Vancouver Condo Real Estate Video Blog #446 - November 18, 2009
Nobody Wants to Assume a Tenancy That is 40% Below Market Value
Ian Watt video blogs about how nobody wants to assume a tenancy that 40% below market value - advising that it is very important to increase your rents as much as possible every year. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi Good Afternoon, It's Ian Watt in Downtown Vancouver. Dealing with tenant and properties can be difficult sometimes. This year I've dealt with probably 25% of my sales have been tentative properties and they are challenge but I don't mind dealing with them in some people wanna buy them and boot out the tenants and just owner occupy the property. Some people want assume the tenancy but keep this in mind if you're renting out your property right now and you have a tenant in there and you have an increase in your rent. In five years and they still renting this one bedroom four thousand dollars which commonly we might see for fifteen hundred dollars for today's market value you're really doing yourself a disservice. It's hard to kick out tenants if you are an investor, you have to come with some sort of side deal or assume the tenancy. So every year were allow to increase the rent by a certain percentage which the government allows so make sure your looking to that and increase your rent every year. Nobody wants to assume a tenancy that 40% below the market value. My name is Ian Watt. If you wanna discuss rental properties and tenancies. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!