BV

@JShamess 37 meetings in 1 week? 😱

The Market may not be good in certain asset classes, but the market is moving. My last week activity for some context:

@ShowMeYourCIM Was it justified tho?

Bodycount but it’s rejected LOIs

@Pinboard She has family of 8, that’s 0.38 lb per person.

This is the most masterful grenade thrown in that NYT profile of people receiving SNAP benefits

@tannerdripjobs A lesson is what you get when you don’t get what you want.

Every problem is a gift. It contains a solution or a lesson How amazing is that?

@loveurhome Is the BOR losing his licence merely because he run the brokerage to the ground, or did he do something illigal as well?

Another one bites the dust. Small but telling. It looks like any Brokerage specializing in "assignments" and "pre-cons" could have a hard time staying afloat these days. reco.on.ca/news/reco-publ…

@ShowMeYourCIM Congrats!

I bet paternity leave slaps

@elbasti @colin_of_canada @moseskagan I think we call this agency.

@colin_of_canada @moseskagan Sort of. But the key thing is that it's action that's in accordance with what you actively think is best (not random, not destructive). "My plans say I should do X, so I did" "My plans say I should stop doing Y, so I stopped"

The truth? If you’re going to make something out of yourself, the most important trait, more important than IQ or EQ, more important than integrity or wisdom, is: Energy

@duncanjwatts @dsallentess You need Penn login to see this. Is there a link that bypasses it?

Very sensible proposal from @dsallentess …chronicle-com.proxy.library.upenn.edu/article/trumps…

@danielfoch Oh wow, what are they going to do with Cloverdale now?

Clove condos by Mattamy is cancelled

@ShowMeYourCIM The funny thing is, these graduates from “school of hard knocks” often have capacity to close, just irritating as hell to work with.

Me: send detailed IOI guidelines, next steps, etc Buyer: “ask your seller how about 4 million” Me: “Dollars? Pesos? What about working capital, RE, structure, etc?” Buyer: “I can do 4.2 million, OK? Need to see the shop before committing” If you can’t follow directions at this point you better believe this goes on your description to the Seller. And the result is very likely that you’re perceived as unprofessional and more likely to waste our time.

@ShowMeYourCIM Is everyone doing their own thing, or you all work deals together?

As a fully remote team, one of the best things the four of us do is a daily meeting to sync up on priorities. Cameras on, always! M and Th are longer and we each walk through our current and pending deals T, W, F are like standup: what am I working on, what's blocking me, etc

@JShamess Are you saying they are represented by multiple brokers at the same time and those brokers are cool with that?

A big mistake sellers make today in the current market is parading a deal around by numerous brokers. Not only does this cause a perception of weakness, but this also causes confusion. Lower dollar volume = lower liquidity Typical assumption of 6 month sale processes are not as common but can be when priced correctly. The average sale mandate to signed APS is now closer to 8.5 months

@danielfoch Way too powerful, and that is a problem for both agents and consumers, they are not protecting any of our interests

@now_bv probably won't happen, TRREB is very powerful and I can't see a brokerage going up against them

Canada's Organized Real Estate System Dealt A Blow In Class Action Settlement RE/MAX Ontario-Atlantic Canada (RE/MAX) has broken ranks, becoming the first brokerage to settle a class action targeting the industry’s commission rules and board structure. betterdwelling.com/canadas-organi…

@danielfoch what is the event about?

We're doing an exclusive event for the real estate industry with Bruce Croxon from: Dragon's Den Round 13 Capital BNN's The Disruptors In partnership with MyAbode (Right at Home, Condos.ca, Property.ca etc) This event is invite-only for Realtors, Brokers of Record, and owners of Ontario based real estate brokerages. Wednesday September 10th DM me if you'd like to attend!

@ShowMeYourCIM Have you tried offering hourly paid consultation for those? I’m thinking about introducing a service like that.

There’s a seller profile I don’t work with This kind of seller asks very little, but tells me a lot about how transactions work The intro meeting goes something like this: - Seller tell us he “knows the drill” - Is vocally and confidentially wrong on key points like NWC, noncompetes, and structure - Is talking with “one or two*” buyers - Keeps us at arms length and avoids talking any details - Cagey about facts and figures - Is just not that pleasant to deal with As we peel back the onion it’s usually clear this seller hasn’t just talked with one or two buyers, but he’s run an entire process. He doesnt know what revenue was last year, but he’s reached out to 10 buyers and has 2 LOIs and a full list of addbacks? I’m not buying it. He’s fishing for free consulting from us to figure out if he wants to take one of those offers with no intention of hiring me To be clear, we have the conversation all the time to help sellers sort through proprietary offers, and we often tell sellers they have a good offer in front of them - take it! That’s exactly what someone should do when they receive an unsolicited offer But there’s a way to ask questions in good faith And when I know someone is wasting my time and not someone I want to work with anyways? I tell them “best of luck, call me once you get serious” It’s hard to put my finger on, just vibes

@danielfoch This graph seems to include dividends, but not rents?

If it wasn't for leverage, homeownership wouldn't be a good investment. Canadians are not great savers, so we love homeownership for forced savings + reduced upfront "investment". But leverage cuts both ways. It amplifies returns on the upside... and losses on the downside.

@danielfoch @TheHabistat For what period is that? July?

‼️We just saw the largest ever gap between supply & demand in the real estate market in the Greater Toronto Area: 🏠 Active listings: 27,762 💰 Sold listings: 4,823

@JShamess It's not just that. With family-sized 1,000-1,500 sq ft units at $1,400 per sq ft, you are looking at $1.4-$2.1M. For that money, most families would rather buy a house.

This is a must watch interview with John and one of Toronto’s best end user condo developers Devron founder Pouyan. Why do only small condos get built? The same reason our market didn’t crash for years. Pre-sell condos to trigger construction financing = only mom and pop investors pre buy, which means demand for small units are higher. I’ve had the pleasure of knowing Pouyan for quite some time. He has long been a proponent of changing the construction financing industry. Question is, what bank will step up?

@ShowMeYourCIM You are not wrong, but should have made that a phone call, not email.

Chat, am I in the wrong here? Buyer rescinds LOI after I responded with this feedback: Thanks [BUYER]. One thing I noticed we’re not seeing here is handling of cash, debt, working capital, etc. Can you address that? Please let me know once you’re able to nail that down. We would need some understanding of it to move forward.