Allison James

Recent shifts in the Calgary real estate market have had a noticeable impact on condominium sales – particularly with respect to pricing on luxury, high-end units. Due largely to economic concerns stemming from the downturn in the oil and gas sectors, condos in Calgary just became a little more affordable. The drop in prices is very good news for investors looking to enter the market and for those sellers who can afford to rent out their unit for a period until the market swings back.

Whether you are a newbie investor or an owner/occupant of a condo unit who needs to move but does not wish to sell low, here are a few basic tips to guide you along the path to becoming a successful condo landlord. Understand from the beginning that not all real estate is created equal and the duties and responsibilities of a condo landlord are somewhat different from those associated with renting a single-family home.

Work with an experienced condo Realtor. – An experienced condo Realtor, knowledgeable in the intricacies of the local market, can help you list and market the unit for rent, and direct qualified tenants your way.

Familiarize yourself with the rules & regulations of the condo association. – In reviewing the by-laws of your condo association, the first order of address is to confirm that unit rentals are permitted. If there is a waiting list for rental units, get your unit on it ASAP. Once you have verified that rental of your unit is allowed, be prepared to share copies of all condo rules with prospective tenants. Bear in mind that any violations relating to your tenant’s use of the unit and common areas will be directed to you, as the owner of the unit. Your prospective tenants must understand this and be willing to comply with regulations relating to everything from window coverings to pets and parking spaces.

Establish a fair market rental for the unit. – This is another area where your Realtor can be a great help. You certainly do not want to establish a rent that is too low, but you also do not want to overprice it and lose the tenants to other landlords. Your Realtor can help you fix a rent in line with the market for your building and neighbourhood.

Obtain credit checks and landlord references for all prospective tenants. – The last thing any landlord needs is a deadbeat tenant who pays the rent late, fails to pay at all or trashes the unit. This is why background checks and prior landlord references are so important. Proper screening will help ensure that the tenant you sign a lease with can afford the rent, will pay each month in a timely manner and treat the unit with respect. One bad tenant cost you thousands of dollars in repair and eviction costs.

Consider creative options when competing for quality tenants. – If you find yourself in a tight market with a shortage of qualified tenants able to pay the rental price your condo unit demands, consider some creative marketing incentives to attract tenants and seal the deal. Savvy landords have been known to offer everything from a month’s free rent to a pre-loaded debit card to a free week’s stay at your vacation property. Think about what you have to offer to separate your unit from the pack and attract tenants looking for a sweet deal.

Whether you are looking to become a condo landlord by choice or by the force of circumstances, follow these tips to minimize risk and maximize your profit potential.

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.

Calgary has long been known as the capital city of Canada’s oil and gas industries.  While energy remains a key player in the Calgary economy, it is by no means the only big player in town.  As the city’s population has boomed over the past thirty years, the economic base in Calgary has quietly diversified.  Today, oil and gas companies employ only 7% of Albertans – a figure that surprises almost everyone.

According to University of Calgary Economics Professor Trevor Tombe, despite the strong presence in Calgary of all the Canadian and international energy companies, the energy industry ranks only fifth in the top sectors of Alberta’s economy, behind construction (the leader), health care, retail trade and professional, scientific and technical services.  Professor Tombe and others argue that it is the tremendous diversity in the Calgary and Alberta economies that has buoyed the region and kept the economy stable despite the energy industry’s recent woes.  Tombe argues, “The unemployment rate is below the national average, the number of new job vacancies relative to the number of workers who are unemployed is better than the national average.”

A quick look at Calgary’s top employers in 2015 reveals that only one in the top five is an energy company – further evidence of the city’s diverse economy.  A look back a few years shows that the movement toward a more diversified economy has been underway for some time. Bruce Graham, the president of Calgary Economic Development believes that the diversification trend is “partly because we’ve grown to a city of over a million people.  So there’s obviously a lot of self-sustaining services that happen here…diversity is quietly happening here in Calgary as you may not expect it.”

While the oil and energy giants reorganize in the wake of a major downturn in their business cycle, the finance & business sector remains strong following a huge growth period in the last 15 years.  Insurance, real estate, educational services, transportation, and manufacturing have all seen exponential growth during the same period.  In the technology sector, Calgary remains home to the largest number of Canadian start-up companies per capita.

The Canadian energy industry is currently making its way through a major down cycle.  Energy companies based in Calgary are, without a doubt, feeling the impact of the downturn and focusing attention and resources on alternative and renewable sources of energy.  Diversification will be the key to survival in a major down cycle.  Those who do it well, will – like the City of Calgary itself – emerge stronger than ever.

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.

For many people, the opportunity to purchase a vacation home represents a dream come true.  However, before signing on the dotted line, ask yourself a few questions to help you decide if a vacation home is the right investment for you.

What are your Goals?

First of all, is a return on investment your primary goal or are you just looking for a weekend retreat for your family and friends?  Most often, it is a little bit of both.  This is important because vacation homes do not always carry the same equity return that other real estate investments bring.  If there is a severe downturn in the economy, vacation home sales and rentals will feel the brunt of the downturn right away.  If, on the other hand, you view the property as your eventual retirement home, you will probably want to follow your heart and focus on location and amenities vs. equity potential and risk assessment.

What are the Costs?

In addition to monthly payments of principal and interest under your mortgage loan, you will be responsible for real estate taxes, insurance, association dues, repairs and maintenance and property management fees.  You can save on property management fees by self-managing, but this only works if you live a short distance from the property and can handle both scheduled and emergency maintenance and repair issues.  As all homeowners know, appliances and heating systems never stop working at a convenient time.

What is the Property’s Rental History?

If, like most investors, you will be looking to rent the property out to others most of the year, this question cannot be stressed enough.   You will be taking a significant risk if you purchase a home with a spotty rental history.  Work with an experienced Realtor to study rental trends in the neighbourhood and overall area.  A condominium in a busy tourist area will always rent faster than a sprawling farmhouse away from everything.   You will also need to do a little investigation work to determine if any local ordinances or association rules prohibit or limit your ability to rent the property.

How Far from Home?

Distance, of course, factors into property management decisions, but you will also need to decide just how far you are willing to travel to enjoy your vacation home.  This will depend largely on how often you plan to use it.  If you envision yourself heading out to your lake house most weekends, it should not be too far away.  If you plan a one or two week family vacation once or twice a year, you may be more inclined to travel a greater distance.

These are just a few of the many factors to consider before investing in a vacation home.  Work with an experienced Realtor to ensure that your vacation home is indeed your dream come true and not a nightmare.

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.

As the summer of 2015 comes to a close, the Calgary real estate market reflects the uncertainty of the area’s economy, but the energy industry’s problems have yet to make a significant impact on property values in and around Calgary.  The latest statistics show that while prices are no longer climbing in many neighbourhoods, they are not dropping either.  Overall, the Calgary market remains fairly well-balanced with neither buyers nor sellers wielding a clear advantage.

At the start of the year, some experts were predicting major real estate value drops in Calgary in response to plunging gas and oil prices and energy industry layoffs, but that has not happened to date.  The latest statistics released by the Calgary Real Estate Board (CREB) on September 1, 2015 indicate that August’s benchmark price for all residential (detached, attached and apartment) properties in Calgary was $456,300 – nearly identical to the benchmark price of $456,700 posted in August of 2014.  These stable overall market numbers do not extend to the apartment benchmark – $294,100. Calgary’s apartment sector has experienced a slight 1.44% decline in benchmark value during the same 12 month time period.

Any examination of the state of the Calgary real estate market should make note of the fact that market conditions vary considerably throughout Calgary’s diverse collection of neighbourhoods. While the overall trend is toward stability in pricing, some areas of the city have seen diminution in value while others are still seeing multiple offers on highly desirable properties in the right location.  The recreational property market centered in the mountain and lake regions immediately surrounding the city remains strong. American buyers, buoyed by a strengthening U.S. economy, are once again looking to purchase second homes in Alberta and Calgarians are looking to vacation closer to home in view of the current U.S. exchange rates.

The Calgary real estate market will undoubtedly continue to respond to the general uncertainty in the current economy.  Continued or increased unemployment is bound to impact supply and demand for housing.  On the upside, however, consumer optimism remains strong.  In its Mid-year Update to its 2015 Economic Outlook & Regional Housing Forecast, CREB remarks that “Positive long-term prospects and reduced concerns about the bottom falling out in the near term could minimize the pullback in demand, keeping market conditions in relatively balanced territory and preventing further aggregate price declines.”

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.

Are you thinking about selling your home and going the FSBO route (For Sale By Owner) in order to save the cost of a commission? Before making that decision, take the time to consider a few of the many reasons why it makes sense to work with a professional Realtor when selling your home.

Realtors are Trained Professionals

Would you ever consider rewiring the electricity in your home without consulting a trained and licensed electrician? Of course not – unless you are an electrician yourself. So why would you consider handling the sale of a valuable real estate asset without the help of a licensed professional? Real estate transactions are complex matters subject to all kinds of rules and regulations and fraught with potential pitfalls at every turn. As I write this blog, the median sale price for a home in Calgary is $420,000. That’s a lot of money to put into the hands of an inexperienced amateur.

Today’s real estate agents are more highly educated, trained and subject to rigid ethical guidelines. In addition to pricing and marketing your property for sale, they must know how to coordinate and work closely with mortgage bankers, home inspectors, appraisers, environmental consultants and government agencies. Even if you feel you are qualified, do you really have what it takes to pull everything together? Remember that in real estate transactions, time lost equates to money pulled from your pocket.

Realtors Have Full Access to the MLS

While most non-professionals can get on the local Multiple Listing Service (MLS), it is not the full access granted to licensed subscribers. You will only see a fraction of the information available to professionals. The full spectrum of reliable information and up-to-date data available in the MLS is of utmost importance in determining home value and monitoring market trends.

Buyers are Working with Realtors

We are living in a world that relies on instant access to information and demands immediate gratification. The best way to ensure a quick property sale at your asking price is to list the property in the MLS. Buyers’ agents everywhere will receive a notice of a new listing right away. Your buyer is out there somewhere and the best platform to reach them is through the MLS.

Realtors are Objective

Property owners are notoriously sentimental when it comes to their own homes. There is simply no way to remain objective when talking about something you’ve poured your heart and soul into. An experienced Realtor removes emotion from the equation and shields his or her client from the stress inherent in the daily twists and turns of real estate transactions.

Those who go the FSBO route almost always find they haven’t saved any money at all when it’s time to close the deal. Do yourself a favor, save yourself time, money and aggravation – work with a pro.

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.

Looking at homes is a fun experience for most buyers, but spending excessive time looking at the wrong homes can become frustrating. Most people want to see enough properties so they can make a purchase with confidence. However, seeing too many homes can become overwhelming and make it even more difficult to make a decision.

Here are four tips to narrow down your search and find a home that works for you:

Determine your ideal neighbourhood. Are you looking for an older home in a mature neighbourhood, or do you have your sights set on something fairly new with modern finishes? In addition, think about other important factors, such as the schools within proximity, access to amenities and your travel time to work. Establishing your preferences will help you decide on the right area for you.

Consider the right type of home. How much space do you need? Buying a smaller place such as a townhome or condo might be the right decision for a limited budget, but don’t forget to think about your long-term needs. The longer a home suits your needs, the more equity you can build up over time.

Establish your budget. Speaking to a mortgage professional should be one of the first things you do as a home buyer. Find out how much money you will need to put down and determine your maximum approval range. Based on these figures, consider how much you are actually comfortable spending. Don’t just look at the purchase price, think about your monthly budget.

Consider your priorities. Make a list of your must-haves and the things you are willing to compromise. Communicate your needs with your Realtor to help you avoid homes that simply aren’t contenders in your search. Acquire knowledge on the types of homes that are available within your desired price range and keep an open mind to avoid missing out on great opportunities.

Do you need to move to celebrate the changes that are happening in your life? Let me serve you in helping you make the move to the place or home that reflects where you are in life’s journey! I will listen to your needs and use my knowledge and expertise to make this a smooth transition to the right place for you to call home in Calgary. Contact me at 403-708-5873, ajames16@gmail.com, or www.allisonjames.com and let’s get on with your journey!

About Allison James

Allison James has been a realtor® since 1999 with Century 21 Bamber Realty Ltd. in the changing Calgary real estate market. A Century 21 Centurion Award 2007 recipient and a member of CREA and AREA, she specializes in residential real estate and has her designations as a Seniors Real Estate Specialist and a Certified Condominium Specialist. These designations testify that she has the expertise and resources to help her clients make a smooth transition to the next step in their life journey. She enjoys helping her clients as they move through many of the same stages of life that she, too, has experienced. The fact that the majority of her business comes from past clients and/or referrals from satisfied clients speaks volumes about her dedication to the high quality of service that she offers her clients to meet their Calgary and surrounding area real estate needs. She is a mother of four who are all on their own now, and a grandmother of eight. Besides helping people buy or sell real estate, she loves spending time with her family, being active outdoors, traveling and meeting new people, photography, playing the drums, reading, scuba diving, listening to music, learning new things, and nurturing her spiritual growth.