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The Definitive Guide: How the HST Really Affects Realtors

Posted by: admin in Realtors, Ontario, Canadian Real Estate, British Columbia on Aug , 2010

To say the HST has upset realtors and real estate professionals would be a bit of an understatement. They’re mad. According to a recent survey conducted by Royal Lepage, 43.9% of realtors felt that the HST was playing a big part in the cooling housing market.

 

Who could blame them? Both Vancouver and Toronto, the biggest markets in the provinces where HST has gone into affect have seen big downturns. In Toronto, sales fell 34% in July, to sit at their lowest point since 2002. The drop was even sharper in Vancouver, with a 45% drop in home sales.

However, the question remains for many people – how does the HST affect me? Both the BC and Ontario provincial governments are quick to point out that previously owned homes are exempt from the HST – it only applies to new construction over a certain price point. However, the story isn’t so simple. The HST affects people looking to buy and sell their home in a lot of different ways – from realtor’s commissions to the materials used to do repairs.

So – how does the HST really affect real estate – from top to bottom? We made you a chart of all the changes because of the HST. If the price stayed the same, it’s not on the chart – we’ve only listed products and services that will be more expensive now.

 

Service

Previous Tax

BC Tax + HST

Ont Tax + HST

Notes

House Cleaning Services

5%

12%

13%

 

Electricity and Heating

5%

N/A

13%

Only subject to HST in Ontario

Home Service Calls – ie, plumbers, carpenters, electricians, etc.

5%

12%

13%

Applies to repairs for both appliances and property

Landscaping/Snow Removal

5%

12%

13%

In BC Fruit trees and food plants are also now subject to HST, but not ornamental plants

Home Renovations

5%

12%

13%

 

Ontario – new homes/condos over $400,000

5%

-

13%

Property under $400,000 is exempt

BC – new homes/condos over $525,000

5%

12%

-

Property under $525,000 is exempt

Real Estate Commissions

5%

12%

13%

 

Windows, insulation, weather stripping, caulking

5%

12%

N/A

 

Movers

5%

12%

13%

 

Interior Design Services

5%

12%

N/A

 

Accounting Services

5%

12%

N/A

 

 

 

 

Want more information? The Ontario and BC Governments have more detailed charts and explanations on their respective websites.

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What to do if you want to sell your home

Posted by: admin in selling, Realtors, moving, how to, CMHC on Aug , 2010


sell your homeSelling real estate can be a big headache. Finding a realtor, showing the house, entertaining offers… then worrying about taxes, fees and other administrative details can make the process seem far more complicated than it needs to be.  So, if you want to sell your home, doing your homework before you get onto the real estate listings can save you a lot of hard work and sleepless nights.
Step 1 - Decide what your home is worth:
This might seem like a no brainer, but many people don’t do this. They forget to factor the costs of improvements or pre-sale repairs into their home’s value. Getting the property appraised, then comparing it to other, similar homes can be very helpful. If you’re not prepared to accept what similar properties have fetched, you might need to wait. Only you can decide how much you’re prepared to gain or lose if you sell your house.  Set your minimum price and stick to it, unless you really need to get out of your current situation, it will help you decide what offers you’re willing to entertain.
Step 2 - Really get to know your Realtor:
Realtors can be incredible assets, but they don’t work for free. Ask them about their commission fees – what can you expect when you sell your home. Realtors can also help you figure out all the other taxes, fees and paperwork that will go with selling your home. Knowing what to expect ahead of time will make the process go much faster when it starts.
Step 3 - Scope out the competition:
Visit other open houses in your neighbourhood and see what your direct competition is doing. Ask your realtor what the best features of your house are, and how you can really use them to entice buyers.
Step 4 - Take care of repairs:
Sometimes it’s little things that can put off buyers – doing small repairs and freshening up paint doesn’t cost much, but it can make your house look far more appealing to buyers who aren’t interested in getting a property that looks shabby and comes with a to-do list a mile long. You might also consider having a professional inspector look at your home.  If there are serious problems with your home, you can have them fixed before putting them on the market and letting buyers discover them.  If there are not problems, you can show buyers that your home has been professionally inspected and they can have confidence in it.
Step 5 - Make it look great, inside and out:
Removing extra knick-knacks, clutter and personal items can also make a big difference. For better or worse, buyers will be looking for a blank slate that they can imagine themselves living in. You may love your bright pink sofa and shag rug, but some people won’t be able to look past it. If you’re bad at this kind of thing, consider hiring a professional stager.  The Canadian Mortgage and Housing Corporation (CMHC) has an excellent and thorough checklist you can work through.
And there you have it. If you start work ahead of time, you’ll have a property that looks great inside and out, has no major issues and has killer features that make it shine above the competition. Better yet, you’ll know how much money to expect from your sale, and will have already planned for the fees. Selling real estate isn’t without complications and hitches, but you can make it run as smoothly as possible.

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4 Simple Ways to Sell Real Estate in the Summer

Posted by: admin in tips, selling, Realtors, buying on Jul , 2010

Most people and realtors will tell you that summer is the best time to buy and sell real estate, no matter what kind of property you have – condo, house, investment property… The popular assumption is that with enough sunshine streaming in, and with a well kept garden, the house will practically sell itself.  The problem with lazy thinking like that is no amount of sunshine or flowers will elevate a property above others – summer, as a whole tends to be pretty indiscriminate. So what can be done to make a property appeal over all others during the busiest real estate season of the year?

  1. Scope the competition – what are other homes in the neighborhood going for? What features do they have? How can you showcase the properties’ strengths while downplaying its weaknesses? Something as simple as drawing attention to a large garden, placing a home further back from the road than similar homes in the area can be a big incentive to the right kind of buyers.
  2. Keeping it clean – inside and out. Everyone will be touching up their yards to sell a house in the summer, but great curb appeal can be shattered by sloppy housekeeping. The inside and outside need to speak for themselves.  De-clutter, file away unnecessary knick knacks, get rid of any out-of-season messes, tidy up after the last BBQ, then put out some fresh flowers and open the curtains to reveal (freshly cleaned) windows.
  3. Fix any small problems – sticky gate to the back yard? Paint peeling off the fence? Ratty shrubs that need to be pruned in the back yard? Patio or balcony just really dirty? With a lot of homes on the market, even small issues can put a potential buyer off.  Nobody wants a property that already comes with a weekend to-do list.
  4. Keep it cool – everyone loves floor to ceiling windows, but they can let a lot of heat in if the blinds and curtains are open. Run the AC if it’s available. If not, and the property gets seriously uncomfortable, consider getting it installed. Turn it into an asset that no other property has.

Image: I See Modern Britian, Flickr

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How To: Get Great Real Estate Photos

Posted by: admin in tips, Realtors, property, photography, how to on Jun , 2010

Whether you’re a realtor, someone trying to sell, or someone looking to buy, great photos are some of the best tools you can have in Real Estate.  A Realtors’ association survey found that when it comes to web features that buyers consider “very useful,” 83 percent cited pictures. Great photos are much like having great curb appeal – they draw potential buyers in. Bad photos don’t just leave a bad first impression; they can turn off buyers before they even set foot in the property.

Unfortunately, there is no single magic bullet or secret camera setting to ensure that pictures will be good – however, here are some Dos and Don’ts from professional photographers:
Do:
Use a good camera – do you need a top of the line Digital SLR? Probably not – but will a lower end one like a Cannon Rebel make pictures look better than a cell phone or a point and shoot? Yes!  DSLRs can accommodate different lenses and can have the shutter speed and aperture adjusted – meaning your can take longer exposure pictures – longer exposures means more light can reach the lens, avoiding pictures that make rooms look dark and uninviting.
Pro tip: Camera shops often have consignment sections where you can purchase used entry level DSLRs for below retail price. This is a good way to get a starter camera, and allows you to ask as many questions as you need to learn how to use the camera.

Do:
Get some equipment if you’re going to take a lot of photos: A simple tripod can solve a lot of bad picture problems. While you will never need all the gear that a professional photographer has, if you find yourself always wishing you had more light, you can find compact fluorescent versions of studio lights for a fraction of the price - $80 to $100 USD; they cast wide, soft light, meaning they can illuminate a dark room without casting hard shadows.  Finally, consider a wide angle lens – using one means you can show a lot more of the room in the photo, meaning the viewer can get a better idea of how spacious the room actually is.
Do:
Think about the weather – if you photograph a house on dull, dark day, it will look dull and dark on the inside. Open the curtains, lift the blinds, and turn on the lights! Get it as bright as you can. When photographing the outside, try to do it on an overcast day to avoid harsh shadows.

Do:
Tidy up first! You can have lovely pictures with lots of natural light taken from the best angles, but if there are dead flowers, toys scattered everywhere, dirty dishes or too much clutter, you’ll end up with great pictures of a messy house. Clean up the setting and stage everything before you start – it will save your time in the long run and will make sure people viewing the pictures will notice the lovely bay window, not the toddler playing in front of it.

Do:
Be afraid to take lots of pictures from different angles. When inside shoot from a doorway or corner to show as much of the room as possible. Step back and try to find the best angle to capture the room.

Do:
Embrace technology! If you’re already tech savvy, you can use Photoshop to add perfect finishing touches – remember though, with all Photoshop fixes, its best not to go overboard.  However, if you know what you’re doing, you can straighten walls, adjust shadows and colour, crop out unwanted details, remove imperfections, or stitch photos together to make a panorama.   If you’re not a Photoshop wizard, you can use free programs to adjust lightness and contrast, or hire a professional to do touch ups on your images.
Pro Tip: If you’re really good, you can take photos using the HDR (high dynamic range) technique to make a composite image. Basically you take several photos of the exact same scene using different exposure values (and use a tripod!) Then you combine the photos, so you have your darks, lights and midrange covered (newer versions of Photoshop have an option for this) – allowing you to see a lovely room, AND the view outside the window, rather than just a blown out block of white.  There are many HDR tutorials online that can tell you more.

Don’t:
Use a flash. Unless you have absolutely have to. Seriously.

Don’t:
Be afraid to hire a professional.  If all this seems daunting and you have no photography skills, consider hiring a professional photographer. They have all the equipment and the knowhow to take the best photos possible, and great photos can be a great investment.
Want more information? The website All Things Photography has an excellent e-book on Property Photography – a must read for anyone who will be taking property photos.

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Do You Really Need a Real Estate Customer Relationship Management system? A handy Quiz!

Posted by: admin in Sales, Realtors, Marketing on Jun , 2010

More and more real estate agents are investing in Customer Relationship Management software (CRM) because they’ve been told it will make their lives easier and increase their sales.  Adopting a CRM system isn’t a magical sell-more solution for realtors though.  There are no guarantees that it will make a business more productive and more profitable – the only guarantee is that it will cost money! According to research firm Meta Group Inc, 55% to 75% of CRM solutions fail to meet their initial objectives. If that initial objective is increasing sales for a realtor… then what customer relationships is that software actually managing?


That said, as many real estate agents will tell you, a successful CRM system is an incredible tool for them – allowing them more time, more flexibility and more automation in their day to day tasks.  So, the decision – should you take the customer relationship management plunge –  is not an easy one.  Only you can determine, based on your personal needs if a system will be a boon, or just a money wasting bust.


However, to ease the decision making process, we’ve done some research and put together a short quiz. Give yourself 2 points for a yes, 1 for a maybe and zero points for a no – then tally up your scores and see how you did.

 

  1. Do you have a large audience (at least 250+ people) that you need to communicate with regularly ?
    Yes / Maybe / No
  2. Does everyone in your business who communicates with clients track what they said so others can know what has been said/promised/done?
    Yes / Maybe / No
  3. Would you get a benefit (more sales, more leads, lower costs, etc) from communicating with your clients through direct channels?
    Yes / Maybe / No
  4. Will personalizing your communications and tailoring them to your customers help you with your business?
    Yes / Maybe / No
  5. Do you need detailed information about your contacts like demographics or transaction history?
    Yes / Maybe / No
  6. Do you already have lots of data, but feel you need a way to track it better (ie, centralized and connected) to make it easier to find for yourself and others?
    Yes / Maybe / No

Scores:

0–4: While many real estate agents swear by customer relationship management software, you probably don’t need it.  Your business seems to run well the way it is, and there aren’t a lot of direct benefits to be gained for the cost of a real estate customer relationship management system.

5–8: You answered with a lot of maybes, and that’s where you are with CRM – maybe you need it, but maybe you don’t. There is room for improvement, but before adopting a potentially expensive solution, you may be able to use your existing system better.

9–12: What are you waiting for? You know what you need to do with your customer data to take your business to the next level – so go out there are do it! If you’re in this category, you would benefit from implementing CRM software. Start putting together a list of your requirements, and determining which solution is right for you. You won’t regret it!

 

Photo Credit: Lincoln Mondy. Flickr

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Tech Summary – 12 Essential iPhone & iPad Apps for Real Estate

Posted by: admin in Social Media, Realtors, iPhone, iPad, gadgets, apps on Jun , 2010

Apple naysayers – your end is nigh! While it was hard to ignore how iPhone revolutionized the smartphone, with the incredible success of the iPad (2 million sold in 2 months), only the staunchest of apple opponents aren’t begrudgingly jumping on the iBandwagon.

However, what do you do if you’re just getting around to using an iProduct? Here’s a listing of the our pick for the 12 best iPhone and iPad Apps for Real Estate. Not all of them are real estate apps, but all of them are great tools for your business.

Real Estate

NearBuy:

Developed by 4 university of Missouri students, this app won the team an iPhone app creation contest in 2009. Proudly the number 2 real estate app, you can search by area, bookmark listings and see where the results fall in price without having to open the listing with Nearbuy’s coloured coded listing pins. Available for iPhone. Price: Free

Trulia:

Trulia’s iPhone app takes the Trulia website and makes it portable. Search by area, bring up detailed listings and see the properties history – has it gone up or down in price? A realtor standby, but the catch it that it doesn’t work in Canada. Still, if you can use it, Trulia is a great tool. Available for iPhone. Price: Free

Zillow:

The reigning champion of realty apps, the Zillow app provides location search, Zestimate price information, changes in price, sale and tax info, all with a clean, super simple to use interface. It’s easy to see why Zillow is number one! Better yet, it looks great on the iPad. Available for both iPad and iPhone. Price: Free

Yelp:

Need to find a restaurant in an unfamiliar neighborhood? Just want to try someplace new? Running out of gas? Don’t look further than Yelp – you can search by business, or area. The best feature though? Read the online reviews from Yelp users to take the guess work out of finding a new place to eat lunch. Available for iPhone. Price: Free

Around Me:

Not a local, but need to show clients there are plenty of amenities in a new neighbourhood? Around me is what you need. Similar to yelp, but with a more basic interface, Around me grabs your location and allows you to choose from preset categories like banks, coffee shops, movie theatres and even hospitals. View the route from where you are, add the information to your contact list or even email the information to a friend. Warning though – if the information you want is not in Google maps, it won’t be on Around Me. Still, handy if you’re in a big city. Available for iPhone. Price: Free

powerOne Financial Calculator:

There are many mortgage and finance calculators, but powerOne is the Cadillac of them all. Figure out investment income, mortgage payments, compound interest, or do some advanced algebraic equations. The well designed interface means that you’ll never sweat when trying to do complex math again. Available for both iPad and iPhone. Price: $5.99

General Productivity:

Evernote:

This app has many fans in just about every industry there is. Evernote flawlessly takes notes, pictures or audio recordings with the app, and then syncs it up to your home computer later. Add tags for even easier file retrieval. Evernote comes up in a lot of “best app” lists for a reason. Available for both iPad and iPhone. Price: Free

Dragon Dictation:

Apps like this even make the biggest tech fiend swoon. An incredibly accurate dictation app that works like a charm (speak slowly and clearly for best results), and can send your notes to text, email or the clipboard. Never drive and text again (not that you would do that!) Available for both iPad and iPhone. Price: Free

GoodReader:

Like Evernote, Goodreader has many brand evangelists – one of the best and most reliable readers for the iPad, Goodreader can view local files, download files from websites, FTP servers, Google Docs, AND use wifi to move files from your home computer to your iPhone or iPad.  Reads PDFs, word documents, PowerPoint presentations, txt files… almost anything you might want to read. Available for both iPad and iPhone. Price: $0.99 (on sale now!)


iWork Suite:

Apple ported Pages, Number and Keynote (aka, Word, Excel and PowerPoint) to the iPad and the results are astounding – maybe they don’t have all the functionality of the desktop versions, but they do anything you’d ever want to do on the go. If you use a laptop mainly for email and internet, the iWork suite makes a compelling argument to ditch the laptop for an iPad. Available for iPad. Price: $9.99 each.

Social Media:

Facebook:

The official app is still the best one out there. Limited functionality (groups are not listed in the default launch screen, and you can’t read messages on for events), but if you’re a Facebook junkie, you have to download this app. Available for iPhone. Price: Free.

Twitterific:

There are about a million Twitter apps for the iPhone, and each one has its pros and cons. Twitterific gets our nod because it has one of the most intuitive user interfaces, supports multiple twitter accounts, and is super easy to use. Available for both iPad and iPhone. Price: Free version for iPhone and iPad, & a $4.99 premium version for iPhone (without ads).

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The New Real Estate Sales Tools

Posted by: admin in Social Media, Sales, Realtors, Marketing, advertising on May , 2010

Any Realtor will tell you that Real Estate is a competitive industry – between competition from other agents, demands from clients, and the breakneck pace of technological updates to keep up on, it’s not surprising that some agents might be wistful for the simpler days when adding their listings to MLS, printing out some direct mail pamphlets and taking out a few advertisements in the local paper were their real estate sales tools. 
So how are successful agents marketing property now? How do you sell real estate today? It’s as simple as BYOB. No, not Bring Your Own… Beverage…
The new sales tools are all about setting up a Brand, using Yourself as a tool, getting your listings Online and setting up a Blog.


Brand
Chances are when you are thinking about a major purchase, you’ll gravitate to a brand that fits your needs. How do you know that a Honda is a better fit for you than a Hummer? Simple – if you’re looking for a car that’s reliable and fuel efficient, you know that Honda is a brand you associate with those qualities. If you already associate a brand with the things you’re looking for, you’ll turn to that brand when you want to buy.
Real estate is no different. A potential client is looking for an expert in the type of home they want to buy or sell. If someone is looking for to sell their high end downtown condo, they’re not going to start with a real estate agent that is primarily in the business of selling family bungalows.  Take what you know, and make it your brand. If you have a lot of interest in local history and architecture, brand yourself as a Historical Homes Expert, and use your knowledge to connect to people who want a heritage home. Drive sales using a unique brand as a real estate tool.


Yourself
If you feel that Twitter and Facebook are replacing ‘real’ interactions with people, you’re about half right. Yes, people are increasingly socializing online, but that doesn’t mean that they don’t want to actually socialize – quite the opposite. In the age when anyone can connect to anyone else, the best real estate sales tool you can have is… yourself! Engage your twitter followers, follow your local hashtag, attend things like ‘tweetups’ and actually become friends with the people you talk to online.  Put yourself out there as not only a real estate agent, but a friendly, local expert.


Online
Putting a listing onto MLS is now just one sales tool. Creating a website to showcase your listings, putting videos of house tours up on YouTube (way better than just a few photos), using location based listing services and specialty real estate websites can greatly increase the chances that a listing will be seen. There are numerous online real estate tools that can be used to market and sell real estate and not just to locals – buyers from other areas, and people looking for investment properties in other markets are likely to use online services to find properties. Getting online and getting exposed is the way to sell real estate.


Blog
When you want information on something, you probably hop online and Google it. Looking for a Realtor is no different. So how do you make sure your name, and your website comes up first? Blog, blog, blog! 

A blog demonstrates that you know about the local market, have good insights and are at the top of your game.  It also gives a search engine something to find you with. If you want to position yourself as the top seller of high end condos in Vancouver, start a blog – they’re one of the most powerful real estate sales tools.  If your blog has lots of posts about condos, apartments and downtown Vancouver living, it’s more likely to be picked up by search engines; therefore, when someone searches for “downtown Vancouver Condos Real Estate Agent” your blog will be one of the first to show up.

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Why the iPad is the Best New Tool for Realtors

Posted by: admin in Realtors, Realestock, Marketing, iPad, Contests, Community on May , 2010

7 Ways to use the iPad in Real Estate and 1 way to win an iPad for yourself!

Why do so many people lust after iPads? These “magical” little devices are in hot demand with good reason. Early-adopting realtors have been quick to jump on the iPad bandwagon, using it to enhance their open houses, presentations, and showings.  Want to know how?

Here are 7 ways to effectively use an iPad in real estate:

  1. Use your iPad as an interactive signup sheet for open house visitors. Bonus: Don’t waste time later transcribing information into your CRM or contact management software.
  2. Use Yelp or Google maps to quickly show buyers how close by great restaurants, schools, grocery stores or any other amenities are.
  3. Set up a keynote presentation to play a virtual tour of a property, and email it to buyers who want more information after they’ve seen the open house.
  4. Keep your client’s info at your fingers by accessing documents stored online.
  5. Stop giving yourself eyestrain by looking at your iPhone to access MLS listings, emails and maps!
  6. Flag the map locations of properties for clients and get immediate driving directions from each location.
  7. Buyers not so interested in the open house, but like the area? Have PDFs of your other listings in the area easily accessible for them to browse on the iPad.

Sounds good, right? Well, the best way to see if something will work for you is to try it – and Realestock is giving away a free iPad to give you that chance!

How do you win? Just head on over to the Realestock Facebook page, and share your real estate social media success story, OR why you think an iPad would be great for your business. The most insightful or inspiring story will win – simple as that.

Contest closes June 4, 2010. Good Luck!

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