Real Estate Dirt

Slowdown in real estate across Canada

2008-07-24T13:48:00.000-07:00

Ozzie Jurock on Global TV July 23, 2008

THIS WEEK: Slowdown in real estate across Canada

Ozzie Jurock discusses the slowdown in real estate across Canada. Vancouver, for example, has seen a year-over-year decline in sales of 43%.

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Real Estate Slowdown in the Okanagan

2008-06-23T14:41:00.000-07:00

Ozzie Jurock on Global TV June 18, 2008

THIS WEEK: Real Estate Slowdown in the Okanagan

Real estate expert Ozzie Jurock takes a look at recent sales and listings activity in the Okanagan Valley of British Columbia.

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Vancouver Real Estate Market Downturn?

2008-06-09T16:44:00.000-07:00

Ozzie Jurock on Global TV June 4, 2008

THIS WEEK: Vancouver Real Estate Market Downturn?

Ozzie Jurock discusses the health of the Vancouver BC real estate market in June, 2008.

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Strata Office Real Estate

2008-06-09T16:39:00.000-07:00

Ozzie Jurock on Global TV May 21, 2008

THIS WEEK: Strata Office Real Estate

Ozzie Jurock talks about strata office real estate in Vancouver, British Columbia - a good option for small business owners as it can be cheaper than rent and allows your company to grow. See Jurock.com for more info.

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US Real Estate Developers Selling to Canadians

2008-06-09T16:32:00.000-07:00

Ozzie Jurock on Global TV May 7, 2008

THIS WEEK: US Real Estate Developers Selling to Canadians

Ozzie Jurock talks about US developers selling real estate in British Columbia. See Jurock.com for more info.

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Real Estate in Northern British Columbia

2008-06-09T16:10:00.000-07:00

Ozzie Jurock on Global TV April 23, 2008

THIS WEEK: Real Estate in Northern British Columbia

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The Crazy Vancouver Real Estate Market

2008-04-14T14:57:00.000-07:00

Ozzie Jurock on Global TV April 9, 2008

THIS WEEK: The Crazy Vancouver Real Estate Market

Ozzie Jurock on the seemingly unstoppable Vancouver BC real estate market.

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More Tips for Buying Real Estate in the USA

2008-02-29T10:15:00.000-08:00

Ozzie Jurock on Global TV Feb. 27, 2008

THIS WEEK: More Tips for Buying Real Estate in the USA

Now is a good time for Canadians to look at buying property in the USA. Ozzie Jurock outlines some important tips for those looking to buy.

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Waterfront Property in the Kootenays area of BC

2008-02-15T11:42:00.000-08:00

Ozzie Jurock on Global TV Feb. 13, 2008

THIS WEEK: Waterfront Property in the Kootenays area of BC

Ozzie Jurock takes a look at what's available to buy today for waterfront property in the Nakusp area.

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Edmonton's Wildly Fluctuating Real Estate Market

2008-02-01T09:58:00.000-08:00

Ozzie Jurock on Global TV Jan. 30, 2008

THIS WEEK: Edmonton's Wildly Fluctuating Market

Edmonton and other western Canadian real estate markets are examined by Ozzie Jurock.

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Property Assessments: Taxes and Appeals

2008-01-10T15:10:00.000-08:00

Ozzie Jurock on Global TV Jan. 9, 2008

THIS WEEK: Property Assessments: Taxes and Appeals

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Buying Property in the USA

2007-12-07T15:14:00.000-08:00

Ozzie Jurock on Global TV Dec. 5, 2007

THIS WEEK: Buying Property in the USA

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Whistler or Pemberton?

2007-11-01T13:49:00.000-07:00

Ozzie Jurock on Global TV Oct. 31, 2007

THIS WEEK: Whistler or Pemberton?

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Edmonton's Real Estate Market Stalls

2007-10-04T14:59:00.000-07:00

Ozzie Jurock on Global TV Oct. 3, 2007

THIS WEEK: Edmonton's Real Estate Market Stalls

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Worldwide Credit Crunch

2007-10-01T16:23:00.000-07:00

Ozzie Jurock on Global TV Sept. 19, 2007

THIS WEEK: Worldwide Credit Crunch

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Summer Real Estate Sizzles Across Canada

2007-09-07T14:22:00.000-07:00

Ozzie Jurock on Global TV September 5, 2007

THIS WEEK: Summer Real Estate Sizzles Across Canada

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Hot, Hot Housing Market In British Columbia

2007-07-27T16:22:00.000-07:00

Ozzie Jurock on Global TV July 25, 2007

THIS WEEK: Hot, Hot Housing Market In British Columbia

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Is There a Real Estate Bubble?

2006-09-12T16:24:00.000-07:00

Unfortunately the question cannot be answered ... or at least not the answer you want to hear:

"The market will crash by 50% on January 22nd 2007 so you have plenty of time to sell everything. It will then take off again on May 1st 2008 and so rent till then."

That is what you'd like me to say...

Alas, no expert ... even a revered one ... can make those kind of predictions.

In my Real Estate Action course I tell my students that if they ask me one more time what the market is going to do, I will hit them with my laptop. Who cares ... if you have your ducks in a row ... You will weather all storms.

Real estate markets are not like stock markets... Someone sells Gold in Hong Kong at night it will affect the gold market in New York. Someone sells real estate in Hong Kong tonite ... no one cares in Vancouver.

Stock markets can crash 50% in 3 weeks. Real Estate markets in BC reversed on average 17% over a three year period (4 times in 25 years ... with the exception of 1980 when we had 22% interest rates).

The real questions are:

1. Are you a shark, a flipper or in investor?

As a shark and flipper ... you are in and out of a market short time. So sell for the profit. As an investor you are there for a long time having a tenant build you your 'passive income' nestegg!

Ah, the joys of passive income!! True wealth is not an asset - it is PASSIVE INCOME.

And if that is your goal ... who cares, whether the market goes up or down in the next ten years?

For 35 years I have listened to people tell me about this and or that stock market crash (1974, 1982, 1987,2002) and listened to this bubble theory (Douglas Casey, Bob Prechter) and that deflation theory (all NA advisors in 2001)... And we came through Asian Flus, Russian and Mexican collapses - worldwide epidemics and 500% interest rates (Sweden) and if you did nothing else, but buy a house ... not very smart just bought a house ... and kept it ... you'd have outperformed ANY other investment on the leverage of you down payment.

Since 2001, I have held 29 Action Courses and the number 1 question was: Is there a bubble, is it over? Since then my students have made in excess of 500 million dollars.

2. If you do not know what you are going to do with the money, keep what you own!

We live in the most under-reported inflation of all times. We keep printing money, paper money will shift into hard assets.

Finally, for the last ten years no one told me they regretting buying their real estate, they only regretted selling it.

Managing a rental property can be a mixed-up world

2006-05-11T16:43:00.000-07:00

You now are an owner of a fine investment. Life is easy from here on in, right? Wrong! I have owned my share of rental properties and have both good stories and absolute horror stories to tell. The good news is that you can avoid the horror but you need to be good. Good at being a manager that is. Often we mix up our objectives when we try to manage our rental property ourselves. We want to increase the value of our property, we want a tenant to pay our mortgage, we want to be loved by the tenant and we want him or her to pay on time every time and we want him/her to take care of the property better than if it was their own. Yeah, well I have news for you. You'll get some of these some of the time, but not all of these all of the time. The worst one here is wanting to be loved by your tenants. You can't be, you are at odds. He wants to pay as little as possible with you shouldering all of the upkeep of repairs, including window washing, you want him to pay as much as possible and cut the grass too. End of Love.

Property management can make or break you. This is where lots of people fall down, more than anything; it will test your ability. Unless you actually live within easy reach of all of those far-flung revenue properties, you're going to be relying upon someone else to manage things. If you've got trusted tenants, be thankful ... but don't be complacent. If you're buying a unit in a multi-unit revenue property, be darn sure the prospectus and related documents ring true. Sometimes a combination of hidden deferred maintenance and a matter-of-fact management company which would "rent to anyone" can end up cracking many an investment egg. Property management is a business. If you can't treat your property management like a business get a professional who can. Think about it. The average investor owns his property 6 years. The average single family home rental value in Vancouver is $1,500 per month, $18,000 per year or a cool $108,000 income. This is serious money. To be managed seriously.

Property Management means: writing ads, handling inquiries, showing property at night, collecting rent, unfriendly tenants ... it all spells personal involvement and free time encroachment. So, unless you know what you are doing, hire someone qualified who will also give you solid reliable service. If you manage only one property, go to the library, there are plenty of good books on the subject. Do some research, become certain. If you own more than one, or if you own it 'long distance' get a professional manager. YOUR BIGGEST JOB IS TO GET THAT PROFESSIONAL. Get references, CHECK OUT those references for tenant and manager! (great website ... TenantVerification.com ... allows you to check out tenants. For tenant rights see Jurock.com's Renting Tips and for getting specific property management questions answered FREE go to Jurock.com's Ask an Expert).

WHAT? YOU WANT NOT JUST TO RENT THE PLACE, BUT A GOOD TENANT TOO?

A good property manager doesn't take the first yokel that wants to rent the place. He/she has a plan of action to get tenants, he has a clearly itemized - who is responsible for what - contract with his owners and one with his tenants. He must have a reviewable business plan. Ask your manager for his.

What does a 'quality service oriented property manager do anyway?

He has a written budget outline - income projection - timely collection of rent - expense control - establishing rental value - clean simple accounting - maintenance.

He also has to show you the operating procedure he employs for maintenance (ongoing or re-action to problems as they occur only), repairs (ditto), safety and security issues (spelled out, how when who?) and insurance (enough, all eventualities covered, etc.)

You should also inspect the property with your manager together and meet the staff he employs (you may like him but shudder at the employees). What's his regular (weekly, daily, monthly) inspection routine? Understand the scope of his authority. Does he hire contractors to do the work? Does he advance funds? Does he use rental income to place ads, make repairs etc. What is the track record? Who can you call to verify?

Do this all up front. Have a written understanding of your relationship - small building or large - and you have a basis to measure actual performance against promised performance.

So You Wanna be a Real Estate Investor?

2006-05-11T16:40:00.000-07:00

Ok, you are motivated. You will buy real estate. You want to be an investor. Owning real estate is good, right? Particularly now, as markets heat up a bit in British Columbia, buyers are coming out from behind their 'yeah, buts' and clutching their cash ready to commit. But saying that all real estate is good, is like saying all mutual funds are good, let's buy some. It doesn't work there and it doesn't work for real estate. God speaks to real estate investors with a written action plan first and she speaks to everybody else second.

A personal written real estate action plan.

Personal to you! If you want optimum results you've got to do things right. Analyze yourself. What is it you are trying to accomplish? Cashflow from a tenant to pay off your mortgage? A nest egg for your old age? Capital gain fast? People go out and make their major investment strictly on emotion. Real estate is good, isn't it? No, not all real estate is good. Remember: You make the most money on the day you buy. And that does not happen by accident. There is thinking, planning, evaluation and personal risk tolerance at play. And you find out yours by sitting down with pen and paper. It all starts with your personal plan.

There are no short cuts. There are all kinds of variations.

Ask yourself:

Where are you in the current cycle of investment?
What are your views on inflation?
What are your personal objectives? Are you acquiring a property for a specific purpose? If so, will the property serve that purpose?
Should I buy close by or at distance?
Perhaps you are a renovator at heart? If this is the case it also helps if you are a renovator in hand ...

What ever your true goals are get them down in writing.

How will you handle calls of, "My toilet is flooded, or my washer is leaking, or --- the furnace is out." How many of these calls can you tolerate?

Get your answers down on paper. Take as much time as it needs. The answers will tell you what kinds of property you can buy. You need to be able to match up your investment objectives and your temperament to the properties you buy. This is really a case of 'different strokes for different folks'.

Take a good, hard, serious look at yourself. And you've got to do that from a variety of perspectives --- financial, intellectual, and temperamental.

The objective should be to construct a set of goals so that you have a plan of action in writing. Goals and plans that are not written down are nothing but musings. I know --- I know --- you're different. Sure you are.

It's not enough to say I want to make a lot of money. That isn't a goal. How much money, by owning x number of properties? You have to be precise. It isn't enough to say you are going to work hard. That isn't an action plan. What will you learn, read, understand every day to get you to your goal? Take an honest look at yourself. Then you decide what results you want to achieve.

If you want to have an income stream of $10,000 a month then you know that you have to have a two million dollar portfolio if you're going to achieve this without taking undue risk. You also have to decide what risks you're willing to take on the way up to that two million dollars. A lottery ticket or buying one property a year for the next ten years.

There's all kinds of help out there just waiting for you. Stationary stores have forms that are designed for evaluating rental property. Library shelves are filled with books on the subject and in those books you'll find just the right form that you can adapt to your own needs. But guess what? YOU have to do it. It IS work that YOU must do.

There are very few things in this business that I am as sure of as this. If you have a written plan of action, you will be motivated to get in the game with confidence and not follow some guru. You will have a useful measuring stick and a compass that will take you where you want to go.

Real estate has been a wealth builder for thousands. Some had luck, caught the wave. Most continuously successful real estate investors understand that the best deals are created not advertised and that the biggest problem lies in understanding themselves.

Of course in the end it is all about guts. The guts to take action. The person who acts, even if he's only 90% or 95% right is always further ahead then the person who waits to be 100% sure. Remember, if you wait for all the traffic lights to be green between your house and where you're going, you'll never leave your driveway.

Can You Really Buy With No Money Down?

2006-05-11T16:23:00.000-07:00

The two most important things people care about: How much down? How much per month? But there is something even better yet: Nothing down!

The concept seems mythical, impossible. Something for nothing? It's too good to be true. In most cases - in particular of the late night TV 'get rich quick' variety - it is exactly that. But in real estate investment, sometimes it is possible to beat the myth, to find a property and acquire title with a small or even zero downpayment. But it's not easy...but nothing good ever is.

But 'nothing' doesn't mean free either. Investment abhors a vacuum; if you aren't putting up money, you're going to be putting in something just as valuable - sweat (mental or otherwise) and smarts. For example, one strategy has you act as the 'bird dog' working in tandem with the person with the 'gun' - the hard money. You find the deals, he or she pulls the trigger and drops it, and you both share in the resulting profits. Or perhaps you act as the magnet drawing in a number of small but like-minded investors. Together, you pool resources, snag the big plot or project and then split the eventual profits.

Of course, if you believe in the myth of 'good markets and bad markets' (There are only good and bad deals - the worst deals in fact come in good markets) or the old wisdom of location, location, location (when timing and trend make the real money for investors) you may not be able to walk down the road of that no-downpayment world either.

And no, it isn't easy either. All good deals are created ... nothing down or all cash. You will not read about the great deal BEFORE it is done ... you'll read about it only after someone else did it. Of course - ahem - you may read about a great deal in my newsletter ahead of time, but that is another story.

So, you are willing, clutching your dream and your 'no cash'?what do you do? You need three things?
You need a market - a buyer's market
You need a strategy- know thyself
You need guts - Your action

MARKET
Most people get interested in a low down deal in a 'good sellers' market, because they hear that they should run and buy real estate now. But in reality a sellers market rarely sees a low downpayment deal - the seller doesn't need to be creative to sell. People usually don't shop in a buyers market because they read all the negative press yet?that is the time when they SHOULD be using the low down techniques (As in BC now).

STRATEGY
Understand the basic principles of buying real estate without cash, the differences between Agreement for Sale, seller take backs, abatements, buying cash flowing properties only. Read up in the library (everything sold at late night TV is there - free!).

GUTS
Most people and in particular the ones buying the TV courses end up with know-how and dreams but not enough guts to go out and make the dozen or so offers it takes. You need to find the one Realtor willing to write no down offers, the one willing seller, the one property situation which gets them what they want and the seller what he wants.

Here are some ways to find cash to buy property with no money down. The presumption is that you qualify for a first mortgage, have a job and didn't just have your TV repossessed:

1. Bet on a relative. Get a high ratio mortgage - get the rest from a benevolent father, mother, uncle?.

2. Bet on the Seller. a) Get him to take back a second mortgage for the whole balance. b) Ask him to sell by way of an Agreement For Sale An Agreement For Sale operates like a mortgage, with the seller as the lender. Typically, it is used when purchasers want the seller to agree on an amount in excess of any underlying first mortgage. An Agreement for Sale appeals to sellers who may be facing a substantial 'prepayment' penalties on their mortgage if they sell now. c) Get an Abatement. An abatement is just a sum of money the seller gives back or rebates to the purchaser on closing (deferred repairs, needed renovations etc.) d) Defer your Down Payment - Some or all of the downpayment is deferred for some months or years after the "completion" date with no payments.

3. Bet on Trade. Many investors have put up cars or boats as the downpayment instead of cash.

4. Bet on the bank a) I know, I know an oxymoron. Banks usually only lend you half of what you already have on deposit. But every once in a while? b) Personal Line of Credit and/or Bank Loan c) Credit card financing is easy

5. Bank on the government Check out the Registered Home Ownership Savings Plan. A combination of RRSP and RHOSP can get you back the taxes you already paid to use as a down payment (one time)

6. Bet on a partner.
a) Find one partner with cash. You do all the work, repairs, upkeep, property management. Partner puts up money. You own 50%. (One of our subscribers bought 12.7 million real estate in Edmonton this way in 6 months in 19998)
b) Find several partners with cash. Syndicate them or create a limited partnership with you as general partner. c) Joint Venture between seller, investor and you. The investor puts up the downpayment and closing costs, for 50% the seller may retains a 25-per-cent interest by taking back a second mortgage.. You do the work and retain 25% .
c) Use Realtor's commission to help. Not cutting the commission, but deferring the commission for a while - asking the Realtor to wait a little for some of his or her money. Remember though, Realtors have to share their commission with their company as well. It doesn't always work, but it doesn't hurt to ask.

There are dozens of strategies and techniques. All easily and readily found in dozens of books at the library. But you have to do some learning. Surprise, you have to do some work too. But it is possible, to create a good deal with no money down, it is done every day - not by the late night TV crowd, but by average income people who go out learn the concepts and take action. You can do it too.

21 ways to make your home sell faster

2006-05-09T15:55:00.000-07:00

"Innovation is the creation of the new or the re-arranging of the old in a new way." -Mike Vance, Dean, Disney University

When selling a home (or anything else for that matter), the marketing effort must be coordinated on all fronts. It also must be superior to the competition. This is especially true in a buyers' market where the homes sitting on the market seemingly outnumber the potential homebuyers. In such an environment, you must lift your home out from this crowd and highlight it in the best way possible. You must out-think the competition.

So, the market is off by 50 per cent. So what. It's still four times larger than it was in 1982. The key is to get your property placed into the 50 per cent which sells now.

All good marketing efforts begin life as a sound, basic plan and then evolves to fit the particular property and situation. Cut from whole cloth and then tailor-made, such a plan will incorporate innovative new ideas and "rearrange" old ones.

Here then, are a few of these ideas:

Select a Quality Realtor
Based on my travels around the world and as president of both Royal LePage and NRS National real estate companies, I believe British Columbia and Alberta are home to some of the most qualified, professional realtors in North America today. But there are also some who are little more than "order takers" who literally can't properly write out a contract, much less have the hard-won knowledge needed to position your home in the most appropriate and effective way for your particular market. So how do you find such an experienced, market aggressive realtor?

Ask around. Check with friends or trusted associates and get some names. Experienced names. When selling in today's market, you need to be in the hands of a practicing "doctor" and not someone eager to practice on you.
Focus in the three best referrals, ask each of these realtors to come out, have them put together a marketing evaluation and then give you his/her specific action plan as to what he/she will do to sell your home. Make sure it's in writing. (If the realtor is "too busy" to physically come and view your home...well, you've just eliminated one name from your list.) Remember: realtors come in a couple of basic flavors. While there are always exceptions, in general a "low-key" yet thorough realtor is best when it comes to helping you buy a home; his or her pragmatic knowledge will help keep your feet firmly on the ground. When selling a home however, look for a high-energy, dynamic realtor whose enthusiasm might be "infectious" enough to enthuse a potential buyer.
The market evaluation should compare your home with at least three currently active competitive listings, three recent competitive sales and three competitive and now inactive listings which didn't sell. Drive over and check out these benchmark properties yourself to ensure the realtor has put your home in the right "ballpark". If you disagree, find out the reasoning as to why the realtor has so placed your home. The reasons could be good ones indeed. (Or vice versa.)
Once you've vetted all three choices, go with the realtor whose combination of experience, proven performance and action-plan for your home is the most impressive. But be careful not to confuse impressive with unattainable.
Ensure your home is listed on the Multiple Listing Service. The more exposure, the better.
List your home with the chosen realtor for 60 days. If the realtor suggests you list with him or her for a longer period, tell him or her you will renew if, in your opinion, all the realtor's written promises have meanwhile been adhered to and met all the previously agreed upon elements of the action plan. If not, tough luck. Find another realtor.
Underline to the realtor that you wish to be kept informed of the sales progress at least once a week during the entire listing period. Every time the home is shown to prospective buyers, ensure the realtor informs you in advance and also gives you a feedback as to the viewer's reaction to the home. On the other hand, don't overdo it. Be courteous and be careful not to nag the realtor. When dealing with a professional, be professional.
If the realtor has failed to keep his or her promises during the listing period, cancel the listing.

Price Your Home Right
Yes, we all need and want the best price, as in the highest price, for our abode. But be realistic. It might do wonders for the ego and daydreams, but a high price tag does little if it doesn't come accompanied with a sale. If anything, it has kept your home effectively out of the market. Once you and your realtor have agreed upon an asking price based upon the aforementioned market evaluation, bring in a reality check. Stand in front of your home and ask yourself: "If I were a buyer, would I pay that price for this place?" Again, don't try and fool yourself. (Fantasy is wonderful, but it won't work with others.) Based on your understanding of the competition, is the pricing realistic? This is particularly important in a market where prices are falling. If you must sell, price yourself at the bottom of the scale. Remember: If you are selling and buying at the same time as in trading up, the buyer's market which demands you sell 10 per cent less also allows you to turn around and buy for 10 per cent less. If you sell your $200,000 home for $180,000 for a $20,000 "loss", you just as likely to buy the $300,000 home for $270,000 for a $30,000 reduction. You're actually better off by $10,000.

Further to the competition, have your realtor show you through the three aforementioned rival listings and other near-comparables priced both above and below your own home. In one evening, you can view five homes to get a better idea of exactly what you and your realtor are up against.

Forewarned is forearmed. If your home is priced right, it will sell. But don't fall into the trap of "following the market down" by pricing your home above the realistic ceiling and then be forced to keep adjusting downward as the market sinks.
Create a "Benefit and Feature" Sheet For Your Home
Reach back in time and remember why you bought the home in the first place. What caught your eye, what appealed to you? Write these reasons down; more often than not, new buyers will also be attracted to these same features. List every good point, every benefit, your property and your neighborhood enjoys. Don't be afraid of putting everything down, even if it stretches out to two or three pages. Today, people want information. Lots of it. Think about the basics and spell them out. A good agent will know the answers already, but nonetheless, these basic features should be highlighted in your feature sheet. Put down ALL the good points, such as: quiet street; a safe and clean neighborhood; well-maintained sidewalks; close to public transportation; close to recreational amenities (list them); close to schools (list them: private, parochial, what levels etc.). Spell out all the conveniences which make your location different. Don't assume a potential buyer is telepathic. Spell it out. Even such things as proximity to hospitals, police station and the firehall are important to people and just might make the difference to tip the scales in favor of your home. Check the zoning. (Your realtor will and should have done this anyway, but it doesn't hurt to be certain.) Has the zoning been changed or will it be changed in the near future? Sometimes a zoning switch-over to "the highest and best use" will and can markedly affect the asking price and lot value. (For example, single-family to high-rise multiple.)
Create a "Pick-Up" Box
Augment the realtor's "For Sale" sign with a open-topped container filled with the above mentioned feature sheets. If a potential buyer happens to walk or drive by, this information could spur him/her into picking up the phone.
Place Your Home on the MLS
If a home is to sell, it must have maximum exposure. The Multiple Listing Service will give it that exposure. As well, ensure your home is put on the Agents Open or MLS Agents Tour so as to educate other realtors as to the home's potential. But two months is all you need to get on.
Circulate the Information
The special feature sheet should be circulated both at your "open houses" and also to all the "competing" real-estate offices in your area. Ninety per cent of all sales are done on a co-operative basis; the property isn't sold by your listing salesperson but instead has been "shopped" by the listing realtor to another realtor's client. Which means your salesperson should be well-connected in your local area and should cooperate well with other salespeople of different companies.
Buy Some Extra Enthusiasm
Human beings almost always act in their own self-interest first. Take advantage of this to promote some extra interest in your own property. Offer something special to encourage realtors to bring in those offers. Depending upon how hard it is to sell your home (higher price, tough area, unique features that appeal to few, future potential versus today's reality), offer extra commission to the realtor who brings in the sale...but only if he or she brings it in at the full asking price. As most offers are invariably lower, it's unlikely you'll actually end up paying the extra commission, but it does work as an incentive.
Too Much of a Good Thing?
If you own and are trying to sell many units in a single building, put only one or two of the units on the MLS at the regular commission. List the others as exclusive and offer the difference in commission to the selling agent only. Again, appeal to the self-interest, the "what's in it for me?".
Advertise
Consider a cost-effective advertising campaign and review such a plan with your realtor. How big an advertisement? Placed where? How often? Review the ad itself with the realtor and test-market it past a few unbiased friends, associates and so forth. Keep your ego out of it.
Let Nothing Escape the Net
Insist that the realtor presents to you all and any offers that come in, no matter how low or seemingly impossible. If someone is willing to write an offer, be considerate enough to see it. Besides, it gives you a better idea of just how the market is reacting to your property.
First Impressions Do Count
Fix up your home but do it with "resale" in mind: take care of the eye-catching areas and don't waste the effort (and money) on the rest. The first thing a potential buyers sees is the front porch or entrance. Fix that wobbly front step or squeaky door. Repaint the front door, bathrooms and kitchen. Use off-white or general neutral colors only. If the rug is frayed or stained, consider removing them and going with hardwood floors (assuming you've got them and they're in reasonable shape). Again, don't spend a fortune on the remodeling; you won't get your money back. Again, sell the "idea" of the place's renovation potential but don't waste the effort to carry it through and do the actual doing. Let the new owners do it. But with that said, there are certain largish renovations which may add more cost-effective resale value than others. For instance, a tiled backsplash and new cupboard doors in the kitchen. A spiced-up bathroom is another possibility. Studies show that kitchens and bathrooms garner the most attention from would-be buyers. A heat-efficient gas fireplace is another possibility, assuming it can be installed without major structural changes to the house. Forget rec rooms and/or swimming pools. Aside from the cost considerations, most rec rooms have little appeal (read: low ceilings and little light) while swimming pools are costly to maintain and are worrisome to families with small children. Rather than a swimming pool, put the energy into improving the yard or garden area. It's amazing what a bit of weeding and a few shrubs will do.
A Clean, Bright Place is a Happy Face
Clean up the basement areas. Ditto for the stairwells and closets. If you've got too much junk and other indispensable basement stuff piled up, have it stored off-site during the selling period. (Depending upon the amount of stuff being cached, the average storage place costs about $80 dollars per month and can make several thousand dollars difference in your favor on the offer.) Turn up the lights, clean the windows and open the blinds; few people like to live in a dark cave. Especially a cluttered cave. Tidy up the place and clean it until it gleams

12a. If you have an expensive home and want to bring on special sales action (and are willing to pay for it), consider
- * A Voice Ad on a 1-800 Number for the Public Put together by either yourself or your realtor, it lets the public hear about your home's unique features in a non-threatening environment. Tie the aforementioned print ad into the 1-800 number. If the listener wants more information, the 1-800 number should also provide the listing agent's or office's telephone number. Or rather than having a machine field the initial queries, hire someone to do exactly that. It makes it all much more human and approachable.
- ** A 1-800 Number/Answering Machine for the Professionals Periodically upgraded, it allows competing sales agents to call in for details on the special benefit, commission-bonus arrangement on the home. Make it time-sensitive to spur that needed action as in making the bonus offer good only if they sell it that month.
- *** A simple new telephone number with a simple answering machine. Put the telephone number in all your ads, on your sign. The answering-machine ad let's you list all of the features of your home before stating the price. In turn, offer people who leave their name and number a reason to do so. You'll mail them interior shots of your place or arrange a private showing or something similar. It helps to state the date of the next open house to encourage the shy types to drop by. Again, you're trying to build traffic and interest. The total cost to you is really next to nothing: a telephone line and an answering machine.
Spread the Word
Hand out the feature sheet and unique offer/special commission information to everyone you know, including your secretaries, part-time staff and whomever. You never know who the information will get passed on to next.
Persistence Versus the Big Pay Off
Rather than blowing off money for large weekend ads in a single newspaper, run a smaller two-line daily ad in all relevant newspapers. Don't forget the community papers. Quite often, local papers offer a special "province-wide" deal for very little extra cost if you place an ad in 50 (or whatever) co-operating newspapers. This is very effective for out-of-town properties. Be on the look out for new "vehicles" and different ways to advertise your home. For the out-of-town possibilities, try Cottage Magazine, B.C. Outdoors or other cost-effective special interest publications.
When Running Larger Ads...
If the ads aren't generating any calls, check the headline. If the headline cannot clearly and concisely state the benefits of the home, that ad won't garner any calls. People want to read about what's important to them; ensure the headline fulfills that need exactly. Avoid single-line headlines. Instead, use two-line or three-line headlines or variations of them repeated a couple of times. When done properly, repetition works. Remember too, positive headlines outpull negative ones. The body copy or message must reinforce and expand upon the headline. Again, put yourself in the mind of the buyer and appeal to the intrinsic self-interest.
Don't be Afraid to be Different
Agents regularly send out "I Just Listed" flyers to other homes in the neighborhood in the hope of engendering new business. Fine, but check out the flyer and make sure he or she lists the special features and special incentives of your home and not just the standard ubiquitous "vanilla-flavored" preprinted card. Add your special offer to it...if there is one. For example "we will include the stove, fridge and riding lawnmower". Be different. Again, you never know who ends up reading this detailed information. And again, nothing succeeds like success.
Test and Re-test Everything
If your home isn't garnering any showings, offers or action, either your advertising, pricing or realtor has something wrong with it or him/her. Reconsider the problem, fix it and then stay on top of it at all time.
Take a Real Interest in the Buyer
Many of today's potential buyers are unhappy about missing the low interest rates of early 1994. Cheer them up by offering a "buy down" on the mortgage. (For example, the actual cost to you to buy down a $100,000 mortgage by two per cent is less than $2,000.) Don't worry about the cost. Instead, work it into the asking price. This allows your realtor to brandish a strong headline trumpeting the abode's special (assumable on approved credit) low mortgage interest rate while costing you nothing extra..
Take a Real Piece Out of the Paper
Offer to pay the legal costs of the sales transaction and (in British Columbia) the one-per cent Property Transfer Tax (PTT). Again, this allows your realtor to promote the deal as something special. Again, consider building the cost into your asking price.
Thumb a Lift on the Information Highway
If your place is expensive and needs to reach into a pool of far-flung possibilities, list in on those comprehensive (but cheap) computer information autobahns; Internet or CompuServe. All it takes is a hook-up, a computer and computer modem and the right message. Check out the "Ozzie Jurock International Net" as a new way to attract out-of-towners.
You'd Think They'd Do It Anyway...But Make Sure They Really Will
If you work for a large multi-branched company (and you have the pull), have the feature sheet distributed to every twig in the network. If your realtor works for a similarly large concern, ditto. If your spouse, friends, or other helpful types are similarly employed, ditto again.
Is There a Doctor For the House?
If your place is relatively old and comes with older appliances, consider offering a fixed-term home warranty program. It's inexpensive to set up and puts the buyer's mind at ease.
Foreign Buyers Need Special Information
If your property appeals to overseas buyers, ensure your agent understands how to deal with questions of feng-shui. (Literally "wind and water", it's the Asian philosophy in which a building's exterior and interior elements, site placement and orientation, landscaping and so forth can and will deeply affect the building's "luck".) The agent should be able to identify -- and take advantage of -- benefits readily apparent to a feng-shui aware buyer. Benefits, such as the number "8" in a street address, a high vista and an interior which doesn't have a clear line of sight from front door to back. (Any good luck or fortune will flow right out the door.) Conversely, the agent should be aware of any potential problems. For instance, the number "4" is to be avoided (it sounds disturbingly like the word "death") and a home placed on the top of a T-junction is to be shunned. (Any bad luck in the neighborhood will come howling right up the street and into the house.) Don't smile. After all, here in North America there's many a condo tower marketed and somehow built without having the 'benefit' of a 13th floor. Further to foreign buyers, remember to use your corporate contacts as per
Tip Number 21.

FINAL THOUGHTS

There are a number of reasons why homes don't sell: overpriced, poor location, poor condition, intense competition as many similar homes similarly priced are all fighting for attention. Homes that do sell are those that are tended diligently by the professional realtor, are priced right (as in just below the competition) and have something unique about them that attracts the buyer's attention in the first place.

Always remember: This is YOUR house we're discussing.

You have the right to demand an attentive, professional, upbeat realtor, a person who creates a solid, comprehensive action plan (in writing) and does so in a measurable way (number of showings, numbers of interested buyers, etc.). A good realtor keeps you informed all the way. A poor realtor won't. Be a leader. Spell out your expectations to yourself and your realtor. But be realistic. Look around you and ask for the best possible result...but don't demand the impossible. Remember; your realtor and his company will earn about $12,500 in commissions on the average ($330,000) single-family sale in Greater Vancouver. A quality realtor will earn his/her commission in a professional way and for serviced rendered. As a vendor, you have every right to expect this quality service. You also have the right to expect that this professional will sell your home as quickly as possible, for the best price in the given market and with the minimum amount of inconvenience.

Be focused. Insist that your realtor be equally as focused. There is no such thing as accidental success. It's always earned and always comes with a price.

"You have to be very careful if you don't know where you are going becauseyou might get there."
- Yogi Berra

About the Writer
Ozzie Jurock is the president of Jurock.com, Editor of Jurock.com's Real Estate Insider and Author of Forget About Location, Location, Location

AUCTIONS

2006-05-09T15:26:00.000-07:00

There are a number of real estate auctions in the marketplace today ... but how do you buy there?

Principles when buying at an auction:

Is the auction held by the bank or the developer?

Does the auction have at least 20% unreserved bids?

Preview and select 2 or 3 units before you go to the auction and have your finances ready.

Watch out for a shill.

If auction room is crowded, bid early and bold; If auction room is empty, stay back and wait.

Come back after auction is finished and buy unsold units.

Limited Partnerships away from home ... or why people get scammed
away from home:

Do you think those pioneers of the Scam/Sham milieu sold Florida swamp to Floridians? How many Phoenix residents do you think bought acreage out in the Arizona desert for more money than ground was selling for inside the city limits? Did the people in Beverly Hills pay ten or twenty or a hundred times what arid scrubland was worth just because it was a three-hour drive from Los Angeles?

Of course not! If it's close enough to go and look at, when you do look at it you know immediately that no one in their right mind should buy it. But for the perpetrators there's an answer to the problem. Actually, it's easy. You sell the Florida stuff to Californians; the Arizona stuff to Floridians; the California stuff to New Yorkers; and anything you have left over you sell to Canadians.

(the above is an excerpt from Ozzie Jurock's Book "Forget About Location, Location, Location")

FORECLOSURES ARE NOT AN EASY MONEY MAKER

2006-05-09T14:14:00.000-07:00

The Myths

"You make a lot of money buying foreclosures".

It is tough, it is tedious, and Judges always side with the owner. It sounds sexy, but it is an investor graveyard of time and effort wasted. I have seen very, very few foreclosures work for the investor.

"Tax sales".

A real fad (in the mind of some -- fanned by late night US TV shows). There are very few tax sales investors that are consistently successful in big cities. Probably none. There are some out of town properties that get sold in the boonies ... and for a good reason - no one wants them, even for the taxes owing. In the United States, the law is much tougher on people that do not pay taxes, liens, judgements and we have featured Washington sales a number of times in our newsletter. In the US it works, in Canada it doesn't.

"Cities with Government as the major employer experience fast growth".

In fact we predict the opposite. We placed Edmonton, Ottawa and Victoria on Investor Alert in 1995 for that reason. We voters are so disenchanted with Government that we want them to downsize. Downsizing means fewer employees. Fewer employees means properties are sold. Result: falling market. But things change, once cities are finished downsizing and prices have fallen accordingly, there will be a great upside for other fundamental reasons. The only exception may be in cities where land settlements are paid in cash and administered by a band. For a while they will become the major employer in town.

"A good location outweighs the timing and trend identification".

Never. A good location helps, but you always make more money faster if you get in at the beginning of an up-cycle or where you identify a new trend.

(the above is an excerpt of Ozzie Jurock's Book "Forget about Location, Location, Location")

Real Estate Dirt

Slowdown in real estate across Canada

Ozzie Jurock on Global TV July 23, 2008THIS WEEK: Slowdown in real estate across Canada

Real Estate Slowdown in the Okanagan

Ozzie Jurock on Global TV June 18, 2008THIS WEEK: Real Estate Slowdown in the Okanagan

Vancouver Real Estate Market Downturn?

Ozzie Jurock on Global TV June 4, 2008THIS WEEK: Vancouver Real Estate Market Downturn?

Strata Office Real Estate

Ozzie Jurock on Global TV May 21, 2008THIS WEEK: Strata Office Real Estate

US Real Estate Developers Selling to Canadians

Ozzie Jurock on Global TV May 7, 2008THIS WEEK: US Real Estate Developers Selling to Canadians

Real Estate in Northern British Columbia

Ozzie Jurock on Global TV April 23, 2008THIS WEEK: Real Estate in Northern British Columbia

The Crazy Vancouver Real Estate Market

Ozzie Jurock on Global TV April 9, 2008THIS WEEK: The Crazy Vancouver Real Estate Market

More Tips for Buying Real Estate in the USA

Ozzie Jurock on Global TV Feb. 27, 2008THIS WEEK: More Tips for Buying Real Estate in the USA

Waterfront Property in the Kootenays area of BC

Ozzie Jurock on Global TV Feb. 13, 2008THIS WEEK: Waterfront Property in the Kootenays area of BC

Edmonton's Wildly Fluctuating Real Estate Market

Ozzie Jurock on Global TV Jan. 30, 2008THIS WEEK: Edmonton's Wildly Fluctuating Market

Property Assessments: Taxes and Appeals

Ozzie Jurock on Global TV Jan. 9, 2008THIS WEEK: Property Assessments: Taxes and Appeals

Buying Property in the USA

Ozzie Jurock on Global TV Dec. 5, 2007THIS WEEK: Buying Property in the USA

Whistler or Pemberton?

Ozzie Jurock on Global TV Oct. 31, 2007THIS WEEK: Whistler or Pemberton?

Edmonton's Real Estate Market Stalls

Ozzie Jurock on Global TV Oct. 3, 2007THIS WEEK: Edmonton's Real Estate Market Stalls

Worldwide Credit Crunch

Ozzie Jurock on Global TV Sept. 19, 2007THIS WEEK: Worldwide Credit Crunch

Summer Real Estate Sizzles Across Canada

Ozzie Jurock on Global TV September 5, 2007THIS WEEK: Summer Real Estate Sizzles Across Canada

Hot, Hot Housing Market In British Columbia

Ozzie Jurock on Global TV July 25, 2007THIS WEEK: Hot, Hot Housing Market In British Columbia

Is There a Real Estate Bubble?

Managing a rental property can be a mixed-up world

So You Wanna be a Real Estate Investor?

Can You Really Buy With No Money Down?

21 ways to make your home sell faster

AUCTIONS

Limited Partnerships away from home ... or why people get scammed away from home:

FORECLOSURES ARE NOT AN EASY MONEY MAKER

Ozzie Jurock on Global TV July 23, 2008

THIS WEEK: Slowdown in real estate across Canada

Ozzie Jurock on Global TV June 18, 2008

THIS WEEK: Real Estate Slowdown in the Okanagan

Ozzie Jurock on Global TV June 4, 2008

THIS WEEK: Vancouver Real Estate Market Downturn?

Ozzie Jurock on Global TV May 21, 2008

THIS WEEK: Strata Office Real Estate

Ozzie Jurock on Global TV May 7, 2008

THIS WEEK: US Real Estate Developers Selling to Canadians

Ozzie Jurock on Global TV April 23, 2008

THIS WEEK: Real Estate in Northern British Columbia

Ozzie Jurock on Global TV April 9, 2008

THIS WEEK: The Crazy Vancouver Real Estate Market

Ozzie Jurock on Global TV Feb. 27, 2008

THIS WEEK: More Tips for Buying Real Estate in the USA

Ozzie Jurock on Global TV Feb. 13, 2008

THIS WEEK: Waterfront Property in the Kootenays area of BC

Ozzie Jurock on Global TV Jan. 30, 2008

THIS WEEK: Edmonton's Wildly Fluctuating Market

Ozzie Jurock on Global TV Jan. 9, 2008

THIS WEEK: Property Assessments: Taxes and Appeals

Ozzie Jurock on Global TV Dec. 5, 2007

THIS WEEK: Buying Property in the USA

Ozzie Jurock on Global TV Oct. 31, 2007

THIS WEEK: Whistler or Pemberton?

Ozzie Jurock on Global TV Oct. 3, 2007

THIS WEEK: Edmonton's Real Estate Market Stalls

Ozzie Jurock on Global TV Sept. 19, 2007

THIS WEEK: Worldwide Credit Crunch

Ozzie Jurock on Global TV September 5, 2007

THIS WEEK: Summer Real Estate Sizzles Across Canada

Ozzie Jurock on Global TV July 25, 2007

THIS WEEK: Hot, Hot Housing Market In British Columbia

Limited Partnerships away from home ... or why people get scammed
away from home: