Lights, camera, action! Picture it: your rental condo on the big screen! Sound unreal? Read on.
Having trouble making money on your furnished, strategically placed, big city condo with a great view? Time to consider some other options. How about the movie industry?
Vancouver, Toronto and Montreal are meccas for the film industry. If you’ve got the goods, the market is there … sometimes for as much as $3900 per month on contracts of 4-6 months. But you have to know how to attract the stars.
Well located and VERY well equipped apartments are what’s on the menu. Location, character, quality finishings … if you can provide this kind of luxury, convenience and comfort, you will attract those industry people to whom a few thousand dollars a month is pennies. But remember – comfort and style is everything – an old ragged sofa or a kitchen that looks like it went to war will turn off their interest faster than you can say “DeNiro”. Don’t cut corners!
If you think your condo fits the bill, read the article below for some hot tips on how to tap into this market.
Ritzy rental digs fetch bigger bucks
BY OZZIE JUROCK, THE PROVINCE
Q: I want to furnish my apartment downtown to get better income. Should I furnish it high end or low end?
A: Get some expert advice first. If your condo is a well located view unit, go very high-end (best appliances, best stereo, video etc.) and go after the movie industry.
I know of 800-square-foot apartments that are rented at $3,900 per month to actors and directors.
Q: We read about U.S. and Australian real-estate auctions all the time. Are there such auctions in Canada and what is the procedure?
A: Well, yes and no. First off, in the United States, the auction process varies from state to state.
In some, you stand literally at the city hall steps and bid with a group of other people on whatever the clerk is offering daily. Others take place in big barnlike environments.
In Australia, every regular house is sold via auction in the living room of each house or the broker’s office.
In Australia, auctions have a reserved price … so negotiations are actually similar to ours. No stealing a property. However, in the U.S., auctions are unreserved … meaning the best price gets the property.
In Canada, you have both kind of auctions … but very few of them. Your best bet is to go to an auction house like Ritchie Bros. where you can bid online and -very important -all auctions are unreserved (best bid wins).
Alas, there are now only properties in Alberta, Saskatchewan and New Brunswick coming up for auction there. But you can bid on-line. Look it up here: www.rbauction.com/ web/rba/auctions/real-estate.
Ozzie Jurock is a senior real estate adviser at www.jurock.com. He can be reached at firstname.lastname@example.org.
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