Real Estate Investing inCanada
Real Estate Investment – Myths and Realities
One of the top rules of real estate investing before deciding what to buy is to indentify whom you are dealing with. People have mixed beliefs for professional real estate investors and the way the market functions. Numerous people believe real estate investors are not ethical in their dealings and the market is seller oriented. However, Canada has proven this fact as a myth.
Propaganda originated by illegitimate sources causes all such disbeliefs amongst investors and observers. Some of this propaganda might be partially true, other myths might actually prove false when studied closely. The reality of any industry is to educate oneself about the trends, statistics and operations. Real estate investors are slumlords & sharks
The perception of many people regarding real estate investors as ‘slumlords’ is highly debated by real estate professionals. We define slumlords as landlords who maximize profits by minimizing maintenance of their properties. Yes there are slumlords in real estate, that provide below standard housing to tenants just like there are similar characters in banking, stock markets and other investment ventures.
But, not all real estate investors are involved in malicious profit seeking. There are landlords who take pride in providing updated and generally well maintained housing to tenants and buyers. Real estate does not require you to become a slumlord providing decadent housing to people.
Another feature of this myth adds that ‘real estate investors are sharks preying on people’. Again there might be bankers who charge clients an illegal fee or stock brokers who deceive clients with risky investments. People who have experienced such real estate professionals perceive all real estate investors as sharks who prey on poor families and senior citizens.
Yes there might be real estate professionals who are sharks, but looking for the right investor to deal with is not difficult. There are many investors who proudly undertake honest and ethical deals and provide excellent accommodation to tenants and buyers. Good real estate investors are out there who earn good reputations with easy going attitudes and never pressure clients or force opinions on them. Therefore you can opt for real estate investing without worrying. Real estate is a seller oriented market, so don’t browse for deals
Probably one of the most confusing of all myths is this one. People are often deluded into believing that the real estate market is dominated by sellers and good deals cannot be identified by browsing through the market. Practicing investors will inform you that people are looking to sell their properties at 30% or even 50% below the market value. Such cases generally occur when it is a buyers market, and the interesting fact is that it happens most of the time in real estate.
People might be faced with decisions like moving away to another city, divorce or retiring a debt. Such life changing events give birth to selling below market value for quick cash settlements. There might be other reasons like mismanagement or damages to property that inclines sellers to sell below market. The reality here is that buyers should look for such instant equity deals and real estate is not necessarily a seller’s market.
A lot of myths can scare off and prevent people from investing in real estate and creating that long term wealth they deserve.
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