Andrew Miller, Sales Representative

RE/MAX Hallmark Realty Group‎, Brokerage

613-447-7669  |  Email Andrew

Great Tips for Real Estate Investors

Real Estate InvestmentThis is another solid blog that I grabbed from one of my Mortgage Specialists Nick Bachusky (www.mortgageinottawa.com). I deal with a lot of investors and most start out making some of these mistakes. Give it a good read so that you don’t.

Top Eight Mistakes Property Investors Make with Realtors from CREW (Canadian Real Estate Wealth)

Here is an interesting article that I came across in Canadian Real Estate Wealth magazine, I work with a lot of real estate investors and this is just a refresher to make sure you try hard not to fall into any of these traps

1. Lying about how much buying power they have
“Often investors are not honest with respect with their buying power and how much cash they have available, or they hope they can reduce the price or get some miracle and find the extra cash down payment,” says Montreal Realtor Banny Bar.

2. Backing out of deals
“A lot of hard work and effort can go into putting a deal together,” says Edmonton-based Realtor Corey Young. “Sometimes because an investor is not emotionally attached to a property, the slightest thing wrong with the inspection or with financing and they can pull the plug. That can definitely be frustrating for a Realtor.”

3. Being vague about where and what type of property they want to buy
First-time investors are especially vague, point out several Realtors. Requests for “cash flowing” properties could be answered with a single family home in a suburb, or a 100-unit building downtown. Know what type of building, tenant and cashflow you need, says one frustrated real estate agent, as well as the neighbourhoods and price range that interest you.

4. Being goal phobic
“If an investor comes to us and says that they want to buy a condo investment, we usually ask ‘what for?’,” says Toronto Realtor Adam Brind. “If they can’t give us a straight answer it means that we usually have our hands full.”

5. Expecting miracles from the Realtor
Bar has seen emails simply asking “Do you have any great deals?” without context or more information.
“I love those ones,” he says. “My reply is: ‘Yes I do, how many hours have you got? And I charge $2,000 per day.’”

6. Failing to listen and communicate
You use a Realtor for a reason – their expertise in the market. If they make a suggestion or ask you a question and you don’t take the time to consider it, you’re probably limiting yourself.
“The clients that actually follow through and purchase or sell product are the ones that ask the good questions,” says Young. “They are the ones that respond with in depth answers to my questions.”

7. Assuming the developer is on your side
Hello, investors: developer has their own agenda, and it’s really your Realtor who can help on issues such as picking the right floor plan for resale and weighing the adjacent land plans.
“It’s important for us to remind new clients that we have existing relationships in the industry and that we’re working for them – not the developer,” Brind says.

8. Having too many advisors
“Nothing is worse than working with an investor or first-time buyer that is getting mixed messages from various sources,” Brind says. “Very often we get investors that have ‘relatives’ in the business or ‘semi-professional’ friends that moonlight as real estate professionals.”

If Real Estate Investment is something that you have been thinking about, please feel free to give me a quick shout to see just how I can help. I have help many build and start their portfolio’s in order to make solid and sound investments.

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Meet Your Next Realtor, Andrew Miller

Born and raised in the Ottawa area, with years of experience in the Real Estate industry, I have the tools needed to get you started on your next move. Be it buying or selling, I am confident that from your first home, to your dream home, I can help make your dreams become a Reality................ Read More

Working with Andrew Miller was great. He truly made purchasing a home an all round fun experience, Knowledgeable and friendly, I would recommend Andrew Miller to any of my friends or family, I'm so happy that we had decided to go with Andrew Miller to help us find our dreamhome. He knew all the neighborhoods we were searching in very well, and provided us with lots of information on past home sales to make sure that we got a good price on the home. Couldn't have did it without you! Thanks!

Darlene and James