RE Tips Steevie Soucie

Steevie

Reno costs

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On Closing: after legally binding contract, Domino effect, circumstances doesn't matter. Once you are buyer and you're unable to close the property due to any reason then you're in the breach of contract. Not necessarily sellers / buyers are nasty but sometimes things out of control like loss of job or something other may happen. Sometimes sellers have to close another property and next seller has to close another property. So it is not only loss of deposit. The consequences are much more.

When market is changing / shifting, prices are dropped. Not necessarily, the seller goes after deposit but he can go and also can claim the difference of price or any encumbrance he proves.

Deposit is absolutely at risk. This is not automatic. There is legal process for it. Is it worth legal fees, time and effort. Deposit is significant / sufficient amount and difference of price (if significant).

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Interest rate affects real estate market but not for those for next 5 years who have closed the deal even they just renewed their mortgage. 

Bad market; never - buyers / sellers / balanced and there is opportunity in each. 

Deposit is the amount which we put with an offer when purchasing a property showing a good faith that you're a serious buyer, up to 5% in the listing brokerage. It adds to the down payment. It's paid within 24 hours after offer (firm / conditional) acceptance. 

Deposit amount must be readily available, not tied to any stock or RRSP. 1) Go and drop the deposit certified cheque or draft or attach the scan copy but readily available after acceptance of offer. 

Try to get approval of mortgage a little bit higher than purchase price to ease the payment of monthly mortgage cost and reno cost. 

Top 3 things for realtors to do in a shifting market

Double down on lead generation

cut expenses

Cherry pick listings

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Clients are loyal to the standard service we provide

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Easy way to generate business for new realtors

1 Advertise other agents listing

2 Host open houses

3 Buy coffee 20-30

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Intro; Hi everyone, I’m MH from BH real estate team and I’m so excited for 2022. For many reasons, but one thing that I most looking for too; is all the amazing people that I’m going to meet and have a pleasure of working with this year. I wana tell you a little bit about myself and what makes me different from all the other area agents.

I have always have a passion for helping others. I believe in coming from contribution so if I can bring value to someone through my own personal experiences or if someone is seeking knowledge about something that I’m knowledgeable about it really excites me to be able to share with that person and help them.

I actually want to be teacher most of my life and I now find myself in my real estate career with the same passion as that of education.

Social media is one of the largest tools at our disposal and I choose to use that tool to educate my community about the real estate industry.

So whether you are a FTHB or someone who is looking to upsize to accommodate a growing family, an investor or anything in between I have you cover.

You don’t already follow me on social media I will love to connect with you on there and if you are looking to sell or purchase a home, I’d love to hear from you.

Location; First property buying; not be too picky. You are just putting foot in the market. This will not be your only property. Cosmetic things can be easily changed and will increase value.

Rather you focus on location and resale value when you upsize your house than you like the kitchen cabinets or not.

Commission Cut; Saving money on Commission is good. I appreciate your concern. The most important thing is more money in your pocket at the end of the deal rather than saving money on Commission.

Is that Commission reduction on the cost of cutting in services or from where this Commission reduction is compensating? This is my concern. How much they work hard on the negotiation?

New leads; Hi dear, how are you doing today. My name is MH. I am local realtor with BH. I am working in your neighborhood and curious if you thinking to move next 3 to 6 months.

When you think about move, would it be local or out of the area. If not serious answer then move on to next.

Mortgage Shopping; People consider the interest rate most of the time. Sure, this is extremely important but there are some other factors to be considered. For first time home buyer or purchase of very first investment property. It is important to think about your plan. How long you are planning to live in that house. If you are just entering the market and have a plan to live for 5 years in that house or it’s an investment, may be a flip project; just going in, renovating and selling; a bigger benefit to you rather than looking a low interest rate. When you need a mortgage for short period then emphasis should be on no high penalty rather than low interest rate.

Pre-Construction is a good investment area. Then you should know about assignment sale. What assignment sale is that you buy a pre-Construction then assign the sale to another buyer.

Market price difference when purchased and now.

Not affording, some circumstances changed.

Make sure with the builder; some allow, some don’t. Also inquire about timeline for assignment sale.

Houses vs Condo; Freehold House appreciate more than Condo. Data sows historically more equity and more resale value.

More space / More opportunity; can make multiple units in a home, can make more passive income through renting. In Condo, will be very challenging making more than 1 unit.

Houses appeal to more buyers (for singles, couples, with kids). It’s hot product.

Condo is still a great investment.

Renting vs Owning; A monthly mortgage payment is often cheaper than a monthly rent payment. Building your own equity and paying down your own mortgage instead of someone else's.

All that money going towards someone else's investment and you have nothing to show for it. Building wealth and doing more for yourself; equity is the best way for this.

Home Renovation: Let’s talk about home renovation. It’s important to realize that there is a big difference between renovating to enjoy and renovating to sell. Renovation does not always give you dollar for dollar backend value. So be very smart when renovating if you have plan to sell. Before renovating invite realtor, will tell you what will increase resale value and what will. It will save your money and time.

Investing in Real Estate: I’m here to help you. Purchase your 1st house and use it as leverage for the next! Save for your down payment, closing cost, get pre-approval; Purchase your 1st house.

Live in it for few years; build equity with rising house prices or renovate it. Get it re-assessed at a higher value because of the renovations then use that equity.

Purchase your 1st house and don’t move in. Stay with your parents. Just rent it out. Let the renters pay your mortgage, Build some equity; use the equity to purchase another investment property or sell it and use the money to purchase your dream home.

Buy a multi-unit property; live for free.

Leveraging one house and purchasing another; building equity in one home and purchasing another property; rent it and have passive income.

This is sellers’ market. People think that just putting the sign for sale you can sell the property. In some cases, yes. But it’s not always this kind of scenario.

FTHB Don’t purchase a brand new car / get themselves into a car payment or lease right before right before looking a property. In one year or few years before buying a property affect badly your mortgage approval. If you have good income, why not, go for both but wait after you have closed on your new house. NOT on preapproval or acceptance of offer.

Defining Work; Buyers who get preapproved before house shopping

Sellers who are reasonable and listen to your advice

Realtors who want work hard to get the deal done and respect you

Buyers who get into a brand new car payment before closing

Sellers who want to list $100,000 off market value

Realtors who think they know it all and don’t work in the best interest of their clients

Steps for buyers; get preapproval before start shopping. Save yourself the disappointment of missing out on a home you love because you’re not preapproved.

FTHB; Foot in the market, not be too picky. First home is not forever. Cosmetic things can easily be changed and will increase your value. Focus more on location and resale value rather than if you like the kitchen cabinets or not.

Don’t Purchase a brand new car before closing; lease, loan or payment

Wait for finances complete until closing. Any new debt from the time you got approved for financing can be an issue that could hurt your closing.

BRRR Method; Buy, Renovate, Rent, Refinance, Repeat

Buy a property that needs some work. Renovate the property to increase its value. Rent it out to great tenants. (Passive income to pay your mortgage). Refinance at a higher value now that it has been renovated and rented out. Leverage one property to buy multiple properties.

Be aware of your surroundings and potential weapons (sharp knife in the kitchen).

Commission Song; When you are making $23,000 this month in closings from the work you did last year. From The top, left, right abundantly.

Family help; There is nothing wrong with getting help from family. But for all those out there doing it all on their own who feel discouraged about getting into the market ….. Let’s see …

According to CIBC average gift from parents to FTHB in Toronto > $130,000; in Vancouver > $180,000

Anxiety on door knocking when people are rude. Be ready comfortable for uncomfortable feelings. Making it more bearable, keep in mind, if someone is nasty, you are always not responsible for the situation. Already may be something going wrong with him, you are not aware of that ruin his day. Because no sane (well balanced) person is that mean to a total stranger over that. It’s numbers game.

Daily door knocking is hard with no results but once you start getting commission cheques, spread and figure out how much you got per door knocking.

Balanced Market: Supply meets demand, healthy negotiations, houses will sell around asking price, Fair for both parties; no one is the 'bad boy'

Sellers Market: Supply does not meet demand, sellers are in the drivers seat, houses will sell for full ask or more; Sellers are the 'bad boy'

Buyers Market: Supply exceeds demand, lots for buyers to choose from, buyers are in the drivers seat, houses will likely sell under asking price; Buyers are the 'bad boy'

Covid-19 Market: No inventory, Bidding wars, the smell of tequila hand sanitizer, Houses sell in 5 seconds, Latex gloves everywhere; Send Help

Safety Precautions: Always let someone know where you are

Meet at office or Public place first; not on the subject property

Park on the street, your car must not be blocked

Safety tips; First time meeting in public place, get copy of driver’s license. Red Flag; hesitate to give you copy of license.

Always let someone know where you are, showing, open house, listing appointment, meet a client in the office (especially after business hours) with time limits.

Don’t park your car in the driveway (avoid car blocked); park on the road

Always follow behind your client; don’t turn your back to them. Open door for them; let them walk in and you follow behind them. Especially when walking upstairs, make sure you always behind them.

Take notice of all exits.

Career; Know your market, spend enormous time on MLS. Be expert in your area. Know in and out of script. Verbalize script strongly. Script navigate your through conversation with potential buyer / seller and make sure you ask all the right questions and you lead the conversation where you want to go. Mastering the script will help you to cover your less experience and build your confidence.

Success in Real Estate is Simple but not easy. It is simple formula; Lead Gen and Lead Follow-up

Business Planning, Goal Setting, Vision Board; Plan for work

Set out what you want to achieve

Remind yourself of these goals everyday

Don't knock it until you rock it. Basically, give something or someone a chance before you put it down.

Become a successful realtor.

Lead generation daily. Door Knocking on regular basis.