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Newmarket Landlords Ask How Much Should I Charge For Rent?

February 4th, 2016 · Latest News, Newmarket landlords, Newmarket rental rates, Rental Property

Newmarket landlords rent price Aurora Bradford Keswick

How Much Should Newmarket Landlords Charge For Rent ? And Should Newmarket Landlords Include Utilities?

Don’t Be Ripped Off By Tenants Wanting To Trick You Into Below Market Rent and Inclusive of Utilities!

Many landlords who have invested in Newmarket rental properties are excited about this great opportunity. After all Newmarket, Ontario is a growing place with real estate prices rising fast.  York region experienced a house price rise of over 14% from 2014 to 2015 and Newmarket is one of the fastest growing areas in York Region. We have so many advantages for people moving here. Newmarket has lots of offer including:

1. Great Shopping

There is a ton of great shopping Newmarket. You don’t ever need to leave to find what you want. For groceries we have Metro, Food Basics, No Frill, Superstore, Wallmart and Costco.  If you are into organic food we have the very popular Nature’s Emporeum.

2. Good Access To Toronto

We have easy access to the 404 highway. And you can always take Yonge St., Bathurst or even Woodbine or Jane St. to Toronto. We also have fast access to high 400. Newmarket is a great transportation hub.

3. Lots of Infrastructure Investment

Have you seen Davis Drive these days? It’s awesome. And there is more investment in the hospital, court house and on Yonge St.

4. Lots of sports, parks, and green space

Newmarket is known for our sports and green spaces. Check out Richardson Park, it’s huge and full of family friendly fun.

5. Friendly People

We are growing area, but still with small town friendliness.

6. Reasonable real estate prices compared to other areas

While Newmarket real estate prices are rising (including rent) we are still very reasonable compared to many other areas, even in the GTA.

More and more people want to live in Newmarket. This has led to lots of population and economic growth. lt also means we have seen lots of residential real estate investors putting their money into Newmarket rental properties and leading to large price gains for Newmarket rental properties.

And why not?

Rents are healthy and rising in Newmarket, and there is a large and growing group of excellent tenants who want to live here.

Even people who work in Toronto are looking to Newmarket for the great shopping, easy access to Toronto, the improvements going on, the green spaces, and the friendly community.

Newmarket is growing, but it still has that ‘small town friendly’ community that’s great for families. Newmarket is a terrific place to invest in.

1. How much should landlords charge for rent in Newmarket, Ontario?

With purchase prices rising in Newmarket, rents are rising too! Investors need to cover their mortgages (and hopefully get some cash flow to cover repairs and maintenance costs.)

So what are experienced and successful landlords charging for rent (and getting from qualified tenants)?

(a) Basement Unit in your own house

What is a fair rent for renting out your basement apartment in Newmarket? At least $900 to $1000+/month (tenant pays for utilities)

(b) Upper Unit  in a duplex

What is a fair rent for renting out? Normal rates are $1500 to $1600 +/month for 3 bedrooms (tenant pays for utilities)

(c)  Lower Unit in a duplex

What is a fair rent for renting out? At least $900 to $1000/ month + (tenant pays for utilities)

(d) Single Family Home

What is a fair rent for renting out? $2000 to $2500+/month (tenant pays for utilities)

(e) Room

What is a fair rent for renting out? $600 to $700/month (usually the house owner will pay for utilities)

2. Should Newmarket landlords include utilities with rent?

Many new landlords believe renting ‘inclusive’ of utilities is the smart way to go. After all, they think, this means you only need to get one cheque per month and it makes being a landlord simpler.

This is 100% wrong!

Why Newmarket landlords should never rent out inclusive of utilities (make your tenants pay for what they use!)

Here are just some of the reasons experienced and successful landlords stay:

(a) Utility rates are always increasing

You have no control of your costs. If you are paying for power you never know how much is will go up later.

(b) Tenants WILL abuse what they don’t pay for

They will. It happens all the time.

If you rent inclusive experienced landlords know you will face tenants who open windows in winter while the furnace blasts on, and open windows in summer while the air conditioners blast on.

And if you ever have to evict a tenant they can easily abuse the utilities to ‘punish you’ and ‘get revenge’ against you.

For example, you serve them an N4 for an eviction for non-payment of rent.  The Landlord and Tenant Board process is very slow (as you can see from the Ontario Landlords Association post about the need to fix the LTB process) and while the process is going on the tenants can add up your bills by wasting water and power.

(c) It’s Now Common For Tenants To Pay For What They Use in Newmarket

There are lots of experienced and successful (and wealthy!) landlords in Newmarket and they make sure tenants pay for what they use! It’s not complicated and experienced and successful landlords make sure tenants pay for what they use.

3. Is it a good idea to use a Realtor/Real Estate Agent to rent my property out?

Many new landlords think hiring a Realtor or Real Estate Agent to find tenants and rent out your place is the smart way to go. 

It’s not.  In fact, using a real estate agent can be a recipe for disaster!

Experienced Newmarket landlords have seen the same real estate agents rent out properties for years…and they often rent out to bad tenants!  In fact, we’ve seen lots of landlords/residential property investors sell their rentals in Newmarket because the real estate agent put in bad tenants!

If they do rent out to bad tenants, you are stuck with them and the real estate agent won’t take any responsibility. We recommend you find your own tenants. And if you do get a real estate agent who wants to find tenants for you ask them if they will ‘guarantee the tenants’ for a year. This means if the tenants don’t pay, do damages or break the lease, the real estate agent found them will be responsible. How many will agree to do it?

If you want to find your own tenants you can join the Ontario Landlords Association and get all the documents you need to succeed. You also get a great deal on running your own tenant credit checks. They are easy to run from your own home computer.

4. What are some other challenges Newmarket Landlords face when renting to tenants?

First, you need to screen very carefully. While there are a lot of great tenants in Newmarket there are also people out there who will make your life miserable if you rent to them. Make sure you always run a credit check before signing a lease with anyone.

A second challenge is dealing with tenants who are demanding and picky. These are people who want to put a lot of pressure on you before renting your property.

For example, the demand you re-paint the property a colour they like. Or they make excuses and try to negotiate paying $100 more in rent but the landlord will pay for the utilities (ask yourself why they want to do this). These types of tenants know you want to rent out the property and will try to pressure you into doing things you shouldn’t fall for. 

Experienced and successful landlords tell these type of tenants to go look somewhere else (and they always say “Oh, I have other places to look at!” Sure, they do, it’s all part of their game). Don’t fall for these tricks. If the tenant is this difficult and picky before renting your property, imagine what they will be like once they move in(!)

Newmarket Landlords how much are you charging for rent? Make sure you don’t under-sell yourself and your property. Follow the market and rents are going up. Also, make sure you get your tenants to pay for their own usage of utilities.

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Newmarket Ontario Real Estate Prices (The Real Story) Including Rental Properties

January 2nd, 2016 · Latest News, Newmarket Real Estate, Newmarket Rental Property

The semi-detatched in Newmarket, Ontario was listed for $559,900 and sold for $565.000 on Nov. 11th, 2015!

The semi at 55 Newbury Dr. Newmarket was listed for $559,900 and sold for $565,000 on Nov. 11, 2015! Yes, it has a basement unit! MLS#:N3358693

Newmarket Real Estate Prices – What Many Real Estate Agents Don’t Want You To Know!

A recent story in the Toronto Star surprised a lot of people not only in our area but across Ontario. It was about the rapid rise of property values in the province.

Rising prices you say? That’s hardly surprising, right? But this story was specifically about what is happening in York Region where prices are rising faster than any region. York Region saw the biggest price gains in September with detached homes going up by nearly 15% over September 2014.

It’s a huge price increase and shows how dynamic our area is. It’s also in line with what we wrote earlier about the higher prices for Newmarket rental properties.

Newmarket Real Estate Prices – Know Your Real Value (and don’t get ripped off by a bad real estate agent)

Despite the huge gains in York Region and prices rising fast we still see some people selling their properties far under their real value. We see a bunch of house selling on a street in Newmarket for a similar high price, and then another that is tens of thousands of dollars less. There is a definite pattern visible. 

Homeowners aren’t stupid and certainly want to get the best price possible for their home. So why are some Newmarket houses so undervalued and selling tens of thousands of dollars less than what they could get?

The Real Value of Your Home Could Be A Lot More Than Your Real Estate Agent Is Telling You

Unlike in the United States, real estate sold prices are “hidden” in Ontario. You see, most sales are done via the MLS system which is controlled by real estate agents and their representatives.

The MLS is the multiple Listing Service where most properties get advertised to other agents and potential buyers. While you can go online to the MLS webiste and see the listing prices, you (the general public) are kept from seeing the “sold” prices for homes in your area or the area you want to invest in.If you want to find out what a property sold for you need to ask a real estate agent to log in to their system and get them for you.

Why Is This A Problem?

It’s a potential problem because you need to rely on the real estate agent to show you the ‘sold’ prices. You must rely on what they decide to show you.

We’ve heard from many people who say the information that was provided to them was very limited. This means you should ask yourself if the real estate agent presented you with a complete list of properties sold. Did they show you the higher priced properties?

Did they show you all properties similar to yours? With the current system you just don’t know and are essentially kept blind.

I Still Don’t See A Problem

Let’s discuss this some more. Some people think every real estate agent will try to get you the highest price because it means they will make more money themselves, right? Wrong.

The real estate agent only gets a percentage commission as the “selling agent.” In Newmarket many still even want to charge 2% (when agents are only charging 0.5% in Richmond Hill and Markham) and this high price is another reason you should “shop around” when choosing a real estate agent.

A property that is listed at a higher price will require more ‘work’ by the real estate agent. They will need to do things such as having open houses, networking with other agents who might have buyers, etc. But if the property is listed below market value they will get a quick sale and can move on to the next property to sell.

And because they are getting a percentage the difference between selling a property at $450,000 instead of $500,000 is negligible (although it’s a huge hit for the property owner who sold at the low ball price!)

Be warned: this type of low balling happens all the time in Newmarket.

By listing the property lower than others in your area (which the real estate knows about as they have access to the MLS “sold” records and you don’t) they can get a quick and easy sale and it’s fast money in their bank account. You, the owner, are blind to the market reality. So even though your home is probably the biggest financial investment in your life the current system makes you rely on the ethics of one person (your real estate agent).

Is this fair? No it isn’t. And it’s a risk, so be careful.

Sure there are good and ethical agents out there. The problem is it only takes one person to lead you to losing tens of thousands of dollars. As we mentioned, experienced Newmarket real estate investors have seen properties sell for $10,000 to even $100,000 less than what they could have sold for. The real estate agent gets a fast sale with little to no work done, collects their percentage fee and you are the one getting ripped off. Do you see the logic involved?

Don’t Get Ripped Off and Sell Your Property At the Right Price

Make sure you don’t become a victim by making sure you know what the real value of your property is. The reality is Newmarket, Aurora, Bradford, Queensville, Stoufville, Keswick are all booming.

To provide our huge readership with some helpful information here are some recent sales in our area.

Newmarket Detached Houses (and what they really are selling for)

Detached homes in Toronto are selling for well over $1,000,000.  And for that price you are usually getting a very small house that requires a lot of work.

According to the Aurora Banner York Region is the next hot spot with detached homes soon to also average over $1,000,000. This is a great news for home-owners. In Aurora new exciting developments such as Aurora Glen (on Leslie and Wellington) sold out in a couple of days for single family homes selling at over $1,200,000. New developments in Newmarket, such as in Glenway, are starting at over a million dollars as well.

Here are a couple of Newmarket detached homes that sold recently to give you the REAL STORY on what properties are selling for in Newmarket. (Remember, some real estate agents don’t want you to know this!)

22 Old Field Cres. N, Newmarket, Ontario L9N 0A5 Sold For $870,000

Newmarket 22 Old Field Cres

This is a nice property in the popular Minto community near Yonge Street and Green Lane (great shopping area) that’s behind Costco.

104 Thatcher Cres. Newmarket, Ontario Sold For $835,000

Newmarket 104 Thatcher Cres

This is a nice property. But it’s nothing special. If you drive by it you will see it’s really squished between the neighbouring houses.

More Proof of Low-Balling House Price Listings: Take a Look at 206 Aspenwood Drive, Newmarket.

This house was listed at $749,000

It sold in a little over a week for...$806,000. The real estate agent undervalued the property by $56,000!

REAL ESTATE 206 Aspenwood sold

Be careful when selling your home. Don’t get ripped off!

Stouffville Property Prices

This will be another post later on, but even Stouffville real estate is rising fast with townhouse selling fast and for high prices.

For example:

3 Lodestone Lane, Stouffville Ontario Sold For $630,000 On Oct. 13th, 2015

Stouffville

MLS#: N3328849

Newmarket Rental Properties

This site is primarily for landlords and property investors so let’s talk about the prices Newmarket Rental properties are selling for these days. The super healthy market and appreciating prices have caught the attention of landlords and investors across Canada.

100 Sheldon Ave. Newmarket Ontario Sold For $508,000 on October 24th.

Yes, you read that right. This little semi-detached bungalow sold for over 500k.

Why? It has a basement apartment, also know as the “cash flow generator” or “tenant pays my mortgage suite.”  And the basement isn’t even legal! But these types of properties are hard to find in the GTA. You can live in the upstairs and rent your basement and you basically have no mortgage.

Newmarket is one of the last markets in the GTA where these types of properties can be found for less than $600,000. This property is in the “dogpatch” area of Newmarket, which is considered the worst part of Newmarket. However with all the new investment coming in and rising prices the “dogpatch” is becoming the “goldenpatch” and changing fast.  This is especially so as Davis Drive has been redone and the whole area is improving.

Newmarket Real Estate House Prices

MLS#:N3342153

Yes over 500k is now the “new normal” for a semi with a basement apartment in Newmarket.

Real Estate 100 Sheldon 2

The living room is nothing special.

REAL ESTATE 100 Sheldon 3

Bathroom needs some major upgrades. Here’s the basement apartment to be rented out.

REAL ESTATE 100 Sheldon 4

Where are the walls for a living room and where are the bedrooms?

REAL ESTATE 100 Sheldon 5

Another look at the property. So if your real estate agent wants to say this was a “special place” you can now see the truth and your real estate agent is lying to you.

Remember, people want to buy places with basement apartments and if your house has one you can sell it for a premium price. Don’t let a shady real estate agent low ball you and rip you off.

Now let’s look at another rental property that sold recently.

88 Newbury Drive, Newmarket Ontario Sold For $515,200 on October 16, 2015

Another property in Newmarket that sold for a high price. This is the “real story” on Newmarket house prices. Let’s take a closer look at this property in case a shady real estate agent tries to convince you it’s a “special case”. Now let’s look at another rental that sold recently.

REAL ESTATE 88 Newbury Newmarket

This is also a semi in what is considered the ‘worst part of town’ (although this is changing fast). 

 REAL ESTATW 88 Newbury 2

Typical, small living room.

REAL ESTATE 88 Newbury 3

Bedrooms are also common and nothing special.

REAL ESTATW 88 Newbury 5

Basement apartment is nothing special at all. And it’s not even legal!

REAL ESTATE 88 Newbury 4

The stairs need to be stained.

REAL ESTATE 88 Newbury 7

The backyard is just okay, needs work.

Newmarket Property Prices Are Rising Fast.

Make sure you sell your property for the right price and don’t get ripped off by real estate agents who want to low-ball you. If you are a landlord or property investor we recommend you joint the Ontario Landlords Association for the tools and services you need to succeed.

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How To Sell Your Newmarket Income Property For the Best Price?

June 1st, 2015 · Latest News, Newmarket income property, Newmarket investment property, Newmarket landlords, Newmarket Rental Property, Newmarket tenants

This duplex in a nice area of Newmarket sold for $474,000 in November 2014

708 Patterson St. Newmarket, ON. This duplex with a legal basement apartment in a nice area of Newmarket sold for $474,000 in November 2014

256 Penn Ave., Newmarket, ON with a basement apartment sold for $480,000 in January 2015

256 Penn Ave., Newmarket, ON sold for $480,000 in January 2015

Newmarket Landlords and Investors ask: Why Do Some Real Estate Agents List Your Rental Property at an Under-Valued Price And What Can Landlords Do About It?

Many landlords who want to sell or buy an income or rental property feel frustrated about the difficulties in find the ‘sold’ prices of similar homes in the area. After all, we need sold data to know how much to list our house for (if you are seller) and need to know if the price is reasonable (if you are a buyer).

According to an article in the Toronto Star sellers and buyers in the U.S. can do their own research on properties using websites like Zillow and Trulia. Unfortunately in Canada we usually have to rely on a real estate agent to access vital information on prices in the Multiple Listing Service (MLS).

The Canadian Competition Bureau challenged the Toronto real estate board to open up competition and to allow better access to real estate information on the MLS system for the general public. The case went to the Canadian Supreme Court and is still going as there will be a Hearing at the competition tribunal at the end of this May.

In the meantime real estate agents don’t allow investors and landlords to see the prices of houses that have sold on the MLS system for themselves. They protect this invaluable information and keep it secret.

Newmarket Landlords Make Sure You Sell Your Rental Property For Real Value

It’s hard to find out what the house down the street sold for. What about a property similar to yours? How can you find out and know what you should really price your rental property for?

Real estate agents often don’t want you to know.

Many real estate agents will advise you to list at a certain price based on “their knowledge of the market.”

The problem is by listing your property for a lower price a real estate agent can usually get a quicker sale and a quicker commission…so do they really have your best interests at heart? Do they really want you to list at a competitive price or do they want to low-ball you so you list low, sell cheap, and they get a quick commission?

We see a huge disparity in prices of rental properties in Newmarket. There are sometimes price differences of tens of thousands of dollars between a property that has been listed and a very similar house that sold for a lot more just down the street!

Prices are rising fast for Newmarket rental properties

The reality is Newmarket rental properties are rising fast and becoming comparable to Richmond Hill rental properties.  The problem is because the MLS ‘sold’ prices are not allowed to be viewed by the public, many sellers are simply unaware of how much value their Newmarket investment properties are really worth.

You are forced to ask a real estate agent for help and they usually want to be the ones listing your property in exchange for this ‘help.’  Sure there are some good real estate agents who will give you good access to comparable properties that sold in the area. There are also bad ones who want to rip you off by low-balling your sale price so they can get an easy and fast commission.

We see some property owners losing $20,000 to $100,000 on what they could have sold their property for if they knew what other similar properties were sold for.

Let’s Look At Some Recent Sold Prices

To make sure you list at the right price you need to know what other rental properties are selling for in Newmarket. This is exactly what some do not want you to find out and why we will show you what the real value of typical Newmarket rental properties are.

708 Mountview Place, Newmarket ON L3Y3P7 – Sold for $474,000 in November, 2014

The Patterson Street area is nice and a great area for income properties. Mountview Place is a good street in a happy and safe neighbourhood. It’s close to schools, Southlake Hospital and Richardson Park (a truly beautiful park with soccer fields, basement diamonds, trails, and a pond).

This is a semi-detached bungalow that was listed for $469,900 and sold for $474,000 in only 3 days on November, 28 2014. You can see the MLS record at #N3O72529

It’s a great indicator of what rental properties with basement apartments should be selling for in the family friendly and cozy Patterson St. area.

Let’s take a closer look at the property and why it was sold for that price.

Newmarket 708 Mountview Pl 3

The living room is average. The window isn’t a bay window and it the lighting hasn’t been upgraded.

Newmarket 708 Mountview Pl 5

The kitchen is average. The cupboards don’t look upgraded and there isn’t an island.

Newmarket 708 Mountview Pl 9

There is a separate entrance into the basement apartment which is important. The space for the basement tenant to get in has limited space. The individual mailbox is nice.

Newmarket 708 Mountview Pl 10

The carpet on the stairs looks old and the flooring is simply laminate that isn’t very expensive to put down.

Newmarket 708 Mountview Pl 11

The kitchen is pretty nice, although not very large.

Newmarket 708 Mountview Pl 14

The bathroom is average.

Newmarket 708 Mountview Pl 16

The backyard is also average. There is a small shed which is handy but no lawn for children to play on. The central a/c is nice.

Overall this is a pretty nice property, legal, and in a good are but it’s nothing spectacular and it sold for $474,000 in only three days.

Why Did This Property Sell At Such A High Price and So Fast?

It’s because it has value. The area attracts a lot of terrific renters who pay on time and pay high rents. 

If you have a rental duplex in the the Patterson Street., Newmarket area you should be looking at selling at least $450,000 and possibly list for over $500,000 in 2015  Don’t trust a real estate agent who doesn’t give you the real facts on the value of Newmarket rental properties. 

256 Penn Avenue, Newmarket, ON, L3Y2S6- Sold for $480,000 in January 2015

The area around Penn Avenue is not as nice as the Patterson Street area. Even though the area is often called the “dog patch” of Newmarket by long-term residents it’s an area that is improving each year and has a lot of rental properties.

As it’s improving, smart sellers are realizing the true value of their rental property and getting the prices they should get for this value.

For example, let’s look at 256 Penn Avenue. It was first listed at $478,800 and sold for It sold for $480,000 on January 27, 2015. It was sold by RE/MAX Hallmark York Group Realty Ltd in Aurora (Hmmm, not a Newmarket real estate agent!)

256 Penn Newmarket sold for $480,000

The front of the property is average. If you drive past the property this is actually a flattering picture of it.

256 Penn 5

The living room looks nice, but it’s small and not breath-taking.

256 Penn pic 2

Very small kitchen in the downstairs unit and it’s out-dated.

256 penn 3

It’s always a good idea to provide your Newmarket tenants with a washer and dryer. This is pretty small though.

256 penn 4

The downstairs bathroom is nice and has a bathtub.

Why Did This Property Sell For A High Price?

This is a great example to read because other similar properties in the area have been listed by Newmarket real estate agents for tens of thousands of dollars less!

Why? Don’t get ripped off and make sure you list your rental property for what it truly is worth!

People want to buy income producing properties and they are now coming to Newmarket.

Buying or Selling a Newmarket Rental Property or Aurora Rental Property

Newmarket and Aurora landlords who want to sell their rental properties are basically blind when it comes to knowing how much your property can sell for.

Make sure you do lots of research and don’t let a real estate agent “low-ball” you! Newmarket real estate is booming and investors and buyers from Toronto and the rest of the GTA are coming.

No half-decent rental property duplex in Newmarket should be listed at anything less than $450,000 in 2015!

If you are in a great family area such as near Patterson Street you should be looking at $475,000 to over $500,000 in 2015.

Income properties in the Toronto and the GTA are sky-rocketing and investors are coming to Newmarket. Make sure you know the true value of your Newmarket rental property!

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Newmarket Rental Property

November 28th, 2014 · Newmarket Rental Property, Selling Newmarket Rental Property

Newmarket landlords 57 Longford $448,000

57 Longford sold for $448,000 in November 2014

How You Can Make Sure You Sell Your Newmarket Rental Property For the Best Price

Newmarket continues to grow quickly and that’s good news for landlords and property investors.

Davis Drive is finally beginning to show signs of being completed. And for all the delays and frustration while it’s being constructed when it’s completed it will be an incredible improvement for Newmarket. Not only will we have a modern artery to move from east to west, it will lead to more commercial business investment and better public transportation.

Better transportation and more investment will mean more jobs and that will lead more people to want to make Newmarket their home. For landlords and property investors, this means more people will come to Newmarket in 2015 looking to rent and a larger tenant pool.

With all the construction leading to a huge new look and economic expansion many experienced landlords and Realtors are saying ‘Newmarket is the next Richmond Hill” or even better. The future of Newmarket looks good.

Selling Your Newmarket Rental Property

Even though the future of Newmarket looks good and there will be more jobs, better public transportation and more tenants, some landlords and investors want to sell their rental properties.

Why Do Newmarket Landlords Want To Sell Their Rentals?

There are many reasons.

1. Rental Property Price Appreciation

Many landlords and investors who own properties in Newmarket have seen some really fantastic appreciation over the past five years. Some properties have even doubled in price compared to fifteen years ago. Other properties are now selling for hundreds of thousands of dollars more compared to 2008-2009.

This means some landlords want to sell to cash out and enjoy the money they made off of this house appreciation.

2. Looking For Larger Investment Properties

Many landlords start off with a duplex or single family home with a basement unit. They have learned what it takes to become a successful landlord and want to move on to larger income properties. They decide to buy larger multiplex houses or even small buildings.

3. Had Enough With Bad Tenants

Newmarket is filled with good tenants…and also filled with bad tenants who know how to manipulate the system. While professional landlords who screen their tenants carefully (including a credit check) do well, some new landlords who don’t screen right end up with bad tenants.

These bad tenants can make your life incredibly stressful. They might not pay rent or pay rent late each month. They argue with other tenants. They might bring in lots of pets (even though you rented to them as a ‘no pet property’) or worse. You add this in with the unprofessional circus-like environment at Landlord Tenant Board hearings in Newmarket and some people feel they are just not up to being landlords in Ontario. They want to sell and move and do something else.

How To Sell Your Newmarket Rental Property For the Best Price?

Buying and selling residential property in Canada is far from being consumer friendly. Real estate agents control the MLS system (which is used to advertise properties) and they guard it carefully.

Complaints to the Canada Competition Bureau might lead to some changes in the future, but the reality is that at the moment the system gives real estate agents a lot of power and especially hurts real estate sellers.

How Much Should I List My House For?

For example, if you want to sell your house how can you know how much you should list it for?

With the current flawed system sellers don’t have access to ‘comparable’ properties in your area that have sold. You have to contact a real estate agent and they will use their closed system to look things up and then give you their opinion on how much to sell your property for.

Warning! Should I Trust My Real Estate Agent?

Some real estate agents are honest and will give you a good recommendation for a selling price. The problem is that others do not.

You have to realize that most real estate agents who will sell your property are going to get 2.5% of the sale price. What this means is there isn’t a huge dollar value to them if your house sells for $20,000 to $50,000 more or less.

What is important to them is the house “sells.” Because if it sells it means they get their commission.

When a house sells, it also means these types of real estate agents can pocket their fees from you and they don’t have to spend any more time with you and look for their next victim…ummmm, next clent.

What Does This Mean For Landlords Who Want to Sell Their Rental Property?

It means a couple of important points.

1. Low Listing Price and a Quick Sale

There is no incentive for the real estate agent to sell your property at the highest price. In fact, there is an incentive for real estate agents to “low ball” you and try to list your rental property cheap. Why? If they list it cheap they will make sure it sells (they get their commission)! As we just mentioned a lower listing price usually leads to a quicker sale. 

2. Sellers Are Blind

Because non real estate agents don’t have access to the prices that other properties sold for in the area a real estate agent can ‘low ball’ you and you don’t even know you are being low balled!

We have even heard of situations where a real estate agent has selected a few comparable properties in the area that have sold for the lowest prices to give to the house seller. They only give the lowest comparable properties and conveniently don’t give information about properties on the street or in the area which sold at much higher prices. This way it’s easier to justify a lower selling price.

Newmarket Rental Properties Are Now Selling For High Prices

Don’t get ripped off by an unscrupulous real estate agent who undervalues your property to get a quick sale and a quick commission!

Newmarket landlords selling their investment properties need to be very careful who they hire as their real estate agent and be diligent in learning the true market for Newmarket rental properties.

Things have changed in Newmarket over the past few years and no decent duplex with a basement apartment should ever sell for less than $400,000 in today’s market.

281 Silverbirch Dr., Newmarket ON – This property sold for $458,500 in July 2014. It's also in the Patch area.

281 Silverbirch Dr., Newmarket ON – This property sold for $458,500 in July 2014. It’s also in the Patch area.

Unfortunately we still see some real estate agents listing rental properties far below what they should be listed for.

Things Your Newmarket Real Estate Agent Doesn’t Want You To Know

Here’s an idea of what actual prices are in Newmarket for rental properties.

57 Longford Drive, Newmarket Ontario

Newmarket landlords 57 Longford $448,000

$448,000 for this little semi in one of the worst areas of Newmarket!

This property is in what experienced Newmarket landlords call the ‘Patch.’ It’s a huge rental area that has traditionally been know to be run down.

In fact, it’s generally considered to be one of the worst neighbourhoods in Newmarket.

This little semi-detached at 57 Longford Dr. Newmarket, with an unregistered basement apartment, sold for $448,000 in November 2014! Ask real estate agent to give you a copy of the listing: MLS # N3030704

Newmarket Landlords Be Careful We see huge price differentials in properties being sold in Newmarket

The reality is there have many duplexes in Newmarket that have sold for well over $400,000 in the summer and fall of 2014.

Unfortunately we still see houses that are being listed far under market value in Newmarket. We see houses that are comparable to the two examples we provides (which sold for $458,500 and $448,000) being listed for tens of thousands of dollars less!

Contact Real Estate Agents In Other Areas, Not Just In Newmarket

Why not call a few real estate agents in Markham and Richmond Hill and ask them what they would list your property for. Don’t only rely on Newmarket real estate agents only. Make sure you shop around! Because there are tens of thousands of dollars at stake and don’t get ‘low-balled” and sell cheap. 

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Newmarket & Aurora Landlords – Run Tenant Credit Checks The Right Way To Make Sure You Rent to Good Tenants

September 25th, 2014 · Aurora landlords, credit check, Newmarket landlords

 Newmarket landlords tenant credit check

Equifax Canada Warns Landlords to Only Run Credit Checks on Tenants Through an Approved Tenant Credit Check Provider Such As TVS as You Cannot Use A Mortgage Broker, Real Estate Agent or Other Friend to Run Credit Checks For you.

Successful Newmarket landlords and landlords in Aurora and the surrounding area know the important of running a credit check on tenants before you rent to them.

After all a credit check will provide you with a ton of information on a potential tenant and give you the information you need to avoid ‘professional tenants’ who will avoid paying you rent and even leaving trash behind when they move or even thousands of dollars in repair costs.

With the price of investment properties rising fast in Newmarket (if you list with a Richmond Hill or Toronto real estate agent) it’s more important than ever to find qualified tenants for your expensive rental property.

What Can Happen If You Rent To Someone Without Proper Tenant Screening?

There was a recent situation that a Peterborough landlord faced that lots of veteran Newmarket and Aurora landlords (and Keswick and Barrie) know all about.

The landlord didn’t screen the tenant carefully (no credit check) and after the tenant moved in he stopped paying rent.

It took the landlords months to evict the tenant because the Landlord and Tenant Board is so slow.

When the tenant eventually moved out, the landlord went into the property and saw a huge mess and damages that will cost thousands of dollars out of his pocket!

Rules for Landlords to Run Credit Checks on Tenants

Running credit checks is important for landlords.  Nowadays BC landlords are running credit checks even though they can charge a pet deposit and a damage deposit. It’s still worth it to them to rent to good tenants because bad tenants can lead to losses far more than the deposit.

Even in a pro-business province Alberta landlords are running credit checks before signing a lease with tenants.

Be careful!

But many landlords are using ‘friends’ who are mortgage brokers, real estate agents, bank tellers, car dealers, or insurance brokers to run credit checks on their potential tenants.

While this may have been a normal way of conducting business in the past the rules have changed and small landlords (and their friends) need to be aware of the changes and the risks involved.

It’s Worth It To Run Credit Checks on Tenants The Right Way

Let’s look what Equifax Canada says:

#1 Can I include a waiver clause in my application that allows them to use a ‘friend’?

ANSWER FROM EQUIFAX CANADA

The service agreement signed by EACH of our members clearly articulates that they will not “share” a credit file with another entity: the credit file is for their exclusive use ONLY.

Any entity that does share is in violation of this agreement.

#2 What Can Tenants Do If a Landlord Runs an Unauthorized Tenant Credit Check?

Some tenants complain they have a ‘credit hit’ on their credit reports from mortgage agents, insurance agents, etc. which they never agreed to (as they only wanted to rent an apartment).

#3 How can tenants get these unauthorized credit hits off their records?

ANSWER FROM EQUIFAX CANADA

Due to privacy legislation, once Equifax delivers a file to a member, we MUST post an inquiry (by law).

As such, we do not remove these inquiries as they are factual and the consumer has a legal right to know their file has been disclosed.

#4 What Actions Can Tenants Take for Unauthorized Credit Checks?

Some tenants who have credit hits from people they never authorized have asked if they should contact the Ministry of Consumer Services to make formal complaints that their credit data was obtained fraudulently. They would like advice on this.

ANSWER FROM EQUIFAX CANADA

Yes, they should contact the Ministry of Consumer Services who will launch an investigation.

They can reach also reach Equifax directly at the following telephone numbers to lodge a complaint and we will do an investigation:

English: 1-866-828-5961

French: 1-877-323-2598

How To Run A Credit Check On Renters?

Make sure you use a licensed and legal credit check provider to run credit checks on your potential renters.

You can join the Ontario Landlords Association for only a low one-time registration fee of $99 and start running Equifax credit checks on potential renters in minutes!

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Newmarket Landlords – Selling Your Rental Property?

August 4th, 2014 · Latest News, Newmarket landlords, Selling Newmarket Rental Property

281 Silverbirch, Newmarket ON - This property sold for $458,500 in July. Yes, it's in the "patch". It was sold by a Richmond Hill based real estate agent!

281 Silverbirch, Newmarket ON – This property sold for $458,500 in July. Yes, it’s in the “patch”. It was sold by a Richmond Hill based real estate agent not a Newmarket real estate agent!

Newmarket Landlords – Make Sure You Choose the Right Real Estate Agent To Sell Your Rental Property! Contact Realtors in Richmond Hill and Toronto and Don’t Get “Low-Balled” and Lose Thousands

Newmarket landlords are happy this summer of 2014 when we look at how prices of residential houses are appreciating fast and selling for high prices.

One Realtor even told us “Newmarket is the new Richmond Hill” when it comes to prices.

And why not? Newmarket has been designated under the provincial governments “Places to Grow Act” as an area that will see substantial economic and population growth.

How To Choose A Realtor or Real Estate Agent To Sell Your Newmarket Rental Property?

Are you thinking of selling your Newmarket rental property?

Be careful! If you are make sure you choose the right real estate agent to sell it for you and look beyond Newmarket in your choices.

The MLS system real estate agents use keeps non-agents blind to the prices of sold units. This is part of a huge lawsuit currently with the Competition Bureau of Canada.

If you could see what prices are selling for you would be amazed!

There is a huge price difference between rental properties being sold on the same street!

Our research has shown that some Newmarket Realtors are listing and selling rental properties too cheaply for the current marketplace.

Meanwhile, landlords who list with Richmond Hill or Toronto Realtors are often selling at much higher prices!

If you want to sell, make sure you get a copy of all the “solds” in the area before choosing on a real estate agent.

Don’t let them under-value your property in order to sell it fast (and for a fast commission!)

Toronto Buyers Are Investing In Newmarket

We also recommend you list with a Richmond Hill real estate company because they know the “Toronto market” and know that Toronto buyers will pay a premium for rental properties that cash-flow.

148 Longford Drive, Newmarket ON

Did you know that 148 Longford Drive sold for $421,500 in May, 2014?

Yes, that’s right…a rental on Longford Drive.

281 Silverbirch, Newmarket ON

This property sold for $458,500 in July. Yes, it’s in the “patch”.

710 Sunnypoint Drive, Newmarket ON

This property with a basement apartment sold for $460,000 in July!

Don’t Let A Real Estate Agent Undervalue Your Rental Property in Newmarket

We’ve also heard of cases where property that could have sold for over $400,000 were listed in the low $300,000s on the advice of a Newmarket real estate agent.

List With Richmond Hill or Toronto Realtors Over Newmarket Realtors

One real estate brokerage that we hear keeps getting top prices for Newmarket rental properties is called “Right At Home Realty Inc. Brokerage.” They are based in Richmond Hill and their number is 416-391-3232

We have no association with them, only keep hearing they stomp the local Newmarket real estate gang in getting top dollars for sellers.

Selling Your Newmarket Investment Property?

Don’t be low-balled by local Newmarket Realtors.

Shop around and look to Richmond Hill or Toronto.

Make sure you make a called to brokerage such as Right At Home Realty Inc. at 416-391-3232 and other Richmond Hill and Toronto based real estate agents to get the best price for your rental property.

Newmarket Landlords – If you are selling your Newmarket Rental Property make sure you shop around for the best deal.

Don’t get tricked by people who want you to sell low so they can sell fast…or sell to a friend and make a huge profit off you. Contact real estate agents in Richmond Hill and Toronto for the best listing price!

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Aurora Landlords and Newmarket Landlords – Tenant Credit Checks for $10 Per Check

June 14th, 2014 · Aurora landlords, Newmarket landlords, Tenant Credit Check

Are you an Aurora landlord? Do you own rental property in Newmarket? Start Running Tenant Credit Checks for Only $10 Per Check! Make Sure You Rent To Good Tenants!

Every landlord wants to rent to good tenants.

It can making investing in rental property in Newmarket or Aurora a great way to build up your net worth and a highly rewarding experience.

What happens if you don’t rent to good tenants?

The recent story in the Toronto Star about Toronto landlord who is facing a “Tenant from Hell” is essential reading for small landlords.

It’s about a tenant who is charming when she first meets a landlord. Once she moves in she stops paying rent and makes the landlord’s life miserable for months by using the system to avoid being evicted.

What makes a tenant a ‘good tenant’?

1. Good tenants pay the rent on time

2. They respect your property and treat it with care

3. These good tenants follow the terms of the lease you agree to

4. In a multi-unit building good tenants don’t bother or disturb others also renting there

5. Good tenants provide proper notice and follow the laws

Every landlord wants to rent to a good tenant.

Why are there so many landlord horror stories in Newmarket and Aurora?

We talk to landlords in Newmarket and Aurora all the time.

Landlords are often complaining the rules for landlords aren’t fair for small landlords. 

One of the most common complaints is that tenants don’t provide proper notice when they move out.

Another one is tenants leave lots of garbage and damages behind when they move.

Tenants often argue and fight with other tenants.

Some tenants simply refuse to pay rent to the landlord!

Landlord and Tenant Board Hearings Are Always Busy in Newmarket

Aurora landlords and Newmarket landlords having difficulty with their tenants will be scheduled to appear before an adjudicator at the Landlord and Tenant Board in Newmarket.

The Hearings are held in the basement conference room at the Best Western Voyageur Place Hotel located 17565 Yonge Street in Newmarket.

So why are Hearings at the Landlord and Tenant Board so busy?

In the majority of cases it’s because tenants won’t pay rent and landlords have to file at the LTB to try to evict them.

Anyone who has gone through the eviction process knows it can take months to evict a non-paying tenant and the entire system favours tenants and is biased against small landlords.

How Can I Avoid Bad Tenants?

The key is to always include a tenant credit check when you screen new tenants. You can learn more on the importance of credit checks at the Ontario Landlord Credit Check site.

How Can Newmarket Landlords and Aurora Landlords Run Credit Checks?

It used to be complicated and expensive to run credit checks on tenants. Not any more.

You can join the Ontario Landlords Association for only a one-time registration fee of $99.

That’s right, it’s a one time fee, not a yearly fee.

Once you are a member you can start doing premium credit checks for only $10/check!

Aurora Landlords and Newmarket Landlords – Start Running Tenant Credit Checks for Only $10 per Check and Rent to Good Tenants!

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Newmarket Landlords: How To Find Good Tenants

March 16th, 2014 · Landlord credit check, Ontario Landlords Association Review

 Landlord credit checks Ontario Landlords Association review

Make Landlord Credit Checks Part of Your Tenant Screening System with the Ontario Landlords Association!

The report in the Toronto Sun last December was shocking for landlords.

It was about a fire at 210 Cherrywood Dr. in Newmarket.

It’s a duplex with both the upper and lower units rented out.  This is typical for the area around Cherrywood (affectionately known by local residents as “The Patch”).

While the owner had a ‘no pet policy’ and the tenants agreed, firefighters found the tenant actually had 18 snakes in the lower unit of the property.

According to the Newmarket Era while the tenants were able to get out of the smoke ridden property, 16 of the 18 snakes died in the fire.

There are Bad Tenants Out There

This is an example of tenants who didn’t follow the rules in their lease and displayed no respect for the landlord and the rental property.

We’ve seen cases like this before.

There are tenants who know how to manipulate the Landlord and Tenant Board and who don’t pay rent and leave the property with thousands of dollars in damages and garbage left behind.

It’s even more important for us because the Ontario system is on the side of the tenants.

For example:

British Columbia landlords can charge a legal one month damage deposit, we can’t.

Albert Landlords have not rent increase guideline and can raise the rent as much as they want.

Lot of Good Tenants Want To Rent From You…But You Need To Find Them

One of the most common questions we hear is how to rent to all the good tenants out there and avoid the professionals.

After all, landlords only want tenants who pay the rent on time, follow the lease, and don’t damage the property.

Tenant Screening

Newmarket and Aurora landlords should do careful screening of their potential tenants before giving them the keys to your rental property.

After all, would you rent your car to a stranger without knowing something about them?  No way.

You should check employment and reference.

You should also conduct a landlord credit check.

Landlord Credit Checks

A credit check the landlord does on a potential tenant will show you a window on the tenants financial situation and financial past.

It will show you things like:

1. Does the tenant owe anyone or any company money?

2. Where does the tenant work?  Where did they work before?

3. Are there any collections agencies chasing the tenant?

4. Where does the tenant live?  Where have they lives before?

5. Has anyone sued the tenant before…for things like not paying rent?

This is an essential tool to help you screen out bad tenants and rent to one of the great tenants out there!

You Can Do a Landlord Credit Check for Only $10 / check from your home computer

Before landlord credit checks were complicated and expensive. 

Not anymore.

Become a member of the Ontario Landlords Association and for a one-time sign up fee (no annual fees!) you can do landlord credit checks for only $10 / check!

These specially designed, legal landlord credit checks will give you the information you need to make a smart choice.

The landlord credit check will even give you a recommendation to the question “Should I rent to them?”

Make Landlord Credit Checks Part of Your Professional Landlord Screening System

The Ontario Landlords Association is excellent and provides you will all the services and tools you need to succeed for affordable fees.

Get your rental property profitable and on-track.  The first step is making sure you rent to great tenants!

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Newmarket and Aurora Landlords: Ontario Rent Increase Guideline 2014

January 5th, 2014 · Aurora landlords, Newmarket landlords, Rent Increase 2014

 Newmarket Landlords Aurora Landlords Rent Increase 2014

With A Low Rent Increase Guideline Newmarket and Aurora Landlords Must Be Careful and Screen Carefully in 2014

We wish all landlords in the area a happy New Year.

2013 was a challenging year for landlords

There were lots of opportunities in the past year.

However, anyone who has invested in Newmarket or Aurora residential rental properties know there were also some big challenges.

1. The Town of Newmarket created a program to register your accessory dwelling

Lots of people who have invested in quality rental properties in jumped at the chance to make sure they took part in the program to create safe and legal units for their tenants in Newmarket.

At the beginning it looked like the Town of Newmarket got it right.

After the province mandated all municipalities to create a way for landlords to ‘legalize’ their basement apartments, secondary suites, and in-law suites Newmarket seemed to get it right with their “N” plate program.

Then the problems started to become clear.

While lots of good landlords invested thousands of hard earned dollars to make their units ‘legal’ there were lot of others who didn’t bother and ignored the laws.

We were amazed that nothing was being done to enforce the bylaw.

Because of a lack of enforcement Newmarket is still filled with dangerous rental properties.

The Town of Newmarket seems to have their eyes closed as bad landlords ignore the law and laugh as nothing is done.

Lots of landlords who are true stakeholders in Newmarket are wondering what’s going on and look forward to the next election.

2. Lots of Bad Tenants Out There

You only need to take a drive through neighbourhoods that have rental properties.

What will you see?

1. Lots of vacant properties and boarded up windows

2. Large garbing bins (those big green ones) on the driveways as landlords clean up

3. Lots of “FOR SALE” signs in the area.

It’s because the Ontario Residential Tenancies Act favors tenants over landlords and there is a large group of tenants who abuse and manipulate the system.

We recommend all landlords and potential investors take a good look at the Ontario Landlords Association to learn what is happening with bad tenants.

New Challenges in 2014

You may have seen the report in the Toronto Sun.

Ontario landlords face a ridiculously low Rent Increase Guideline for 2014.

Newmarket and Aurora landlords can only raise the rent 0.8% in 2014

Many Newmarket and Aurora landlords think this is too low.

And not only in here.

Take a look at what some Ottawa landlords and some Barrie landlords have to say about the low rent increase.

With taxes going up so much in both Newmarket and Aurora this small increase comes nowhere near our growing costs.

Newmarket and Aurora Landlords 2014

Landlords have invested a lot of money in our towns.

We have challenges and with such a low rent increase guideline in 2014 these challenges are bigger than ever.

Make sure you screen your tenants carefully and voice your concerns to the government to make change.

We will continue to help landlords with news, advice and networking in 2014.

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Tenant Screening Newmarket – Tenant Credit Checks

November 29th, 2013 · Newmarket landlords, Tenant Screening

 Tenant Screening Newmarket Tenant Credit Checks

As the Town Grows Tenant Screening (Including Credit Checks) Is A Key Component to Becoming a Successful Newmarket Landlord

Newmarket landlords know investing in residential real estate in our town can be a profitable and rewarding experience.

As we wrote in our last blog Newmarket has been designated as what is called an Urban Growth Centre under provincial legislation know as the Places to Grow plan.

The Signs of Newmarket growing fast are everywhere

You can see the growth just by walking or driving around.

For example, the improvements to Davis Drive look to be finally coming to a conclusion.

South Lake hospital is becoming an important regional centre.

On the business front the Town of Newmarket won a Google eTown award for 2013.

Newmarket was one of only 5 cities or town to win the award which shows local business are using the interest in a positive and successful way.

Challenges for Newmarket Landlords Exist

Despite all the growth it’s not easy to being a landlord in Newmarket.

While there are lots of great tenants out there, like in the rest of Ontario there are also some not so good tenants as well.

If you want examples of what landlords all over Ontario face take a look at the Ontario Landlords Association forum.

Take a Drive Around Newmarket And Look Closely

Go down roads such as Longford Drive and Harrison Drive (some people call it the ‘Dog Patch‘) and look closely.

1. Devastated Houses

Houses with boarded up windows due to tenant destruction

2. Landlords and Investors Who Don’t Want To Be Landlords Anymore

All the ‘for sale’ signs in the area as investors want to get out of the landlord business

3. Garbage Bins

At the beginning of the month you will see those huge garbage bins in driveways as landlords need to spend thousands of dollars cleaning and repairing properties due to tenant damages.

You will also see lots of houses that obviously have an secondary unit or basement rental apartment (ADU) without having an “N” plate and being registered with the Town of Newmarket to ensure safety.

Sadly, the Town of Newmarket doesn’t care about unregistered, illegal rental units.

Tenant Screening

It’s not just the Davis Drive and Longford area where you can see evidence of landlords having challenges all over Newmarket and Aurora.

There are lots of bad tenants in Newmarket and they want to rent your property.

Renting To Good Tenants

There are lots of good tenants in Newmarket.

You just have to make sure you find them.

Experienced and successful Newmarket landlords know tenant credit checks are an absolutely essential part of a good tenant screening process.

You will be able to view a potential tenants complete financial history. And tenant credit checks don’t lie.

How Can I Do Tenant Credit Checks?

The Ontario Landlords Association gives residential landlords premium tenant credit checks for a low cost.

And you can do them in minutes from your home or office computer.

One bad tenant can cost you thousands of dollars.

Successful Newmarket and Aurora landlords make sure tenant credit checks are part of their screening process before they hand over the keys.

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