Networking connection yields new promo item for REALTORS® - new personalized magnetic bookmarks

Networking is second nature to anyone who's successful in Real Estate. But it never ceases to amaze me how it can pay off in such a wide variety of scenarios! Here's one example that has resulted in the North American-wide launch of a new promotional item I first developed for my own use, a new type of magnetic bookmark, and had great success with the prototype run last Christmas. I believe it's probably of interest to many REALTORS®.

(If you want to shortcut directly to what I'm talking about, just go to this link ==> Promotional Bookmark for REALTORS®)

This personalized bookmark's emergence is the result of a connection I made 30 years ago and thousands of miles away from where I now live, combining with my friend's 20-year network connection established on the US West Coast.

In the early 1980's my friend Steve Jackson and I were both pioneers in an emerging technology that revolutionized the manufacturing industry. Although we were hundreds of miles apart - and we're talking pre-internet! - something he wrote caught my attention and I tracked him down. Since then our career paths have moved along, of course, and we've perhaps had a dozen or more address changes between us.

But we never lost touch, and about a year ago we found ourselves enjoying lunch in a small Japanese restaurant near my office in Burnaby, BC.

Earlier, arriving at my office Steve had helped himself to one of the promotional chocolate bars I have customized for my Christmas packages (I now know to lock these away when he's visiting my office).

This led to a discussion of the role promotional items play in the business of a REALTOR®, and I related the story of how I'd recently been looking for something new, something to add value for my clients. I'd come up with a neat idea for a unique bookmark, but been very disappointed with the potential Chinese sources I'd investigated. Their pricing wasn't at all attractive because I was looking for small, quantities of customized bookmarks. But even worse, their lead time was appalling - several weeks if all went well, and I was warned that any delivery dates I was given could be pushed even further out if the supplier got busy with more desirable orders.

What I didn't know was that Steve had a friend - from a friendship that started 20 years ago in the Pacific North West, when that friend also tracked Steve down after hearing him present at a conference - and that friend now owned a very successful plastics manufacturing business in California. What are the odds?

One hour later we established that the factory's degree of sophistication in terms of equipment and training made "mass customization" possible ... small quantities at great prices were do-able. With far better prices than I could get from China. And the lead time ... once we were beyond the prototype stage, and had a production model, an order would typically be turned around in 10 days. In contrast to 6 - 8 weeks from China!

Two hours later, we were discussing the first prototype with Steve's pal, plus the production manager and key customer service representative in California.

One month and 3 prototypes later, I had my bookmark. It was exactly what I wanted, and it became part of my Christmas package.

My clients loved it - it's a cool bookmark, it's novel, great quality, it has a "Hmm, that's neat" factor, and as well as a bookmark and a paper clip it's kind of a "fidget widget" because it has tiny magnets in it, and everyone loves magnets. It's robust where most bookmarks easily tear or stain or "feather" - it could last for years. Most important, it gives me a LOT of real estate - the size of two business cards to establish my brand, my image if I want, and a catchy message. And that message will be right in front of their face every time they use it!

Steve decided to turn this into a full-fledged product this year - and PromoBookmarks are in production, taking orders for quantities as small as 500 units customized with your business cards along with any other branding information you can fit on an additional business-card sized piece of real estate. You can check it out by clicking the link here: personalized bookmarks or go directly to www.promobookmarks.com, there's even a video.

I talk more about the whole process, and the bookmarks, on my blog: An Idea to Add Value for my Clients

I thought ActiveRainer's would be all over this Kelo v. New London property rights case news update...

...excerpts:

Then Justice Palmer turned to Susette (Kelo), took her hand and offered a heartfelt apology. Tears trickled down her red cheeks. It was the first time in the 12-year saga that anyone had uttered the words "I'm sorry."
Palmer should be sorry. So should U.S. Supreme Court Justices John Paul Stevens, Ruth Bader Ginsburg, Stephen Breyer, David Souter, and Anthony Kennedy, whose five votes upheld Palmer’s erroneous judgment and put the final nail in the coffin. http://reason.com/blog/2011/09/19/connecticut-supreme-court-just

I do recall telling Susette I was sorry," he wrote. "But I was expressing my regret for what she had gone through. I would not want the reader to think that I was apologizing for my vote, which I was not doing." http://www.courant.com/news/opinion/hc-op-justice-palmer-apology-20110918,0,5393647.story

In the U.S.A. what happened is called eminent domain, and in Canada we call it expropriation. I'd be interested to hear your thoughts on personal property rights, so please share your comments. Thanks.

Should you buy or sell first?

Some of the many reasons for wanting to move include: downsizing; family growing; and, relocating. 

The key to your decision on whether you should sell or buy first is planning ahead and we’ll help you explore your options.

For those that don’t have the financial ability to temporarily carry two properties, the options will be limited.

Option #1            Buy first with interim or bridge financing

Getting into an accepted offer on a new home without a subject-to-sale clause can be very costly and is not recommended unless you have made the necessary financing arrangements for the interim.

Arranging temporary funds will allow a seller with an unsold home to proceed with a purchase. This means that they will have the flexibility to move over the period of time between the possession dates of both properties, which can also be used for renovations.

The most important consideration here is that the seller must have a home that is marketable and being reasonably marketed, otherwise carrying two properties could start to get very expensive, especially if the market declines.

Occasionally a short possession date for a new home can be negotiated on behalf of a seller to reduce or eliminate the need for temporary financing.

Option #2            Sell first

Obviously the safest choice but it can also be the most rigorous. Inevitably it means an interim accommodation will be required, and perhaps two moves. This is often the case when someone is relocating and staying in temporary accommodation with their personal belongings in storage.

Focusing on selling your existing property first is often the best strategy in order to maximize your return. With cash in hand it also qualifies you in the eyes of a seller as a serious buyer, and could, depending on timing and local market conditions, strengthen your negotiating position.

If a buyer really wants your property you might even get away with a provisional rental agreement, or a contingency clause allowing you time to buy your next home, although this doesn’t happen very often.

Option #3            Subject to sale clause

In some markets choosing to write an offer with a subject to sale clause will work, but from experience in the Metro Vancouver area, it seems sellers are less open to accommodate this option.

It also requires a solid offer and probably very close to the asking price, which can limit your ability to negotiate.

Trying to match the dates exactly to accommodate both parties can also be challenging.

This balancing act is not for the faint of heart, and one of the many reasons why you should allow a REALTOR® to share some of his or her expertise.

With a savvy swagger and access to a wealth of information, it’s clear that today’s consumer is quite capable when it comes to buying a home. The irony is that smart people are still buying homes and having problems. 

It’s commonplace to purchase a home and then discover that there’s something wrong with it after the fact. Just ask one of the 58 Olympic Village owners in Vancouver who have filed a lawsuit against the Developers.

The Internet can be a great way to research but it can also be a source of misleading information, like listing inconsistencies, and incomplete information.

Fortunately for future homeowners, there’s a better way to approach real estate than relying on the Internet.

It was Benjamin Franklin who said,  “An ounce of prevention is worth a pound of cure”.

Too many entering the real estate market say they are anxious, and yet they have the ability to manage and control the outcome; it’s in their hands.  Confidence is gained by managing risks and in real estate that is achieved by performing due diligence.

Risk goes hand in hand with confidence, so I say to those who don’t take steps to protect their interests,  “Let the buyer beware”.

This week’s Buyer Beware seminar on April 12th (this Tuesday) is free, and if you’re unable to attend yourself please consider forwarding this post to anyone in your network you care for who you feel might be interested. Thank you.

For the first time we’re going to have a panel for the second half of the seminar consisting of a Certified Financial Planner, a Mortgage Broker, a Lawyer and yours truly. When was the last time you had the chance to get so much free advice? 

If you’d like to register please call Grace at 604-202-5775, and I look forward to seeing you there.

This time of year is when some Real Estate Brokerages, perhaps fewer and fewer, take out an ad in the local newspaper to extend greetings.  I’m not going to get into the merits of newspaper advertising, although it is well known that they have a depleting readership.

What I found interesting was comparing some seasonal ads for 2009 and 2010. This is all very unscientific of course, but it does help to illustrate a point.

There were only two local brokerages I came across doing the seasonal newspaper ads year over year and this is how they stacked up.

Brokerage #1 had a base of 33 REALTORS® in 2009, and by 2010, 10 had left and 8 had joined them. So 23 REALTORS® had been in the seasonal ads both years.

This meant that 30 percent of the REALTORS® from 2009 were now gone, and 6 percent hadn’t been replaced in the year.

Brokerage #2 had a base of 81 RELATORS® in 2009, and by 2010, 18 had left and 18 had joined them. So 63 of the 81 REALTORS® had been in the ads both years.

In one year, 22 percent of the REALTORS® had been replaced in brokerage #2.

The main point is that there is a big turnover in the real estate industry.

There are about 16,000 REALTORS® in the Province of British Columbia, and there has been about the same number of new REALTORS® licensed in the past 5 years but the total has remained fairly constant.

The total turnover of REALTORS® in BC for a 5 year period is darn close to 100 percent, and I believe that this turnover is going to get higher as we move forward.

Take your pick; a piece of the pie, or turnover?

Generally speaking, many of the more tenured REALTORS® seem to want to go to the same seminars with the same speakers and continue doing business the way they always have, and they’re all competing for the same diminishing piece of the traditional clientele pie.

The Gen “X” & “Y” are where the majority of business is today, and becoming even bigger markets every year. These markets are where the new REALTOR® might want to focus on getting established, and probably where many other REALTORS® will need to shift.

What are your thoughts?

This has got to be one of the best blog posts, and perhaps the most important, I have read about the Competition Bureau and the Canadian Real Estate Association agreement since it came in to effect.

While it appears Brian has prepared this for lawyers, there are clear warnings here for all parties involved in the transaction; all the points raised beg questions. Thanks Brian.

Please leave any comments you might have on Brian's original post:

In real estate we have to deal with legal contracts which can involve some very complex clauses. In the tradition of our professional practice I’d like to introduce a special seasonal “Santa” clause:

Subject to all prospective home buyers and sellers
celebrating this special time of year with family and
friends in whatever chosen tradition, and may whatever
brings you happiness be yours to receive this coming year.
This condition is for the benefit of all willing parties.

Whatever your goals and dreams are for 2011, I wish you all the best in achieving them, and I look forward to staying in touch in the New Year.

As you enjoy the festivities of the holiday season, travel safely and take good care.

Merry Christmas.

Information for Port Moody Real Estate, and the rest of the Tri-cities and surrounding areas of the Lower Mainland, is now available directly from your mobile device…

Apple iPhone and Windows Phone 7 users, are invited to try the REALTOR.ca app at no cost.  The Blackberry® app is scheduled for release in February 2011.

My real estate clients now have the ability to check out houses whenever they want, wherever they want from their smart phone.  Then they can simply and directly contact me about a specific property if they have any questions.

Try searching for me on the app; it’s easy.  A setup guide has been posted online at the Canadian Real Estate Association website: www.crea.ca

More here: Port Moody Real Estate from your Mobile Device…

Is Immigration the New Competitive Advantage?

“By 2015 it is estimated that 100% of the growth in our labour force will be derived through immigration.” - The British Columbia Chamber of Commerce 2006-2007 Policy and Positions Manual

BC is beginning to feel the impact of this impending labour shortage, and skilled immigrants will play a critical role in filling a growing gap. This is a challenge for which BC is working on both short and long-term solutions.

BC recognizes in addition that skilled immigrants can provide competitive advantages to our local companies.  For instance, they are typically bilingual, sometimes even multilingual, can act as ‘cultural bridges’ for global communication, and with an increased loyalty, have a higher retention rate.

It is believed that skilled immigrants will help foster a workplace culture in BC grounded in diverse thinking at a time when the true potential of businesses rests more than ever on innovation.

Businesses looking to attract and retain immigrant talent will need to develop their own set of “immigrant-friendly” programs and practices that fit with their own business needs and capabilities.

Here is a local Coquitlam contact for potential employers of immigrants coming to the Tri-cities:

Geoff Frost, Job Developer/Industry Liaison

202-405 North Road
Coquitlam, BC  V3K 3V9
Canada

Tel:        (604) 349-0898
Fax:       (604) 939-3044
Email:    info@skillsconnect.ca
Web:      http://www.skillsconnect.ca

After I don’t know how many years, I finally made it to The Hopscotch Festival in Vancouver last week with my colleague and fellow REALTOR® Randy (ask him about the dry run, after which we savoured a couple of Dalmore, 1263 King Alexander lll’s. LOL).

We took the SkyTrain from Lougheed Mall to Main & Terminal, and a taxi from the Pacific Central Station to the Rocky Mountaineer Station, Grand Tasting Hall.

The V.I.P. Grand Tasting on Friday night started at 5 p.m. and we picked up our 10 x $1 tasting tokens as well as a tasting shot glass, which came with the $60 ticket. An individual shot serving was about half an ounce and would cost between 2 and 6 tokens each; of course most people, like us, would be buying more tokens.

With more than 50 exhibitors, this event brings industry experts and brand ambassadors from all over the world into Vancouver to celebrate the “whisky of life”, and just before St. Andrews Day.  It also attracts people like me who just like Scotch whiskey.

Rather than bore you with details of all the brands I tried, which would be difficult because the nuances were too subtle in some cases for my taste buds to distinguish, I’ll tell you what I liked, was surprised by, and disappointed in.

Now I’m not in any way an expert on these things so this is purely a subjective and personal opinion.

I’ve found that my favourite tasting scotches always seem to have been matured in Sherry, bourbon and similar type casks. 

I’m not big on whiskey, flavoured from smoky peat or the medicinal iodine smell, like the Laphroaig 10 year old, which I have tried in the past. So I mentioned this to the Laphroaig representative, who promised me that I would enjoy the Laphroaig 18 year old because there was only a faint hint of peat. I must admit I was pleasantly surprised and enjoyed it.

There was a really good selection, and some others we quite enjoyed included, Glenmorangie Nectar D'or, Macallan Cask Strength, Springbank 15 year old, Auchentoshan Three Wood, Stronachie 12 year old, Singleton of Glendullan 12 year old, and Tullibardine 1988.

Not being a whiskey snob, I’m okay with a blended scotch. I’ve previously tried Johnnie Walker, Red, Black, Green and Gold, but tonight it was time to try the Johnnie Walker Blue for the first time. While I wasn’t disappointed I’m not going to go out of my way to buy this (too expensive); I’ll stick to Green or even a Gold.

The single disappointment was only with the mildness in taste of the Sullivan’s Cove Double Cask, which is from a Tasmanian distillery. If I had cracked open the bottle and been drinking it just by itself and without having tried so many other good whiskies, it might have been just fine. So truth known it is probably okay. :-)

I had heard about how good Japanese whiskey (scotch style) is but never tried it that is until last Friday. Miyagikyo 12 year old was one of the two real surprises for me at Hopscotch and I will definitely be trying more Japanese whiskies.

The other nice surprise was the Amrut Fusion whiskey from Bangalore, India; this was a good find so check it out on the Internet. I will definitely buy a bottle (or two) just because of the value.

Our Favourites; Randy and I both chose the Glenlivet Nadurra 16 Year Old. I liked the nose and palette (for whatever my opinion is worth), and could sip this over a rock and really enjoy it anytime. I might just get myself a bottle for St. Andrews Day to celebrate. 

Would I go again? If I can get tickets, you bet, and I’d like to try one of the dinner pairing events in the future.

In case you’re curious, we got picked-up and driven home.