Archives for February 2012

#1 Lesson This Recession Taught You? – Episode #74

What was the #1 lesson this recession taught you?  Whether it was in your professional life, personal life, or business, this recession had an impact on everyone in one way or another.  During our Beach Mastermind Group we posed the question on everyone who attended and we heard a different response from everyone.  It was really interesting to hear how everyone was impacted in a different way and lessons were definitely learned.

Some of the comments heard from our group were:

Focus on cash flow and prepare for the next recession.

Do not speculate…invest!

Having an Exit Strategy is extremely important.

Best time to get a mortgage.

Just because it’s raining in one area, it does not mean it is raining in another area.

There are many investment strategies that have different impacts during recessions…not every strategy is negatively effected.

Expect the unexpected.

Some businesses boomed during the recession because they took quick action and did not sit and wait.

Live as if there is a recession all the time.

Toronto’s Real Estate “Bubble” – Episode #73

Is there a “bubble” in Toronto’s Real Estate Market? You’ll hear different opinions from everyone you speak with and every newspaper you read. Tim Syrianos is the Broker of Record and Owner of Remax Ultimate Realty Inc., Brokerage and he has been in the Real Estate Business for over 20 years. Having gone through a couple recessions in his time, Tim’s opinion is that the Market in Toronto is currently strong and healthy, but some things need to change to help balance things out. Being an active investor himself, Tim walks to talk and understands the investor mind. We discuss issues like “what happens if the market dips by 30-40%”? We all have our own goals and expectations and this would have a different impact on all of us. However, “time happens” and if you are in this for the long term then watch this video blog.

Issues Discovered During Renovations – Episode #72

When you are looking to purchase a property, you normally take proactive steps in getting a home inspection done so you can find out what the major deficiencies are with the house. However, there are some things that just cannot be discovered during a home inspection. The home owner is conducting a $100,000 renovation project in Toronto’s Upper Beaches. See some of the challenges he has faced during his renovation that a regular home inspection could not find. This will definitely make you think twice when buying your next property and ensuring that you have a contingency fund. The most important thing that the home owner has learned during this renovation project so far is “Planning ahead and communication with your Contractors”.

To view other previous videos that relate to this project please go to Episode #61 – Upper Beach Duplex Renovation

The Importance of Buyer Representation – Episode #71

Back in the day, Buyer Representation did not exist and therefore Realtors always used to represent the Sellers best interest in a transaction. Today we have Buyer Representation and we applaud our industry for bringing this in for several reasons. In this episode I interview Tim Syrianos, the Broker of Record and Owner of Remax Ultimate Realty Inc., Brokerage. We discuss the importance of Buyer Representation and how it impacts customers, clients, and investors. It is so important to educate Buyers and Sellers about “Working with a Realtor” and understanding who is working for who in a transaction. There are major differences between being a Customer versus a Client. To name one major difference: {Under Buyer Representation, the Sales Representative is obligated to provide Fiduciary duties to the Buyer-Client which in all cases, apply to: Accounting, Competence, Confidentiality, Good Faith/Full Disclosure, Loyalty and Obedience. Therefore, the Buyer can feel secure to divulge information without the fear of harming their negotiating position. The Sales Representative must treat the Buyer-Customer fairly and not misrepresent. Provide factual information but is not obligated to provide counseling.} The impact is probably most obvious with Investors as they are in a position to do a lot more due diligence when it comes to financial details, Seller motivation, negotiating terms, economic fundamentals, market influences, and much more.

By having a working knowledge of the options available to you as a buyer, my hope is that you will have a better understanding of how to begin the process of buying a property, either as a ‘Buyer-Client’ or ‘Buyer-Customer’ therefore having the confidence needed when making this all important decision.