First-time buyers face more challenges than seasoned property owners. It’s about more than just the sticker shock of spending a tremendous amount of money; it’s also about navigating pre-purchase documents and understanding condominium living.

While affordability, a low-maintenance lifestyle, amenities and convenient locations make condominiums (or stratas) an excellent choice for first-time buyers, the rules, expenses and disputes can dampen the allure of multi-family living.

However, it doesn’t have to be stormy seas for first-time buyers. With proper guidance and patience, the industry can help these first-timers become long-term real estate investors.

How multifamily complexes work

For first-time buyers, stratas or condominiums are confusing words. Simply put, these interchangeable terms are just market-specific ways to describe a multi-family complex, most commonly in the form of an apartment or townhome.

Depending on where the home is located, the word for this multi-family home differs, as does how they’re regulated and governed. For example, in British Columbia, they’re referred to as strata corporations and are governed by the Strata Property Act, while in Ontario, they’re condominium corporations governed by the Condominium Act. Both Acts have specific intricacies but generally outline owners’ rights, the corporation’s responsibilities, dispute resolution and voting.

Diving deeper into the condominium world, the elected board or council, depending on the market, are the decision makers. This group of owners steers the direction of the complex on most issues. Annually, or when a significant need arises, the ownership gathers to vote on bigger issues. The board is also responsible for ensuring the rules are enforced fairly and helping resolve disputes.

This is a substantial amount of work for a group of volunteers, so a management company is often engaged to help ease the strain and provide professional assistance. Sarah Braim, a small business owner, explains that she joined her council to be involved in deciding how her money was being spent. “The monthly fees were not insignificant, and I wanted more say on how the money was spent.”

Reviewing financial documents, rules & bylaws and minutes: Crucial to the decision-making process

Speaking of financial obligations, no two condominiums are created the same. Monthly fees cover the basics across the board: operations and savings. That’s where the similarities end. What’s in the operating budgets can vary wildly depending on the style of the condominium. Newer and more complex communities can have additional costs for amenity features and staffing over and above the basic costs of insurance, maintenance and electricity. Ensuring there’s enough in the operating account to cover the building’s day-to-day expenses is essential.

The savings account is the rainy day fund that covers oversized ticket items like elevator replacements and re-roofing. Failure to appropriately fund either of these accounts results in special assessments or levies, which can cause some extra and sometimes unexpected strain on owners.

Any buyer has a lot to take in, but a new buyer won’t have the experience to navigate this information. Reviewing these critical documents, the rules and bylaws, and the minutes and financials are crucial in the decision-making process.

Tight timing between offer & subject removal means not knowing what to look for can be problematic

Once that perfect apartment has been found, the hard work begins. The window between submitting an offer and removing subjects is often tight, so not knowing what to look for can lead to problems.

Braim shares her experience: “In my first condominium, I wanted the ability to rent the property. I checked the bylaws and it was allowed, but what I didn’t know or understand at the time was that, even though rentals were allowed, there was a waiting list, and I’d be at the bottom.” Other buyers note they missed vital details, like special assessments, when reviewing condominium minutes, leaving them in legal trouble for unpaid assessments.

Jacqueline Adler, a real estate agent with Oakwyn Realty, shares, “Working with first-time buyers is much fun — sometimes more exciting for me than for them! It’s an incredible opportunity to share these moments in their lives.”

Adler notes that working with new buyers differs significantly from working with seasoned clients. She and her team take the time to walk purchasers through each step, explaining everything along the way. As for those hard-to-read documents? Her team carefully reviews them and prepares key highlights for clients. While buyers are still responsible for reading everything, these summaries highlight critical areas to focus on.

Purchasing a condominium for the first time should be an exciting milestone — and for most, it is — but it’s also a period of incredible stress. By offering patience and solid guidance, the industry can support these newbies through the overwhelming process and keep them from running to the hills (or ocean) far from real estate.

A lot can go wrong in a home that can be costly to repair. When showing a home or viewing it with clients, there are some common issues realtors can make buyers aware of when it comes to plumbing.

Every homeowner should at least have a basic understanding of problems that could arise as well as the appropriate professional to remedy the situation. It’s helpful for your clients to have a trusted plumber to call when there’s a problem — sometimes even with small issues because things can quickly escalate.

Following are some plumbing problems your clients may come across. It’s important to have an expert on hand to pinpoint and fix any issues before water damage occurs. On top of dealing with that, they could even end up paying more in water bills thanks to deficiencies.

7 plumbing issues that may require a plumber’s expertise

1. Dripping faucets. Faucets and fixtures in sinks, bathtubs, showers and dishwashers should not drip when turned off. Dripping is often due to worn seals and can lead to higher water bills over time. Addressing these drips promptly can save money and prevent further wear.

2. Leaky pipes. Leaks can occur in both visible and hidden pipes, leading to water damage, mould growth and increased utility costs. A plumber is needed to locate the source of leaks, especially those hidden behind walls or under floors, and to repair or replace the affected pipes.

3. Running toilets. Toilets should not continue to run after flushing. A running toilet indicates an internal leak, which wastes water and increases bills. If jiggling the handle is necessary, components like the flapper valve, float or fill tube may need adjustment or replacement.

4. Clogged or slow-draining sinks. Kitchen sinks often clog due to food debris and bathroom sinks frequently become clogged with hair. While some clogs can be cleared with over-the-counter solutions, persistent issues require professional attention. Using strainers can help prevent clogs by keeping debris out of drains.

5. Sewer line backups. A clogged sewer line can cause significant damage by backing up raw sewage into the home. This issue is often due to tree roots or broken pipes and requires specialized equipment and expertise to diagnose and resolve.

6. Water heater issues. Leaks, sediment buildup or faulty thermostats can lead to inefficient heating or complete failure. A plumber can assess the water heater’s condition and perform necessary repairs or replacements to ensure it operates safely and efficiently.

7. Outdated or banned piping. In older homes, you may find galvanized or polybutylene pipes, which are prone to corrosion and can lead to lead contamination or system failure. Replacing these pipes with modern materials is a complex task that requires a plumber’s expertise.

Other issues

Additional common plumbing issues our inspectors often come across include: 

• No water shut-offs — essential for quickly stopping water flow in emergencies
• No backflow valve — prevents contaminated water from entering the clean water supply
• Improper fittings — can lead to leaks or inefficient water flow
• Incorrect dishwasher connections — improperly installed drain lines can cause leaks
• Loose toilets — can lead to leaks and water damage
• Poor water pressure — may be a sign of underlying plumbing issues

Encouraging your clients to schedule annual home maintenance inspections can help identify these issues early. Home inspectors can spot problems and may recommend local plumbing experts to address any concerns.

An annual inspection is also a great time for homeowners to bring up any issues they’ve noticed throughout the year that weren’t remedied right away. Preventative maintenance not only provides peace of mind, but it can also save money by addressing potential problems before they become major issues.

Understanding insurance needs can be daunting for any small and medium-sized enterprise (SME). Yet as SMEs contend with an evolving landscape marked by economic fluctuations, technological disruptions and heightened regulatory scrutiny, having a robust insurance strategy is crucial to maintaining stability and peace of mind. 

This is particularly true in the real estate industry. In fact, according to Innovation, Science and Economic Development Canada, over 99 per cent of businesses in real estate and rental and leasing are small businesses. To safeguard against uncertainties, it’s crucial to identify specific risks that could jeopardize their operations and seek appropriate, tailored insurance solutions to protect their bottom line.

Unique challenges faced by real estate SMEs

Real estate SMEs operate in a highly competitive and often unpredictable environment. From property management firms to small-scale developers, the risks are diverse — ranging from monetary or reputational harm, they can significantly impact a business’s bottom line. 

For instance, a property manager might be forced to face legal action if a tenant damages a property and the screening process had been inadequately performed. Imagine a scenario where the property manager overlooks the tenant’s previous eviction history during screening. The tenant subsequently causes extensive damage, leading to costly repairs and lost rental income. The property owner then sues the property manager for negligence, claiming that the manager should have identified the tenant’s past issues during the screening process. 

Such situations underscore the importance of having insurance that appropriately addresses highly specific risks. However, knowing which ones you face can be a challenge, and working with an insurance professional who has specialized knowledge and experience in risk assessment is always a good place to start. 

Essential insurance solutions for property managers

Considering the various risks that can jeopardize their operations, property managers operating on tight budgets may see insurance as an expense rather than a necessity, overlooking its importance for business continuity.

Essential coverages for property managers can offer security by mitigating risks that could disrupt operations and stunt future growth:

• Directors and Officers (D&O) Insurance. Protects the personal finances of directors and officers from legal challenges arising from their decisions, offering crucial protection for company leadership.
• Errors and Omissions (E&O) Insurance. Protects professionals whose business decisions may lead to errors, omissions, neglect or breach of duty while providing services resulting in third-party claims.
• General Liability Insurance. Protects against claims of bodily injury, property damage or personal injury that occur within their office premises.

Customized insurance solutions: A necessity, not a luxury

Every industry has its own unique risks, and the real estate industry is no exception — whether it’s residential property management, commercial real estate or development. That’s why working with an insurance professional who understands the specific challenges of the industry can help tailor a policy package that fits a business best. 

One common challenge SMEs face is limited resources. When it comes to insurance, most SME owners don’t have the bandwidth to explore every option available, and this can lead to difficulty in finding comprehensive coverage that properly protects them from a range of exposures.

To address this need, the insurance industry is developing new inclusive policy packages — offering combined policies that are customized for small businesses. This can make it easier for SMEs to manage various areas of coverage and enhance their ability to proactively control risk.

In response to the specific needs of SMEs for a single insurance policy, many are seeking “insurance packages” that combine various coverages into one, including E&O liability, general liability, contents, cyber and legal coverage together, simplifying the management of insurance needs for small businesses.

Balancing affordability with adequate protection and a reliable contact point

Cost is always a concern for SMEs. However, it’s essential to balance the need for affordability with the need for adequate protection. Cutting costs by reducing coverage can lead to vulnerabilities that may be far more costly in the long run. Instead, SMEs should look for insurance providers who offer competitive pricing without sacrificing the quality of coverage. 

Lastly — and perhaps most importantly — having a reliable point of contact during the claim process will help ease the pressures faced by SMEs throughout that time. This fosters trust and facilitates more seamless solutions when an incident arises so that SMEs can focus on what matters most: their business. 

Embracing technological advancements  

Brokers act as a lifeline for SMEs, providing them with products, services and experiences based on the risks they’re exposed to. As the insurance space adopts new technology, brokers can now utilize user-friendly digital portals to better assist real estate SMEs in a timely and efficient manner.

These portals offer real-time quotes and policy issuance, available around the clock, enhancing satisfaction and ensuring that clients can purchase insurance policies at their convenience.

Insurance plays a vital role in risk management for SMEs in the real estate industry. Understanding insurance products and utilizing technological advancements can greatly simplify the process of acquiring comprehensive coverage. Staying informed, leveraging technology and prioritizing comprehensive coverage will help real estate SMEs protect their bottom line and build a resilient business for the future.

Struggling to stand out in a crowded real estate market? It may be time to level up your marketing strategy, as the days of relying on traditional marketing tactics are over.

Today’s homebuyers are savvier than ever, armed with smartphones and endless online resources. To capture the attention of potential clients, you need to be where they are: on their screens.

This is why it’s essential to harness the power of technology and leverage the right tools to effectively reach your target audience, build trust and ultimately close more deals. Here, we’ll share five digital marketing tools that will transform your real estate business and help you stay ahead of the curve.

1. Social media management: Later

Social media is the number one way real estate agents can connect with potential clients in today’s digital age. However, managing multiple social media accounts can be time-consuming! This is where a social media management tool, such as Later, comes in. Later is a tool that allows you to plan, schedule and analyze your posts across various platforms like Instagram, Facebook, Twitter/X and Pinterest.

With Later, you can visually plan your content calendar, ensuring your feed looks cohesive and engaging. This tool also provides analytics to track your performance and understand what content resonates most with your audience. By automating your social media strategy, you free up more time to focus on what you do best — selling and buying homes.

2. Graphic design: Canva 

First impressions matter, and in real estate, visuals are everything. Whether you need to create engaging social media graphics, professional-looking flyers or impressive property brochures, Canva makes delivering eye-catching designs easy and accessible no matter your skill level. 

Forget about spending hundreds or thousands of dollars on an external designer — Canva puts design power directly into your hands. With thousands of customizable templates, you can create stunning visuals in minutes, even if you’re more of a numbers person than a design whiz.

3. Search engine optimization (SEO): Google Analytics

To ensure your real estate website ranks high on search engine results pages, you’ll need to optimize it for search engines. Google Analytics is a valuable tool for understanding how visitors interact with your site. It provides insights into which pages are most popular, how users discover your site and what keywords they use to get there.

By analyzing this data, you can fine-tune your SEO strategy to improve your online visibility and drive more organic traffic to your website. Focus on creating content that addresses the needs and interests of your target audience, incorporating relevant keywords naturally. This might include regularly updating your blog with market insights, property guides and community highlights to boost your search rankings. 

4. Email marketing: Flodesk

Email marketing remains one of the most effective ways to nurture leads and maintain relationships with clients. However, managing email lists and sending out campaigns manually can take time and effort. The good news is with a dedicated email marketing platform, it’s easier to track email performance and measure ROI.

Flodesk is an email marketing tool that makes it easy to design beautiful, responsive emails, helping you stay connected with your audience. With Mailchimp, you can automate your email campaigns, segment your audience for personalized messaging and track engagement metrics to see how your emails are performing. Whether you’re sending out monthly newsletters, new listings or market updates, Flodesk can help keep your audience informed and engaged.

5. Website builder: Squarespace or WordPress

A well-crafted website can be a powerful asset in attracting and converting clients. Without a website, you’re missing out on a significant opportunity to connect with clients and showcase your expertise. Thankfully, you don’t need to be a coding expert to create a professional online presence. Leading platforms like Squarespace and WordPress offer high levels of customization, allowing your website to grow alongside your business.

Keep in mind that while a DIY website can save you money, it’s important to prioritize the user experience above all else. If you lack the time and skills, consider hiring a professional web designer to create a site that truly represents your brand and effectively showcases your services.

In the fast-paced world of real estate, leveraging digital marketing tools is no longer optional — it’s essential.

By incorporating these tools into your strategy, you can enhance your marketing efforts, streamline your workflow and build stronger client relationships. This will not only save you time and money but also enable you to operate more efficiently and effectively, helping you stay ahead of the competition.

Welcome to your regular staging advice column designed exclusively for real estate professionals. Whether you’re grappling with how to enhance the visual appeal of your listings or seeking innovative strategies to captivate your target audience, you’ve come to the right place. This is your opportunity to pose any and all staging-related questions and receive expert advice, for free.

No query is too big or small — if it’s about elevating the look of your real estate, we want to hear it and we want to help! Email your questions to ninadoiron@isodesign.ca

Selling a home is one of the most significant financial transactions many people will ever undertake. In today’s competitive real estate market, where buyers often make judgments within seconds of stepping through the door — or even before, based on online photos or video — having your client’s property stand out is crucial. This is where professional home staging comes into play.

A skilled home stager can turn a property into a buyer’s dream, often leading to faster sales and higher offers. But with so many stagers out there, how do you choose the right one for your needs? Here’s what you should look for in a professional home stager.

1.  Experience and portfolio

One of the first things to consider when choosing a stager is their experience. How long have they been in the business? Do they have a track record of successfully staged homes that sold quickly and for a good price? Ask to see a portfolio of their work. A reputable stager will have before-and-after photos of previous projects, which can give you a sense of their style and ability to transform spaces.

For example, if you’re selling a modern condominium in the city, you’ll want to see how the stager has handled similar properties. Conversely, if you’re selling a large, traditional family home, the stager should have experience in making such spaces look inviting to a wide range of potential buyers.

The more varied their portfolio, the better equipped they’ll be to handle the unique challenges of your client’s property. Your stager should be a creative problem-solver, capable of transforming even the most challenging room layouts into functional, visually appealing spaces that attract potential buyers.

2. Training and accreditation

While staging is an art, it’s also a science that involves understanding buyer psychology, design principles and real estate market trends. A stager who has received formal training from a recognized organization, such as the Real Estate Staging Association (RESA), or has an accreditation like Accredited Staging Professional (ASP), has demonstrated a commitment to the craft. This background ensures that they’re equipped with the knowledge and techniques to effectively stage homes.

For instance, a well-trained stager will know how to highlight a home’s strengths while downplaying its weaknesses. They will use colour, lighting and furniture placement to create an atmosphere that appeals to the broadest range of potential buyers. Experienced stagers are constantly honing their craft, staying up-to-date with the latest design trends to ensure they deliver the modern, appealing aesthetics that today’s homebuyers crave.

3. Understanding of the local market

Every real estate market is different and what works in one area may not work in another. A good home stager should have a deep understanding of their local market and what buyers in that area are looking for. They should be familiar with the types of properties that are selling quickly and at top dollar and should know what appeals to buyers in your client’s specific neighbourhood. Since each local market has unique characteristics, stagers should maintain a diverse inventory that accentuates the distinct features of properties in those specific markets.

For example, if you’re selling a home in a family-oriented suburb, the stager should know how to create a warm, welcoming environment that appeals to young families. On the other hand, if the property is in a trendy urban area, the stager might focus on creating a chic, modern look that appeals to young professionals.

4. Customizable services

Every home is unique and so are the needs of every seller. A good home stager should offer a range of services that can be tailored to your client’s specific needs and budget. Whether you need a full staging service with furniture and decor brought in, or just a consultation to provide some DIY tips, the stager should be able to accommodate you.

For instance, if the home is already beautifully furnished, you might only need a staging consultation to help you declutter and rearrange existing furniture. On the other hand, if the home is vacant, you might need a full staging service where the stager brings in all of the necessary furniture and accessories to make the home look lived-in and inviting.

5. Attention to detail

Staging is all about the details. A good stager will pay attention to every aspect of the home, from the arrangement of furniture to the placement of accessories. They’ll think about how the home will look in photographs, how it will feel when buyers walk through the door and how to create a cohesive look throughout the entire property. An exceptional stager will go above and beyond to ensure every room is flawlessly presented and fully optimized to captivate potential buyers.

For example, a stager with a keen eye for detail will ensure that each room has a focal point, whether it’s a beautiful piece of artwork or a cozy seating area. They’ll also check that all of the little details, like flowers, crisp linens and strategically placed mirrors, are taken care of.

6. References and testimonials

Just like hiring any other professional, it’s essential to check the stager’s references and read testimonials from previous clients. A good stager will have a list of satisfied clients who are willing to share their experiences. Look for reviews that mention the stager’s ability to listen to the client’s needs, their professionalism and, most importantly, the results they achieved.

For example, if you read a testimonial that mentions how the stager helped sell a property within a week at above asking price, that’s a good sign they know what they’re doing.

7. Fully insured

Another crucial factor to consider when choosing a home stager is whether they have adequate insurance coverage. Professional liability insurance is essential as it protects both the stager and the homeowner in the event of any accidents, damages or unforeseen issues that might occur during the staging process. 

For example, if a piece of rented furniture damages some flooring, or if a team member accidentally breaks a valuable item, insurance protects you and your client from footing the bill. Working with an insured stager provides peace of mind, knowing that the stager is prepared to handle any mishaps that may arise. This level of professionalism not only protects the investment but also underscores the stager’s commitment to running a reputable and responsible business. Always ask for proof of insurance before hiring a stager to ensure that you, your client’s property and the stager are all adequately protected.

8. Clear pricing structure

It’s important that the stager has a clear and transparent pricing structure. You should know exactly what services you’re paying for and how much they cost.

Some stagers charge a flat fee, while others charge by the hour or based on the size of the property. Make sure you understand what’s included in the price and if there are any additional costs for things like furniture rental and renewal fees.

9. A comprehensive contract

When hiring a home stager, one of the most important aspects to consider is whether they provide a comprehensive contract that clearly outlines the responsibilities and expectations of all parties involved, including the homeowner, realtor and staging team. A detailed contract should specify the scope of work, timelines, costs and payment schedules, as well as the roles and responsibilities of each party involved. 

For example, the contract should state what the stager will provide in terms of furniture, accessories and design services and it should also clarify what the homeowner is responsible for, such as moving personal items or making certain repairs before staging begins.

Additionally, the contract should address important details such as what happens if the home doesn’t sell within the expected timeframe, how rental items are handled and any cancellation policies. This clarity helps prevent misunderstandings and ensures that all parties are on the same page throughout the staging process.

A well-drafted contract not only protects your interests but also demonstrates the stager’s professionalism and commitment to delivering quality service. Before signing, be sure to review the contract carefully, and don’t hesitate to ask questions if anything is unclear. This step is crucial in ensuring a smooth and successful staging experience.

Selecting the right home stager can make a significant difference in how quickly your client’s property sells and for how much. By looking for a stager with experience, training, a deep understanding of the local market and attention to detail, you’ll be setting yourself up for a successful sale. Don’t hesitate to ask for references, review their portfolio and ensure their services align with your needs and budget.

Got home staging questions for a future column? Submit them to ninadoiron@isodesign.ca

The Canadian real estate market is a dynamic one, often influenced by several economic factors. With the post-pandemic shift in the market, we’ve witnessed a lot of fluctuation in property prices. As prices have recently increased, this trend may cause potential first-time homebuyers to hesitate when purchasing their home. 

However, when it comes to pre-construction properties, now is actually one of the best opportunities to secure a deal. Let’s walk through some of the key reasons why pre-construction investments remain a smart choice, and how you can strategically help your clients navigate the current market.

Pre-construction pricing dynamics

Best suited for first-time homebuyers, the key fundamental aspect of pre-construction properties is the pricing mechanism. Unlike investing in resale, pre-construction properties are sold at today’s prices but completed and delivered roughly three to four years later. 

What does this mean for your buyers? The price they agree to now does not reflect the final market value at the time of completion. Real estate markets are cyclical, and as history shows, property values are set to appreciate over time. Plus, pre-construction offers a flexible down payment plan best suited for first-time homebuyers. 

Many aspiring buyers are hoping for a further price drop, but by the time their pre-construction property is built, the market is likely to have rebounded, resulting in a property value increase. Essentially, buyers lock in a lower price now for a property that will be worth a lot more in the future. This inherent appreciation potential makes pre-construction properties a lucrative investment.

Helping clients adopt a long-term perspective for real estate

These days, it’s crucial for both buyers and sellers to educate themselves on why the real estate market is all about long-term perspective. The idea is to build and preserve wealth over time. 

For buyers, this means getting used to market fluctuations and understanding that patience is key. The current dip in real estate presents an opportunity to enter the market at a slightly lower cost, instead of expecting prices to go down further and that values will rise by the time their property is ready. Have these important conversations with your clients.

Taking advantage of a buyer’s market

In today’s buyer’s market, agents and brokers have a unique opportunity to guide their clients through uncertainty and position them for long-term success. Here are key strategies that can help professionals in the field increase client confidence and close deals effectively:

1. Strengthen negotiation leverage. As an agent,  the ability to negotiate effectively becomes even more critical in a buyer’s market. Educate buyers and investors on the leverage they have, not just in price but in securing favourable terms like extended deposit schedules, builder incentives or upgrade packages. Emphasize the value of these perks, and use them to craft deals that align with buyers’ long-term objectives.

2. Highlight the importance of capital utilization. In a market where things are changing by the minute and liquidity is king, it’s important to convey to your clients the advantages of putting cash reserves to work in real estate over letting them sit idle in bank accounts.

Highlighting how pre-construction properties offer a unique opportunity for growth where they appreciate over time, it’s important to note that property values are expected to rise over the next few years. Investing now means buyers are set to benefit from future appreciation. The property they invest in today at the current price could be worth significantly more by the time it’s completed, providing substantial returns on their investment. Money in low-interest savings accounts can be worth much less in the future, whereas investing in pre-construction can yield better returns.

3. Role of population growth in demand. With the growth in population around urban centres and the increasing opportunities and improved lifestyle benefits that come with it, the demand for housing is only going to increase.

Population growth means more demand for new homes, pushing property values upwards. While we already witness many developers working towards providing more housing options, the short-term price dip is only here for a while before demand increases again. New construction is finite in desirable areas, but this means it will inevitably lead to higher property prices.

Improving economic conditions also results in a return to consumer confidence and, with that, the demand for real estate is also set to increase. This cyclical recovery will bolster property values.

Seizing the moment

In a buyer’s market, the role of an agent or broker extends beyond merely facilitating transactions. It’s about empowering buyers with the knowledge, strategies and confidence they need to make sound investment decisions.

Real estate is a journey, not a sprint. By thinking long-term and making informed decisions today, your clients can set themselves up for substantial financial gains in the future.

I recently had the opportunity to sit down with Trevor Koot, the mind behind the Business is Fcking Hard podcast, to delve into the insights and experiences that shaped his journey. In our candid Q&A session, Koot shared the inspiration, challenges and personal stories that have driven the creation of his impactful podcast.

This conversation has excellent value for real estate agents and broker-owners, as we’re all entrepreneurs. And it’s hard.

The inspiration

When asked about the inspiration behind the Business is Fcking Hard podcast, Koot emphasizes the need for vulnerability among business owners. He recalls a pivotal moment in 2008 when, during a speech at the Provincial Chamber of Commerce in Saskatchewan (he had been nominated for an entrepreneurship award), he candidly declared, “Business is f*cking hard,” which was met with resounding applause.

This reaction underscored the shared struggles of entrepreneurs and the necessity for open conversations about the realities of running a business. His TED Talk further fueled the podcast idea, aiming to connect with business owners who often feel isolated in their challenges.

Relevance to realtors

The insights and experiences shared on the Business is Fcking Hard podcast are particularly relevant to real estate agents. Like other entrepreneurs, agents face the daily challenges of managing their own businesses — from financial stability and staffing decisions to maintaining morale and navigating the ever-changing market.

The podcast’s emphasis on vulnerability, shared struggles and practical lessons can provide valuable guidance and reassurance to real estate agents as they navigate the ups and downs of entrepreneurship.

A defining experience

Koot recounts a particularly tough day in his entrepreneurial journey when he had to lay off seven employees to save his company. This experience of grappling with unsustainable growth fueled by the belief that Silicon Valley popularized — “growth for growth’s sake” equals success — deeply impacted him.

Koot’s raw, honest and actionable blog posts have also chronicled the struggles of navigating the unpredictable waters of entrepreneurship, from facing financial instability to managing staff expectations and morale. Before the podcast, Koot wrote articles sharing these stories, setting the stage for the more expansive and personal format of podcasting.

Debunking misconceptions

Koot’s podcast delves into the difficult aspects of entrepreneurship, confronting common misconceptions.

Many people mistakenly believe that the entrepreneurial journey is easier for others while their own struggles are unique. By sharing raw and real stories, Koot aims to dispel this myth and foster a sense of solidarity among business owners.

A surprising theme underpinning success: Purpose before profits

One of the most impactful — and unexpected — themes Koot has identified after interviewing entrepreneurs is “purpose before profits.” This notion suggests that true entrepreneurs are driven by a deeper mission beyond mere financial gain.

For instance, Koot interviewed a health supplement company owner who prioritizes creating a healthier community over simply boosting sales figures. This purpose has worked to motivate him over all sorts of struggles. Another interviewee, a woman who founded a workwear company, started her business with the goal of making women feel comfortable and confident in their appearance and clothing — far beyond just turning a profit. Yet, she makes one. 

Research supports this concept of purpose-driven entrepreneurship. Studies have shown that businesses with a strong sense of purpose tend to outperform those solely focused on profits. For example, a study published in the Harvard Business Review found that companies with a clearly articulated purpose were more likely to achieve consistent revenue growth. Additionally, Deloitte’s Global Human Capital Trends report highlighted that purpose-driven companies often have stronger employee engagement, which in turn drives better business outcomes.

Koot’s exploration of this theme on his podcast serves as a powerful reminder to all entrepreneurs, including real estate agents, that a clear purpose can lead to more meaningful and sustainable success. By focusing on the broader impact of their work, real estate professionals can create lasting relationships with clients and contribute to the communities they serve.

The podcast’s influence on Koot

Hosting the podcast has profoundly influenced Koot’s approach to business and entrepreneurship.

Initially intended as a side project, the podcast has inspired Koot and motivated him to share what he’s learning more broadly. Despite selling his last companies in 2021 and becoming CEO of the British Columbia Real Estate Association in 2022, Koot remains connected to the entrepreneurial spirit.

Advice for aspiring entrepreneurs

Avoid the superficial success lure. When offering advice to aspiring entrepreneurs, Koot stresses the importance of avoiding the lure of superficial success. The entrepreneurial journey is often glamourized, especially in industries like real estate where success can sometimes appear effortless from the outside. However, true success requires dedication, hard work and a deep commitment to the craft of business. 

For real estate agents, this advice is particularly relevant as we’re bombarded with Million Dollar Listing and endless Instagram photos of real estate agents driving fancy cars or drinking expensive champagne. The allure of quick commissions and the perception of flexibility can overshadow the reality of what it takes to build a successful real estate business.

Koot advises agents to approach their work with the mindset of a business owner rather than just a salesperson. This means investing time in understanding the market, developing a solid business plan and continuously refining their skills.

Improve financial literacy. Moreover, Koot emphasizes the importance of financial literacy: “Financial literacy is crucial for real estate agents to thrive in their careers and maintain long-term success. Many agents overlook the importance of understanding their cash flow, tracking expenses and setting aside money for taxes and other obligations,” he notes.

Koot’s own admitted oversight on understanding his company’s cash flow is what led him to a variety of financial stresses. His podcast guests attribute part of their success to mastering financial basics, and he encourages agents to take note so they too can avoid common pitfalls like overspending during high-income periods or being caught off guard by tax bills.

The real estate market is constantly evolving, and agents must be prepared to navigate changes, whether they be economic downturns, shifts in consumer behavior or technological advancements.

By sharing raw stories of struggle and triumph, practical advice and insights on purpose-driven success, Koot offers a virtual support system for agents navigating the complexities of running their own businesses. In an industry where challenges can feel isolating, this podcast reminds you that you’re not alone.

If you think AI begins and ends with ChatGPT, you’re missing out on a universe of possibilities. While OpenAI’s chatbot took the world by storm, it’s just one star in an ever-expanding galaxy of AI models. Relying solely on ChatGPT is like trying to build a house with only a hammer — you’re limiting your potential and possibly compromising your results.

This principle applies across industries like Canadian real estate. Realtors in this field wear many hats, requiring skills in negotiation, social media, content creation and more. By exploring AI tools beyond ChatGPT, realtors can leverage diverse AI capabilities to enhance various aspects of their business, rather than limiting themselves to a single tool.

Risks of relying on a single AI system

• Missed opportunities. Using a single AI system can lead to missed opportunities and biased results.
• Limited perspectives. A single model can only provide a narrow view of a problem or solution.
• Stagnation. Relying on a single AI system can lead to stagnation, as you miss out on innovations from other models.
• Vulnerability to outages or updates. Dependence on a single system leaves you exposed if it experiences downtime or significant changes.

My experience using various AI models over the past four years has reinforced these risks. The quality of outputs can change dramatically, sometimes on a weekly basis. This volatility underscores the danger of stagnation when relying on a single system.

For instance, if one AI model consistently produces poor social media posts for first-time homebuyers, exploring alternative models could yield better results rather than waiting for improvements in a single system. 

Benefits of AI diversification

• Comprehensive insights. Multiple AI models provide a more comprehensive understanding of a problem or solution.
• Innovative solutions. AI diversification can lead to innovative solutions and new ideas.
• Adaptability. By using multiple AI models, you can adapt quickly to changing circumstances.
• Enhanced problem-solving. Different AI models approach problems in unique ways, leading to more robust solutions.

Diversify your AI arsenal — at no cost

Imagine having unrestricted access to the internet in its early days — you would have seized the opportunity!

Today, top tech companies worldwide are offering their cutting-edge AI language models for free. However, unlike the internet’s early days, we now have multiple AI models in an intense arms race, with innovations emerging every week.

Compare AI responses: One prompt, multiple platforms

One of the most effective ways to harness the power of AI diversity is to use identical prompts across different AI platforms. This approach allows you to directly compare outputs, highlighting each model’s unique strengths and perspectives. By using it, you can identify which AI excels at specific tasks, uncover nuanced differences in language understanding and even spot potential biases.

The method not only enhances the quality of your final output but also deepens your understanding of each AI’s capabilities, enabling you to make more informed decisions about which tool to use for future tasks.

Top alternative AI tools

In the rapidly evolving artificial intelligence world, several powerful alternatives to mainstream AI models have emerged, each offering unique strengths and capabilities.

For example, Claude by Anthropic excels in nuanced conversations and ethical reasoning, while Google’s Gemini brings multimodal capabilities and up-to-date information to the table. Perplexity AI stands out with its real-time information synthesis and source citation (very important), offering an interactive search experience. For those seeking open-source solutions, Meta’s Llama 2 provides flexibility and customizability.

By exploring and leveraging these diverse AI tools, users can tap into a rich ecosystem of capabilities, each suited to different tasks and requirements.

1. Claude by Anthropic — known for nuanced conversations, ethical reasoning, detailed explanations

2. Gemini by Google — known for multimodal capabilities, up-to-date information, integrated search

3. Perplexity AI — known for real-time information synthesis, citation of sources, interactive search

4. Llama 2 by Meta — known for open-source flexibility, customizability, strong performance on various tasks

Stay diverse to stay ahead

The AI landscape is evolving rapidly, and relying on a single AI system can lead to missed opportunities and biased results. By embracing AI diversification and exploring multiple models, you can gain comprehensive insights, innovative solutions and adaptability.

Stay ahead of the curve in your real estate business by harnessing the power of AI diversification.

In the world of real estate or any other entrepreneurial vocation, it can be challenging to keep the motivation, passion and momentum at full capacity. At the same time, the idea of entrepreneurship is exciting and enticing: be your own boss! There’s no ceiling to what you can make! It’s all up to you!

As one of my mentors, Brian Buffini, notes, you might be a terrible boss who is too lax or too strict. There may not be a ceiling to what you can make as an entrepreneur, but there is also no floor … and it really is all up to you. Moreover, being in business for yourself and by yourself can be incredibly lonely.

Real estate: One of the only industries offering a tangible fee for your relationship

The challenge of keeping a high level of motivation and continuously propelling yourself toward success is one of the reasons real estate sales conferences are so popular. Hundreds (or thousands) of real estate professionals come together in a far-off location like Vegas, Halifax, Toronto, Dallas or San Diego for a few days, and the world stands still.

The material is engaging (hopefully), and you take notes, you might get a new book or two to read and you network with fellow agents, hoping that a great conversation will lead to a connection and, perhaps, even a referral. Oh, how we love referrals!

P.S. If you still need to get on the referral train, I recommend hopping aboard immediately. Real estate is one of the only industries offering YOU a tangible fee for your relationships. And make no mistake: the relationships we build in real estate can take years to build and a small fortune to create. You completely deserve a referral fee when you connect a client to a colleague for help in another market. Stay tuned for my next article on referrals. But really, do it. Do it NOW.

Back to the conferences

I have personally attended conferences by Buffini & Company with Mastermind, Turning Point, Success Tour, Masterclass and Peak, Kathleen Black Coaching Company, Richard Robbins International, Tony Robbins with Unleash the Power Within, Tom Ferry and Royal Lepage with the National Sales Conference. I’ve also attended a few large-scale conferences like TRREB’s Realtor Quest and The Power of Success in Toronto.

Yes, I know there are a lot of conferences. Too many, perhaps.

Just attending a conference — a GREAT conference — can make you feel like a brand-new person. It’s a bit cult-y, but it’s okay — we’re drinking the Kool-Aid, and it’s actually good for us. When we return, our friends and families are a little weary of our top-shelf energy, but it’s all good. Until that motivation and “whoop whoop” wears off.

Zig Ziglar notes that motivation is like bathing. It doesn’t last, so it has to be done daily. But you can’t go to a conference every day … Can you?

Ensure your time, money & energy investment translates into a more successful business and more joyful version of yourself

We can get so addicted to the hype of a conference, with the music, the energy, the immersion and that feeling of being unstoppable, that we forget conferences are meant to help us on our journey. They are not the journey. They’re like a booster pack for entrepreneurs: let’s GO!!!! You should not need to go to several conferences every year. Are they fun? Yes. Are they expensive? Yes. Can you confuse a conference for a vacation? You bet your boots you can.

So, how do we ensure that our investment of time and money (and energy … so much energy!) translates into a more successful business and a more joyful version of ourselves?

WORK. We have to put in the work. Nothing worth having comes easy.

With that said, here are the four steps to a successful conference experience.

1. Connection

Attending a conference can feel like you’re back at the first day of high school. You might know some people and even think your best bet is to find them and spend time with them. Maybe it is. But it’s also important to make room for new relationships — especially because you’re in a room of like-minded professionals. Chances are, you’ll have a few things in common.

When you have a conversation, trade information — either business cards, emails, cell numbers or social media. Send a little note afterward (and get them all in your business referral database ASAP). Try not to be the person with a pile of cards on or near your desk from the last few years of networking.

Pro-tip: Make a note of their name and your conversation with them, whatever they mentioned in the conversation. You will literally make their day if you send a note by email, text or snail mail, thanking them for sharing about (insert conversation here) and saying how nice it was to meet them.

Try to meet/connect or deepen a connection with at least three people every time you attend a conference. Small talk is for small people. There are so many exciting things to talk about — take a page from Vanessa Van Edwards and ask fun questions to deepen that connection and find your commonalities.

Pro-tip: Constantly pointing out how different and unique you are will actually isolate people in these initial stages. Be honest, and know that finding similarities will build a bond faster.

2. Learning/growing

Conferences can be a lot of fun. And I mean a LOT of fun. It’s great to sandwich the learning with playtime, but remember that this isn’t playtime. Otherwise, you’re just on a really expensive vacation without your family or friends.

Stay engaged, take notes and really listen. Stay off of your phone. Contrary to what we all believe about our very important real estate careers, an hour or two offline won’t end it all. If you were in a listing appointment with one client, would you stop in the middle of it to text another client? NO! So why are you interrupting your appointment with yourself and your personal development?

A lot of conferences will give you the workbook to fill in now, and those are very helpful. They force you to pay attention too (or sit with an excellent note-taker). Buffini conferences are great for this because they outline all of the points in the main talks. Bonus: You can recall the information more easily later on.

Jot down books that are recommended (I aim to read 10+ pages a day of a personal growth book, which everyone has time to do) and any thoughts you have about the talk, too. It’s also nice to use these topics to connect with your colleagues on breaks because sometimes you’ll hear a different perspective that you hadn’t thought about.

3. Reflecting

Now that you have spent the time connecting with like-minded individuals (LMIs) and have really leaned into learning and growing throughout the conference, it’s time to lock in that knowledge and experience with some good, old-fashioned reflection.

Go for a walk, hit the gym, swim, meditate and journal. Do whatever comes naturally to you for reflection. Think about what you learned and how you might implement some of it into your business and your life. What really stood out? Could you share any of this with colleagues, family or friends who weren’t there?

4. Rediscovery

In the latest conference I attended, Brian Buffini talked about rediscovery over reinvention. And if you’re on social media, you’ve probably seen countless ads advising us to go away for six months and return as a “new you.” Whether it’s fitness, health, business, money or beauty, the pull to change it up and become a new person seems enticing. But to what end? The real YOU is inside of you and will keep coming out. Take time to learn about the things that make that real you so fantastic and start the process of rediscovery today.

It’s powerful to be confident as ourselves. Our current culture makes it seem sexy to change it all up, but that only makes sense if you consider how many industries benefit when we aim to find a quick and easy way to the life we actually hope to have.

It’s important to also lean into whatever sets your soul on fire. Whatever makes you feel unstoppable and like the world is giving you a high five. It might take some more reflection and rediscovery, but what do you love to do? And, more importantly, if you’re not doing these things, why not?

For example, I love leading, mentoring, guiding and coaching, and I have the privilege of exercising these passions with my real estate clients and colleagues. I have a passion for sharing and am so excited to reach new heights together with my “marble jar people,” as Brene Brown says. I also love writing and sharing, so I started a podcast and a blog, and I’m working on a book.

I didn’t do these things for the longest time because I thought I had to be invited or have extra time or money. But here’s the thing: when you truly decide you want to do something or have something, the universe will conspire to ensure that you are given every opportunity to reach that goal.

You have to be part of it though. You need to take steps towards it. You will find the time. You will find the money. You have to believe that it’s possible. As Anna Buffini said at a recent conference, “You don’t need to see the light at the end of the tunnel. You just need to believe that there is a light.”

May your next conference be everything you dream it will be, and more.

I’ll probably see you there.

Realtors and property managers. A duo that blends as well as oil and vinegar. Both parties bring specialized skills and knowledge to the table, and when these are effectively combined — just like vinegar and oil — the result is something special.

But can realtors and property managers really get along? By understanding common challenges and implementing simple strategies to overcome them, realtors and management companies can build happier, more productive relationships that benefit everyone involved: realtors, property managers and their clients.

Limitations of property managers

“We want to help realtors, but sometimes we’re limited by what we can actually do,” says Katharine Olson, associate broker at FirstService Residential in Vancouver. “I’ve had instances where a realtor has promised prospective buyers renovation approvals. As much as we’d like to help, strict regulations in British Columbia limit what can be done before a buyer becomes an owner.”

But who is responsible for that? Many times, it’s assumed that the property manager has more power than they do. This assumption leads to misunderstandings, inefficiencies and client dissatisfaction. Confusion often stems from a lack of clarity about the roles and responsibilities of management companies in a specific market. For example, in B.C., the management company is only obligated to the owner or their representative — strata managers can’t provide information or approvals to prospective buyers.

Understanding role nuances goes beyond legislation: Tips for realtors

David Locke, vice president of business development and managing broker at Duka Management, emphasizes that understanding the nuances of these roles goes beyond mere legislation.

“While realtors should familiarize themselves with the relevant laws in their market — like the Strata Property Act in B.C. and the Condominium Act in Ontario — issues often arise from not understanding the building and its intricacies,” he comments. “A quick overview of the building and its documents, if available before listing, goes a long way in avoiding conflict and ensuring happier clients.”

Locke advises realtors to know the bylaws and rules of the building they’re dealing with. “Respecting the bylaws and rules builds goodwill and a potential client pool,” he says. He also notes that Metro Vancouver developments are becoming increasingly complex.

“Buildings are much more complicated now than even 10 years ago,” Locke adds. “I’m always happy to help realtors navigate them, provided they’ve read the documents first.”

Mike Heddle, broker at Heddle Real Estate, adds that avoiding assumptions about a building based on others and having a systematic process for listings is crucial for success, along with solid communication. Heddle notes that he opens the lines of communication at the start of the sales process and aims to keep the property manager in the loop the entire time, from listing to closing.

Proptech: Meant to streamline but can cause delays in getting answers

Just like any good relationship, communication is the cornerstone for success. Thanks to the multitude of proptech in the real estate market, communication lines between realtors, owners, clients and property managers have been streamlined. But maybe too much.

Many companies have adopted online portals for ordering the documents needed during a sales transaction, offering convenient timelines and various document options. While this is meant to streamline the process, there comes a time when a realtor might need clarification on a point, and this is where problems arise. Realtors frequently face frustration when their calls and emails go unanswered for days or aren’t responded to.

“It’s no surprise that’s a complaint,” Olson notes. “In a year, I can get over 10,000 emails and phone calls from one building alone, and agents here tend to have six to eight properties each. That’s a lot of correspondence. My preference is always email, with clear and concise questions.”

How to help property managers help you

A quick scroll through LinkedIn results in dozens of posts about emails and the sheer amount of them: getting the best results from a property manager means knowing how to reach them. Olson adds she appreciates when realtors take the time to structure the email in a way she can quickly answer it — clear subject line with the property, point form questions and a timeline she can work with (at least a couple of days).

Knowing who the questions should go to is vital in many situations. She further adds that it might be quicker to call the building staff directly for simple questions about daily operations instead of the strata manager.

While it looks different for each party, realtors and property managers are working towards the same goal: client satisfaction. Understanding common challenges and implementing minor changes would easily make the relationship less contentious. Could realtors and property managers actually get along? Yes!