 1.5 Baths

Welcome to this 4 BEDROOM split level home in Blackburn Hamlet. Not only are you surrounded by the Greenbelt with just a short commute to downtown but there is lots of functional space n this home. Laminate floors through the main, 2nd & 3rd levels and new carpet in the lower rec room (2019). L-shaped living and dining room. Kit...

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Fantastic family home in the desirable neighborhood of Blackburn Hamlet

 Ottawa, Ontario

4 Beds 1.5 Baths 54' x 100' Sq. Ft.

Welcome to 27 Woodview Crescent in beautiful Blackburn Hamlet. This is a rarely offered Palm model built by Costain Homes. The top floor features three of the four bedrooms with the original hardwood floors and a renovated bathroom. The main floor has a large eat-in kitchen with plenty of oak cabinets, living room with gas fireplace...

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2 bedroom, 2 bath condo with in unit laundry in Convent Glen South

 Ottawa, Ontario

2 Beds 2 Baths

Retiring or 1st time buyer, you will love this freshly redone 2 bed, 2 bath condo. Fresh paint, new floor, new back splash, granite counters - everything has been tastefully done. Sunny and bright unit has a bus stop literally at your front door. Great location, first exit as you arrive in Orleans and easy access from the Montreal R...

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Beautiful 2 bedroom Glenview Cypress END UNIT!

 Ottawa, Ontario

2 Beds 1.5 Baths

Welcome to this beautiful Glenview Cypress END UNIT home. Located in the sold-out LIV at Monaghan Landing area, this 1326 sq. ft home has 2 bedrooms, 1.5 bathrooms with attached garage. Large foyer entry with access to storage and garage, open concept living / dining with tile and water proof single plank flooring. Lovely wide kitch...

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Fantastic 4 bedroom family home with inground pool in Kemptville

 Kemptville (North Grenville), Ontario

0 Beds 0 Baths 73' x 100' Sq. Ft.

Very well maintained home in a family friendly neighbourhood in Kempville. This is a four bedroom home with three bedrooms upstairs and one on the main. Open concept living at it's finest with a large kitchen with plenty of cabinets overlooking the dining and living rooms. Just off the kitchen there is a four season addition with a ...

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