Ubertor Real Estate Blog

Next on our techy interviews is Rebecca Bollwitt aka Miss604.com. Rebecca has been blogging about Vancouver since 2004 on Miss604.com, podcasting RadioZoom since 2005 and is a co-host of The Crazy Canucks Podcast. You can find Rebecca live blogging at social media conferences around BC, walking around Stanley Park or hopefully at a local hockey game.

(see the last techy interview here)

Q1. When you search for real estate, where do you look? (online; where? offline; where?)
A1. Online, Craigslist, local apartment listing websites

Q2. What do you look for in a Realtor?
A2. I would look for someone who has my best interest in mind, knowing several local realtors who are bloggers I would definitely start there.

Q3. Do you look for real estate on Craigslist?
A3. Yes

Q4. When you see a real estate listing with no pictures, what do you do?
A4. I usually look it up on Google Maps or Google the name of the building to see if there are photos somewhere else on the web.

Q5. If you were a Realtor, what would you do different than any other Realtor you have seen?
A5. I’d have to say that keeping a blog is a great idea and as I mentioned, I would actually be more inclined to work with someone who is active in the social media community. It shows a level of transparency, allows them to have discussions with readers, visitors, potential clients and peers and builds up trust.

I have always pushed Realtors to become more tech savy. Not only as a way to learn about more efficient ways of working but also as a way to keep them up to speed with the tools that are coming at them.

Another huge benefit of being tech savy is the bonus of meeting tech savy people. Why is it a bonus? Tech savy people buy real estate in a much more efficient way than not so tech savy people. Take me for example, when I want to purchase a home I do almost all of the research myself. Then when I’m ready to take the next step I contact my Realtor and get the process running. Notice, that I do all of the leg work. I drive myself around the neighbourhood, I attend the open houses myself and I ask the questions that I’m interested in asking. So when it comes time to take the next step and put in an offer, my Realtor has very little left to do except deal with the paper work, advise on pricing and help make the potential transaction smooth.

A non tech savy person, will call a Realtor and have that Realtor drive them all over the place, looking at listings, talking about neighbourhood and discussing the potential of putting in an offer on something.

The difference is in the time spent. Dealing with more tech savy clients minimizes your time spent doing a deal. So why not focus on the tech savy community?

I have asked a few colleagues of mine some real estate questions in hopes that it will give you an idea of how they think when it comes to real estate.

Here is the first interview:

Currently, Daniel is the CEO at Carrie & Danielle, Inc. a Board Advisor at Tagga Media and a Director at Lypp.ca. You can see his whole profile at Linkedin or you can check out his blog.

Q1. When you search for real estate, where do you look? (online; where? offline; where?)
A1. Online, usually at mls.ca, sometimes on the Sotheby’s site; offline by walking through neighbourhoods

Q2. What do you look for in a Realtor?
A2. Reputation, track record of selling similar properties, avoids meaningless realtor jargon and cliches.

Q3. How did you pick your Realtor when you sold your home?
A3. Recommendation from a friend.

Q4. Do you look for real estate on Craigslist?
A4. No.

Q5. When you see a real estate listing with no pictures, what do you do?
A5. Ignore the listing.

Q6. If you were a Realtor, what would you do different than any other Realtor you have seen?
A6. Admit that generally realtors are unlikely to have profound insights into the market / broader economic conditions, and be honest: who knows where markets are heading, but generally it’s always smarter to buy real estate rather than sit on the sidelines.

Marketing guru Seth Godin responded to some questions that I emailed him about the real estate business. I was curious to know what he would do if he were a Realtor. I asked him 3 questions and you will see his responses below. Seth is the marketing mind behind The Purple Cow, All Marketers are Liars, The Dip plus much more.

Ubertor: If you were a Realtor what one way would you market yourself differently?

Seth Godin: It wouldn’t be marketing, it would be what I DO. I would specialize obsessively. On a neighborhood or a market segment. I’d only sell restaurants, or condos, or to the gay community. I wouldn’t start doing ANYTHING where I didn’t have a good chance to be the best in the world at it.

Ubertor: What mistake do most Realtors make when marketing a home?

Seth Godin: They act like invisible middlemen. Here’s the question: if you had to charge a 7% commission instead, how would you justify it?

do that.

Ubertor: How would you pick a Realtor to sell your home?

Seth Godin:
Someone I trusted
Someone respected
Someone who was the clear and obvious best choice!

If you looking for an always entertaining, good read, then check out Seth’s blog. He always has something to say that is interesting and entertaining. Be sure to subscribe to his blog email feed.

I have done a few blog interviews in the past few weeks with some real estate figureheads… here are the ones so far, plus I have a few more coming. In case your missed them here they are:

Blog Interview: Colin Bosa, President of Bosa Properties Ltd.
Blog Interview: John Scott, Chief Executive Officer of the Scott Construction Group
Blog Interview: Chris Tsakumis, Vice President and Director of EPTA Properties

I did one the other day with the RealEstateChannel:
Video Interview: Stephen Jagger, co-founder of Ubertor

Think about who you could interview and add them to your site… makes for some great content.

Next up in my blog interview series is Chris Tsakumis the Vice President and Director of EPTA Properties. Epta Properties is a family owned and operated firm based out of Richmond B.C. with assets throughout the Lower Mainland. www.eptaproperties.com

Q. How did you get into the real estate business?
A. As opposed to getting into the business as a personal pursuit, I have been fortunate to be raised in a real estate family. My father, a former restaurateur, first started in real estate by building the restaurants that he and his brothers ran throughout BC. He would learn that his true passion lay with acquiring and developing property and he followed his passion earnestly. That same passion was something that was instilled in all of our family and I knew from a very young age that my calling would lead me to the real estate industry at some point.

Q. What are your thoughts about the 2007 real estate market?
A. Although there has been much talk about a pending “bubble” in the local market, I feel strongly that the market will continue to stay strong. I think it’s fair to say however, that the days of “paper flipping” in the residential sector may be behind us for now. I believe the market will continue to creep upwards as we head towards the Olympics in 2010. As for the commercial sector, the strong economic conditions in the province and even the country will continue to drive investment into the region. In particular, port related commercial activity will increase the need for more value-added industrial facilities giving a further boost to an already hot commercial/industrial market.

Q. What do you think the real estate market will be like in 2012? (2 years after the Olympics)
A. I think that after Vancouver and the Lower Mainland is seen on a global stage, that many people will see the benefit of Pacific Northwest living and as a place to do business. As Asian trade has become of great importance to this region, it will be critical to capitalize on all of that great exposure the Olympics affords the host city. I think the market will benefit greatly in the years after the Olympics, but it will be up to the local industry to determine where that legacy goes and how we shape that future. As a desirable “Gateway” city, it’s fair to say that the market will continue to go upwards but you’ll learn quick that in real estate, nothing is for sure.

Q. The Environment and Energy Efficiency seem to be a big topics these days, is Epta doing anything unique in these areas? (ie. using rainwater within a building, etc)
A. LEEDS is really a hot topic in real-estate these days. No matter what seminar you attend, or conference you go to, LEEDS is always discussed in some capacity. Fortunately, we have a great research facility here at BCIT that is currently exploring new opportunities in Green roof technology, energy efficiency etc. Our company is currently researching the feasibility of green roof technology for an exciting industrial development we have on the horizon. Moreover, it continues to be important for use to build our projects near key transportation infrastructure similar to Keystone and Origin which are a stones throw away from the West Coast Express station in Pitt Meadows.

Q. What is your favorite source of real estate news? why?
A. The local community papers are great for grassroots news about local community real estate. Association conferences (NAIOP, BOMA, VBOT etc.) are always great sources for more general trend analysis.

Q. Do you read any real estate blogs? if so, who? why?
A. Only the Ubertor blog. Quite honestly because it’s the only one you hear about!

Q. Any new projects coming up that we should know about?
A. We are currently developing two exciting new residential condo projects in Pitt Meadows that we are genuinely excited about. The Keystone and Origin will be great additions to the Pitt Meadows area. This is one of the lower mainlands hottest growth areas and we are committed to the community there. We also are in the design phase of a variety of other projects throughout the lower mainland that will be coming online in 2008.

Q. What was your favorite project you worked on? why?
A. Nothing specific sticks out. I love working on every project we have. I take a lot of ownership and pride in our projects.

Q. What area within BC do you think is the next “hot” area? why?
A. The Fraser Valley in my opinion is a key area. As affordability of housing continues to be a concern, more and more of the younger population will be looking at the Fraser Valley for the purchase of their first home and will likely remain a resident of that community once they have established themselves there.

More Interviews:
Blog Interview: Colin Bosa, President of Bosa Properties Ltd.
Blog Interview: John Scott, Chief Executive Officer of the Scott Construction Group

John Scott has agreed to participate in my blog interview about the 2007 real estate market. John Scott is Chief Executive Officer of the Scott Construction Group. A professional engineer, John founded the company in 1984 and turned it into one of Western Canada’s largest and most respected construction firms. The company has distinguished itself through the construction of many Vancouver landmarks, including Waterfront Place, the Morris J. Wosk Centre for Dialogue, and renovation of the Hotel Georgia. www.scottconstructiongroup.com

Q. How did you get into the real estate business?
A. I was trained as an engineer and started out in consulting and design. I found I preferred to be directly involved rather than providing advice and ended up gravitating to construction. I worked for a developer for 4 years and then started my own construction company in 1984. The construction business has been my first priority but I do some development when I see opportunities where I can afford the risk. I also invest in income property where I think I can add value because of my construction experience. Rather than say that I am in the real estate business I would say I am an active watcher.

Q. What are your thoughts about the 2007 real estate market?
A. The world is awash in money looking for a return. As a result the cap rates will trend down even further than they are now and the risks inherent in real estate will be ignored even more as time goes by. It has never been more important to do your homework: know your costs, understand the market, and make sure that the real estate you invest in is going up faster than your cost of borrowing money.

Q. What do you think the real estate market will be like in 2012? (2 years after the Olympics)
A. Cities will continue to attract people and therefore real estate will continue to go up in all vibrant cities. Vancouver is just getting started and over the long run, real estate here, will be a good investment. The winter Olympics will be great for Vancouver but there are so many other larger factors working in Vancouver’s and BC favour, such as the port expansion, oil and gas in the north, and the fact that Vancouver is a desirable place to live.

Q. The Environment and Energy Efficiency seem to be a big topics these days, is Scott doing anything unique in these areas? (ie. using rainwater within a building, etc)
A. We have put half a dozen of our people through LEEDS training and are working with Clients and designers to green building as much as possible. The most cost effective green system we have installed to date is geothermal heat for several high rises in down town Vancouver.

Q. What is your favorite source of real estate news? why?
A. Realtors, lawyers, mortgage brokers, and architects

Q. Do you read any real estate blogs? if so, who? why?
A. No but if you could recommend some I would be interested

Q. Any new projects coming up that we should know about?
A. We are finishing the first phase of Quest University in the fall this year. I think it’s presence in Squamish combined with the improved highway will increase the real estate values and have a very positive effect on the community.

Q. What was your favorite project you worked on? why?
A. Our family cabin at Whistler because it was fun to build and we enjoy it so much now.

Q. What area within BC do you think is the next “hot” area? why?
A. Residential real estate in Vancouver is slowing down which is healthy and not surprising given the price escalation over the last few years. Industrial will be steady and we might even see an office building announced this year. Commercial is doing better and we are seeing major chains positioning themselves to take advantage of the exposure and tourist visits generated by the Olympics. Recreational real estate will continue to be hot as a result of Alberta money and foreign buyers. Whistler real estate has gone no where in 5 years and could be an Olympic champion by 2010.

More Blog Interviews:
Blog Interview: Colin Bosa, President of Bosa Properties Ltd.

Colin Bosa, President of Bosa Properties Ltd. has agreed to answer some questions about the 2007 real estate market. This will be the first of a few blog interviews to come with real estate power players. Thanks to Colin for agreeing to participate! www.bosaproperties.com

Q. How did you get into the real estate business?
A. I was fortunate to be exposed to the real estate business at a very young age. I can remember listening to my father and my uncles talk about the projects they were working on. I could sit and listen to them for hours I knew then that real estate would always be apart of my life. I started working my summer job at the age of 11. I, along with my cousins would work on site, sweeping, and cleaning up suites, and over the years progressed to carpenter, and then helping out the superintendents. After graduating from BCIT I joined the family business full time, first spending a couple of years in the construction department mostly doing estimation. I got my start in development after that, when I developed some houses on Parksville.

Q. What are your thoughts about the 2007 real estate market?
A. I believe that 2007 is going to be another strong year for the real estate market in BC. The year has already gotten off to a good start, as we have seen good sales across all our projects this year. My sense is that interest rates will stay where they are and probably will come down, projects are taking longer and longer to get to market, which is limiting supply and incomes are rising in the Province. If you add up these factors, consumer confidence is still strong which will mean another good year.

Q. What do you think the real estate market will be like in 2012? (2 years after the Olympics)
A. This is a tough question to answer. Where the market will be in any given year is any bodies guess, I couldn’t tell you. There are so many factors that affect real estate in the short run. However and more importantly in the long run, I can tell you that real estate prices will go up. British Columbia is too desirable of a province for prices not to go up.

Q. The Environment and Energy Efficiency seem to be a big topics these days, is Bosa doing anything unique in these areas? (ie. using rainwater within a building, etc)
A. This is something that is very important to our industry and something that as developers we need to understand. We can choose to be reactive or proactive, but in either case we will be building energy efficient and sustainable developments, because this is the future. We are choosing to be proactive, and we our in the process of designing a LEED Certified building. In addition I do think the nature of our mixed-use projects our sustainable. For example, we are building homes close to where people work, and close to public transit, promoting less car travel. We are building retail next to our condominiums, and building higher densities, allows for more park space and green space. However, we understand that we can and will do more.

Q. What is your favorite source of real estate news? why?
A. My favorite source for real estate info is word of mouth. I stay in close contact with the Realtor network, as well as all my friends who also happen to be my competition.

Q. Any new projects coming up that we should know about?
A. We are very excited to launch the third phase of our Westwood Village development, called Edgemont, this February. This is just a spectacular project nestled in the beautiful area of Coquitlam town centre. We are very proud of the way our Westwood Village community is coming together.

Q. What was your favorite project you worked on? why?
A. I am very proud of all our projects. Everyone is unique and special in its own way. Some of the projects that stand out our Mondrian, and Highgate Village, both for the same reason. At the time we started both projects they were in parts of town, which weren’t developed (Mondrian in Yaletown [pictured above], and Highgate in Edmonds town centre), and as a result of our developments both areas changed almost over night. It is gratifying to drive by these projects today and see what the areas have become, both lively livable neighborhoods.

Q. What area within BC do you think is the next “hot” area? why?
A. I believe within the lower mainland, projects which have a close proximity to rapid transit are going to become more and more popular. Also, as attractive as downtown is, I think the suburbs are becoming more and more attractive, simply because of the price differential between downtown condominiums, and what someone could buy in Burnaby or Coquitlam.