Local Roots. Personally Invested.
Real Estate the Canalside Way.
FAQ'S
You have real questions.
We have honest answers.
Buying a Home
How do I buy a home in this market?
Q: How do I start the home buying process?
A: 1. Find a mortgage broker - Canalside has relationships with several local lenders if you'd like a referral. They will be able to tell you how much you can borrow to make a purchase.
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2. Check out houses on Realtor.com or Zillow.com - Attend some open houses to get a feel for what qualities you're looking for in a home.
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3. Call around to some listing agents - Real Estate Agents HAVE to sign a buyers agreement with you BEFORE they can show you any properties.
That is New York State law. So, they may be pushy to get you to sign that. Take your time, ask them what they charge and how they intend to get paid. Some Real Estate Agents might ask you to pay them a portion of or all of their commission. **IMPORTANT** - You do not have to sign up with the first agent that you talk to, even though they will try to convince you to sign the buyers agreement ASAP.
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4. WHEN YOU ARE COMFORTABLE - Sign a buyers agreement with an agent and check out some houses!
Q: Has the market always been so competitive? What's the deal with delayed negotiations and multiple offer situations??
A: This market SUCKS for buyers but it's heaven for sellers. Listing agents have been using delayed negotiations as a tactic to get as many offers as possible to present to their sellers. It's been like this for a few years now. It's getting old, real quick. Buyer's are starting to bite back at sellers and are refusing to submit offers tens of thousands of dollars over asking. Some buyers still are but we believe we're on the back end of the peak; on the way down. At Canalside, we utilize a couple industry tricks to vault our buyer clients' offer to the top of the list.
Q: What are your fees and how do you get paid?
A: At Canalside, we have a tiered commission system. Typically, the seller will pay our commission fee however, they are not obligated to do so. Our tiered structure is below:
Properties $500,000.00 and below - 2% commission of the final net purchase price
Properties $500,000.01 and above - 1.75% commission of the final net purchase price
EXAMPLE:
You have an accepted offer of $300,000.00 for your new home. Canalside Realty would be paid 2% commission or $6,000.00
EXAMPLE #2:
You have an accepted offer of $575,000.00 for your new home. Canalside Realty would be paid 1.75% commission or $10,062.50
Q: What is the lowest credit score to qualify for a home loan?
A: All lenders are different and offer unique lending solutions for all different types of buyers. Definitely a good question for a mortgage lender. At Canalside, we have worked with buyers with sub 600 credit buyers and have found homes - it all depends on finding the right lender and the right seller to work with!
Q: How do I schedule a consultation with you guys?
A: Give us a call or text at the number below or fill out our "Contact Us Form" (LINK) and a member of our team will reach out to you within 24 hours!
PROPERTY MANAGEMENT
Let us do the dirty work for you while you collect a check!
Q: What are your fees?
A: At Canalside, we charge a flat rate of 15% of Gross Rents for Leasing services, Maintenance, and Rent Collection. **Canalside does not pay the mortgage, taxes, or water bills on behalf of the owner under any condition**
Additional charges are billed for Bookkeeping & Bill pay services on behalf of the owner at $500/monthly per property. Discounts considered for multiple properties with one owner.
"A La Carte" Services are listed below:
Leasing Services (Advertise, Show, & Place a tenant) - $750.00 or 25% of 1 month's rent, whichever is greater, once tenant is placed
**Bookkeeping & Bill pay services are NOT an "A La Carte" service**
EXAMPLE #1:
An owner signs up for full time property management services. They have one unit renting at $1,800/month. The owner will be billed $270/month for Leasing services, Maintenance, and Rent Collection. They DO NOT receive Bookkeeping and Bill pay services.
EXAMPLE #2:
An owner signs up for full time property management services and bookkeeping & bill pay services. They have four (4) units renting at $1,000/month, $1,200/month, $1,500/month, and $2,000/month. The owner will be billed $855/month for Leasing services, Maintenance, and Rent Collection. They will be billed an additional $1,250/month for Bookkeeping & Bill pay services. The owner's total bill will be $2,105/month.
EXAMPLE #3:
An owner wants Canalside to lease their unit but can manage the unit once a tenant is placed. The owner would hire Canalisde for Leasing services. The owner is charging $1,200/month for the unit. They will be billed $750 once a tenant is placed.
Q: If I sign up for property management services, where do you collect the rent money and when will I be paid the proceeds?
A: At Canalside, we bank at Lyons National Bank and will open a dedicated bank account for your property(ies). All rent/revenue will be deposited into this account and our monthly fees will be deducted directly from that account. No other fees will be deducted and you will recieve the proceeds by the 10th of the following month.
Q: How do I get my money?
A: You can receive a check by the 10th of the month OR you can provide your bank account information and receive an ACH transfer directly into your account.
Q: How does it work if I sign up for property management services but decline the bookkeeping & bill pay services?
A: Canalside will pay contractor invoices directly from the proceeds of the monthly rent out of the owner's dedicated bank account. Canalside will provide a monthly report of revenue and expenses to the owner for each property under management. In the event the contractor invoice(s) exceed the monthly revenue amount in the bank account, Canalside will pay for the contractor invoice(s) and invoice the owner for the difference. **Canalside does not pay the mortgage, taxes, or water bills on behalf of the owner under any condition**
Q: How does it work if I sign up for property management services but decline the bookkeeping & bill pay services?
A: Canalside will pay contractor invoices directly from the proceeds of the monthly rent out of the owner's dedicated bank account. Canalside will provide a monthly report of revenue and expenses to the owner for each property under management. In the event the contractor invoice(s) exceed the monthly revenue amount in the bank account, Canalside will pay for the contractor invoice(s) and invoice the owner for the difference. **Canalside does not pay the mortgage, taxes, or water bills on behalf of the owner under any condition**
Q: How do your contracts work?
A: At Canalside, we offer 6 month to 12 month service contracts.
GENERAL CONTRACTING
We know a guy; more than a few
Q: What are your fees and how do you get paid?
A: At Canalside, we charge a 10% general contracting fee of the total cost of the project. This fee will not change if the total cost of the project changes.
EXAMPLE #1:
If your project is projected to cost $10,000, Canalside's general contracting fee would be $1,000. This fee is added to the total, so your project would cost a total of $11,000.
EXAMPLE #2:
If your project is projected to cost $10,000 but changes are made and the price increases to $15,000, Canalside's general contracting fee will remain $1,000 (10% of the original projected cost). This fee is added to the total, so your project would cost a total of $16,000.
Q: Are you and your contractors licensed and insured?
A: Canalside maintains a liability insurance policy for ourselves and in addition to our contractors own individual policy.
A: Yes, however, they are subject to change based on the final scope of work for the project.
Q: How does it work if I sign up for property management services but decline the bookkeeping & bill pay services?
A: Canalside will pay contractor invoices directly from the proceeds of the monthly rent out of the owner's dedicated bank account. Canalside will provide a monthly report of revenue and expenses to the owner for each property under management. In the event the contractor invoice(s) exceed the monthly revenue amount in the bank account, Canalside will pay for the contractor invoice(s) and invoice the owner for the difference. **Canalside does not pay the mortgage, taxes, or water bills on behalf of the owner under any condition**
Q: Do you use subcontractors? If so, who are they?
A: At Canalside, we have compiled a long list of qualified and vetted subcontractors who have been in business with us for years.
Q: Who do I contact if I have questions or concerns during the project?
A: You will meet with and be assigned a project manager at the start of the project. Your project manager will be your point of contact throughout the entire project. If you have any questions, need to make changes, or want additional information, your project manager is your guide to your renovation.
Q: What is your payment schedule like?
A: At Canalside, we charge a 25% deposit to start the project, another 25% due at the halfway point, and the remaining 50% is due upon completion. Upon completion of the project, Canalside's property manager will do a final walk through and inspection with the owner.
Q: How do I schedule a consultation with you guys?
A: Give us a call or text at the number below or fill out our "Contact Us Form" (LINK) and a member of our team will reach out to you within 24 hours!