Keep Your Focus

It's an easy thing to do in this world. Forget about the steak and concentrate on the sizzle. I was thinking that, while watching a terrible blown call in a Detroit Dallas NHL game this week. The play in question had a goal scored on a shot, it went right in, the ref missed it and video replay couldn't correct his mistake even though everyone watching the game on TV knew this was a good goal. It has sparked an interesting debate on facebook and many other blog columns. So this is the NHL's problem, after spending millions of dollars and countless days, weeks, months and years to get a system done that will correct mistakes, the errors still happen and because of the mechanism in place the odd error that does happen gets more attention. My old broadcast line still works, don't let the facts get in the way of a good story, or in this case don't let the process get in the way of a right decision. We forget the "Product" is king, nothing should ever be done to diminish the product. We here REMAX Hallmark never let that happen. You are our most important client. Remember that.

My Word is My Bond

Its simple really, say what you mean and mean what you say. That comes easy for me. As a broadcast journalist most of my life I have always delivered on everything I have said. When I made the transition to Real Estate I made it a rule to never change that. My title is Sales Representative and sometimes people think the word sales means more doubletalk than anything. Not in my case. I research as I would when I was reporting. I search for as much information on a property as I can find. There is never a dumb question and when the answers are hard to find I intensify my search. I like the pursuit of a deal. I can understand why clients take some time to make a decision about signing an agreement with me and my hope is, they can understand that the longer it takes them the more it gets in their own way. I am here to help. I leave you with one question. How can I help you?

What's Wrong with the Leafs?

After looking good for about 10 days and coming off 2 straight wins many Leaf fans were thinking the turn around was here and the march back to a playoff spot had started. Just one loss later the question remains, what is wrong with the Leafs and sadly the answer remains the same. Not this year pal. This is team that has started to rebuild in spots but not the whole roster. Massive incoming on the blueline again, this time it looks reasonably good. The young goalie Gustavsson looks like the real deal but he is going to need some time. He covers the lower net as well as it can be covered but gives away the top half. Luckily not everybody has figured that out yet. Veteran Vesa Toskala will have to be moved and hopefully some talent up front will come back. The Leafs have some good role players up front, just not enough top six talent. that sends us to our next question, where will it come from? Not the draft. The Leafs made a monumental give when they handed out two first rounders and a second for Phil Kessel. They have to hope it works out, or we may be asking that question again ( whats wrong with the Leafs) for a long time. If The Leafs could mirror the Real Estate market a lot of people would be smiling today.

The Right Thing To Do

We all do this and there is nothing wrong with it. Every quarter I sit down and look at my business and personal expenses and try to figure out how to be more cost efficient. Why not, my money tree never took root in our backyard. Sometimes the bean counter exercise can go too far, you actually spend more money by trying to save some. I tried to save newspaper money and it didn't quite work out. I sent my renewal cheque into the Toronto Sun a couple of weeks early to fend off the numerous renewal notices . Within days the Toronto Star had a better offer. I phoned The Sun and asked for a refund they said no because my renewal was a promotion, even though that is not stated anywhere on the form. Long story short, I wasted some valuable time by trying to rush things. Had I waited a week I could have saved close to 100 dollars. I am not asking you to wait, I am asking you to think,to consider the service provided as I will in six months when my Sun subscription expires again. The lack of service by not eplaining the renewal process will cost them a customer.
When I visit prospects, they want to know my commission rate. A good question but do not put the cart before the horse. You want to know what kind of service I will provide and what my brokerage adds to the mix. You will find my service to be unbeatable and the same can be said for my brokerage . It is all about service. Sometimes we forget that.

It's Happening Again

Hello Hockey fans from coast to coast, the NHL season is here the Leafs are stumbling, the Real Estate market is hot and for some all is right with the universe. First things first, the Real Estate market remains a hot seller's market. Inventory doesn't stay on the shelf long. A week ago during our office meeting we had three new listings to look at on our Wednesday morning tour and all three were gone by Monday morning. Without getting into numbers the most expensive property sold for 102 % of asking, the next one full asking price and the third one 10 thousand under asking. These three properties were in the 580,000 to 680,000 range. If you want to sell now is the time, if you want to buy do not mess around, be very proactive, find an agent, ( I would like to apply for the job) sign a deal and strike fast. So many people I have met at open houses over the last 2 months feel they can latch onto the listing agent and get a good deal. Not a good plan. Buyers get your own agent and get agressive. That might be something I should pass along to the Maple Leafs.

A Record is a Record

The numbers are in and the month of June was great for Real Estate transactions. All the reports are true. June 2009 was better than June 2008. You already know that June 2008 was before the financial tidal wave hit. Resale transactions up 27 percent and prices up 2 percent from one year ago, from a time when business was booming. Does it get any better than that, the asnwer NO. A quick tip to those looking to buy, make sure your finances are in order before you get serious about making an offer. Multiple offers on properties happens more times than not, so you have to be ready to pounce, be ready to pay more than the list price and be ready to put your best offer in first with a limited number of conditions. I know that flies in the face of common sense but that is what wins in a multiple offer situation.
Now to sports..an aspiring broadcaster asked me yesterday why I don't write about sports in this blog. Quite frankly I find it boring. I only love hockey these days. The Roy Halladay saga with the Blue Jays reminds me so much of the Montreal Expos I can't bear it. There, I said it. We will talk again soon.

jt

THE TIMES THEY ARE A CHANGING

I have always been fascinated by life transitions. Media people like to spend hours talking about what may happen and they can go on about what has just happened with endless hours of retrospective analysis but few can actually nail what is happening at the moment it changes. You wake up one day and find a buyer's market in Real Estate, fueled by low interest rates and many first time buyers, quickly has changed into a seller's market.

You may recall me mentioning in an earlier blog about multiple offers hitting the Toronto central market in the spring. That trend has moved north and York region is getting socked with multiples. That's the great thing about the Real Estate market. It always seems to make its own adjustments. What looked bleak when the New Year hit has rebounded twice and made its own self correction. Its too bad your local stock broker can't sing the same tune

Think About It

..I was sitting at my desk at RE/MAX HALLMARK, doing some paperwork on a listing of mine that was going through the "sold conditional"stage when I got a call from a prospective buyer asking about the same property. After I told him the status he quickly switched to other available properties in the same area. After a few minutes he made it clear that he wouldn't be signing a buyer agreement until I found him the property that he wanted. While that makes sense on the surface, once you sit back and realize what the prospect has said you quickly come to the conclusion he has put himself in a self defeating situation. The odds of finding the right property fall off rapidly because there is no commitement to find the property. Lets take it a step further, if that caller had signed a buyer agreement a week earlier he would have had an excellent chance of landing the property he was calling about. He would have had a working knowledge of similar properties in the same area, he would have been prepared . This is a big investment, it's hard to understand why some buyers want to leave such an important purchase to chance and not carefully explore all options. The serious buyer signs and agreement with a Sales Representative and lands the right property, the "tire kicker" hopes luck will smile his way.

DON'T LET THE FACTS GET IN THE WAY OF A GOOD STORY

It is fascinating to watch after so many years in TV and Radio newsrooms, just how long it takes for the real story to emerge. From the pages of "The Toronto Star" Thursday May 21st, the headline reads "Realtors making merry in May".The caption says it better and more accurately,mid month transactions are up 3% and house prices are on a par with a year ago. All of that of course is true. I might stand corrected but I doubt it, some of my blogs said as much over the past few weeks, yes there are fewer listings, money is oh so cheap to borrow and many first time homeowners have hit the market. All of this fuels multiple offers and higher prices for those looking to sell. Simple economics yes, but very effective. You have to love the economics of the housing market. It is self correcting, too bad some of our other issues can't say the same.

The Power of Positive Thinking !

It is my favourite time of the year. Spring has sprung, the golf course is open for business and the Real Estate market like everything else perks up. While struggling through an early round at The Summit Golf and Country Club I came up with this thought. It seems that those of us that struggle in the mid 90's always come up with a shot or two per round that drive us back as soon as we can get out again. Think about that. 94 shots fired and only two are carried forward as building blocks to a better round. So here is the thought, why can't we carry forward that same optimism in everything we do. The Baseball Hall of Fame is full of players that were able to record a basehit 3 out of 10 times, 2 out of 94 shots for some of us is the tonic we need. Something to think about the next time a situation appears more negative than it actually is.

I was asked by another agent in my office recently what the difference is between my career as a sportscaster and buying and selling Real Estate. He seemed shocked when I said not much. As a sportscaster I had to do many hours of preparation so that when I had to refer to something "live" I had to present the answer with a quick response and of course sound as if it was on the tip of my tongue. When a client or prospect ask me a question, I have to present the answer the same way, so guess what, I have to do a lot of "prep" work. As a sportscaster I did not fill my head with statstistics because I wanted to be able to present the information to my viewers in a natural manner . As a journalist I developed a skill of knowing where to look for the answer .Too many sports fans memorize stats and then at some point recite incorrect information. Credibility is based on factual correctness. In Real Estate it is the same. I will never to profess to know everything but I do know where to look to find the answer and because no two cases are exactly the same, that skill I developed as a journalist of constantly looking for the answer pays off. As for the thrill of doing a live TV show, well it can be matched when I complete a win-win transaction for my client.

The Housing Market is SOFT?

Every day it seems I run across true facts that contradict those stories of doom and gloom that we hear, read and see in Media coverage on our housing market. Today’s example of how the facts can get in the way of a good story is a listing from one of our agents in the Richmond Hill office in the Bayview and Major Mackenzie area. It’s a three bedroom home that stayed on the market for just one day and sold for full listing price. Does that sound like a soft market to you? Real Estate 101 has always taught us that location, location, location, and pricing and a property that shows well, will never have any problems finding a new owner.
The twist in current conditions is that there are fewer of these gems getting listed and all agents will agree, those that are listed do not last long. The buyers are figuring that out. Last week I mentioned a listing that drew multiple offers and sold for much higher than list price. Today we have one that goes for full list price and sells within 24 hours. I don’t recall hearing that type of story on the local news.

Tarion amends registration rules for new home “flip”

REALTORS® who deal in new home and condominium sales take heed: there are new provisions for registering vendors with Tarion Warranty Corporation.
When a person purchases a new home from a builder, but never occupies it and then resells it, they are required to be registered with Tarion. Under Ontario’s New Home Warranty Act anyone who sells a new house in Ontario without registering it with Tarion is liable to a fine of up to $25,000, a sentence of up to one year in jail, or both. Previously, registration meant completing a detailed vendor/builder agreement, paying a $600 fee, undergoing a financial review and posting a $10,000 performance bond – even though the house was already covered by the builder registration.
However, Tarion, which administers the Act and provides new home warranty coverage to most new houses and condominiums in the province, has changed its registration requirements for purchasers who resell (or "flip") their homes without moving in.
The new approach to dealing with resellers of new homes means the usual detailed vendor/builder agreement is not used. Instead, Tarion has introduced a letter agreement that the new sellers must provide to the ultimate purchaser with a disclosure page that contains information such as: a statement that the sale is effectively a resale, disclosure of the original warranty start-date, the status of the remaining warranty coverage, and contact information to enable the purchaser to check on the status of any claims made in respect of the home. REALTORS® representing resellers in this situation can obtain the agreement form from Tarion and use it as a schedule to the listing and the Agreement of Purchase and Sale.
In its Application for Registration – Resellers (Resellers/Flippers) form, Tarion defines a resale or flip as: “A resale or ‘flip’ involves a scenario where the purchaser of a new home (“Reseller”) does not personally occupy the home but, instead, sells it to another purchaser. This can occur in a number of different ways, including, for example: (i) A condo investor who resells to a new purchaser on the same day that the original transaction (between the vendor/builder and condo investor) closes; or (ii) A purchaser who buys a home but for various reasons (e.g., divorce, change of job), never occupies the home and resells it later, perhaps after many months. Applications by reseller/flippers will be processed in a ‘fast track’ manner. This is for the true reseller/flipper only, not for repeat offenders or illegal Vendors (charged by Enforcement). The reseller/flipper will have to complete the application form, Vendor Agreement and submit the $350 fee. If the home is already enrolled it does not need to be re-enrolled (it will remain under the original Vendor/Builder).”
Mitchell says registration can be processed “usually within two working days. The form is available through the Tarion call centre or can be picked up at the Tarion office in person.
Although the reseller (or “Vendor”), as defined under the Act, is responsible for obtaining the registration package when flipping a new home, REALTORS® representing resellers need to ensure clients are aware of these requirements to protect themselves from liability. One of Tarion’s enforcement officers sent a letter to a salesperson involved in an unregistered new house flip under investigation. It highlighted the REALTOR®’s obligation under the Code of Ethics. It read:
“If the REALTOR® is acting for such a vendor then I would believe they would have a responsibility under their Code of Ethics if they were to advise such a vendor that it is ok to sell under these conditions or did not act when advised by us that the vendor of the unit they are selling is unregistered, they could possibly be opening themselves up to charges of Counselling or Aiding and Abetting.”
But Tarion says they rarely need to enforce these regulations and that the small percentage of offences usually occur in rural areas. “The reseller registration requirements are there to protect the consumer who may not know they are essentially buying a resale home, “ says Rob Mitchell, Director, Industry and Government Relations, Tarion Warranty Corporation. “Buyers need to know they have some recourse should any problems arise with the home within the warranty period.”
Mitchell says REALTORS® should contact Tarion if they have any doubts about a new home’s registration status or misunderstanding about what’s covered under the warranty program. Tarion is also willing to conduct information sessions for real estate offices that deal in resales of new homes. For more information, visit www.tarion.com or call 416-229-3844 or 1-877-696-6497.