Realty Executives of Sudbury Ltd.
The Caswell Team
The Caswell Team
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I often receive calls from “out of town” buyers looking to learn more about the current Sudbury Real Estate Market. Sometimes these Buyers have roots back to Sudbury as past residents, family or friends, so they are familiar with our great city. Other callers have never been to Sudbury but have done some research and have come to understand that it is possible to purchase a property in Sudbury and for the most part, it is affordable.
This past year has seen a steady flow of Southern Ontario buyers and investors flooding to the Sudbury market. I see two main reasons for this – first, they are sitting on some pretty substantial equity growth from their Southern Ontario properties and it may be burning a hole in their pocket. Secondly, in my experience, you can purchase and finance a rental income property in this market and have a solid positive cash flow. This is very attractive to investors, specifically the ones south of us, as the prices in their areas are much higher and, therefore, a positive cash flow is much harder to achieve.
So, it all starts out with an email, text and eventually a phone call. I listen carefully to what the buyer is looking for and then ask some probing questions as to what they like and don’t like about a property in order to get a solid vision of their needs/wants and their objectives. This then allows me, with their permission, to set them up in my system to automatically receive the current and future listings of properties that may fall into their criteria. These emails are stored in their own private “Web Portal” for review along with automatic updates of sales and price reductions. The great advantage is that the emails are sent to them to review at their convenience and they don’t have to scour www.Realtor.ca for new listings. Because we’re so active in income property sales, we’ve even narrowed down a place on our website to exclusively search multi-family properties here.
Now we’re up and running and the process has begun. I always encourage them to reach out to me with questions or if they need more information on properties that are of interest. I will forward more information based on my detailed understanding of their wants, needs and risk level. I may suggest to them that a certain property may not align with what they are looking for and the facts as to why not.
This is the greatest advantage to using a local Realtor® who knows the Sudbury market. If you wanted me to help you buy a property in Toronto, my immediate response would be “let me help you find a great Toronto Realtor® who knows the market”. I often have discussions with Sellers who have made a “bad purchase” and my first question is, “who was your Realtor®?” In most cases it was an out of town Realtor who may not have had the local knowledge required to buy right. Sure, the financials look great on paper to buyers, but we all know the higher the return, the more likely it comes with higher risk. So, its about identifying a buyer’s expectations and finding the best property to maximize their return on investment.
Usually after a few weeks of reviewing the listings, the buyers will travel to north and I will set aside 4-6 hours of a day to tour them through Greater Sudbury while looking at a good cross section of properties that align with what they are looking for. That time is well spent as I now get to know them better, on a face-to-face more personal level, and they realize they are working with a knowledgeable professional who will help them make the best-informed decision. Sometimes it is two or three visits to Sudbury to find the right property and expand their level of comfort regarding risk and their knowledge of the Sudbury market. Other times their confidence level is high enough that I will find a property and proceed with an offer without them even seeing it. Don’t panic when you hear this as there are always conditions built into an offer that every buyer would have the opportunity to do their due diligence.
I truly enjoy working in the investment side of real estate and have a very successful track record with helping out-of-town clients enter into our positive cash flow market. Every property where the buyer has instructed me to move forward on without them seeing it has ended up in a positive outcome and as a satisfied client. Sure, buying “sight unseen” is not for everyone, but I just wanted you to know there are effective ways to purchase property from a distance by using an experienced local Realtor®.
If you are from out of town or a local and are looking to learn more about the Sudbury real estate market, The Caswell Team of professionals are ready when you are! Never hesitate to contact us at firstname.lastname@example.org to get started. In the meantime, you can search all the MLS™ listings here, search exclusively for income properties here and check out our other great blog topics while browsing our site for tons of great info on buying and selling in Greater Sudbury and surrounding areas.
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Disclaimer: The views and opinions expressed in this article are solely those of the author(s) and do not necessarily reflect the official policy or position of any other salespersons, staff or affiliates of Realty Executives of Sudbury LTD. Brokerage, Realty Executives International, the Sudbury Real Estate Board, Ontario Real Estate Association, Canadian Real Estate Association or any of their subsidiaries. For any concerns pertaining to the content herein, please contact us immediately at email@example.com.