‘Cutthroat’ has no place in real estate
Last week I read a write up in the Citizen where a real estate agent, opening a new real estate office here in Duncan, used the adjective “cutthroat” to describe the profession of real estate sales. It instantly got my back up as not only am I a real estate salesperson and an owner of a real estate brokerage, but I am also very proud of the years I’ve had working in this respectable profession with such a great group of people; the realtors of southern Vancouver Island.
Without question, real estate sales can be very competitive, but at no time did I feel that there were “fierce and intense” or “ruthless measures” (as by definition of the word “cutthroat” as an adjective) being employed. I belong to a very highly regulated industry and culture that embraces a high standard of professional ethics and one that requires us all to follow strict guidelines including continuing education and extensive training.
This is not a profession for the faint of heart and it has a very high attrition rate. I suspect that with a significant decline in sales as a result of COVID-19 we will see more realtors hanging up their licences and looking to make a living elsewhere. Real estate today only allows for one agent to represent one side of a transaction and act as a designated agent. Gone are the days of double ending listings, so it requires an exceptional amount of cooperation between a buyer agent and a listing agent to successfully conclude a real estate transaction.
I’ve seen realtors really do amazing things in their efforts to protect their client’s interests and at the same time make a deal with a realtor and his or her client on the other side of a transaction. Being creative, tenacious, amicable or equitable are words that I think better describe what happens in a real estate trade; ruthless or underhanded certainly doesn’t fit in anywhere here. The word “cutthroat” conjures up so many negative images that it just has no place in the vocabulary of real estate sales or salespeople.
Alberta government tables new structure for beleaguered real estate council – Edmonton Journal
Article content continued
The board of directors would be responsible for running the corporation and be chaired by one of three members of the public who are appointed by the minister. The remaining board seats would be filled by one member appointed by each industry council from its elected industry members.
Each industry council would be made up of three industry members elected by their industry and two public members appointed by the minister and a chair.
The new board of directors will would have two years to come up with bylaws and rules to be approved by the minister.
In the first year, the board of directors must create a bylaw that establishes a dispute resolution process. The new legislation also defines the roles of the executive director who would be responsible for administration of the organization and the registrar who would be in charge of investigations and enforcing the rules. Investigations were previously the responsibility of the executive director.
Kristie Kruger, chair of the Alberta Real Estate Association said her organization is pleased the government has heard its concerns
“This legislation demands greater openness and transparency, which will help rebuild eroded trust in the real estate regulator,” she said in the government’s press release.
Nanaimo Real Estate Market Report: April 2020 – Nanaimo News NOW
Nanaimo Real Estate Market Report: April
Jun 03, 2020
NANAIMO – The reality of COVID-19 impacts the Nanaimo housing market.
The Nanaimo real estate saw single-family home sales drop by 47% compared to April 2019 and Island wide they went down by 54%.
According to the most recent Market Intellignce Report, the BCREA(British Columbia Real Estate Association) predicts the corona virus recession will be profound, however the duration will be shorter than previous downturns.
The average sale price of single-family homes went up from March 2020 by $1,241 and also increased from April 2020 by $6,995. The average sale price for Nanaimo single-family homes in April 2020 was $593,503.
Real estate deals stalled according to Altus Group report – Daily Commercial News
Webinar panellists asked for their reading of the real estate sector across the country during a recent session billed as a pan-Canadian “pulse check” suggested the prospects of recovery in the industry are fraught with uncertainty.
The May 25 Urban Land Institute webinar began with analysis of first-quarter real estate market statistics as well as second-half 2020 market forecasts by Altus Group executive researcher Raymond Wong and his colleague Patricia Arsenault, an executive vice-president in research consulting with the firm.
Wong reported that a survey of clients showed over 50 per cent of respondents said all real estate investment transactions were currently on hold. Broken down into sectors, 50 per cent of office deals were on ice and 58 per cent of retail transaction were on hold, as were 51 per cent of industrial transactions and 53 per cent of residential.
Arsenault addressed the supply side of housing, noting COVID-related uncertainties influencing investors and builders included future low immigration and flat employment numbers.
“Most but not all new project launches planned for spring were pushed off,” Arsenault said. “Most of the delayed projects could be brought to market fairly quickly but that is only if there if was evidence of sustained pick-up in demand.
“As well, I suspect there will be many project postponements for a longer time period as proponents re-evaluate their projects’ viability.”
On the housing demand side, there was bad news and better news, Arsenault said.
The poor economy won’t necessarily mean housing demand will switch from ownership to rentals, she explained.
“Rather, household formation rates tend to go down, younger people will stay at home longer, they will move back in with parents, singles double up, couples delay splitting up, all those factors…will impact housing demand levels,” Arsenault explained.
But the burden of unemployment has not been borne equally, she said, with layoffs hitting people on the lower end of the socio-economic spectrum more than the more wealthy.
“Many of those could choose to buy right now,” she said. “Or they could still choose to wait and see what’s going on in the short term.”
But eventually, Arsenault said, that group represents potential future pent-up demand.
The presentations by Wong and Arsenault were followed by a panel discussion of real estate and construction prospects across the country featuring development experts from Ontario, Alberta and British Columbia.
Jeff Thompson, Alberta-based vice-president with Ledcor, a constructor active in many sectors, noted there was a lot of “tire kicking” going on in the housing sector.
“Everybody still has lots of projects that they want to proceed with,” he said. “They don’t know when exactly. They have to figure out what the metrics need to look like.”
But still, across the country, the pipeline of potential projects is full, though there is regional disparity, he said. He said the dip in productivity felt during the pandemic might continue for a couple more months but then production could return.
Brian McCauley, Vancouver-based president and CEO of Concert Properties, which has a busy portfolio in the residential, commercial and industrial sectors, said construction productivity in his province was returning to normal after cratering in the first weeks after the start of the crisis in March, with 85 to 90 per cent of the construction workforce now back on the job, but costs raised potential alarms.
“We don’t know how trade contractors will price this uncertainty or these hiccups that are related to COVID’s new safety precautions,” said McCauley. “That is not only causing some delays on the production side, but it is also a point of uncertainty moving forward.”
He said he doubts the Canada Mortgage and Housing Corporation’s warning that housing prices could drop by up to 18 per cent in the next year. He said given supply constraint and continued demand, it is likely prices will remain high, especially in Vancouver and Toronto.
Key factors to rebuilding homebuyer confidence, McCauley said, are jobs returning in a stable economy, resumption of immigration and low interest rates.
Meanwhile, McCauley said there could be a “seismic shift” in the public-oriented retail market, including restaurants and bars. It was a point introduced by panel moderator Duncan Wlodarczak, Vancouver-based chief of staff with the Onni Group, who said he heard from one U.S. commentator recently that 80 per cent of restaurants might go under.
“Some of them might not survive going forward but we are doing everything we can to keep them active and engaged,” McCauley said.
Panellist Lesley Leech, a Toronto-based director with office and retail developer Cadillac Fairview, acknowledged the retail market was hit hard. She said her firm is working constantly to help tenants survive their months-long shutdowns. Leech was asked if the developer was working on a strategy to repurpose some of its retail portfolio.
“Our investment team and development team is strategizing on all our current plans out there and we will wait to see what the trends are,” she said, adding Cadillac Fairview would wait to obtain more information before making such “major decisions.”
Follow the author on Twitter @DonWall_DCN.
P.K. Subban, NHL donate $100K to fund for George Floyd's daughter – CBC.ca
2021 BMW 4 Series Coupe: Nosing Into a New Era – The Truth About Cars
West Point preps for graduation, some in class test positive; Hydroxychloroquine does not prevent COVID, study shows; NBA to vote Thursday on 22-team plan to restart league – Toronto Star
- Health21 hours ago
New Brunswick reports one new case of COVID-19 at nursing home as tests and calls to 811 spike – CTV News
- Business24 hours ago
Telus skips Huawei, picks Ericsson and Nokia to build 5G network – Vancouver Sun
- Sports20 hours ago
NBA Projects 2020 Finals To Be Completed By October 12th – RealGM.com
- Science24 hours ago
Precision Biomonitoring Receives Funding to Manufacture TripleLock™ SARS CoV-2 Go-Strips – Canada NewsWire
- Sports21 hours ago
Former tennis star James Blake still shaken by encounter with cop in 2015 – The Globe and Mail
- Science22 hours ago
Rare dinosaur stomach fossil unearthed at Alberta oilsands site opens door to ancient world – Globalnews.ca
- Tech22 hours ago
Safari in iOS and iPadOS 14 Might Include Built-In Translator, Full Apple Pencil Support – MacRumors
- News19 hours ago
Canada’s daily coronavirus death toll surges from day prior as 705 new cases reported – Globalnews.ca