thekenners

[thekenners]

Now What?

If you’ve recently become licensed, congratulations! Welcome to the wonderful world of real estate. You're probably asking what's next? After completing the classes and passing those exams you may fee a little lost. 

You have probably spent the last however months you've been studying focused on become a realtor and spent little to no time working on what to do afterwards. Sure you've probably thought of some marketing ideas, threw around some cool ways you would advertise, maybe sketched out a logo or two, but nothing substantial. No real direction.

It's okay, you're not the only person who got into real estate without a plan and you won’t be the last. Don't fret, here is a quick launch of what to focus on if you just need to get your business moving.

The absolute minimum requirement of a successful real estate business is clients and a service. You need to be able to perform a service for monetary gain and you need someone willing to pay you for that service. As someone building a new business, if you're lost or even if you're not, you should be spending a good portion of your time thinking about those two things, clients and service. Specifically who are your clients and how can you build more of them as well as what your service is and  what will separate you from others. 

You’re not going to know everything that there is about real estate. You are going to probably going to make a mistake or two. You are probably going to look like a fool at least once in your career. It’s true. All of this is very true. Now that we’ve gotten rid of any disillusion about being perfect we can move on. Stop thinking about what you don’t know and start reaching out to clients, have conversations, go for drinks on a patio. NETWORK. As I mentioned, you need CLIENTS and SERVICE. You won’t make a dime if no one know’s you’re in real estate. So build your list of contacts and keep reaching out.

At the same time, practice and learn. That is how you will build your service. Do mock offers and paperwork, practice your explanations of the forms, read about the industry and go out and inspect listings. DO NOT let the first time you see a property be with a client. If you don’t have any clients try to see 100 properties before you get one. 

If you just focus on these two things and nothing else, I am willing to bet dollars to donuts, you’ll begin seeing positive movements towards reaching your goals. 

[thekenners]

What’s the deal with Incorporating as an Agent.

You may have heard this topic before, but if you haven’t here’s an overview. 

In Ontario it is illegal to incorporate as a real estate agent. This means that an individual realtor, i.e. John Smith, Sales Representative, cannot trade as John Smith Real Estate Incorporated. The actual rules around this is that according to the Real Estate Business Brokers Act, 2002 an individual “registrant” (i.e. sales person or broker) cannot be paid by anyone other than a Brokerage, and it makes it illegal for Brokerages to pay commissions to anyone that is not a licensed registrant or other brokerages. An individual corporation CANNOT be licensed and therefore for a brokerage to pay the corporation they would be in contravention of the act and if the corporation pays the individual agent, the agent is now in contravention of the act as well. 

Now why would anyone want to create an individual corporation, anyway? The short answer is for a tax shelter. In corporate tax rate is approximately 15%, no matter your income. The individual income tax in Ontario for someone earning $150,000 is approximately 33.44%. By creating a corporation, an agent instantly saves 50% of what they would be paying to the government if they earned $150k. This is the main reason why we would want to be incorporated, and it makes sense. As real estate agents, we are businesses. We run our businesses as such, which means we hire staff (accountants, administrators, digital marketers etc) and we have expenses (monthly costs, printing, marketing, advertisements, supplies, vehicles etc) all of which can be written off currently, but after all the write offs, everything remaining is taxed at personal income rates which could be upwards to more than 50%! 

Another benefit to incorporating is the ability to create stability for their lives incorporating allows for that. As a corporation, you would be able to pay yourself a ‘salary’, which means if you had an incredible year and made $450,000 after expenses and costs and your lifestyle only requires $75,000, you can leave the remaining amount in the corporation, and your personal income taxes would be based off of the $75k. Rather than receiving the total amount and being taxed over 50%, you can pay yourself a salary and keep the rest protected in the corporation. 

Many other professional businesses have the ability to incorporate, including lawyers, doctors, dentists and veterinarians which creates the question of why can’t we? 

Unfortunately at the moment, the reason we can’t is because the rules have not changed since inception. Realtors have grown as a business, and the trade of real estate has become an incredible part of the economy. Becoming an agent requires more than a visit to an office and a form. Formal education is required, and more often than not much more training is needed. Real estate has changed, but rules have not. 

Hopefully we are on the way to make some changes in the next few years.

If you want to know more on how to push forward the ability to incorporate, give me a shout!

[thekenners]

Where to Place Your Focus

People will work with you for 2 reasons, they trust you, or they trust your experience, or a combination of both. In any case, TRUST is key so not knowing everything doesn’t mean you can’t be successful. A lot of realtors starting off often say things like “I don’t want to let everyone know I’m an agent yet because I don’t want to look like a fool if they ask a question I don’t have an answer for”. This mentality, though considerate, stalls a lot of realtors from reaching success earlier than they should have. You will learn how to do well if you have the right team and people around you, and even if you don’t you will learn better through practice and experience. Experience, which is gained by doing. 

I often say anything you do today will result in business in the next 8 - 12 months. Which means the conversations, messages and discussions you have today, will not become a deal (if it was going to) for a LONG time, and that MAY only happen if you keep those conversations going but NONE of this matters if you don’t start the conversation in the first place. 

You have to build the relationships and trust. Don’t worry about who will be the best ‘target’ for deals or which “audience” you should target, instead concentrate on getting to know your contacts and relationships, people you know and want to get to know, everything else will fall into place. 

Never focus on money. Focus on building the relationship, money will always follow. 

[thekenners]

3 Critical Things to Consider When Choosing a Brokerage.

Choosing the right brokerage is incredibly important when you decide to build your real estate business. Success in real estate takes time and being at the wrong brokerage can delay that success significantly if you're not in the right place! Every brokerage has their selling features but here are what I believe are the most important things to consider when deciding on a brokerage.

1. Support (availability and quality)

There will never be any brokerage that will say when you ask them about offering support and education, "no absolutely not. You're on your own." Even those who don't provide much support still say they do, remember brokerages are businesses and Agents are their source of income; in this way they are in sales. Knowing how much support is available and how available it is can mean the difference between winning an offer or not.

Understanding how many agents are in the brokerage, how many are within their first 2 years, how long the person you are to rely on (manager, lead, broker of record etc) has been in that role, and if they are trading will provide a clearer picture on what the support system is like when it comes time to needing it.

2. Culture/environment

Culture: the attitudes and behavior characteristic of a particular social group.

Environment: the surroundings or conditions in which a person, animal, or plant lives or operates.

Your environment matters. The people you surround yourself with and their attitudes, be it life, business or anything else, effects you and can effect your ability to reach your potential. As much as you think you don't need people, you do. Being a 'lone wolf' in this industry only impedes your progress. The fastest way to success is to surround yourself with like minded, experienced Agents and learning from them and you definitely won't be able to do that if you cannot stand the culture or it is one that doesn't make you feel comfortable. To find this out take some time to sit in on meetings or ask for a few people in the brokerage to talk to. Have a coffee with them and see what their views of the brokerage are. Often they are much more candid and willing to give you an honest opinion of what life is like in the brokerage. 

3. Your Gut

How do you know a brokerage is right? How can you tell if you've been sold or if what they are selling you is true? As I mentioned reaching out to a few agents and speaking to them about their experiences can be helpful, but most of all trust your gut. If a brokerage feels right, then follow through. If you feel comfortable when you walk in, and it just seems 'right', then take a moment to truly consider that company. Your gut will be incredibly helpful to you while you work with clients, allowing it to help you choose where you begin building your business is a great way to start trusting it.

4. Will It Elevate YOU?

The final thing to pay attention to is whether or not what the brokerage is selling you is going to help you and YOUR business. Forget about brand, cost or even market share, ask yourself one simple question, will your business be better off or worse off if you spent a year on that team? It’s easy to get distracted by things like brand and logos but what’s crucial for your business is what you can take away from working there. Will it help you succeed in the long run, and if so, how? 

I’ve said it multiple times in the past, success in real estate is simple and it’s even simpler when you have guidance. Choosing the right brokerage in the very beginning is the first step to getting the guidance you need that will get you on the path to building a long lasting, successful real estate business. 

[thekenners]

Safety Tips for Realtors.

That 2 million dollars deal isn't always what it seems

As I write this post I have worked in the Toronto Real Estate industry for 16 years, and something I’ve learned is that some people are not always what they seem to be. In order to build your business I teach to be social, to make as many contacts as possible, this will build your network and is necessary to your success but it is important that you be aware that not everyone’s intentions are pure. No matter your age, sex or orientation it is important to be aware that ‘pretending to be a client’ is an easy way to get close to you. There are always situations where a person that seems to be a ‘perfect’ client, a person who seems to have all the right qualifications and answers -- whether you met them online or at a restaurant or bar, be cautious. The old adage ‘if it seems too good to be true, it often is”  is very applicable in this instance. 

I have often heard Agents discuss situations that seemed, on the surface like a perfect connection for business, but after further conversations it was revealed that the intention was completely different. 

Often it was women, informing me of the ill-will of men who started ‘wanting to buy a home” or ‘sell their penthouse’ and the conversation quickly going sideways. Or individuals asking to meet at vacant homes in the late evening. 

I won’t (and can’t) assume to know the difficulties that women (and men) have with the disingenuous intentions of others, but I’d like to give some advice to help vett your leads and keep you safe!

1. Let people know where you are. Many properties are vacant on showings, it’s a very good idea to have 2-3 people know when and where you will be making appointments -- especially when working with someone you don’t know well. 

2. Meet prospective clients before showings. The internet can be a great lead generator, but with that comes anonymity. Meeting clients for the first time should be done before any showings are booked and in a well lit, public area. 

3. Investigate before. Search the person online, get a feel of the individual from their social media and online presence. This may not be the BEST thing, but the more information you have, the better. 

4. Charge your phone. When meeting someone new, or even going on appointments with someone that you don’t know well. Make sure your phone is fully charged. 

5. Keep your phone and keys with you at all times. They are important to have so don’t leave them anywhere. 

6. Keep an eye out for exits. Always know where to go when you need to leave. 

7. Work in pairs. If you don’t feel comfortable, have a colleague go to a meeting or showing with you.

8. Park in well lit areas. Parking is a pain in major cities, but often on busy areas which adds to security. In suburban neighbourhoods, try to park near in lit areas. 

9. Go ahead of time to listings and get the keys from lockboxes. Lockboxes are often in areas tucked away from sight like stairwells and parking garages. If meeting someone for the first time, go to the appointments early and grab the keys to avoid having to do it with them.  

10. Consider self-defense training. One or two things you pick up could be incredibly helpful and give you more confidence. 

11. Consider self protection tech - there is technology available for realtors that allow you to remain safe (see https://www.seamtechnic.com/?c=e38de74562d1)

12. Be attentive. Pay attention to your surroundings and anything that may not seem ‘right’

13.  Trust your gut. If something doesn’t feel right, don’t go or leave. Trust yourself and your gut. No lead is worth your safety. 

This may be obvious or common sense or something you are well aware of. If so, that’s great. Keep Safe. If not, keep these in mind when working with clients. 

It may seem a little paranoid, but your safety should always be first. 

[thekenners]

Email Marketing is an interesting thing. Let me ask you, how many flyers and newsletters do you sign up with and ACTUALLY read? Or do you have a ‘junk’ email you use when you sign up for websites? 

Here’s a tip: If you’re going to email market, give value. Give the audience a REASON to open the email. Whether it is everyday helpful information (new listings don’t help if only 10% of your list is looking to buy). 

Avoid spamming your audience, eventually they’ll unsubscribe, but if you give a reason for them to open like a list of events they can participate in, deals on products they get or discounts on shops they go to, then they’ll think twice about that “unsubscribe” button, and maybe even read a thing or two!

[thekenners]

Be Nice. Do Better.

One of the most frustrating aspects of our industry is the fragmentation and overall disunity that is within it. There is this seemingly acceptable trend of being overcritical of competition, often to the point of attacking or slandering them. It is understandable that some may feel compelled to point out flaws of those they are competing with when attempting to win business, but what doesn’t realize is that an attack your peer, is reflected on the industry as a whole, including yourself. Real estate Agents haven’t had the best reputations. We are often seen as sleezy, slick and greedy and it seem that our industry isn’t winning any ‘Most Trusted” awards any time soon. According to a recent poll in Forbes, ONLY 25% of Americans trust Realtors while 19% give us a Negative review.*

This doesn’t surprise me when you consider that we start with this reputation, then create a culture where we not only allow it to continue but reinforce this believe by suggesting that “other” realtors are bad whenever you get the opportunity to steal a client. Take a look at the graph above. How often do you think nurses badmouth other nurses to their patients?

Be Better.

For those who complain about inexperienced agents, rather than whining about it, take a step forward and do something incredibly outside the norm and maybe HELP them. Sure, it isn’t your job to teach them, but would it not be a better course of action than to let that Agent feel horrible about a mistake they were unaware of? If not, at the very least be nice about how you handle them. Kindness goes a long way. You may be tired, frustrated, annoyed and don’t feel like ‘babysitting’ an agent, but don’t forget no one is born an expert. Some may have been born with natural talents and abilities, but expertise is learned. You may have been in the same situation when you first started off.  I’m not suggesting that we give ‘bad’ agents passes, but we should definitely make an effort to elevate real estate as a whole.  If we have respect for our industry and treat our peers as professionals, there is a much higher likelihood of the consumer doing the same. The phrase “a rising tide lifts all boats” comes to mind.

Beyond the reputation of the industry is the fact that despite our attempts to ignore it, real estate trading is collaborative. The better you are seen amongst your peers, the more likely you will do more business. As much you’d prefer to be the only Agent in town with all the listings and buyers, the odds of that happening is quite low, which means you’ll need to work with other Agents. Being a nice person, especially to those in the beginning of their careers, in a transaction will go a long way in building a reputation for yourself of being cooperative and someone Agents want to work with. Regardless of what you think, this matters. If you have a reputation of being a bully or disrespectful, Agents will be hesitant to work with you, and that will count for lost business, especially in markets where there may be other options to choose from.

For all those starting off, you’re just as responsible. We all start off new, and we can’t help what we don’t know. Not knowing is unavoidable, not having the support to get answers is a choice. Real estate brokerages are abundant and offer training programs and educators. You should have someone you can turn to for help and guidance that is NOT the person on the other end of the deal. Why is it that you’re unsure of something? Do you have a Manager, Team Leader or Broker you can speak to verify details? The person on the end of the table isn’t there to help you and has no responsibility to give you the correct advice or guidance. If you don’t have someone to lean on, this is not only an issue, it’s also a choice you’re making. If you do have someone to speak to and choose not to reach out, well then that’s also a choice you’re making and it’s placing your own reputation and clients at risk.

The reputation of our industry is the responsibility of every person who has the privilege to carry a real estate license. This means it’s our job not only give great service to our clients but also to act as professionals at all times if we want to elevate how we are seen by consumers and the general public. We know we work hard and go out of our way to give incredible service and value, but it can’t stop there. We must treat each other with respect and professionalism as well, we must lead by example. If we can’t do that with our own peers, what makes us think people outside of our industry would?

*https://www.forbes.com/sites/niallmccarthy/2019/01/11/americas-most-least-trusted-professions-infographic/#65dc70297e94

[thekenners]

Show Up To Your Appointments!

Whenever I hear about situations where an Agent doesn’t show up to an appointment I can’t help but get incredibly frustrated. I completely understand that we, as Agents, are busy. You are juggling appointments, clients, phone calls, emails, text messages--all while driving to each property, but that doesn’t give you an excuse to be unprofessional. With your license you are given the privilege to run a real estate business that can be incredibly lucrative, but that also means you have a responsibility to represent not only yourself but the entire industry as professional as possible. What you do reflects on all of us. Apart from the fact that by not going to the appointment or informing the listing brokerage that you will not be able to make it during your scheduled time can be cause for a complaint and fine, (according to both the Real Estate Council of Ontario AND Toronto Real Estate Boards) it is also incredibly inconsiderate.

Listing a home for sale or lease is typically quite disruptive, often the occupants, whether they are the sellers or tenants, leave the property during the appointments so that potential buyers or tenants can view the property in private. This often means that they are in the lobby, at a coffee shop or taking a walk as they wait for your appointment to finish. By not showing up and/or not informing anyone that you will not be there, you are essentially keeping someone out of their home for absolutely no reason.

It’s not that difficult to take a minute to call if you are unable to make it to an appointment or running late. Clients will understand and would sympathize. 

Consider how frustrated and annoyed you would be if you left your home for an appointment only to find out that no one showed up? Despite how small a gesture it is, it can make all the difference in the world to a tired family waiting to come home after a long day. 

[thekenners]

Broker of What?

As a realtor you know what a Broker of Record is. For those who don’t know the Broker of Record is essentially the person in charge of the brokerage. All listings and clients, in theory, belong to the Broker of Record, through the Brokerage. All Sales Representatives are responsible to the Broker of Record. It is a mandatory position in Ontario to ensure that there is someone who can be held accountable.

The Broker of Record’s responsibility is to ensure that the brokerage (along with all the people working in it) is and remains compliant to ensure the consumer is always protected. They are the compliance officer for the company and because of this, traditionally, the Broker of Record is seen as ‘in-charge’ or the ‘boss’, but when I took on this role, I wanted to be different. 

I’ve always loved teaching. Providing guidance and direction to those who want to do well in real estate. I also believe that the consumer deserves the best experience in real estate so that they would be more inclined to do it more often, to build their portfolio and personal wealth. So when I became Broker of Record, I saw myself not as someone who is in charge OF the Agents, but rather someone who is responsible TO the agents. Responsible for giving the tools, guidance and education that they would need to give the service their clients deserve. 

I also believe that as Broker of Record, I (along with all Brokers of Record) am responsible for protecting and shaping the industry. To listen to issues, see where we can improve, and take the appropriate steps to self-regulate. 

That, to me is what a Broker of Record is, or at least that is how I am while I am in this role. 

[thekenners]

How to research real estate developers.

Toronto and the GTA has been experiencing for the past 20 years a condominium building boom. The skyline has drastically changed as towers of glass, steel and concrete have risen along with the population and it continues to change and adapt. Despite the fact that the city is considerably lacking the required supply of property needed to satisfied current demand new buildings are being built and sold at a tremendous pace. Typically most developments are relatively safe investments, but there have been horror stories where purchasers move in with hundreds of problems or situations where clients lose deposits due to unscrupulous builders. Your job as a realtor is to help guide (again) through all the developers and help your clients make the right choice.

Here are a few ways to do that research for your clients:

1. Ask fellow agents about the developer, if they had experiences with them before and how it went.

2. Speak to the development sales site. Ask how long they’ve been in the area, test their skills on the neighbourhood and previous projects that the developer has built.

3. Visit fully constructed buildings by the developer. Get a feel of what the end product is.

4. Find out the construction company responsible for building the project from the developer, and look into other projects that they have built.

5. Google both the developer and the construction company, see what the internet has to say about them.

6. Check out the TARION website (https://www.tarion.com/ontariobuilderdirectory) and search the developer. Here you can find out a LOT of information that can be incredibly helpful:

Whether they are licensed to build and/or sell new homes in Ontario;

Contact information and related companies under which they operate;

How many homes they have built, and the communities where they build;

How many chargeable conciliations a builder has and how much Tarion has had to pay out in claims; and,

Whether they are a recipient or a finalist of a Tarion Homeowners’ Choice Award or Ernest Assaly Award in the last 3 years

As a realtor you have the responsibility to provide the right guidance for your client, which means going beyond the advertising and website. You need to go out there and ask the right questions, do the research and make sure that your clients know what they are getting into!

[thekenners]

Everyone's Selling Something

Nowadays it seems like everyone has a side hustle, everyone is selling something -- whether it's tights, a diet or vitamins; I can't count how many events I've been invited to see the next big 'build your own business' seminar, from shopping websites to life insurance, and I'm sure I'm not the only one. Because of these waves of recruiter style businesses a lot of people learned to be skeptical of old friends reaching out. 

Who out of us did NOT get a message from an old high school buddy out of the blue thinking it was an opportunity to reconnect and reminisce about the good old days only to get invited to a seminar? At first you may have been excited to kick it old school, but when the pitch came, so did a wall of disappointment. After the first one, you became wiser and much more suspicious of kindergarten friends saying "hey, how are you?" after 15 years of no contact.

This presents a problem for you, as an agent. If you read my post about using your Friends list as a contact list you are probably wondering how you're going to reach out to old friends without sounding like you're about to recruit them to sell life insurance? The answer? Don't pitch anything. Don't even mention that you're a realtor. Instead, genuinely be interested in how they are and what they've been up to. You being a real estate agent will come up naturally in conversation, normally and the longer you go without bringing up a 'catch' the less likely they'll feel like you're just another person trying to sell them on something.

Being a relational agent means you need to focus on building genuine relationships and genuine relationships means there is no ulterior motive. You're reaching out because you miss your friend, that you sell real estate is just what you happen to do.

If you’ve ever watched Glengarry Glen Ross you know the famous “ABC” scene where Alec Baldwin berates the team explaining to them the ABC of real estate....ALWAYS BE CLOSING.

I love this movie. It’s a horrible misrepresentation of modern real estate, but it’s incredible entertaining. At the time, those ABC’s were probably applicable. Today, not so much. No one want’s to be sold, let alone ‘closed’. I have a new ‘ABC of real estate’:

Always  Be  Cultivating

sure it doesn’t have the same ring to it, and Mr. Baldwin wouldn’t sound so badass saying it, but real estate has changed and so must we. 

We must focus on planting seeds, being interested in your clients lives, being valuable to them. There are too many options out there, they don’t NEED you to buy/sell/trade in real estate. No, they will use your services because they trust you. So forget about selling and closing and focus on reconnecting and cultivating. Remember, no farmer plants a seed and expects to harvest crop the following day.

[thekenners]

Year One: 3 Things I’ve Learned as Broker of Record.

This time last year I took on a new title after nearly 2 decades in the industry. After working in every position at a brokerage, from reception desk to management and everything in between, I was given the opportunity to hold the one position I had not held,  Broker of Record of PSR. I had started at the company several months after it opened thinking it would be a pit stop while I figured out what I wanted to do with life after university. 10 years later, here I am. I have learned a lot as the Manager of the company, I took my position very seriously and, despite not having the role of Broker of Record, I acted as I did taking on much of the compliance, education and administrative responsibilities. What I didn’t know, I learned, either by asking or watching from great role models and leaders. Because of this, by the time I took on the official title of Broker of Record, not much surprised me. I was fortunate enough to learn and experience most things already. That being said, I believe that there are always lessons to be learned, here are 3 lessons I learned in my first year as a Broker of Record that are specific to the role. 

1. No one really knows what a Broker of Record is. Don’t get me wrong, everyone in the industry does. Every realtor, brokerage, administrator etc knows what a Broker of Record is and what their responsibility is but outside of the industry, the title of “Broker of Record” holds zero weight. I found this out as I give my title to those who asked and get a blank stare back. 

Being in the industry for so long by this point, I had forgotten that most people don’t know the terms and titles commonly used in real estate. To those who don’t know: 

A Broker of Record is a designated Broker that ensures that the Brokerage complies with the Real Estate Business Brokers Act, 2002. The Broker of Record position is a mandatory position.

2. I’m still important enough to be used for a text scam. Recently the entire brokerage was contacted via text by a 3rd party using my name, requesting google gift cards to be purchased and sent to ...a fake me. The texts were stock and very rigid, very out of character which tipped off most of my team. 

Despite most people not knowing what my position is without an explanation, it seems that my title is known well enough to be used by would-be scammers trying to get a few bucks from unsuspecting victims. 

3. Nothing really changes... for me at least. The years i have been working in real estate gave me a chance to learn and emulate. I had the opportunity to be a Broker of Record for years, without actually having any of the risks. Because I took advantage of my situation and position, I was incredibly prepared for the day I took on the title and all the responsibilities that came with it. What changed for me, apart from my business card, was the fact that it was me who was on the hook officially; but because I had always worked to protect the brokerage to the utmost, the change made little difference.  

I take great pride in my position and I truly believe that every day is a new opportunity to learn and to teach, a new chance to help elevate the real estate industry as a whole, if only by a bit, and because of that, I am incredibly grateful for every lesson and every experience. 

[thekenners]

“If you don’t sell, how can you teach?”

I don’t trade in real estate. 

Although I have traded in the past, my focus was never sales which may make a few people reading this question my ability to teach the skills to build a successful real estate business. I mean, how would I know if I've never done it, right?

We'll, let me ask you.....

Have you ever heard of Ray Arcel?

Or Cus D'Amato?

 What about Angelo Dundee?

Or Freddy Roach?

No? Don’t feel bad, they aren’t necessarily household names. I’d say many, if not most, would say they’ve never heard of these men, despite their successes.

But I’m sure you’ve heard of....

Roberto Duran, Hands of Stone...

Or IRON MIKE TYSON.....

AND CASSIUS CLAY AKA MUHAMMAD ALI AKA THE WORLDS GREATEST

OR most recently, 8 time world champion MANNY PACQUIAO

Now if you haven’t heard of these guys, I’d suggest coming out from under that rock of yours and getting some sunshine. If you did you would learn that they are Champions on multiple levels. These men are stars in both sport and pop culture, idols to millions in their countries as well as throughout the world, all because of their abilities as boxers. But there are MILLIONS of boxers in history and not all have hit the status of the above mentioned men. What makes them different?

There is no doubt that Ali, Tyson, Pacquiao and Duran are talented but what all of them have in common is that they had the right people to teach them, to get them from great boxers to Elite Boxers. People like Arcel, D'Amato, Dundee and Roach taught their fighters what they needed to reach their potentials and of those trainers none had any real success as boxers. In fact, I'm only aware of Roach's career, which was 40-13. He wasn't a star as a fighter and definitely didn't rise in fame due to ring abilities. He, along with the other trainers I mentioned were/are incredible TEACHERS despite their ring experience or lack thereof. You see what many don't realize is that great teachers learn from watching, analyzing and understanding everything from everyone. They don't have perspective and rather than needing to understand what works for them through practice they can see a larger picture and adapt that to their students.

Sure, logically, it makes sense-- learning from someone who has been successful--but that's not always true because most times those who have seen success individually only know how to get there one way, their way whereas trainers without experience aren't handcuffed by their own successes and are able to understand other methods that can help you build your success.

The path to success isn't a straight line and it isn't the same for everyone, what works for one may not work for others, which is why someone like myself who hasn't focused on sales can be more than equipped to teach agents how to build a successful real estate business.

[thekenners]

In Search of a Deal

Lessons are costly. 

Whether with money, effort or hardships, in the end you pay one way or another. The education you get in return can be well worth it, but only if you use what you learn (at the very least to avoid having to pay again for the same lesson). In fact the more you use the lesson, the more valuable it becomes.

I am a person who loves a deal, especially if it's an investment. The excitement I feel when I recognize an investment that has immense potential is massive and that feeling amplifies tenfold when I can get it at a reasonable price. This being said, sometimes investments come at a heavy cost, and the ones I'm referring to specifically need to be held on to. The longer you hold onto them, the better it becomes. Knowledge is this investment; and it's the only investment that I can think of that not only becomes more valuable the more you use it, but also increases in value the more you share it. You see, the cost you pay for that piece of knowledge becomes smaller the more you share it freely, and I'm glad to be able to pay for those lessons as long as I can make them as valuable as possible.

As ridiculously arrogant as this is about to sound, I don’t lose. Don’t get me wrong, I’ve experienced losses and I can’t say I’ve won everything, but for every ‘loss’ I experience I gain an education. Whether it is personally or professionally. It seems overly optimistic, but that tends to be who I am. I see opportunity in every situation I am in, and I am often able to find lessons in all things. I have the position that I am unable to find a lesson in situation, I’m simply not looking hard enough. With that attitude, no matter the circumstance, I come out with a win, somehow. 

This is why I decided to build this blog. With this, I am able to share my experiences, knowledge and perspectives with more people which lowers the cost of each lesson and makes each one that much more valuable. With that, hopefully you learn at least one piece of information from reading this (or any one of my other posts).

[thekenners]

"It's easy to get lost in the sheer amount of information that is available out there and to be completely confused on where to start. My goal when teaching is to give agents enough confidence and guidance to begin the hardest and most tedious part of your business, which is making 💯 sure that every person in your network knows that you want to work with them. Learning isn't a goal in real estate, it's a journey and the moment you stop doing so, is the moment you stop bringing value to your clients. (at PSR Brokerage) https://www.instagram.com/p/BzOHm5DnM5K/?igshid=1hpasuly0rmbq

[thekenners]

This happens more often than one would think. Many people think that having a tenant leave is relatively easy, but it can get very problematic. What surprises me about this article is that the penalty was so low. 

If you have a property for sale with tenants in it, here are some things to keep note of. 

1. The standard APS has it that the seller is providing VACANT POSSESSION in the preprinted clause. This means if you don’t mention anything about vacant possession or assuming a tenant, the buyer is expected to get the property on closing. 

2. In Ontario, you cannot evict a tenant just so you can sell, you can, though give notice if the new buyer wants to move in. 

3. If you are evicting so the new buyer can move in, mention in the schedules of your contract that the buyer will assist in evicting the tenant, if need be. 

4. You must provide the proper documentation to evict a tenant. This means a telephone conversation and email do not suffice. Go to the LTB website and get the appropriate documents. 

The Residential Tenancy Act is there so that tenants and landlords are treated fairly. If you follow the step-by-step process provided by the LTB, having your tenant leave should be relatively simple. This being said if you don’t, you can have plenty of problems to deal with. 

[thekenners]

5 Mistakes New Agents Make...

... on a fairly regular basis.

Building a real estate business is chaotic, exciting, confusing and frustrating all at the same time, especially if you’ve never started a business or worked for yourself before. Because of this, many new Agents make a lot of mistakes which, in turn, create bad habits. These bad habits make it more difficult for Agents to succeed long term. Here are 5 mistakes that new Agents typically make. 

Forget to eat

One thing new Agents want to do is to FEEL busy. Starting a real estate business is frightening, not knowing where your first (or next) commission is going to come from is terrifying and to compensate we try to create work for ourselves. We fill every minute of our schedule meeting clients, researching neighbourhoods, visiting properties, calling and/or messaging friends and past colleagues, creating social media posts and trying to find every possible potential client that we forget to do simple things like EAT. Making sure you are eating, and eating healthily, will ensure that you have the energy to deal with the wave of business you will eventually see. 

And lets be honest, no one wants a hangry agent.

Let others control their schedule 

One of the most common mistakes new agents make is give control of their schedule to their clients, and they do this with one simple question; “when are you free?” 

With this one question you completely hand over your entire day to your clients and it is essentially held hostage until they respond. If you let one client control your day, you're forced to wait on them before you are able to book any other appointments or meetings which is an incredible waste of time. And remember, time is money.

Apart from this, despite the fact that many people think that they are making it easier for their clients, they are actually not. By asking that question you’re making your client think of their entire day rather than one or two periods.Think about it for yourself, if I asked when are you free tomorrow, you would have to think of your entire day from 9am to 9pm. But if I asked are you free tomorrow from 7-9pm now you can skip to that time frame and answer quicker-- much less stress involved, don't you think?

Not take time for themselves

Because you are paid through commissions, many Agents work incredibly hard because they have zero understanding on when they will be paid next. Being commission based means you trade stability for potential. Fear pushes agents to work harder and as much as possible, which in short spurts is completely fine. Over long periods of time, though, it becomes harder and more difficult to maintain, causing many to burn out-- often in the worst times. Your clients deserve you at your peak, which means taking time for yourself. Whether it’s a few hours a day or a day or two a week. Take a bit of time for yourself and do things that is unrelated to your business, you’ll be much happier when you do. 

Another reason for taking time for yourself is because YOU deserve it. Spending all your time working will eventually make you hate what you’re doing, even if you’re making a large amount of money. Money is a means to an end, that end is happiness, essentially. So take the hour or two to go to your dance class, spend the morning at the gym or simply turn off your phone during dinner, because none of that money you make is worth anything if you don’t get to do things that make you happy. 

Wait until they 'know enough'

Everyone is afraid of not knowing enough or having a client asking a question and looking like a fool. Trying to know everything before reaching out to clients is huge mistake that a lot of realtors make in the very beginning of their careers. I’ve spoken to Agents who spent 6 months avoiding their groups and networks when they should have been building those relationships up. Whenever asked why, the response is almost always the same; “I didn’t want to have everyone respond at the same time and not be able to help them”. I completely understand that reasoning, in fact it is very logical. This being said, that’s not going to happen. If you reach out to 10, 100 or even 1000 people tomorrow, not every person will respond, let alone demand your time to sell them real estate. You’ll be lucky to get a handful of responses. This is a relationship business, the odds of every person rushing you to sign BRA’s or Listing Agreements is incredibly low. What will probably happen is that you get to start up a few conversations and a couple of months down the line, they may ask you to look into something for you. I’m a firm believer that what you do today results in business in the next 8-12 months, so don’t worry about knowing ‘everything’ and instead start rekindling those relationships. You’ll have plenty of time to figure what you’re doing while you wait for responses. 

Waste money

Commissions in real estate can be pretty high and it is really easy to lose track of your money. Going a few months without a paycheque can be quite common, especially in the beginning causing quite a bit of anxiety and build up of debt.  When an agent finally closes a deal it can be very tempting to spend it all. While I’m not suggesting that you not pay your debts or enjoy the fruits of your labour, it would be wise to remember that your next check isn’t guaranteed. Make each cheque last. 

Beyond this, please please please please PLEASE, make sure you put money aside from every cheque for the CRA. Both HST AND INCOME TAXES. The government will always get what it’s owed and MANY Agents get in trouble EVERY YEAR by not having the money set aside when the Taxman comes around. Put it aside and pay on time. Consider that money as not yours, you’re just holding it for when the government asks for it. Having the mentality of  “I’ll just do a few more deals in March” is the WRONG way to think and being on the wrong side of the CRA is NOT where you want to be.  

Despite all stresses and anxiety that comes with being in real estate, it is very satisfying and can be incredibly lucrative with the proper guidance. Just try to avoid these common mistakes and you’ll probably be much closer to having a long lasting business than most!