#THECLOSERSDAILY : EPISODE 205: THE BIGGEST MISTAKE

Mistakes real estate agents make in this business is not following up with past clients and people they've actually done successful transactions with. Real estate agents are notorious for getting caught up with bright shiny object syndrome. Whether that be marketing, leads, somebody that just called them and getting caught up in the day to day. Make sure you're calling the people that you've worked with in the past. You know touching base with them, seeing where they're at in their lives. Not necessarily just for a sale. You know maybe they're doing a renovation and they need some advice. If you're a seller or a buyer and you've worked with somebody and you're looking at refinancing. You know maybe you're redoing the bathroom or the kitchen. Or maybe you're gonna put in an infinity edge pool in the backyard and over improve the property by $75,000 that's your decision but your real estate agent's there as a resource for you. You know we get paid on the transaction but it's a life long relationship and don't be shy. That's what they're there for. You know the real estate agents that watch this show, I hope this spurs you to pick up that phone and call the people you've done business with because you know it can get so far gone that you don't even realize that they may be looking to sell their house.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 204: AGENTS NEED TO EARN THEIR KEEP

So here's a warning to all my real estate agent friends out there is don't become a commoditized asset. What do I mean by that? I mean if you look at different types of industries, when consumers approach something and they want information, if you can provide only the information that's the same information they can get anywhere else, then what value are you bringing? You really need to stay ahead of the curve. You look like companies like Zillow in the States, they become purveyors of information. And what did real estate agents used to hold as the biggest thing that they could provide? It was the MLS listings. It was the book. Well, access to information is rapidly changing. In my opinion, I think consumers are gonna have full access to sales data and everything else within the next five or 10 years. So get ready for that. What's your value proposition? What do you bring to the table? You gotta make sure that you do something that stands out from the crowd and earn your value. Long gone are the days from us just sitting here like the Wizard of Oz behind the curtain with all this information that nobody else can have. You gotta make sure that you're bringing value in every single transaction and earning your keep.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

LEASED!!!!

IMG_1013.JPG

#LEASED

Super excited to get another flagship #Ldnont building under contract. Our downtown is by far one of the most vibrant and the community of #makers and #entrepreneurs we have here is second to none. Proud and honored to have repped both of these amazing firms involved in this transaction and looking forward to a lifelong friendship and growth

#THECLOSERSDAILY : EPISODE 203: STICK TO THE PLAN STAN

All right, so the weather has been so beautiful, I am feeling extra generous. So I'm gonna give you guys a negotiation tip on how to keep your emotions in check when the transaction's getting hectic. So one strategy you can use is when you identify that perfect property, write down the big ticket items that matter to you. The price, the conditions, the chattels or the things that you want in that property. Put it in a note somewhere. Then establish your strategy. How are you gonna approach it? Are you gonna give them an offer they can accept the first time around? Or are you gonna try and negotiate? You know, do you expect it to go back and forth for two or three days. Well, if you're doing the latter of those and it's day two, and another buyer comes in, people can tend to get emotional. We're human beings, we want to win, and people can kind of get off base and off strategy when they feel they are competing with somebody else. Go back to your notes. Go back to your actual strategy and stick to it. I've seen people get caught up in the heat of a transaction, give up tens of thousands of dollars, because people are using the tactics against them. I've also seen people pass up on purchases because they get emotional about chattels or things the buyers are asking for. Stick to your plan. Make sure you get the best.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 202: DON'T BE A LOSER

So real estate's a funny business, one of the only industries where you'll actually spend time, money, going and pitching for new business and not necessarily getting it. And we had an audience member ask us, how does it feel when you don't land that contract, or how do real estate agents react when somebody, you know, has been pitching them for business, and then all of a sudden goes and does a deal with somebody else. And we never really talk about ourselves on the Closers Daily. Really, it's about you guys, we don't like to pitch our business or anything, but I do want to answer the question for our audience member. To be honest with you, I don't even really give it a second thought, and the reason that I say that is, there's no sense dwelling on something when you don't know what the outcome's gonna be. The second thing I feel, is I feel bad for them. And the reason I say that is, I know the level at which we do our business, and I always feel like I could have done a better job, or cut them a better deal, or whatever it's gonna be, but at the same time, I always keep the door open, and I still give people respect, 'cause I don't know what's happening in their personal life, I don't know what led to the decisions that they made, but I do know if I keep that relationship over, they may be coming back to me down the road to solve the issue that they couldn't get solved.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 201: MASSIVE MORTGAGE RULE CHANGE

So some massive changes coming in the mortgage industry, and Ottowa dropped a bombshell today, and that was that people that are putting 20% down on a house are going to have to qualify at a higher rate than they did previously. What does that mean for you guys, the consumer? It means the same house you qualify for today, as of January, you're going to have to earn 20% more income to qualify for that same house. You know, if you've been watching our series, we've been predicting that mortgage rates are going to continue to climb, they're now saying they are going to be up to about the 5% range if things go the way that they're going, but this is the biggest change we've seen in the mortgage industry in a number of years, and kinda scary. I know some of the banks are concerned that this is going to push consumers to go to tertiary or secondary lenders, and unsecure lenders which, who knows what that's going to do? And, they also don't know how it's going affect credit unions, who are governed provincially, versus federally. It is massive news, if you have any questions, give us a show, we'll hook you up with a mortgage person that can definitely guide you, and we'll keep an eye on this story for you guys.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 190: GIMME ALL YOUR MONEY

Let's cover another riveting topic in real estate. This one has to do with deposits on a contract. How does it work? Usually works one or two ways, you can either submit a deposit when you actually submit the offer, or you can have it upon acceptance. So if they accept your offer, what is that look like? Well, in a standard contract it has to be given to the selling brokerage within 24 hours of acceptance of the offer. If you're late on that they can actually try and squeak out of the deal. I've heard in Toronto when they hear another buyer is lined up they often try to do that, doesn't necessarily happen as much in our market, but it's something to be aware of. Now, once The brokerage receives that deposit, they've got five business days to get it into their trust account. A trust account is where the deposit is held while the buyers are fulfilling conditions so that it is protected. Typically they're non interest-bearing. Deposits work in a lot of different ways. You can put some stipulations in the schedule "A" of your contract. If you have any specific questions, hit us up in the DMs. Thank you for watching, we love you guys.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 189: REFERRAL DANGER

So, word of caution for people looking for real estate agents, be very wary of referrals. You gotta be aware, kind of behind the curtain in real estate how referrals actually work. So what will happen is an agent will call an agent in another market and say, "Hey, I got a client for you", get a percentage referral fee from that agent, I've seen as low as 15, I've seen as high as 35, if not a little bit more in some cases. But what's really important is who are they calling? Are they just calling a random broker and saying "Hey, I got a referral, I want 35%, "give it to whoever you want."? Or is it somebody that they actually know and they vetted and they know what type of business they run, are they a top producer, do they know what they're dealing with? If you're looking for investment properties, and that agent gets a call, sometimes people will just fake and say, "Yep, I do investment properties, "I totally specialized in that." and then they might be learning on the fly at your expense. Just make sure you know who you're dealing with, make sure you know how they got vetted. Like Hamilton, for example, Mike Kettle, I've known the guy for three, four years, I know exactly how his business runs, and I know he would be treating my clients like family. So you just gotta be aware of the situations that you're getting yourself into.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 188: OFF MARKET DEAL

Tonight we've got everybody's favorite thing in Real Estate, and that's an off-market property. We always promise that we're gonna give you guys off-market deals, aside from just the insights that we do on the daily episodes. So 1621 Mardell, off market, exclusive listing. It's not going on MLS. It's gonna be priced at $289,000. Cash flow is just over about $1,000 a month, it has just over a six cap as well. If you're curious about that, let us know. We'll send you a link, or check out the link below and sign up and we'll blast it out to our private network tomorrow. Again, it is exclusively listed. Agents know what that means out there. So if you're curious, or you have buyers, feel free to give me a shout and I'll give you the lowdown on the property. Student rental near Fanshawe Area, and it will fly off the shelves. It'll sell before it even goes on MLS.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 187: BE AFRAID

So, surprise, surprise, it's just after 10 o'clock, we actually almost forgot The Closers Daily. We actually spent the entire evening with a national group of investors that we represent, talking both of London markets and major changes happening. I actually got some insights into Kitchener, Cambridge, Waterloo, we work with some great people across the country, so, always good to hear from them. The one thing that we wanted to mention in this episode is when it comes to investment properties in London, Ontario be very, very careful what you're buying right now. There's a lot of misrepresented stuff out there that's being advertised as legal or licensed, it may actually be licensed but there's some serious licensing changes that have come into effect in London and essentially, they're going to be inspecting every single licensed unit. Previously, it was a self- certification checklist that was done by the property owners, so uncle Jimmy might have thought his property was legal, but there may be some serious issues with making that a legal property. Also, some parking restriction things you need to be aware of. There's really the fire code, there's the building code, there's the rental licensing, really honestly just work with somebody who knows what they're doing, and make sure you know what you're getting yourself into.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 186: KEEPING UP WITH THE JONESES

Keeping up with the Joneses is something that happens a lot in Real Estate. You set your goals for the year: let's say 50 transactions, and all of a sudden, you hear about somebody that did 100 or 150, 200, and you think "I'm not good enough". Happens in social media too. You have 100 followers, or you're getting 10 likes a photo, and then somebody's getting a thousand. Then you get a thousand, then you want five, then you want 10. To be honest with you, I think you shouldn't pay attention to these things. Turn off your notifications, just focus on putting out good content, make sure you're building your business the right way, for the long term. Make sure you're giving valuable service to your clients, and in the long run, you'll win. It's good to be aware of the competition and everything else that's out there, but focus on yourself because every minute you spend focusing on your competition is time you could've spent on your own business. Same goes for social media. If you're looking to growth hack and build inorganic followers, its gonna hurt you in the long run. And your posts are gonna get exposed due to audience that could care less about you. If you build an organic audience, you're better to have 150 people than a thousand who actually care about what you

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 185: ARE YOU SCARED

Okay, so, full disclosure, we feel so blessed that we work with some of the most amazing people, a large part of our business has come to us by way of referral, friends, family. The long-term relationships that we've held over the years we never really pushed them, but we happen to get a lot of calls from that sphere, and because we're so close with these people, a lot of times they feel bad asking us a thousand questions per transaction. It's a pretty frequent conversation, we tell them don't worry about it, it's our job we love doing it. If we didn't, we would just do something else. And to be honest with you, when you're doing a real estate transaction, a lot of times you're only doing two or three, maybe four, in your lifetime. If you're in investments it might be a little bit different, but there's no stupid questions. It's a huge transaction, you should be able to ask as many questions as you possibly can. If your real estate agent doesn't know the answer, they should be honest with you and they should go and find the answer. Should always have that open door policy with them, there will be boundaries of time and everything else, but transparency and having a strong relationship will net you a better end result at the end of your

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 181: MARKET CRASH

So let's talk about something that's counterintuitive while you enjoy the beautiful sunset behind me and that's how do market shifts and interest rate increases affect the investment market and is it good or is it bad for investors? Well, it depends on who you are say you take a large swap of investment properties let's talk like 250 to 400,000 dollar range you'll find it's very competitive in that marketplace for people that can afford that product. When interest rates go up a lot of those people get pushed out of the marketplace, so it's actually good for some investors. You'll find cap rate compressions or what stuff's selling for will be stifled down a little bit it's not as competitive so it's actually good a lot of people will wait for the market to dip to actually pull the trigger, so you'll find in really really bullish or strong markets people will sell their assets at top dollar, bank that money so when the markets dip and crash they pick up product at a lower price in a less competitive market, so the markets are always good depending on who you are and what you are trying to accomplish. As we always say make sure you have a plan and don't react emotionally to the marketplace, be that other guy

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 180: OPEN FOR BUSINESS

So the third takeaway from the Commercial Emerge Conference last week on what we can do now that there's so much interest in London to kind of throw jet fuel on that fire and get even more businesses to relocate is make sure that the planning and the consultation process gives those people the impression that London is open for business. Now this was an outside person who said that the perception of London is when they come to the city and they're looking at sites and maybe going through their pre-consultation process that it seems like a very lengthy and cumbersome process. City Hall and the Planning Division are located in two separate buildings and they said this threw them off a little bit where otherwise when they went to different cities, they almost felt like the red carpet was getting rolled out and the city was really willing to work with them. Now we know from the planning and the consultation processes we've been a part of and the contacts we work with, London can actually be great to work with at times. I know I was talking to Adam Carapella as well at the conference and he said you know he didn't really think that that was true. I think because we know the inner workings of the system, might be a little bit easier for us locally but maybe we need to work on sending that message out to the public.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”
 

#THECLOSERSDAILY : EPISODE 179: A NEW HOPE

So the first major takeaway from the Commercially Merged Conference yesterday on how London can succeed provincially, nationally, and globally as a competitive marketplace would be that we need to band together. You know, in London, it seems from the outside, anyways, and definitely from the inside a little bit, that we operate as islands individually, right? Whether it be development, whether it be the real estate industry, the tech sector. You know, some outside people were pointing out yesterday that we can look at Kitchener or Waterloo, that have these massive incubators that are combined of companies that operate in the same industry and maybe compete with each other, but they have a good time helping other people succeed. If you have that abundance mindset, it can change your entire community. One of the positive things of the conference yesterday, and don't listen to the London Free Press, listen to this, was those people that were competitive against each other, were bantering back and forth like and having and honest, open, frank discussion about what needs to be done to clear the Laneway in London. I think there is hope, not like the negative news sometimes makes you perceive.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 177 PT2: MORE LOWBALLS

So after yesterday's episode, turns out low-ball offers are a pretty hot topic. We got some DMs asking us to continue that series and discuss presenting the actual offers. Yesterday we covered how different markets and different personality types make a difference when dealing with low-ball offers, but how do you actually present the offers so you don't get shut down right out of the gate? Well one of the tactics that you can use is actually prefacing the offer presentation with a phone call to the agent. Having a good relationship with the agent would be a great place to start, but knowing the back story of who the seller is, framing the offer in the correct light, could make all the difference in them dealing with your offer or you even getting a sign back. Second thing you can do is spend some time writing a really, really well put together e-mail dictating how you came to that value and why they shouldn't shut down the offer right off the hop. If you give them a little bit of ammunition, the listing agent might be in a better position to get you that counter, or even get the deal done for you.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 177: JUST TEASING YOU

So real estate conferences can feel like an absolute waste of time in our industry, but over the next couple episodes, we're gonna cover the Commercial Emerge Conference that was held to day at the London and St. Thomas Board of Realtors because there was a ton of value that I want to let you guys know kind of what was discussed and what the major takeaways were. So the conference itself actually had a panel of developers, local London developers. Tricar was represented. EllisDon was represented. Dancor was there, and then Shmuel Farhi was on the panel. They had an open, frank discussion about what they've seen happen in the past, what's going on today and where they see the future was going. They also had a panel of large commercial lenders. So a lot of these guys are coming out of Toronto and different areas with their opinions of whatever the marketplace is and where it's going. And then lastly, they had a panel of commercial real estate agents discussing their opinions on the marketplace. Quite a lot of interesting takeaways, and we're gonna be covering them in the next couple days' series, so stay tuned.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 176 PART 2: LOWBALLS

So how does a low ball offer sound to you? Most people don't like it, buyers tend to like it because they want to get a better price on a property and some sellers shot down. How do you handle low ball offers and writing them or dealing with them from the listing sides of things? Well, again, it's a case by case basis, right when people ask you an opened ended question like this a lot of it has to do with the minutia. What market are you dealing with? Are low balls a frequent thing their marketplace? We see marketplaces where 100,000 dollars under asking price isn't unexpected, and other marketplaces where five or ten under asking price will get you a hardy shot down or no response at all. You know, a lot of times when we're talking and we establish a price or a strategy with them, we're telling them expect two or three counters and any negotiation and base your first offer off that if you've got the ammunition to support it, so don't try and end the conversation before its even started but make sure you are dealing with somebody who understands the minutia and how to go about getting the best price for that property

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 176: I WILL REMEMBER YOU

So we got a question from one of our favorite audience members and the question was The L Star jurisdiction is switching MLS platforms. They're moving from DMS to Matrix. Is that going to affect the searches, 'cause there is a note that the searches are gonna be ending as of September 30th. And yes, it will affect the searches, actually, so if you're not migrating your searches on the back end as a real estate agent, then the searches are just going to be cut off. If you actively have a portal or a search set up through a real estate agent, and it disappears, contact them, have them reset it on the new system. Matrix seems like it is gonna have some new features, and mainly what I think is going to affect buyers is the sharing of information amongst boards. So typically when you list a property now, if I only list it on the L Starboard and say not on the Woodstock board or the Huron Board, sharing information across platforms is very difficult. I think the new system's gonna make it a little bit easier. Time will tell. I know, right now, we're migrating I think 800 searches over to the new system for our firm, so all the information is not out here yet, but we'll know as of October. So if you have any

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 175: LAST SATURDAY

So we got a super exciting announcement for you guys. This is the last Saturday that you're gonna see The Closers Daily. So we're gonna be switching up the programming because we're gonna be taking this game to the next level in terms of giving you guys value and content. So we've invested in some stuff on the back end that we're really excited about. It's going to be starting next Saturday so keep your eyes tuned to the channel for that. We'll make an announcement, let you know where the long form content is gonna be. But The Closers Daily is gonna be Monday to Fridays. So keep the questions coming in. We're gonna keep pumping up the content daily. We promise we'll do our best to answer all your questions in due time. We do keep a running list. So if we don't get to you right away, it is coming. We appreciate all of the good feedback we've gotten on it. We appreciate your attention. We really really really want to expose as much as we can about our industry. Try to get some transparency where people think that there might not be some. And always look to provide value. So if you have questions email us info@theclosers.ca. Hit us up in the DMS. Like, follow, share. We just appreciate all of you guys and thank you so much.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”