1451 replies to this topic

[Redd42]

 

 

The supposed upside of Marketplace is the lack of anonymity. 

 

 

This is also the downside of Facebook Marketplace from the side of the landlord. I LIKE the other places for the anonymity it gives me. I helped a friend rent their suite 6 months ago and only used Craigslist and Used Victoria. I asked the folks inquiring to tell me about themselves. Only replied to those that fit what we were looking for. I have an e-mail address that I use just for things like that, that doesn't identify me.

 

Lots of folks don't use Facebook. 

[Redd42]

Oh and we had one person try the negotiation thing even though I felt we actually priced the suite on the low side.

 

She was told pretty swiftly that she would obviously be happier with other accommodations.

[Rob Randall]

Lots of folks don't use Facebook. 

 

Reality is that if you refuse to participate in Zuckerberg's evil empire you're effectively cut off from the rest of civilization. I mean, who uses Monday Magazine to plan entertainment events any more? A friend of mine missed out on going to the upcoming Vancouver Comic Con because he didn't see any Facebook ads for it. Marketplace itself is still pretty good but some of the spinoff Facebook groups like Buy & Sell and UVic Off Campus Housing still has a lot of self-righteous people who feel entitled to chime in on your marketing.

 

Did this happen 50 years ago? Were people phoning up numbers in the Colonist want ads complaining about their prices even though they had no intention of purchasing? "Hello, is this Ralph who's selling the $50 racing bicycle? Your price is so outrageous I nearly fell out of my wheelchair here at the nursing home".

[spanky123]

^ Easy to be critical when you are anonymous

[Victoria Watcher]

almost everything else you find in classified ads is negotiable from the used bike to the drywall job.  not sure why you'd be surprised some think a property rental is.  if you had a 2-bedroom suite for rent you'd likely be more amenable to a single older employed female that spends 2 months a year in brazil renting it than a couple with two kids.  would it be wrong for that female to ask if there was downward flexibility on the rent?

Edited by Victoria Watcher, 08 February 2020 - 01:45 PM.

[Rob Randall]

If you want to put it that way, yes, but they have to bring something to the table. But a lot of people are a dick about it. I have a theory that in general, Victorians have poor negotiating skills.

[Victoria Watcher]

If you want to put it that way, yes, but they have to bring something to the table. But a lot of people are a dick about it. I have a theory that in general, Victorians have poor negotiating skills.

 

that could be true.  people with online ads also like to negotiate over a teak chair even before they come see it.

[Rob Randall]

^ Easy to be critical when you are anonymous

My thesis, if any UVic student wants to use it, is that while anonymity makes people less inhibited, Facebook's wide net and inviting commenting features actually increases the volume of negative comments.

[Victoria Watcher]

that could be true.  people with online ads also like to negotiate over a teak chair even before they come see it.

 

further on this and to rob's remark i think it's silly to negotiate online.  the key to a good negotiation is being there in person where the seller feels they are soooooo close to the cash and the buyer can threaten the walk-away.

[Rob Randall]

I don't think I'd bother negotiating rent unless the listing was stale.

[Mike K.]

Rent is usually a product of expenses, at least for the majority of private landlords. Hard to negotiate a $1,300 monthly rent down to $1,250 when the landlord’s costs are $1,260.

I know a few guys who are throwing in the towel and no longer listing their suites over negative experiences and the government’s changes to rental policies. I imagine there are plenty of people who rent their suites but who don’t need to. The more negativity that comes with the rentals the more of these rentable homes will disappear from the market.

[Victoria Watcher]

Rent is usually a product of expenses, at least for the majority of private landlords. Hard to negotiate a $1,300 monthly rent down to $1,250 when the landlord’s costs are $1,260.

 

 

there are lots of units around town - especially higher-end ones - that are cash-flow negative for the owner.  a little bit of rent just helps a bit with the carrying cost.  but they are hoping for appreciation perhaps until they retire to it.  in vancouver and toronto you simply cannot buy a new investment condo that's going to positive cash-flow unless you have 40 or 50% down.  but there are still thousands being bought every month.

Edited by Victoria Watcher, 09 February 2020 - 08:51 AM.

[Mike K.]

Yes, that too can be the case.

And landlords can easily end up in the red at the end of the year if they lose one month of rent during a transition, or the unit sustains damage, or the tenant skips out on rent, or all three.

[Rob Randall]

I can understand how people that bought new at Belevdere, Astoria and others from that era make money but the cost of a $300,000 mortgage is at least as much as current market rental rates so I don't understand how people make worthwhile money renting out a new condo. It doesn't take much to put you into the red. Like a repair assessment. 

 

I know a young woman who is currently renting as her career has her being transferred every few years. She also owns a condo that she rents out but it is currently occupied by a person that seemed nice at first but is actually a crackhead that refuses to pay rent. She admits she is in over her head on this and has hired a management company to help but evicting a tenant is not quick and easy. 

[Mike K.]

We’re now approaching a phase in our housing market where the investor buyer will decline until rents can climb enough to absorb the mortgage. Keep in mind interest rates remain incredibly low. Factor in a 5% mortgage on $300k and you’ll need $2,000 to carry a one bedroom condo, just to break even.

[Rob Randall]

Plus strata fees, utilities and full-price property taxes must total a thousand a month?

[Mike K.]

Oh gosh, $2k certainly won’t cover it.

The mortgage alone is $1,750 (just looked it up)
at 5%.

What’s the tax hit for a condo in downtown Victoria? $2,000?

Strata will be $150, easy. $100 for insurance.

[Victoria Watcher]

anyway whatever it is some people like that type of investment.  one they can see and feel and later enjoy.

 

you're an executive living in calgary or toronto making $12000 per month. your yearly rrsp contribution is already maxed out. put an extra $1500 in stocks or $1500 into a condo that you might retire to.

Edited by Victoria Watcher, 09 February 2020 - 09:46 AM.

[Rob Randall]

I doubt there are any strata fees below $200 for a decent downtown condo. I forgot about the owner's insurance, too. This is assuming the owner is self-managing.

 

People are raging about high rents but some of these units are priced at cost or below.

[Rob Randall]

anyway whatever it is some people like that type of investment.  one they can see and feel and later enjoy.

 

you're an executive living in calgary or toronto making $12000 per month. your rrsp is maxed out. put an extra $1500 stocks or $1500 into a condo that you might retire to.

 

Well, better return than a sailboat.