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Here’s why most new agents fail | REM

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The real estate industry is widely known as a “dog eat dog world”, yet thousands of new agents line up every year unprepared.  Ninety per cent fail short of their 25th month after taking that leap, where the top 10 per cent of agents take 90 per cent market share of real estate transactions. Not very encouraging statistics.

Why is that?

Are they not as smart as the top producers?

Do they have a smaller network?

Are they going at it solo?




There are many reasons why agents fail, but the common thread among every agent, successful or not, is that they all started from the ground up. They didn’t just instantly achieve success overnight.

The key differentiator between successful agents and those who fail is their mindset.  Their mindset of being an entrepreneur who looks for those big opportunities, ways to scale, ways to stay consistent.  The hustle and drive are the bare minimum to what they bring to the table.

They invest in themselves and plan for the long haul, while sticking to core principals of generating real estate business.  When asked what are the best ways are to produce leads, Matt Nguyen, a top producer from KW Silicon City in San Jose, Calif.,  says, “The fundamental concepts like mailers, flyers, door knocking must happen consistently.”

Almost every agent will do this but where they fail is their consistency. They try once, twice and by third time they give up, not fully grasping that consistency means you may not generate a lead for a few months, but with consistency they will come – and sometimes in groups – that turn into closed deals.

Top producers try new tools/techniques. They throw away what fails and keep what works or is practical. They surround themselves with successful agents. The No. 1 advice from a top one per cent producer at Intero Real Estate in San Jose, Samit Shah, says “Join a producing team.  Be ready to make cold calls and door knocks. Have a schedule and be consistent.”  Again, another agent using the keyword, “consistent”.

Top producers are entrepreneurs, taking risks and benefiting from them.  Many fail at one endeavour or another. Nguyen says it best: “Love to love losing.” Their grit and hustle don’t let them stop from progressing.

Agents who are starting their careers or struggling must ask themselves why are they entering the market. Are they thinking they can benefit quickly? Are they going to just tip toe in and give it a 50 per cent effort? What’s their strategy to stand out?

With any endeavour, especially when it comes to a business decision, going all in gives you every opportunity to succeed.  Giving a 50 per cent effort opens the door for excuses.

Author and speaker Grant Cardone preaches, “Your network is your net worth.” Anyone can network. All it takes is going out and meeting people and building relationships both online and offline.

A key stat every agent should keep in mind is that 74 per cent of homeowners only interview one agent, according to the National Association of Realtors. That means consumers are not shopping around.

Many successful agents try to generate new business through open houses. When you are face to face with a prospect, statistics are on your side to win them over. How prepared are you to capture them? Your sales pitch is probably like many other consumers have heard. How can you be unique?

If you get a lead, you must respond quickly. Gregory Charlop, founder of The Real Estate Flash on Amazon’s Alexa, noticed among top producers he’s interviewed that what they do well is “they have strong inbound marketing and respond immediately to incoming leads.”

Any agent who can embrace technology and leverage automation can make the playing field even, knowing that 74 per cent of prospects only interview one agent.  Agents need to do what has traditionally worked well – door knocking, cold calls and open houses – but spin their efforts with technology.

Who will you partner up with to help reach your goals? Entrepreneurship is a lonely path, but it doesn’t have to be in this digital world we live in.

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Real Estate

Do you know what kind of condo you’re buying?

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(NC) Condominiums can come in all shapes and sizes. But it’s important to know that not all condos are created equal when it comes to warranty coverage.

Whether you’re buying a condominium townhouse, loft-style two-bedroom or a high-rise studio, they are all classified as condominiums if you own your unit while at the same time share access (and the associated fees) for facilities ranging from pools and parking garages to elevators and driveways, otherwise known as common elements.

The most common types of condos are standard condominiums and common elements condominiums. The determination of how a condominium project is designated happens during the planning stage when the builder proposes the project and the municipality approves it.

When you’re in the market to buy, you need to know how your chosen condo is classified because it affects the warranty coverage under the Ontario New Home Warranties Plan Act. Standard condominiums have warranty coverage for units and common elements, but common elements condominiums only have unit coverage.

How could this affect you as the owner? If your condo complex has underground parking and, for example, there are problems with leaks or a faulty door, the condo designation will determine whether there’s warranty coverage.

If your unit is a standard condominium development, then the common elements warranty may cover the repairs. If it’s a common element condominium development, then repairs might have to be covered by the condo corporation’s insurance, which could impact your condo fees or require a special assessment on all the owners.

To avoid surprises, you should have a real estate lawyer review the Declaration and Description attached to your purchase agreement to be sure that you know the designation and boundaries of the unit you’re looking to purchase. Find more information on the types of condos and their coverage at tarion.com.

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Real Estate

5 savvy renovations to make your kitchen look like new

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(NC) The kitchen is the heart and focal point of any home. But if yours is looking a little tired, a few simple renovations can change the feel of the entire space.

Whether you’ve just moved in, have been meaning to update for years or are experiencing life changes, remember that a kitchen uplift doesn’t have to come with a huge price tag. These small-scale projects could be the change your kitchen needs:

  1. Brighten it up.Adding LED lights below your cabinets will brighten your backsplash and counter and provide a warm glow. Place your favourite containers below to act as focal points – those copper canisters that are hiding under the island and the marble coasters you couldn’t resist can now all be on display.
  2. Swap the old with the new.The backsplash is the first thing you see, so replacing it can be enough to give the space a whole new look. Try a unique shape or colour to change things up, like turquoise or patterned tiles, hexagon-shaped tiles or even a full slab of stainless steel.
  3. Rework what you have.People often think new cabinets are necessary for a kitchen reno, but a lot can be done with what you’ve got. Repainting the cabinets and switching out the knobs to chic new handles will do wonders for a makeover.
  4. Don’t hide away.Try adding some open shelving in an unused spot, such as above the sink or window, or next to the cabinets. Display your most beautiful dishes and add some decorative pieces to give the space a modern, airy feel.
  5. Add new materials into the mix.Changing the island to a butcher-block counter adds warmth and practicality.

Taking on a renovation can often feel overwhelming. But if you talk to your contractor about budgeting and spreading out payments through services like The Home Depot Project Loan, it can be easier than you think. The service allows you to finance any home projects, big or small and is available at locations across Canada.

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Real Estate

How to afford a home renovation that fits your life

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(NC) Changing seasons always bring about the desire to update our living spaces. But your life stage and budget can influence what kind of upgrades you can make. Here are some tips to get you started.

Assess the investment. The first step is to gauge how much value your investment will bring, whether you’re looking to sell or grow into a family home. A common misconception among home owners is that all renovations will increase a home’s value; unfortunately, this is not always the case. It’s always a good idea to strategically renovate the space to fit your life plan and goals.

Plan for both long- and short-term value. As a homeowner, it is important to assess what kind of value items can contribute to your life plan. Searching for products that are energy efficient, like an eco-friendly washing machine or water filtration system, can help you save on your monthly bills. A long-term investment, such as hardwood floors or bathroom tiles, can spruce up a living space for years to come. While sometimes this require a larger budget, the project can be both appealing to future buyers and stand the test of time in a family home.

Create a renovation budget. Once you have a clear plan, you’ll need to create a budget to align with your financial goals. Always ensure your budget includes any interest you’ll be paying. Ask multiple sources for competitive quotes.

Use a payment plan. For those high-ticket investment items, consider using a payment plan. Payment solutions such as The Home Depot Project Loan can help with bigger renovations. This allows you to stick to your budgeting goals while using a flexible payment plan to make larger purchases more accessible.

Use DIY to offset costs. In addition to using a payment plan, taking on a few safe and simple renovation projects yourself is an easy way to offset renovation costs. Your local hardware store can help source materials and provide helpful tips to make those do-it-yourself projects, such as refinishing cabinets or sanding old hardwood floors, a breeze.

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