July 6, 2007 -- Last month the Toronto Real Estate Market recorded 10,451 sales for the best June performance ever, Toronto Real Estate Board President Donald Bentley announced today. "June's figure was up almost 20 per cent over the 8,730 sales recorded during the same month in 2006, and down only slightly (six per cent) from May's best-ever figure of 11,146 sales. For those people looking for an indication of a bubble bursting or market slowing, they will just have to keep waiting - as I have for the last few years.
However there is some good news for fence sitters, the average prices declined marginally (less than one per cent) from May to $381,963. The year-to-date average was $373,719, up five per cent over the first six months of 2006 ($356,977). Dispite these figures "Price increases remain only modest," noted the President. From the client's that I've been in contact with the affordability is still present for many families after working out TDS and GDS figures. "Inventory, at 21,789, is robust enough to keep a lid on upward inflation. The current market is still accessible to first-time buyers, and should continue in this mode for the foreseeable future."
Breaking down the total, 3,936 sales were reported in TREB’s 28 West districts and averaged $356,513; 1,819 sales were reported in the 14 Central districts and averaged $513,491; 2,248 sales were reported in the 23 North districts and averaged $406,565; and 2,448 sales were reported in TREB’s 21 East districts and averaged $302,558.
Source: TREB Market Watch
Thursday, July 26, 2007
Clients to Friendships
For me the most gratifying part of my job is when you have a client tell you that they like what you have done for them. Or, they like how you think for them. Knowing that client appeciate my efforts makes it worth while and encouraging. It tells me also that in this job there is opportunity to also extend the relationship from clients to friendships.
There is a lot of competition between real estate agents for business and if the only factor that can be adjusted is commission than we are mostly doomed because the next new player could always have a lower rate. When I started in this business I was asked to think about what can set me apart from others? This was a great excercise because it made me think about my skills and my personality. It made me think of how much I would do for my friends and how they would come to me for help and how they could expect honest answers even if its not what they want to hear. This is what I have packaged together as part of the service I now provide to my clients. This is how I distinguish myself and where I claim my value. From this perspective clients develop a loyalty to me which I respect and return in different forms of favours and gifts. It's not about the money anymore, it's about the relationship - mutual consideration - friendship. The best part becomes the moment when someone tells you what a fabulous job you have done in help / caring for their interests - this is my most rewarding experience.
I realised quite early on that with so much competition in marketplace, a real estate agent must bring more to the table than just a low price. There's always someone that's willing to beat the price but it is much more difficult to beat a personality and high regard for a near stranger.
I strongly believe that technology has already loosened the real estate agents grip on connecting buyer to seller and a real estate agent's value is now going back to the basics of providing good service and client care. The role is now to provide a time saving service that clients aren't available to do for themselves because of their own busy careers. Business owners can appreciate this the most because they learn that they should focus their time on where they can earn the most money and outsource anything that takes away from the main business. The question becomes, how much is your time worth and if having a professional handle your problem saves you time from having to do it yourself and loosing money from your main business.
There is a lot of competition between real estate agents for business and if the only factor that can be adjusted is commission than we are mostly doomed because the next new player could always have a lower rate. When I started in this business I was asked to think about what can set me apart from others? This was a great excercise because it made me think about my skills and my personality. It made me think of how much I would do for my friends and how they would come to me for help and how they could expect honest answers even if its not what they want to hear. This is what I have packaged together as part of the service I now provide to my clients. This is how I distinguish myself and where I claim my value. From this perspective clients develop a loyalty to me which I respect and return in different forms of favours and gifts. It's not about the money anymore, it's about the relationship - mutual consideration - friendship. The best part becomes the moment when someone tells you what a fabulous job you have done in help / caring for their interests - this is my most rewarding experience.
I realised quite early on that with so much competition in marketplace, a real estate agent must bring more to the table than just a low price. There's always someone that's willing to beat the price but it is much more difficult to beat a personality and high regard for a near stranger.
I strongly believe that technology has already loosened the real estate agents grip on connecting buyer to seller and a real estate agent's value is now going back to the basics of providing good service and client care. The role is now to provide a time saving service that clients aren't available to do for themselves because of their own busy careers. Business owners can appreciate this the most because they learn that they should focus their time on where they can earn the most money and outsource anything that takes away from the main business. The question becomes, how much is your time worth and if having a professional handle your problem saves you time from having to do it yourself and loosing money from your main business.
Wednesday, July 18, 2007
New Home Buyers in Toronto - Dodges Tax Bullet
I don't think anyone in related to the real estate business would be for the Toronto land transfer tax that was suggested by toronto city council. Looking at the bigger picture, this tax would counter act the provinces motion to reduce urban sprawl. Essentially the city would be forcing people to move further out into the surrounding GTA so they can purchase the home that they can afford. From a real estate perspective it would have a huge impact on the market as well. A few thousand dollars is not easy to save. Had this crazy tax been implemented we'd definitely see a slow down in the toronto real estate market. And I believe the ripple effect would be huge. Just look around at how many new home sales office there are and how many new condos are being built. Think of all the construction workers involved in each project and other businesses that help the development of these projects.
Well luckily we've dodged the bullet for a while and are now wishing for the provincial government to step in. We'll just have to wait and see if it will become an election issue. Which I doubt because the province has to look after more municipalities than toronto alone.
Well luckily we've dodged the bullet for a while and are now wishing for the provincial government to step in. We'll just have to wait and see if it will become an election issue. Which I doubt because the province has to look after more municipalities than toronto alone.
Monday, July 16, 2007
Who's the real listing Agent?
Many people get confused when they call up a real estate agent and later find out that agent is not the sales person or listing agent for the property. This is just one aspect of this complicated business. Another scenario that is confusing is the open house. Sometimes you go into a home an agent shows you around but as you leave you notice that the picture on the for sale sign totally does not match the agent that just showed the home.
For most home buyers, none of this matters because what you are really interested in is the home. But for people that strictly want to deal with the listing agent, I think there's no better way to find out who you are dealing with than asking the agent yourself. Again, why does it matter? Well, some people have the impression that by working with the listing agent will save money by taking out one middle person. What is not commonly thought about is the contract that the listing agent has in place should the Buyer be introduced by the listing agent. Essentially the listing agent double ends the deal and gets the buyer commission for their work on finding the buyer. So the question is, has the buyer actually saved any money?
Personally, I think it would be difficult ethically to work for both buyer and seller when it comes down to negotiating the deal. The agent is built a trusting relationship to both sides and so how do you argue for a better deal? Who are you arguing for and as an agent keep impartial? Can you as a seller or home buyer trust the agent without a doubt, to not reveal what is deemed confidential during the negotiation process since they are working directly with the other side?
For most home buyers, none of this matters because what you are really interested in is the home. But for people that strictly want to deal with the listing agent, I think there's no better way to find out who you are dealing with than asking the agent yourself. Again, why does it matter? Well, some people have the impression that by working with the listing agent will save money by taking out one middle person. What is not commonly thought about is the contract that the listing agent has in place should the Buyer be introduced by the listing agent. Essentially the listing agent double ends the deal and gets the buyer commission for their work on finding the buyer. So the question is, has the buyer actually saved any money?
Personally, I think it would be difficult ethically to work for both buyer and seller when it comes down to negotiating the deal. The agent is built a trusting relationship to both sides and so how do you argue for a better deal? Who are you arguing for and as an agent keep impartial? Can you as a seller or home buyer trust the agent without a doubt, to not reveal what is deemed confidential during the negotiation process since they are working directly with the other side?
Sunday, July 15, 2007
Listing Search
Propertiesbyben has a great new search function. Click the ShopHomes link just below the Home link. Now home buyers can search for a huge selection of new homes available across the GTA. The inventory is updated daily as well so, you'll be looking at the most recent homes and price adjustments. The ease of use and range of homes are just a couple features that will bring added value to propertiesbyben.com.
Wednesday, July 11, 2007
A Fresh New Start
Welcome to my blog. The newest complement to my website: www.propertiesbyben.com. I'm excited to have this site for more interaction with everyone. My goal is to make it this site my news distribution portal and disussion forum on real estate matters. After all the real estate market affects everyone.
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