Remaxultimate’s Blog

Our second annual summer pool party was a huge success!

I wanted to thank everyone that was able to attend our Pool Party at my residence.  The weather was great (really hot), it was a lot of fun, and for Mary and I, it was very satisfying to see everyone enjoying the food, the pool, laughing together, having some drinks and just having a great day together. I’m very proud of our office environment that is filled with some of the best agents in the industry that also love to share and be together.  Our Ultimate team spirit is evident.

I would also like to especially thank Kimberley Zakaib and her TD colleagues for providing the music, the cosmopolitan drinks, the poker and black jack tables. Once again a huge hit.

Also let’s not forget Karen Gurland, Christine Peltekian and Joyce Linett (for the contact) for making time in their busy schedules to put together a basket for Tania Menicucci who is expecting a baby any day now.

All of you made the day a huge Success and we look forward to many more great times together.  Please stay tuned as we will be posting some photos shortly.

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage

The talk of the media is how the Federal Government has decided to tighten up the lending rules in Canada.  We would like to think that this is a proactive approach and I too would agree.  In my 19 years of real estate experience and involved in selling over 1000 homes, I was always felt that 25 was short but 35 years is long enough to have a mortgage.  Buying any property with no money down is also just to aggressive and having at least a 5% down payment is also welcome.

Luckily our borrowing practices have always been very different from our friends south of the border and we have avoided the lending mess that they got themselves into. Proof of this is that our mortgage defaults are still at historical lows. 

Even though these changes may put a squeeze on only some first time buyers, I’m personally more interested to see a market that is consistently healthy year after year with our clients not getting in over their heads financially.  Short term gain can only lead to long term pain.  Let’s not forget that the real estate business stirs the economic engine.  An unhealthy real estate market slows everything down because it affects so many other sectors. Stating this please make no mistake.  We are still seeing fantastic activity in our market area and our June 2008 results are higher than our June 2007 results.  I need to also remind you that 2007 was a record breaking year.

Point of interest.  We read that this these changes are to take effect in October, however, many financial institutions are implementing these changes immediately.  If the only way you will qualify is based on the flexibility of a mortgage based on a 40 year amortization and you really want into the market, now is the time to at least get pre-approved under the old rules.

Tim Syrianos
RE/MAX Ultimate Realty Inc. , Brokerage

I was thinking about a message that I would like to share with everyone for Canada Day when I remembered the email I sent a year ago and I thought it would be a good idea to post it on our blog.  For those who missed it, I hope you enjoy it.  By the way, we’re having dinner together and I’m sure he will be reminding me of his feelngs for Canada  I would also like to take this opportunity and wish everyone a safe and Happy Canada Day!

This has always been a very special weekend for me and my family. It holds a lot of tradition as once again I sat through a speech from my father that I will share with you. For those of you that haven’t met him in the office (you will eventually meet Nick because he’s always fixing something), he’s a proud Canadian.

It’s difficult to repeat what he says. It’s more of his story about Canada. His talk with me goes something like this:

“Son, do you have a minute? We need to talk so I can tell you how great this country is. Especially on it’s birthday. I arrived in Canada, by boat, in my teenage years, with nothing but a few dollars in my pocket and a suitcase with barely a change of clothes. I ventured away from my homeland with the search, belief and hope of a better life. Initially, I questioned my trip but was determined because I was too proud to allow people to think I failed and I didn’t want to return to even the little I didn’t have. I remained determined and with the little English I learned, I worked harder and the harder I worked, the luckier I got and more doors opened.

I thank Canada and the people because they always made me feel welcome. This beautiful country allowed me the opportunity to live in a safe, respected, neutral, multicultural country of plenty, accomplish anything I put my mind to, meet your mother, have and raise 2 children and own a home plus so much more that words could not express. All I had was a grade 6 education and this country allowed me to make it. If I had your education, I would be dangerous (he laughs and the lecture now begins) and there is absolutely no reason why you shouldn’t succeed. This country gives you absolutely everything and anything.
The truth is that after over 43 years, I am more Canadian then Greek. Yes there were hardships, we all have them however even though I care with what may happen in Greece, I care much more with what happens here and this is the place I will always call home. This is where I will spend the rest of my days and this is also the reason why I proudly place a Canadian Flag on every property we own including our house”

Even though I feel blessed to be born Canadian, many members of our “Ultimate Team” may share a story like this. A story of coming to Canada for a better life. Canada allows us the opportunity to work in a prosperous country and career where the sky is the limit.

Happy Birthday Canada!

In case you’re all wondering….yes he asked if we can place a Canadian Flag at our Bayview building……we’ll see

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage

The final touches are being completed and it’s with great pleasure that I will be launching a personal coaching program that will be offered by me personally. 

It’s called “Achieve the Ultimate” and it will be a weekly coaching class for agents interested in reaching the next level.  I’ve gathered all the material over my 19 years of selling experience (my personal “well” of knowledge) and put together a program that you will find current, informative and will provide you with many ideas in all aspects of the Real Estate Business.

There will be 2 classes. “Excel” for newer agents and “The Next Level” for the experienced agents.

It’s FREE! We just want to be your Coach!

At the beginning I will provide you with a 3 ring binder and as you attend each class, we will provide you with the material on that day.  This way you will know what class you have already attended, are not skipping ahead and or feeling overwhelmed.  Just some of the coaching topics are:

1. Working with Sellers – including the List presentation and a new one recently created
2. Working with Buyers – Includes Buyer presentation and the value of buyer agency
3. Action plans – ideas to implement after you list a property for sale, sold a property and or have a Buyer Representation agreement signed
4. Building a Business and Life Plan – stay mentally sharp, know your numbers, where you’re business comes from and where to spend your marketing dollars
5. Team Building – Go from agent to Team and know if it’s right for you
6. Lead generation – know your market, know your competition, investigate your market and clientele
7. Database farming – action plans and ways to really create loyalty and overwhelm your clients to become advocates
8. Geographical farming – how to choose a market area and how to decide on a farming area
9. Objection handling and Words to win With ideas – don’t lose another listing or sale to an objection. We will cover many dialogues and words to use that will set the stage during any presentation 

All our coaching classes will be posted on the RE/MAX Ultimate Calendar as well as all our other events.  At any one time, there will be  maximum of 10-12 agents to keep the class personal and manageable. 

This was the heading in the newspaper a few days ago. 

As of June 23 2008, the FINTRAC Federal regulations that oversee money laundering in Canada has taken effect.  Now  all Realtors are required to ask for the name, address, date of birth and occupation of property buyers and sellers, plus ID such as a driver’s licence or passport.  If the buyer is foreign or from another part of Canada, all real estate brokers and their agents will be required to hire an agent in the buyer’s community who can confirm the buyer’s ID.  Any transactions (whether attempted, completed of not) that seem suspicious, must be reported anonymously to FINTRAC. 

The forms that are needed and many clients will see very often are:

1. Corporations/Entity Identification Record – Used when working with a company.  You need all the articles of incorporation to be viewed, documented and preferrably photocopied
2. Individual Identification Information Record – used most of the time with a typical homeowner or buyer client
3. Receipt of funds v 6 – when representing offers and acting as a co-operating broker.  This form is filled out and kept by the co-operating broker and not given to the listing broker

I would like to congratulate our agents that took the new forms and immediately put them to use with ease. Like any change, there is always a time of transition and the clients we have presented these form too understand that it’s important for all our safety in these changing times.

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage

Over the last couple of weeks I have received calls from a couple of our agents about buyers that have approached them to purchase properties they had personally listed for sale.  You would assume that this is great and 99.9% of the time, it usually is.  Even though they pre-approved and covered all the bases, unexpectedly, just after closing they were notified by another agent that these Buyer clients had also signed a Buyer Representation Agreement with this other Realtor as well.  They followed up and the buyers claim that they didn’t understand what they were signing and or don’t remember signing anything like this.

My concerns are as follows:

1. Do Buyer Clients understand the benefits of Buyer Agency and how it’s main purpose is to protect their best interests and negotiate the best terms and price?
2. Do Buyer Clients understand that by signing this form, they have to be 100% loyal to their agent for the term of the agreement 
3. Do Buyer Clients understand that these are mandatory forms that our governing bodies require us to have signed?
4. If clients are signing more than one Buyer Representation Agreement with different agents, do they understand the implications of potentially being responsible for 2 commissions? Are agents explaining this to them?
5. Are agents registering their Buyer Representation Agreements on the Buyer Registry System (BRS) on TorontoMLS?

This brings me to The Buyer Registry System and it will work if we apply it.  Once a Buyer Representation Agreement is signed, it is advised that you register the buyer in the system.  Just as importantly, before working with a buyer client, Realtors should cross reference the client with the BRS system to make sure that they are not interfering and or wasting their time with another agents client. This is actually a great system that mirrors our present Multiple Listing Service (MLS).  You only see one For Sale sign on the front lawn and only one Brokerage may list a property for sale on the MLS.  Why should it be any different for Buyer Clients? 

Let’s help each other by leading by example.  It’s time we continously educate the public on how the real estate business works as well as explaining the benefits and advantages of Buyer Representation.

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage

When I was in my teen years my father approached me and made a statement that impacted my life.  At a time in my life when we are the most impressionable, he said “show me your friends and I’ll tell you who you are”. When I took a step back, looked within and assessed where I am in my life, I quickly set out on a different course.

The years passed and after I entered real estate, I floundered with other companies where part time agents were encouraged and left alone to work aimlessly within an industry that takes no prisoners.

Even though I was licenced in 1989, my Real Estate career started the day I joined RE/MAX in 1993.  I gained instant credibility by working with the industry best.  I was naturally mentored, learned how to conduct myself and rubbed shoulders with the best Realtors in the industry. How else to you explain how only 1/4 of all agents are with RE/MAX and yet outsell the competition 3 to 1. The numbers don’t lie.

When it comes to advertising, coaching, training and tools, no one leads the industry like RE/MAX.  In a changing market and landscape, emphasis should be placed on adding more coaching and training for the real estate professional and RE/MAX International gets it.  RE/MAX University is the best place to access the tools you need to succeed in any market today and into tomorrow. I’m so proud to be the Broker of Record/ Owner of a RE/MAX office and associated with such a successful organization and brand.

Don’t forget that you are the average of the 5 people you associate yourself with and when you’re around RE/MAX agents, you are with the industry BEST! 

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage

Traditionally when an agent sells a property, they wait until the closing date to receive their commission.  This is not the case when it comes to new condominium sales.  Because many new Condo developments take years to be to be completed and there is a certain amount of pre sales needed for financing before construction starts, developers advertise strong commission incentives to Realtors.  These incentives include a portion of the commission advanced before closing. 

Recently as I was reviewing some contracts between the builders and our agents, I came across a new clause that affect these payments. Much to my surprise,  a developer inserted a clause in the incentive program that states that in the event a closing does not take place “for any reason” the commission paid must be returned. This intrigued me and I researched more agreements and advertisementsand found this clause creeping in more and more often.  Such a clause or statement leaves a Brokerage and their representatives completely exposed financially. 

Imagine a buyer purchases a new 980 sqft unit.  A year later the developer approaches a buyer and informs them that the size has been modified to 850 sqft.  It has been a great market and with prices increasing at record levels, the likely hood of a buyer backing out has been remote.  On the flip side, let’s assume the market slows and values even drop during this period of time. It becomes very interesting because the buyer decides to back out as per the rights in their contract. What happens next?? 
It’s simple.  The developer writes a letter instructing the Realtor and Brokerage to return the advanced commission. In turn, the agent is scrambling to find the money that they have been paid and already spent. 

Our Brokerage is involved in over 350 new condominium construction units for our clients.  Imagine the magnitude of 4 years of cumulative sales and this happening to even 10% of them?? What if a Realtor sold 10 units in a condominium, the market changes and an entire development doesn’t break ground??  Am I naive to believe that this can’t happen here??  I don’t think so. 

What are we doing to protect our Realtors and Brokerage??  We’re talking to the developers and lawyers to see how enforceable such a clause may be.  We’ll keep you posted. In the meantime, Realtors should read what you’re signing to.

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage 

It seems like no property is immune from the potential grow operation scenario. 

Recently, one of our agents sold a vacant condominium that was for sale with another Brokerage. The Buyer was ecstatic as this was her first ever purchase but this emotion was quickly replaced with concern when her request to arrange insurance was denied 2 weeks before closing.  It seemed the insurance company was provided with a police report that the property was raided for drugs and potentially a grow operation. 

Our Agent immediately contacted the Selling Agent and informed them of the findings.  It didn’t take long for the Listing agent to confirm that it was true and that the Seller never disclosed this event.  Upon discussing all the options, the Buyer informed us that she is not interested in this property any longer because she feels uncomfortable and unsafe living in a unit that was ever used this way and with such a history.  She made her feeling very clear that she would never have purchased this property if she would have known, asked for a mutual release and a return of her deposit.

This is a major reason why our schedule ”B” forms has a grow operation clause even when we are selling a condo.  The clause outlines that the Seller warrants that it was never used for grow operations while owned. 

In this case, maybe it hasn’t been used for this purpose but when this clause was read, it should have triggered a disclosure by the Seller.  Anything that may affect the decision process should be disclosed by any Seller. 

What do you think??  Wouldn’t you agree that it should have been disclosed??  If you were buying, would you want something like this disclosed?? 

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage 

RE/MAX Ultimate Agent course is the next step to get your real estate career to the next level.  Over the past 18 months, our office has embraced the “100 Days to Greatness” course and many of our agents have experienced amazing success.  The course assisted newer and many of our already great agents refocus, become more energized and excel. We’ve seen production increase by over 30%.

Want to go from being a great to an “Ultimate Agent?”  The Wait is Over!!

This new accelerated training program from Buffini is exclusive only to RE/MAX agents. The program, is designed to help RE/MAX associates between $100,000 and $250,000 move toward or above the $500,000 earning levels.  The entire course is only two 90-minute sessions per week for four weeks.  It focuses on simple dialogues, client letters, web marketing and systems, systems, systems to build relationships with existing clients and business to business networking.

The great thing is that it’s offered in our Ultimate Training Centre.  The “RE/MAX Ultimate Agent” at RE/MAX Ultimate Realty.  How convenient.

Click RE/MAX Ultimate Agent Video to see more information

Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage