Written by:Shane Buckingham
Credit: www.canadianrealestatemagazine.ca

A sound strategy that focuses on location, property selection and market timing is the foundation on which to build any thriving real estate career. But being a savvy negotiator is also a crucial aspect to any successful investor’s approach. Shane Buckingham talks to REIN President Don Campbell to explain how you can negotiate your way to success

Now that you’ve gained an understanding on how to find cash-f lowing properties in economically strong areas (see last issue’s “Diamonds in the Rough”), it’s time to look at how to close a deal.

At this point, it’s important for you, especially as a beginner, to work with an experienced real estate agent to help guide you through the purchasing process, says Real Estate Investment Network president, Don Campbell.

But that’s not to say that your Realtor should be dictating the terms of your offers.

“You as the investor-buyer are in charge of what goes into that offer, not your Realtor. You’re the one that’s on the hook for signing that offer,” Campbell says.

“In essence, it’s a business contract between you and the vendor, so it’s important that you control what goes in there.”

With that in mind, start by writing down an outline detailing everything you want to be included in the contract of sale and purchase. During this step, it’s important that you make sure you clearly state all information and that every dollar figure is accurate.

Once you’ve finished your outline, your Realtor will be able to take your information and add it to a pre-printed contract used by his or her local real estate board. Using these contracts is your best bet, Campbell says, because they’ve been written by lawyers specifically for real estate boards according to their jurisdictional rules.

But don’t think you’re limited to this form. If there’s a condition you think needs to be included in the deal, you can add it to the contract as a separate clause. Doing so can make your life easier and protect you from loss, “but you don’t need to load up on conditions just to prove that you’re a genius,” Campbell says.

“From an investor’s point of view, your job is to mitigate your risk. And maximize your return and try to find the balance in between,” he adds.

For the rest of this insider look into successful negotiating, download a copy of our January issue.

Written by: Julie Broad

Credit: http://www.canadianrealestatemagazine.ca

Condo Trends
By Marissa Ponikowski Credit: www.hgtv.ca

When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.

What’s Hot:

Clutter-Free Living
The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a Zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.

Flowing Decor
When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.

Dramatic Wood Finishes
It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.

Streamlined Storage
Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.

What’s Not:

Garish Paint Colours
Lime green may be your favourite colour–and very in to boot–but that doesn’t mean lime is a wise paint colour choice. If you love it, don’t shy away completely, but don’t make it the main focus of your space, either, as rich colours tend to dominate. Instead, choose boldly-coloured accessories such as blankets, throws, candles and vases. If you simply must paint in a dramatic shade, choose a single wall to adorn with shocking colour.

Fading Floors
Even if you didn’t upgrade your floors, it’s important to keep them in great condition. Laminate floors should not be washed with water, because it can leak through cracks and cause bubbling. Instead, sweep well and spot clean with a damp cloth. If you have hardwood, keep it in mint condition by cleaning and waxing regularly. If you plan to sell, a floor sand and refinish may be a good investment.

Too Much Bulk
You may not plan to live in a condo forever, and thus would rather invest in furniture that will make the transition from condo to house with ease – but big, bulky, house-size furniture just doesn’t compute in a small condo. Choose your stuff wisely, and don’t break the bank on condo furniture. There are bargains to be had, especially on small, streamlined stuff.

Ottawa, January 5, 2012 – Members of the Ottawa Real Estate Board sold 699 residential properties in December through the Board’s Multiple Listing Service® system compared with 618 in December 2010, an increase of 13.1 per cent. The five-year average for December sales is 611. The total number of homes sold through the Board’s MLS® system in 2011 was 14,412, an increase of 1.7 per cent over 2010. The average price for 2011 was $343,701, an increase of 5.2 per cent over 2010.

Of December’s sales, 177 were in the condominium property class, while 522 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Resale home sales in 2011 were slightly above the five-year average of 14,326, and that’s really the story for the year. The market started off the year quietly, but gained momentum as we headed into spring and summer, losing very little steam during the fall and posting the best November on record, which leaves us with a very solid balance sheet for 2011,” said Past President Joanne Tibbles. “In many ways, it epitomized Ottawa’s real estate market: no dizzying highs, no dramatic lows, just slow and steady growth over the long term,” she added.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $332,527, an increase of 2.6 per cent over December 2010. The average sale price for a condominium-class property was $262,514, an increase of 3 per cent over December 2010. The average sale price of a residential-class property was $356,267, an increase of 0.2 per cent over December 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

The Ottawa Real Estate Board is an industry association of 2,765 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca.

Credit: www.ottawarealestate.org

Lovely south facing view from the balcony of this 11th floor, two bedroom condo. Beautiful new kitchen with quartz counter, built in oven, cook top and stainless refrigerator. Laminate floors throughout the living/dining room and the bedrooms. Superior location just a short walk to Billings Bridge Plaza, Rideau River and its bikepath system and Old Ottawa South. Vacant and ready for immediate possession.

A recent article posted by GAWKER…..

Colby Sambrotto is a founder of the website ForSaleByOwner.com, which, you know, lets people sell their own apartments. Colby Sambrotto had an apartment of his own—a two bedroom in Chelsea—to sell. Can you guess what happened next?

A founder of a website dedicated to direct sales of homes by their owners has sold his two-bedroom apartment in Chelsea for $2.15 million-with the help of a real-estate broker and a standard 6% commission…

“At first he wouldn’t let me increase the price,” [the broker] said. “I told him I know what I am doing-the market is picking up.”

Not only could For Sale By Owner guy not sell his own apartment, but a broker was able to sell it for more money. That site once again, homeowners: ForSaleByOwner.com. Bookmark it!

Most FSBOs eventually sell through a real estate salesperson.

Link to: http://gawker.com/5827297/for-sale-by-owner-founder-needs-broker-to-sell-his-apartment