Plank's Ponderings - A real estate adventure

#311-2757 Quadra Street.  New Listing!  MLS # 282362

One bedroom one bathroom condo on 3rd floor of this well maintained building.  Centrally located and on bus routes to town, shopping and schools, Boasting updated kitchen and bath, newer appliances (included!), laminate and tile floors (no rugs), this is great value!  Pets ok, including 2 cats or 1 cat and one dog (up to 35lbs).  BBQ's ok.  No age restrictions.  Furniture is negotiable.  Easy to show, quick possession possible.

http://bit.ly/acl8ro

Buyer agents often get a bad rap for pushiness, limited availability, and a lack of interest or deep understanding of their clients needs. 

Let's take a deeper look at why...

It's often said that people don't value those things which come to them for free.  In real estate, in most cases, buyers can enlist the services of a Realtor at no cost.  This is because MLS listings offer a "Cooperative Commission" to agents who represent buyers of the home and the commission is paid for by the seller.  And due to this, a buyer can call up an agent and enlist their services, obtain their advice, view multiple homes, all at no cost.  Regardless of whether they purchase a home, the services are free.  There is no perceived risk, no cost, to the buyer.  Sometimes, an agent may work for months with clients only to have them walk into an open house and purchase through the listing agent or purchase a property privately.  Without a clearly defined agreement set out in advance, the buyer's agent is often left uncompensated. 

Unfortunately, the combination of "free" services and lack of contractual obligation tends to encourage a climate of uncertainty between buyers and their Realtors, which benefits no one. 

Obviously, educating our buyers, and building a mutual sense of trust and understanding, would be a good way to mitigate this, and I feel it is an agents responsibility to do so.

A good agent will prequalify buyers to ensure they are ready, willing, and able to purchase in the near future, while a GREAT agent will ensure their buyers understand and sign a "Buyer's Agency" agreement. 

Unfortunately the benefits of buyer's agency are not well understood or utilized, even by agents.  In addition many buyers don't understand the point of a buyer's agency agreement and think it only benefits their Realtor. 

Buyer's agency is an agreement between you and your Realtor which outlines your rights and responsibilities to each other.  It clearly explains how and where your agent will get paid, and what the agent will be doing to earn that pay.  It creates clarity and accountability and you can expect the highest level of care and attention from your Realtor.  Why?  Because your Realtor is ensuring that they are making the most of their time.

I believe a buyer can ensure they receive the best service only from a professional who cares enough to manage the number of clients they take on and clarify in writing exactly what their role and responsibilities to each other will be. 

Working with buyers is a time consuming, sensitive process.  An agent working without buyer's agency agreements is always unsure of whether their time, energy, effort, and expertise will be compensated.  Not knowing if their efforts will be rewarded, they do not put their best effort forward.  They are nervous, stressed, and it comes out in their service.  Because they don't have clarity, they must work with more clients, usually directing their time and attention only at the ones who are in the most immediate "need", the squeaky wheels. 

As an Accredited Buyer's Representative with REBAC, I am trained in buyer representation and choose to work with clarity.  Rather than work as a salesperson, I work as a consultant, and my time is that much more valuable.  My clients who have signed an agreement with me are my priority, and I manage my time and energy so that they end up on the winning side in real estate. 

It's been about four years since I stepped away from my first business, Camera Traders, and put on my Realtor hat (and suit and tie) for a new adventure.  Perhaps I've worked with you; perhaps we haven't connected for a while.  It's long past time I brought you up to speed.

Since 2006, I've helped my clients buy or sell over 100 homes.  For the last 2 years I've been one of the top 10% of Realtors at my office, Pemberton Holmes Ltd.  In the meantime, Camera Traders is being run by my staff, and has grown, and has been incorporated, and this year my staff purchased ½ a interest.  I am full time real estate.     

The things I like most about real estate are the puzzles and the relationships.  The puzzles are juggling and identifying all the elements required helping my clients and friends be successful in accomplishing their own real estate needs.  Every situation is different, and individual.  The relationships are the fun part of the business, whether it is working with first time buyers or seasoned real estate veterans, the process is always rewarding and enriching.    

My network and team has been growing, and I've formed relationships with many skillful, reliable people who I depend on for their assistance in other areas of the real estate world.  This includes lawyers, stagers, marketers, trades people, building inspectors, mortgage providers.  I've developed a comprehensive library of resources, have systemized my listing and selling procedures to ensure my clients receive consistently outstanding service, and am always looking for new ways to do what I do better.  Why?  I find it fun to build something of value and because I want to be highly successful in life.

What do I mean by successful?  I envision working with my clients to their benefit, and receiving benefit as a result.  I envision long term relationships, and see myself as a consultant rather than a salesperson.  If I can consistently and for the long term provide benefit to those around me I will consider myself successful.  I try to balance work life and personal life, which can be a challenge in this business.  I have a young family, and appreciate the flexibility of schedule that being self employed provides.

Recently, I was awarded my Accredited Buyer's Representative (ABR) designation by the Real Estate Buyer's Agent Council (REBAC) of the National Association of Realtors.   REBAC is the world's largest organization of real estate professionals focusing on BUYER representation.  If you are a member of the armed forces, I am an authourized supplier to Brookfield, the federal government's relocation provider and can assist you with your transfer.  I am a candidate member of the Commercial Council of the Victoria Real Estate Board and have been enjoying delving into commercial real estate.  For the past 3 years I have been a volunteer member of the Victoria Real Estate Board's MLS Committee.

So, this is a quick snapshot of where I'm at and how I've been doing in real estate.  Just in case you were wondering. 

"BUYERS ARE LIARS"

It's a saying heard from salespeople to explain away the confusion they are feeling or to help a fellow realtor feel better about a sale that has gone sideways for no apparent reason.   

Sometimes things truly come out of the blue, unexpected, but most times, there's a reason.  It's most often a lack of understanding and communication on the part of the Realtor.

It that case, it's the salespeople who are kidding themselves if they believe that they can find someone a home without a deeper and continued understanding of their client's motivations.  It is often the intangibles that sell a home, and these can be difficult to convey.  In addition, as a home hunt progresses, needs change or understandings alter.

COMMUNICATION IS KEY

Knowing this, it's important for a Realtor to do their best to understand a client's needs and wants on a deeper level than simply "A newer home under $450,000 with 3 bedrooms and 2 bathrooms and a big yard".  If I move forward based on this, I will end up wasting both my own and my clients time.  Look for the deeper meaning.

Possible deeper meanings...

"I want a newer home"

• I don't want a lot of maintenance
• I don't want something dated
• I like the current style/trend of newer homes
• I want an open layout
• ...

"I want a big yard"

• I want space for my toys
• I like to garden
• I want privacy
• ...

"I want three bedrooms"

• I want a spare room for guests, it won't be used much
• I want an office space, a den or basement area would be fine
• I plan to have more children, it must be on the same level as the master bedroom
• ...

"It must be under $450,000"

• I cannot afford more than this
• I don't want to pay more than this
• If it's more than this I will need a suite for income
• ...

CONTINOUSLY ASK QUESTIONS
Be Curious.

By questioning for the deeper meaning, we can come to understand our client's motivations and emotional reasons, and thereby do a better service and have less chance of a surprise change in direction.  You will now have access to "outside the box" solutions that don't fit the original criteria but do fit your client's intentions.  You get to be a hero.  

• "What is it about a big yard that appeals to you?"
• "What would you do with a bigger yard?"
• "Why?"

Depending on the answer, you may ask further qualifying questions.

"If I found you a smaller yard backing onto parkland, would that meet your privacy needs?"

No longer will you consider a buyer a liar when they fall in love with a postage stamp lot after telling you they wanted a large property.  No longer will your BUYER think you don't understand their needs by not providing them with all properties that meet their criteria. No longer will you spin your wheels looking at properties that meet the surface criteria but not the deeper needs.

I can find anyone a 3 bedroom 2 bath HOUSE, but without more details, it is almost impossible to find a client the right HOME.

ROLL WITH IT
Needs change, understandings evolve

Perhaps a change truly does come out of left field.  Roll with it.  New information has come to light, a change in circumstances dictates a new direction.  Check in closely with your client to ensure what needs to happen to get back on track.

ADVISE TO BUYERS AND REALTORS

Ensure there is continuous, solid, two-way communication.  Don't limit your search by focusing on rigid parameters.  Focus on the bigger picture end results.  The clearer picture of what you are looking for, and, more importantly, why you are looking for it, the better we can narrow the search down and be most efficient with house hunting.

By looking at the reasons for the details, rather than just the details themselves, we can find your that needle in a haystack.       

June 12/13 Saturday & Sunday 2-4pm  1561 Stockton Crescent #104

Accessible.  Everything is near at hand in this 1140 sq foot 2 bed (+DEN/Office), 2 bath ground-level condo.  Shopping, Library, Movies, Restaurants, UVic, Camosun, Buses.  A great layout, this home features in suite laundry, a good size kitchen, and master bedroom with HUGE ensuite.  Private covered patio with separate entrance as well.  Lots of storage in unit as well as a large 7x8 separate storage ROOM.  Tastefully decorated and ready for immediate occupancy.  Located in an attractive building with newer roof and an interlocking brick driveway.  Check it out!

Having recently attended a course on archeological sites and their relation to real estate, I found the following article by the CBC a timely and useful illustration of the importance, and the difficulties, in identifying areas of archeological importance.  The impact on an owner or buyer can be significant. 

http://www.cbc.ca/canada/british-columbia/story/2010/04/19/bc-diggingbill.html

As an archeological find or identified site could significantly impact the development potential of a property, this will consequently impact value.  Although any property could potentially contain archeological or cultural significance, it is especially important to check properties in areas likely to have been inhabited or utilized, such as waterfront areas.  

While there is publicly a high awareness of the historical and cultural value of an archeological find, the practice of searching out and identifying such sites when purchasing or selling a property is not common practice.  Ensure that you discuss the matter with your agent if you are at all concerned with the ramifications of owning property identified as an archeological site. 

The BC Government does have a registry of sites, and some municipalities also keep records.  Public access to them is another matter and there is no reference on the property's title, so further investigation is usually required.   

For more information about archeological sites in relation to real estate, please see this BC Gov't website.  http://www.tca.gov.bc.ca/archaeology/

2002 built home on a quiet cul-de-sac with a great floorplan. 2 bedrooms up (Master has walk-in & cheater ensuite), open concept living space w/ large living room, well designed kitchen w/ eating bar, & dining room.  On the lower level, a small office area, a 1 bedroom in-law accomodation w/ shared laundry & sliding doors onto patio.  The single car garage has been converted to a recreation room (but can be easily returned to original).  Priced for a quick sale.  Fully fenced side and rear yard, quick access to Galloping Goose Trail. Remaining warrantly to 2012. Floorplans Available.

More info here...

http://tinyurl.com/2fa6xdz

You may have already seen a few properties you've been interested in, but now that your house-hunting search has begun in earnest, it is time to start getting a lot more familiar with what's out there.  This will help you when the time is right to buy.  You'll "just know", and recognize when you see the property that is everything you want, and understand whether it is a reasonable price.  Once you start looking at houses, you may also become more clear with yourself what kind of features and amenities fall into the "needs" category, and which are only "wants" based on your price range.

The process I find works well for viewing properties (when we are in the phase of familiarizing you with what is available) is to book a block of time at regular intervals and schedule a tour of multiple properties to view.  Usually we will need at least an hour and a half to see five or six properties - though different clients can take different amounts of time.  We'll get a better sense of that as we go through a few houses together.

You may see a property that looks PERFECT, and want to view it immediately.  Email, page or call your me to arrange a showing, and I will do my best to accommodate you ASAP.  Please provide me with your contact info and at least TWO date and time windows that work for you.  This is because we have three calendars to accomodate; yours, mine, and the sellers (or their tenants).  

Here are a few hints and tips on requesting showings...

• Include the MLS# or address for any property you'd like to see, when requesting me to arrange a showing.  It makes it faster and easier for me to arrange.
• Note which features primarily interest you about a property or properties - this will help me identify other potential properties of interest.
• Provide at least TWO date and time windows with your request.  We have a better chance of immediately setting an appointment for the first possible showing this way.  Some vacant properties are shown easily with little or no notice, but others are tenanted or home to busy families and require a day or two notice to arrange a showing.  
• For a property tour of several houses, it is most efficient to focus on a particular neighbourhood or area.
• To best compare properties, arrange to view multiple properties of one particular style, size or age range
• Please be aware that for viewing condos, arranging for keys can take some time, as strata bylaws often have restrictions on lock-boxes outside the building.
• Focus on properties that fit your needs.  It is important that we both make the most of our time together.

 Please don't expect me to drop everything to show you a property just out of curiosity, though do let me know about these properties and perhaps we can arrange to fit it into our schedules for "fun"!  I am prepared to work with clients long-term to find the perfect home, but it requires cooperation and mutual respect.