home for sale in london ontario

#THECLOSERSDAILY : EPISODE 281: HOW MUCH IS THAT PLACE WORTH

So, the market's getting crazy again. We covered that in yesterday's episode. The multiple offers are back, limited inventory is driving buyers to be a little bit emotional. We we're gonna give you guys a tip on how to navigate a seller's market. And the first tip we're gonna give you guys this week is gonna be, don't get caught up on the list price. So list price is put there by the listing agent to generate interest. Sometimes they're listing at market value, sometimes above, sometimes under. A lot of times in the seller's market they are doing it under market on purpose to generate as much interest as possible. The more offers they get, the more likelihood that they're gonna get above-market value with no conditions. Which is a dream for any seller out there. So say a property is worth 300 and they price it at 280, some of the people going in and writing offers on that property are gonna get stuck mentally on the 280, when the smart agents that are out there are gonna look at the property value and see where it's actually gonna sell. So just be aware of what the property is worth and don't necessarily get caught up on the listing price.

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 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 174: YOU'RE HIRED

Its members, and it was you know if you're unhappy with the sales process with your agent is it a good idea to switch agents throughout the sales process and is that going to hurt your sale? Well, that's a pretty loaded question. I mean, if you break down different price points of properties there is a different expectation in terms of average days on market so you need to know are you priced properly, is the condition of your property good, and how's it being marketed? If you answer all three of these questions and they are not being satisfied, you need to do what's best for you, but I will through a caveat in there. Say you're dealing with a two million or three million dollar property that the average days on market is a year or longer sometimes it just takes a lot longer to find that right buyer and you can actually really hurt yourself by switching agents through the process. It shows a lack of confidence in either the agent or the pricing of the property and can create more problems than it can solve. So pretty loaded question. If you have any specific questions, email us info@theclosers.ca. Have a great weekend. We love you guys. Take care.

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 170: FutureAMA

Function obsolescence is a word that's used to describe something that's outlived its usefulness. Commonly actually, it's used in Real Estate to explain when properties have not been upgraded year on year and ended up leading to a much older effective age of the property, and a lower appraisal value, because a lot of the items are going to have to be upgraded over time. The reason I'm bringing it up in today's episode is we always tell people to plan for functional obsolescence. Let's use Commercial Real Estate for an example. So say you're doing a new build or there's a large component of your commercial investment that needs to be upgraded. Sometimes, just doing the bare minimum isn't enough. You need to plan for what that property's use is going to be in the next 10-15, to 20 years. If you thing from a Commercial Real Estate standpoint, you gotta think electrical systems are gonna change, tenant needs are gonna change so always look to the future. Don't always just do the bare minimum.

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 169: GIVE IT UP

So here's two tips for you to lock up that wicked property that just hit the market, that's well-priced and everything that you've been looking for and that's A, do the offer right away. Don't wait, don't even wait till the next morning 'cause if you give it too much time, somebody else might show up and you're gonna be in competition. And number two is don't look a bird in the hand too closely. Give them an offer they can accept right away if it's a conditional offer. Even better, because if you go into competition and you end up having to go to your best and highest right away, you know you tried to save $2,000 or $3,000 here or there, you might regret when you have to pay quite a bit more because you waited. Like I said, give 'em something attractive. If there's that much interest on it, there's probably a reason for it.

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 167: BOARDED UP WINDOWS

So we've got another audience member question for you guys, and they were asking why is it when they're walking down sidewalks, they see commercial properties that have had for lease signs for months and months and months and some commercial properties, literally for years? Well, you gotta realize that when a commercial property owner is buying a property, a lot of times they're valuing it based off the cap rate, meaning they're taking the income minus the expenses, dividing it by the purchase price, and then buying it at a cap market value. The challenge is if they decide to just discount some units to get somebody in there to have some rent coming in, that's gonna set the bar for the average rent across the plaza, and it's gonna devalue it from, say, a macro perspective. Now, there's creative ways of structuring leases so that everybody can get what they want, but large in part, a lot of times, they'll write those losses off against their taxes rather than taking an actual loss on a lease. It's pretty complicated, but if you ever have any leasing questions, let us know and we'd be happy to answer them 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 165: AGENT ON AGENT CRIME

So we've got something completely out of the box for you today. It's property that you'll probably recognize when you see it, and it's for sale. So it's my main man, Peter Mullins, and he actually has the Colonial Hotel, restaurant, and taverns for sale in Grand Bend. I though this was a fun one for you guys because lots of people have been to Gables or recognize this building when they get to Grand Bend. So for only $2.85 million, this could be yours. And the main point of why we're bringing up another agent's listing in the Closers Daily is because as we've said many, many times in the past, the way you treat people and your reputation really makes a difference. We've had nothing but good interactions with Peter. He's a good broker. I know he's honest and forthright in the way he does business. Plus, I can represent you on the purchase of that property. So it's a win-win for everybody. So you wanna buy the Colonial and Gables, gimme a call.

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 164: I'LL BE THERE FOR YOU

One of the most common questions we get, is how you actually translate social media and digital marketing into sales or getting new business. And one of the reasons we get this question is because a lot of social media these days, is super spammy, it's growth hacking, which is trying to build up a really big follower account really really quickly through buying followers, using hashtags and stuff like that. To be honest with you, we tell people there is no short cut, you gotta work really really hard, you gotta prove yourself. People's BS detector is better now than it ever was before. So what you have to do is really really just not even look at your follower count, turn off your notifications, put out good content on a regular basis. Be there and answer questions when people have them and help other people build their businesses and be genuine about it. You'll notice if you run through our feed a lot of the times we're giving other people shout outs. We actually use their products. So, be genuine, don't care about what people think about you and be there, provide good value and that's gonna win.

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 162: BURNING BRIDGES

This is a tip for new agents getting into the business, or anybody getting into any new business for that matter, and that's being conscious of the relationships you foster when you're entering a new industry or developing a new business or business plan. You got to realize you're entering a competitive landscape, but a lot of the people that are at the top of their field might have some amazing opportunities for you down the road. So make sure you're not burning any bridges early on and you're keeping those doors wide open. The real estate industry is a very, very tricky one to navigate and it's easy to get kind of caught up in the weeds and competitiveness of it. But, keep in mind, that some people that have been in the business a lot longer than you might be able to feed you quite a bit more business than you're aware of, so you need to kill them with kindness and really humble yourself and look for help. You'd be surprised that a lot of times they'd be willing to give you a ton of information and save you from mistakes that they have maybe made in the past.

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 160: CLOSE MINDED REALTORS

So sometimes real estate agents can actually know too much information for their own good. What do I mean by that? I mean we can get so fancy with all our stats and sales data statistics and you know being so hyper-local to a market for such a long time that we can get boxed into not realizing where marketers actually going and thinking those houses are only worth that. And not realizing what outside buyers are prepared to pay and where those markets might be headed. You know the value proposition of a real estate agent is being able to help their buyers and sellers interpret the data that's out there and guide them through volatile markets. So make sure that you have that open mind. You know you work with your sellers and your buyers. Make sure that you're going in, be conservative and make sure that you're protecting them because likely, if you're gonna resell it for them you're gonna get caught holding the bag. But don't get caught in your own little world and don't be afraid to reach out for help from others that might know more than 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.”

So sometimes real estate agents can actually know too much information for their own good. What do I mean by that? I mean we can get so fancy with all our stats and sales data statistics and you know being so hyper-local to a market for such a long time that we can get boxed into not realizing where marketers actually going and thinking those houses are only worth that. And not realizing what outside buyers are prepared to pay and where those markets might be headed. You know the value proposition of a real estate agent is being able to help their buyers and sellers interpret the data that's out there and guide them through volatile markets. So make sure that you have that open mind. You know you work with your sellers and your buyers. Make sure that you're going in, be conservative and make sure that you're protecting them because likely, if you're gonna resell it for them you're gonna get caught holding the bag. But don't get caught in your own little world and don't be afraid to reach out for help from others that might know more than 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 159: OVERPRICED REAL ESTATE AGENTS

So in this market? Throw a sign up, take a couple photos, the property's pretty much gonna sell itself, right? So how's the real estate agent justify their commission? First off, you gotta keep in mind, the real estate agents run their businesses. The ones who do professionally will have a 30/30/30 split, so they'll be 30% fees to marketing, 30% fees to the brokerage, and then 30% fee that they actually keep. Second part to that is when a market's hot, it's not necessarily great for real estate agents because they typically have to maybe write three to five deals to get one deal done. So you gotta look at the net net amount that they're making. Now the second part of that, is I'm not just defending real estate agents, they better justify their commissions. The cream rises to the top, and the market drops, so I like those cycles 'cause it really trims the fat. And now more than ever, your real estate agent has to bring you a value prop, more than just a base standard. Or how are they gonna justify their fees? They better be netting you more money, and pay for themselves, that's how we like to look at it.

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 158: COMMISIONS HIDDEN COST

So one thing you may not have thought about when it comes to paying real estate commissions is you're gonna have to pay HST on that transaction. Lot of people kind of forego this when they're going through the paperwork, or don't explain to their clients properly that HST applies to all service transaction in Ontario. So the government's gonna come in and charge HST on that and the agent's not gonna actually get to keep the money. It's just gonna be held by them, and then come tax time they'll have to pay it back to the government. But HST's 13%, that's a big chunk of change. So we just like people to be informed and make sure you know what you're signing, make sure you know how to calculate your net proceeds, so you can make the right decision. Whether it be an investment, your family home, wherever you're moving to, these things really matter, so make sure you understand the full scope of the transaction.

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 157: OH MY COMMISSION PT3

So one thing you may not have thought about when it comes to paying real estate commissions is you're gonna have to pay HST on that transaction. Lot of people kind of forego this when they're going through the paperwork, or don't explain to their clients properly that HST applies to all service transaction in Ontario. So the government's gonna come in and charge HST on that and the agent's not gonna actually get to keep the money. It's just gonna be held by them, and then come tax time they'll have to pay it back to the government. But HST's 13%, that's a big chunk of change. So we just like people to be informed and make sure you know what you're signing, make sure you know how to calculate your net proceeds, so you can make the right decision. Whether it be an investment, your family home, wherever you're moving to, these things really matter, so make sure you understand the full scope of the transaction.

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 156: COMMISSIONS EXPOSED P2

Little secrets about real estate commissions, part two. So yesterday we talked about the breakdown as far as how commissions work from the lister's side and the buyer's side. In this episode we're gonna talk about ads that you see out there that say, oh we can sell your property for 1% commission or a number that seems really, really low. And how do they go about doing that? Well a lot of times, what they're doing is they're actually advertising the listing side of the commission. So remember yesterday, we broke it out into two parts, there's the listing side of the commission, and the cooperating brokerage fee A lot of times they may come in and say it's 1% for the listing side of the brokerage, or maybe a half point. But then we still have to give away 2% in order to get the cooperating brokerages or buyers to come in, where there's a large likelihood of that actually happening. So your actual ending commission fee is gonna be inclusive of that cooperating brokerage fee. Other thing that I wanted to point out is always be aware of contracts you're signing that have breakage fees, sometimes the higher-end commission agents are only getting paid if they actually sell the property, whereas some of the lower commission brokerages will actually have breakage fees if you need to get out of the contract.

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 154: DONT GET MAD

Stop focusing on the short term. Start focusing on the long term. So, many of you guys that have been watching the series for a while know that @garyvee shows something espouse a lot. Go check it out on YouTube if you haven't seen it. Tons of good business advice. But he said something that really rang true a couple weeks ago and it's that short term economics leave you vulnerable in the long-run and so say, you're even looking at your business as a real estate agent and you're so worried about making a double-ended commission on a small transaction. You burn an agent on the other side. I had to turn away his buyer, take a portion of his commission, and that agent comes back a year later with an opportunity to take some business from you or something along those lines. You've left such a sour taste in their mouth that they're not going to give you the courtesy that you might've got if you'd left that transaction with everybody happy. Now, at the end of the day, you have to do what's best for your client so always keep that in mind. But don't pass up longer term relationships just because you want to make a quick buck here, a quick buck there.

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 150: WHY IS HE SELLING

So why's that seller selling his property, are they gonna be honest with you about the answer, does it make a difference when you're writing an offer on the property? Yes and no this is another one of those gray areas in real estate where the relationship that your agent has with the seller's agent, the seller directly, or reputation in the industry makes a huge difference because them knowing who they're dealing with, the representative on the other side, the different types of games and tricks that may be played in the industry is gonna be a huge feather in your cap when you're putting an offer on a property and finding out the true motivation of a seller, why they're selling their property, and if the excuse they're giving as to why they're selling their property is even accurate. At the end of the day you gotta play devil's advocate always look at it from the perspective of a business decision don't get emotional based on a story that somebody's telling you, try and pull all the facts and as we said in other videos, try and make sure that you have as much leverage going into the initial negotiation but don't get distracted from your strategy going in make sure you got a plan, make sure you stick to it try and get as much information, but make sure you're working with the right people.

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 149: BRIGHT SHINY OBJECTS

So you're flipping through a real estate magazine, and you keep noticing person after person, claiming to be the number one agent or the top realtor, and how does that actually work when there's only one spot for that top realtor? We actually got this question by one of our audience members, so we thought we'd address it. What you gotta realize is you can skew stats in almost any way. Are they the number one agent overall in all the agents in their jurisdiction? Does that take into effect any off-market properties that other agents have sold? Are they claiming to be the number one agent at their brokerage for the year, for the month, for the week? You gotta be really careful about getting suckered in, just by advertising. Make sure you know who you're dealing with. Get the background. They may be killer agents. There's some awesome people out there that are top performing realtors, but don't get drawn up in the flashy, bright light object type things that you'll see in magazines. Make sure you sit down and have a heart-to-heart with that person, and see how their experience and skills relate to selling your property and netting you the most amount of money, in the shortest amount of time, if that's what you're looking for.

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 148: CANDID CAMERA

So you're touring properties with your real estate agent and you see something that you think is really funny, maybe you wanna snap a photo of it, post it on Instagram, or maybe you see something that you want to remember so you snap a photo of that to keep it in your phone. Well keep in mind in either situation, you're actually breaking the rules. The showing agent is not supposed to be taking any photos neither are the buyers as they're walking through properties. They are allowed to ask the listing agent, through a text message or phone conversation if they're allowed doing certain things, but you gotta be aware that the listing agent that's listed the property is one who has assigned agreements to selling market that property and actually has to get those photos and everything authorized by their seller, so be aware of the situation that you're in, make sure that you're not breaking any rules or getting anybody in trouble by posting something online that you shouldn't be, and that in each situation, just turn to your real estate agent, they're the ones who are going to be able to give you the information of what you are and aren't allowed to do to get the sale done. At the end of the day, we obviously all want to service our clients, but wanna make sure we're doing it in the right way.

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 147: SILENCE

So referral of inquiries, when you sign a listing agreement with a real estate agent, there's a clause in the standard agreement that indicates that you'll send over any inquiries to the real estate agent so anybody maybe that's walking down the street that asks you about the property, if somebody knocks on your door. And the reason that you're gonna want to send the inquiries over to your real estate agent that you've signed with is, if you start talking, what you might end up doing is giving away some leverage that you might need for negotiations. So a lot of people in the public, if they're in sales or they're trained in negotiations and tactics and what not. They're going to ask you a lot of leading and open-ended questions. And, you know, you might just be trying to friendly and maybe think you're selling the house. But it may be counter-intuitive. 'Cause you may give them something that, when it comes time to negotiate on the property, they know where you're moving, they know what your closing date is, or you've given away some point of leverage that could actually cost you money. So super important to keep in mind that your agent is trained in selling the property for the right reasons. Pass that inquiry over, don't miss the opportunity. But make sure you protect yourself.

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.”