One of the main reasons people rent in The Lower Mainland is affordability. Making rent each month can be a struggle for a lot of families and buying a home or condo in The Lower Mainland may require a sizeable down payment, plus, the monthly payments on a mortgage are typically a little higher than rent.
Second big reason: housing affordability; real estate isn’t cheap! In fact, most would-be home buyers in The Lower Mainland continue to rent with little hope that prices will become more affordable or that they will be in a better financial position to buy a Lower Mainland home at a later date.

Rent every month is money out the door – the renter receives a home, life goes on, the months add up turning into years, and when it’s time to leave the home, the renter walks away from the property – empty handed. There is a better way!

THREE REVENUE OPPORTUNITIES
1. A home owner may rent their property.
Rental income is a revenue stream.

2. Property debts, mortgages etc. decrease with regular, on-time payments.
Equity is a hidden revenue stream.

3. In the long run, property appreciation (ie increase in value).
Value above the purchase price is a future revenue stream.

If you live in the property, you only cancel one revenue stream – you can still benefit from the equity revenue stream and the property’s increasing market value.

Example: You buy a $500,000 condo, and live in it for 5 years.
RENT REVENUE = $0.00 (You own the condo and live in it, no tenants)

EQUITY REVENUE = $138,000
If the property appreciates 5% per year for five years, it’s new value is $638,000

APPRECIATION REVENUE = $57,000
If you had a full mortgage paying 5% interest, the equity in five years is $57,000

TOTAL REVENUE = $138,000 + $57,000 = $195,000 in 5 years (tax free if principle residence declared)

* 5 Years of RENT = negative $120,000
Rent revenue is negative $2,000(rent) x 12mo x 5yrs = -$120,000 (negative)
Equity revenue is zero. Appreciation revenue is zero.

Small Steps, Equal Opportunity
To increase your net worth, the equation may require you to buy a less expensive property in an area you might not live in. Over time, the equity revenue stream, the increased market value, and if you can rent the property out – these three revenue streams will put money into your doors and increase your net worth. Next property, bigger numbers; and on and on and on. It’s a simple formula, and have many people saying, “my house made more money than I did last year!”.

The Lower Mainland real estate market is competitive. How can you find the Best real estate Agents in The Lower Mainland and avoid the wrong real estate agent that makes costly mistakes? After all, buying or selling a home in The Lower Mainland with real estate prices the way they are, could very likely be one of the largest financial transactions a person will experience ever. Mistakes can cost you the home or tens, if not hundreds of thousands of dollars. Do you need a real estate agent? Here are 4 signs of the Best Agents in The Lower Mainland.

1. The Best Agents Know Your Property Type

A used car sales rep is not the same as a Tesla sales rep. This is a pretty widely accepted notion yet consumers think nothing of looking at the types of home a real estate agent has experience with. Condominiums, townhouses, detached single-family homes, mobile homes, land sales, commercial dealings, new projects, presales etc. The Best Agents have a sharp set of eyes on The Lower Mainland real estate market and specialize in the specific property type.

2. Best Agents Provide Professional Insight

A great real estate agent doesn’t give one idea. The Best Agents in The Lower Mainland utilize experience with market data and help buyers and sellers determine a top and bottom price range based on the real estate type, location, measurements, quality, and amenities.

The Best Agents in The Lower Mainland help sellers with ideas on how to improve selling prices based on simple fixes or expensive overhauls and will give you details to help you decide if the investment is worth it.

Homebuyers in The Lower Mainland working with the Best real estate Agents receive professional advice and help finding properties that fulfill as many needs and desires possible while remaining within the budget. They also get invaluable insight, guidance and proper market strategies to maximize their Lower Mainland home buying efforts with minimal frustrations.

3. Best Agents Follow Up Promptly

Response time is vital - the Best Agents respond to clients. In this day and age, everyone has cell phones and is accessible. Of course, agents have a right to enjoy time off as well, but within reason during business hours, the Best Agents respond ASAP. If an agent doesn’t answer immediately, they call back. If unavailable, they offer a secondary contact such as an assistant or a business partner.

Prompt communication is essential in The Lower Mainland real estate market; deals can be lost in a moment. Properties in The Lower Mainland come onto the market constantly and offers are being written all the time. Once a deal is in the works, the Best Agents diligently help clients understand timelines and the influx of information coming at them.

4. The Best Agents Have a Network of Resources

The Best Agents in The Lower Mainland have a network of professional resources for clients. Resources might include referrals to mortgage lenders or the ability to get a variety of home inspections done quickly through contractors they trust. Contractors that are reputable and can do emergency work for sellers, and tradesperson's that can participate in a home inspection for a home buyer etc. The Best Agents can recommend a network of professional resources without obligation ensuring a professional, best-of-the-best service all the way.

Finding a good real estate agent in The Lower Mainland can be time consuming. Get in touch with me to see how I might be able to help.