Searching Professionalism: What Is It, and What Can You Do to Improve It
RISMEDIA, September 22, 2010—While every industry defines professionalism in a different way, it is crucial that real estate professionals understand how to recognize and encourage professionalism in their agents. In this month’s Power Broker Round Table, industry experts Stephen Baird and Beverly Kendall discuss what their definition of professionalism entails and how you can maintain a level of professionalism within your office.
Moderator:
Steve Brown, Special Liaison for Large Firm Relations, NAR
Participants:
Stephen Baird, President, CEO, Baird & Warner, Chicago
Beverly Kendall, EVP, RE/MAX Gold, Sacramento, California
Steve Brown: The dictionary defines “professionalism” as “reaching professional status in methods, character and standards”—and that’s fine, as far as it goes. The problem is that every industry has its own, modified definition. Within our industry, the NATIONAL ASSOCIATION OF REALTORS® (NAR), with its vast array of educational resources, courses and ethics requirements has helped to raise the bar quite a bit. But professionalism, as seen from the broker’s point of view, may differ considerably from the way customers see it. Which agent is more professional—the one who writes a clean contract and keeps a daily accounting of his time? Or the one whose paperwork is almost embarrassing, but whose customers know she returns every call and knows the answers to their questions? This month, we’ve invited a couple of seasoned brokers to share their points of view. Stephen, what’s your definition of professionalism in an agent, and how do you recognize and encourage it?
Stephen Baird: First and foremost, a professional agent has a superb understanding of the marketplace—and the ability to relate so well with clients that they come to understand it, too. That kind of proven proficiency—along with common courtesy and a sense of accountability—will keep old clients coming back and new clients coming in.
Beverly Kendall: That’s true. But also, a professional agent adheres to NAR’s strict code of ethics…and they must be committed to the industry and have impeccable interpersonal skills.
Steve Brown: And these are qualities agents start out with, or how important is training?
Beverly Kendall: Training is important, but there are certain characteristics that are really innate, that you need to recognize from the get-go: a quiet confidence, a pleasing persona, a high level of general knowledge and comfort in interacting with people. These are skills you can’t teach, but you can’t be professional without them.
Stephen Baird: If someone has those interpersonal skills and is committed to working hard, we can give them the big skills training they need to be knowledgeable and competitive. In fact, I’d rather we train them ourselves. Give me someone who is driven to succeed, and we’ll teach them everything they need to know to be professional and successful.
Beverly Kendall: I agree, but at the same time, there’s no need to reinvent the wheel. NAR, the state associations and other organizations offer a wealth of educational material. Yes, we need to keep our agents on top of the market, but I think what we’re concerned with here is the kind of professionalism that matters most to customers.
Steve Brown: You’re saying we need to look at how the public views us from the outside looking in…
Beverly Kendall: Absolutely, but we need to recognize that even our customers have varying definitions of professionalism. These days, a lot of younger customers prefer to do everything online. We have agents who are proficient in social media who never actually see some of their buyers until they’re ready to hand them the key. That’s great if it works for them. But more traditional clients want the emotional hand-holding that only an agent can provide—and for that, we’re back to needing and appreciating the old-fashioned people skills.
Stephen Baird: The fact is, professional agents take the profession seriously. They treat every customer with respect, no matter what those customers expect. Knowledgeable agents who are great with clients are going to be successful. If they hate paperwork, they’ll make enough money to team up or hire an assistant to take care of the details.
Beverly Kendall: I think when you feel the most successful as a broker is when you are managing a team where everyone is comfortable in his skin—and that requires our own set of people skills. As brokers, it’s our job to recognize professional attitude and demeanor in everyone we hire, but also to help every agent fill in the holes in his or strength.
Steve Brown: Well, it seems to me we’ve managed to identify four core qualities of professionalism: market knowledge, responsibility, interpersonal skills and integrity. As brokers, how can we encourage growth in any or all of these areas?
Stephen Baird: Require high standards…professional demeanor…full time commitment and motivation…and continuing education to keep agents ahead of the curve, including professional designations.
Beverly Kendall: As a broker, you need to recognize potential right from the very first interview. Then provide training that helps agents not only to define their fiduciary role but to live it every day…and promote the kind of office culture that encourages agents to give more than the client expects. It’s a tall order, and—like the notion of professionalism itself—some of it is simply intuitive. But there’s a wealth of data available out there on how to stimulate agent development. Maybe you said it all, Stephen. Demonstrate and demand high standards.
Friday, September 24, 2010
Friday, September 17, 2010
Coming to 'Terms' with Real Estate
September 17, 2010 -- From major league sports to the medical field, every profession has its own unique lingo and real estate is no exception. Since a home is likely to be the single largest purchase you will ever make, it’s worthwhile to have an understanding of some of the terms most commonly used in the real estate world.
There is a distinction between real estate practitioners and those who can use the certified “REALTOR®” trademark. While all real estate professionals are required to achieve registration with the provincial regulator, the Real Estate Council of Ontario (RECO), REALTORS® are those who also choose to belong to the Canadian Real Estate Association by joining a local board like the Toronto Real Estate Board. Boards operate MLS® under license from the Canadian Real Estate Association, and Members abide by the professional standards of business practice.
Using the MLS®, a REALTOR® can contrast your existing or prospective home with those recently sold in the area, developing a CMA or Comparative Market Analysis, to help you determine a suitable offer or listing price.
You may have noticed that some REALTORS® are Salespersons and others are Brokers. While all real estate professionals begin their careers as Salespersons, many choose to pursue RECO’s more advanced Broker designation after two years in practice.
A Broker of Record meanwhile, is an individual who is responsible for the operation of a real estate company, or brokerage. Salespersons and Brokers act on behalf of the brokerage and the Broker of Record is responsible for ensuring supervision of their activity.
When you work with a salesperson or broker, you will have the opportunity to determine whether you want to be represented as a Client or as a Customer.
By opting for Client status, you are choosing to contract with a real estate professional and the brokerage they represent, so that they will act in your best interest throughout the duration of your transaction.
By choosing Customer status, you have agreed that the real estate professional and their brokerage are not required to represent your interests and you are not obligated to work exclusively with them.
Once you have chosen to work with a REALTOR® you may choose to list your home on MLS® and may be presented with an array of marketing options, one of which can afford your listing heightened exposure by displaying it on the websites of other brokerages. This is referred to as IDX, or Internet Data Exchange.
When you peruse listings on REALTORS’® websites you will notice a number of abbreviations to describe a home’s features like elf – electrical light fixture, fp – fireplaces, and cac – central air conditioning.
These are just a handful of commonly used terms in the world of real estate. To learn more about the process of buying and selling a home talk to a REALTOR® and visit www.TorontoRealEstateBoard.com where you’ll find Greater Toronto Area listings, a schedule of upcoming open houses, plain language explanations of real estate forms and more.
There is a distinction between real estate practitioners and those who can use the certified “REALTOR®” trademark. While all real estate professionals are required to achieve registration with the provincial regulator, the Real Estate Council of Ontario (RECO), REALTORS® are those who also choose to belong to the Canadian Real Estate Association by joining a local board like the Toronto Real Estate Board. Boards operate MLS® under license from the Canadian Real Estate Association, and Members abide by the professional standards of business practice.
Using the MLS®, a REALTOR® can contrast your existing or prospective home with those recently sold in the area, developing a CMA or Comparative Market Analysis, to help you determine a suitable offer or listing price.
You may have noticed that some REALTORS® are Salespersons and others are Brokers. While all real estate professionals begin their careers as Salespersons, many choose to pursue RECO’s more advanced Broker designation after two years in practice.
A Broker of Record meanwhile, is an individual who is responsible for the operation of a real estate company, or brokerage. Salespersons and Brokers act on behalf of the brokerage and the Broker of Record is responsible for ensuring supervision of their activity.
When you work with a salesperson or broker, you will have the opportunity to determine whether you want to be represented as a Client or as a Customer.
By opting for Client status, you are choosing to contract with a real estate professional and the brokerage they represent, so that they will act in your best interest throughout the duration of your transaction.
By choosing Customer status, you have agreed that the real estate professional and their brokerage are not required to represent your interests and you are not obligated to work exclusively with them.
Once you have chosen to work with a REALTOR® you may choose to list your home on MLS® and may be presented with an array of marketing options, one of which can afford your listing heightened exposure by displaying it on the websites of other brokerages. This is referred to as IDX, or Internet Data Exchange.
When you peruse listings on REALTORS’® websites you will notice a number of abbreviations to describe a home’s features like elf – electrical light fixture, fp – fireplaces, and cac – central air conditioning.
These are just a handful of commonly used terms in the world of real estate. To learn more about the process of buying and selling a home talk to a REALTOR® and visit www.TorontoRealEstateBoard.com where you’ll find Greater Toronto Area listings, a schedule of upcoming open houses, plain language explanations of real estate forms and more.
Thursday, September 16, 2010
Trading in real estate without registration leads to jail
Tuesday, Aug. 24, 2010 (BARRIE, ON) –
An Alliston man who traded in real estate without being registered and defrauded potential investors in the Barrie area of almost $90,000 was sentenced to 15 months in jail today and ordered to pay restitution.
Terry D. Graham, who was wanted on a bench warrant after failing to appear on two similar charges in Mississauga last week, must also serve two years probation beginning on the date of his release. Sentencing related to the Mississauga charges is pending.
Tim Snell, counsel for the Real Estate Council of Ontario (RECO), had asked that Mr. Graham receive a sentence of 18 to 20 months in jail.
The sentence follows a guilty plea in April to eight counts of trading in real estate while unregistered and eight counts of failing to deposit trust money. Mr. Graham, formerly of Oro, Ont., had been charged in October 2008 with six offences under the Real Estate and Business Brokers Act, 2002 (REBBA 2002), but public response to the advisory posted on RECO’s website led to additional complaints and charges.
Mr. Graham, who is not registered to trade in real estate in Ontario, had pleaded guilty to representing himself as a registered real estate salesperson and performing the services of a brokerage in real estate transactions. He also pleaded guilty to accepting trust deposits from consumers for real estate trades, and then failed to deposit the funds into a trust account as required under REBBA 2002.
“I think it’s important to note that consumers were not able to recover their deposits because Mr. Graham was not registered,” noted Mr. Snell, “and therefore, was not insured.”
All registered real estate professionals in Ontario are required by law to participate in RECO’s insurance program. Consumer deposit insurance offers protection in the event of fraud, insolvency or misappropriation of funds by a registrant.
Offences relating to REBBA 2002 and its regulations (other than the Code of Ethics) may be processed in accordance with the Provincial Offences Act. Individuals convicted of offences are subject to fines of up to $50,000 and/or prison terms of up to two years. Corporations are subject to fines of up to $250,000. Courts may also order convicted persons to pay compensation and make restitution.
Media Contact:
Sherri Haigh, Manager of Communications
416 -207-3108
sherri@reco.on.ca
The Real Estate Council of Ontario (RECO) is responsible for administering the Real Estate and Business Brokers Act, 2002 and associated regulations on behalf of the provincial government.
In order to trade in real estate in Ontario, brokers and salespersons must be registered under the Real Estate and Business Brokers Act, 2002.
RECO’s mission is to regulate the activity of trading in real estate in the public interest.
For more information about the Real Estate Council of Ontario, visit www.reco.on.ca.
For media inquiries contact:
Sherri Haigh,
Manager, Communications
Phone: 416 207-3108
E-mail: sherri@reco.on.ca
An Alliston man who traded in real estate without being registered and defrauded potential investors in the Barrie area of almost $90,000 was sentenced to 15 months in jail today and ordered to pay restitution.
Terry D. Graham, who was wanted on a bench warrant after failing to appear on two similar charges in Mississauga last week, must also serve two years probation beginning on the date of his release. Sentencing related to the Mississauga charges is pending.
Tim Snell, counsel for the Real Estate Council of Ontario (RECO), had asked that Mr. Graham receive a sentence of 18 to 20 months in jail.
The sentence follows a guilty plea in April to eight counts of trading in real estate while unregistered and eight counts of failing to deposit trust money. Mr. Graham, formerly of Oro, Ont., had been charged in October 2008 with six offences under the Real Estate and Business Brokers Act, 2002 (REBBA 2002), but public response to the advisory posted on RECO’s website led to additional complaints and charges.
Mr. Graham, who is not registered to trade in real estate in Ontario, had pleaded guilty to representing himself as a registered real estate salesperson and performing the services of a brokerage in real estate transactions. He also pleaded guilty to accepting trust deposits from consumers for real estate trades, and then failed to deposit the funds into a trust account as required under REBBA 2002.
“I think it’s important to note that consumers were not able to recover their deposits because Mr. Graham was not registered,” noted Mr. Snell, “and therefore, was not insured.”
All registered real estate professionals in Ontario are required by law to participate in RECO’s insurance program. Consumer deposit insurance offers protection in the event of fraud, insolvency or misappropriation of funds by a registrant.
Offences relating to REBBA 2002 and its regulations (other than the Code of Ethics) may be processed in accordance with the Provincial Offences Act. Individuals convicted of offences are subject to fines of up to $50,000 and/or prison terms of up to two years. Corporations are subject to fines of up to $250,000. Courts may also order convicted persons to pay compensation and make restitution.
Media Contact:
Sherri Haigh, Manager of Communications
416 -207-3108
sherri@reco.on.ca
The Real Estate Council of Ontario (RECO) is responsible for administering the Real Estate and Business Brokers Act, 2002 and associated regulations on behalf of the provincial government.
In order to trade in real estate in Ontario, brokers and salespersons must be registered under the Real Estate and Business Brokers Act, 2002.
RECO’s mission is to regulate the activity of trading in real estate in the public interest.
For more information about the Real Estate Council of Ontario, visit www.reco.on.ca.
For media inquiries contact:
Sherri Haigh,
Manager, Communications
Phone: 416 207-3108
E-mail: sherri@reco.on.ca
Monday, September 13, 2010
Competitive Differentiation: What Really Works
RISMEDIA, September 13, 2010—While all real estate companies claim to be “different than the rest,” to consumers, most real estate companies seem about the same. What’s more, today’s consumer is wiser and more demanding than ever. Armed with market information and tech savvy, consumers expect more from the brokerage and sales associates they choose to do business with. To truly stand out from the competition, leading firms need the right strategies and resources…and a thorough understanding of what matters to today’s consumers.
In this month’s RREIN Roundtable, we ask Rei Mesa and Charlie Bengel, Jr., two leading brokers from RISMedia’s Real Estate Information Network (RREIN) for their views on competitive differentiation—why it matters and how to get it.
Participants:
Rei Mesa, President & CEO,
Prudential Florida Realty, Prudential Real Estate Services
Sunrise, Florida
Charlie Bengel, Jr., Chief Executive Officer,
RE/MAX Allegiance
Burke, Virginia
Real Estate magazine: Why is competitive differentiation—both for your firm and its individual agents—more important than ever in today’s market?
Rei Mesa: Consumers can readily identify exceptional service. Service defines our business. We must align our services with the customer’s needs and wants in order to understand and deliver truly exceptional, surprising service in all areas of the real estate transaction from initial consultation to financing, home inspection, home warranty, and closing services. When you have an opportunity to make things right for the consumer during any part of the transaction, you must take action quickly. Being associated with the Prudential brand automatically raises expectations for service levels from the consumer standpoint. We must elevate ourselves to provide an outstanding real estate-services’ experience to the consumer. You never know who is going to show up at your door so always be at your best.
Charlie Bengel, Jr.: From a company standpoint, with the leveling of the playing field caused by franchisors, MLSs and Realtor associations rolling out more services, it has become more important than ever for RE/MAX Allegiance to continue to innovate. We believe the main differentiator for our individual associates is their experience, education and production.
RE: What are some of the most successful strategies you’ve employed to differentiate your firm both to consumers and potential new recruits?
CB: We’ve continued to move into new and modern space in some markets and have a capital improvement plan in place for current offices. We allow our associates 24-hour access to multiple offices with one key fob. We’ve continued to have hundreds of in-house education opportunities, including an in-house company convention, and have added many social events as well. Additionally, we recently completely replaced our technology, including our consumer website, our associates’ websites and company intranet.
RM: Surround yourself with great talent in every position and great partners, such as in our case, Prudential Real Estate & Relocation Services, Wells Fargo Home Mortgage, First American Title & Home Warranty, AmeriSpec Home Inspection, and RISMedia’s Top 5 in Real Estate Network and RREIN Networks®. Also, consistency is key—delivering the same message, as well as communicating best practices throughout the company, is vital to our continued success.
In this month’s RREIN Roundtable, we ask Rei Mesa and Charlie Bengel, Jr., two leading brokers from RISMedia’s Real Estate Information Network (RREIN) for their views on competitive differentiation—why it matters and how to get it.
Participants:
Rei Mesa, President & CEO,
Prudential Florida Realty, Prudential Real Estate Services
Sunrise, Florida
Charlie Bengel, Jr., Chief Executive Officer,
RE/MAX Allegiance
Burke, Virginia
Real Estate magazine: Why is competitive differentiation—both for your firm and its individual agents—more important than ever in today’s market?
Rei Mesa: Consumers can readily identify exceptional service. Service defines our business. We must align our services with the customer’s needs and wants in order to understand and deliver truly exceptional, surprising service in all areas of the real estate transaction from initial consultation to financing, home inspection, home warranty, and closing services. When you have an opportunity to make things right for the consumer during any part of the transaction, you must take action quickly. Being associated with the Prudential brand automatically raises expectations for service levels from the consumer standpoint. We must elevate ourselves to provide an outstanding real estate-services’ experience to the consumer. You never know who is going to show up at your door so always be at your best.
Charlie Bengel, Jr.: From a company standpoint, with the leveling of the playing field caused by franchisors, MLSs and Realtor associations rolling out more services, it has become more important than ever for RE/MAX Allegiance to continue to innovate. We believe the main differentiator for our individual associates is their experience, education and production.
RE: What are some of the most successful strategies you’ve employed to differentiate your firm both to consumers and potential new recruits?
CB: We’ve continued to move into new and modern space in some markets and have a capital improvement plan in place for current offices. We allow our associates 24-hour access to multiple offices with one key fob. We’ve continued to have hundreds of in-house education opportunities, including an in-house company convention, and have added many social events as well. Additionally, we recently completely replaced our technology, including our consumer website, our associates’ websites and company intranet.
RM: Surround yourself with great talent in every position and great partners, such as in our case, Prudential Real Estate & Relocation Services, Wells Fargo Home Mortgage, First American Title & Home Warranty, AmeriSpec Home Inspection, and RISMedia’s Top 5 in Real Estate Network and RREIN Networks®. Also, consistency is key—delivering the same message, as well as communicating best practices throughout the company, is vital to our continued success.
Wednesday, September 1, 2010
6 neighborhood red flags
Your house would be absolutely perfect – except for your next door neighbor's 2am band practices and the family across the street's fondness of using your garbage cans when theirs are full. There are some characteristics of a neighborhood that you just can't know until you move in, but there are many aspects of your potential home's location that you can scout out ahead of time – and that can save you from a lot of headaches later on.
Beyond more obvious signs, such as graffiti and run-down buildings, here are six red flags worth looking for if you are in the market for a new home.
1. Local Businesses
Check out the businesses that are close to your new home. If there are a lot of tattoo parlors, pawn shops and payday loan stores, that could be a warning sign. That isn't to say that those businesses are inherently bad; they each provide a service and are perfectly safe to frequent. One or two of these businesses in the area isn't cause for concern, but if they are on every street corner, it is worth noting as a possible downside of the area.
2. Homeless Population in the Summer
If you drive through a neighborhood and see 20 homeless people in as many minutes, that's a clear warning sign. However, if you live in a climate with a formidable winter, you may only get a true sense of the homeless population in the summer. Also, if you are looking in a busy city, you may not be able to find an area completely free of the homeless; if you are unwilling to move farther into the suburbs, this may be a tradeoff you can live with.
3. Empty Storefronts
This can be tricky, because empty storefronts could also be signaling an area in transition, which may be a good thing if your plan is to flip the property in five to 10 years. If that isn't your goal, those corporate for rent signs may indicate that businesses don't want to be there. Low demand in an area may not attract the kind of businesses you would like to see near your home. At the very least, it's another potential store or service that you won't have access to.
4. Police Presence
As Richard Baker of BuyYourHomeGuide.com points out, police departments assign officers to the area where they are most needed. If you notice a lot of police cars patrolling the area, that may be a bad sign.
5. Street Maintenance
This may be more noticeable when snow is on the ground. See how quickly the snow is removed, if the sidewalks are cleared, and if they salt the roads. In the summer, see if there are city-planted trees and plants along the roads, and if they are taken care of. More obviously, if there is a lot of trash that doesn't seem to be cleaned up over time, that's a red flag.
6. Neighborhood Activity
When the weather is nice out, watch for bake sales, yard sales, block parties and, in the city, street festivals. Are there kids out playing in the front yards and streets, or are they relegated to the backyard and inside? Do people spend time out on their porches or walking in the neighborhood?
These are all signs of a friendly neighborhood; but that isn't for everyone. These same signs can be a reason to discount an area if the thought of participating in a neighborhood barbecue makes you queasy. However, if people are comfortable spending time out front of their properties or around the neighborhood, it could indicate that the area is relatively safe.
A Disclaimer
If you are looking for a home for a family of five, you may be more put off by a high homeless population than a working couple interested in living in a busy downtown core. None of these signs should immediately disqualify an area you are considering, nor should they cause you to run out and put your own home on the market. Before you start looking, make a list of attributes your ideal neighborhood would have, and carry it with you when you scope out potential locations. Also, be careful to consider your home in the context of the area – paying twice as much for the by-far nicest place in a four-block radius may make reselling tough.
The Bottom Line
You can't change the location of your home once you buy it. A beautiful home might be tough to sell if the neighborhood isn't that great, so be careful where you choose. Everyone's definition of a bad neighborhood is different, but you can't go wrong looking for a neighborhood that is safe and clean.
Beyond more obvious signs, such as graffiti and run-down buildings, here are six red flags worth looking for if you are in the market for a new home.
1. Local Businesses
Check out the businesses that are close to your new home. If there are a lot of tattoo parlors, pawn shops and payday loan stores, that could be a warning sign. That isn't to say that those businesses are inherently bad; they each provide a service and are perfectly safe to frequent. One or two of these businesses in the area isn't cause for concern, but if they are on every street corner, it is worth noting as a possible downside of the area.
2. Homeless Population in the Summer
If you drive through a neighborhood and see 20 homeless people in as many minutes, that's a clear warning sign. However, if you live in a climate with a formidable winter, you may only get a true sense of the homeless population in the summer. Also, if you are looking in a busy city, you may not be able to find an area completely free of the homeless; if you are unwilling to move farther into the suburbs, this may be a tradeoff you can live with.
3. Empty Storefronts
This can be tricky, because empty storefronts could also be signaling an area in transition, which may be a good thing if your plan is to flip the property in five to 10 years. If that isn't your goal, those corporate for rent signs may indicate that businesses don't want to be there. Low demand in an area may not attract the kind of businesses you would like to see near your home. At the very least, it's another potential store or service that you won't have access to.
4. Police Presence
As Richard Baker of BuyYourHomeGuide.com points out, police departments assign officers to the area where they are most needed. If you notice a lot of police cars patrolling the area, that may be a bad sign.
5. Street Maintenance
This may be more noticeable when snow is on the ground. See how quickly the snow is removed, if the sidewalks are cleared, and if they salt the roads. In the summer, see if there are city-planted trees and plants along the roads, and if they are taken care of. More obviously, if there is a lot of trash that doesn't seem to be cleaned up over time, that's a red flag.
6. Neighborhood Activity
When the weather is nice out, watch for bake sales, yard sales, block parties and, in the city, street festivals. Are there kids out playing in the front yards and streets, or are they relegated to the backyard and inside? Do people spend time out on their porches or walking in the neighborhood?
These are all signs of a friendly neighborhood; but that isn't for everyone. These same signs can be a reason to discount an area if the thought of participating in a neighborhood barbecue makes you queasy. However, if people are comfortable spending time out front of their properties or around the neighborhood, it could indicate that the area is relatively safe.
A Disclaimer
If you are looking for a home for a family of five, you may be more put off by a high homeless population than a working couple interested in living in a busy downtown core. None of these signs should immediately disqualify an area you are considering, nor should they cause you to run out and put your own home on the market. Before you start looking, make a list of attributes your ideal neighborhood would have, and carry it with you when you scope out potential locations. Also, be careful to consider your home in the context of the area – paying twice as much for the by-far nicest place in a four-block radius may make reselling tough.
The Bottom Line
You can't change the location of your home once you buy it. A beautiful home might be tough to sell if the neighborhood isn't that great, so be careful where you choose. Everyone's definition of a bad neighborhood is different, but you can't go wrong looking for a neighborhood that is safe and clean.
Ontario premier urges Bank of Canada not to hike key interest rate in September
By Maria Babbage, The Canadian Press
TORONTO - The leader of the country's most populous province has a message for the Bank of Canada: don't hike interest rates next week.
Canada's economic recovery is still fragile and its leaders should be careful about doing anything that would increase expenses or drive up costs, Ontario Premier Dalton McGuinty said Wednesday.
"My advice to the Bank of Canada is: Just no more interest rate hikes — not at this point in time," he said.
"While we can say that the recovery has taken hold, it's not by any means a vigorous and robust recovery. It is modest."
The premier, who rarely wades into monetary policy, urged the central bank to put the brakes on any further hikes amid fears that the United States may slip into a double-dip recession.
"It points to the need for continuing prudence," he said.
"Try as we might, we cannot completely uncouple ourselves from the American economy. They're our single largest trading partner and consumer confidence — American consumer confidence — is a powerful factor in determining the health and vitality of our own economy here."
McGuinty made the remarks from a Toronto elementary school where he was promoting a new expense for Ontario: full-day kindergarten for four- and five-year-olds.
The self-described education premier announced plans last fall to forge ahead with the costly project despite the economic downturn and warnings of a record-setting deficit.
The program, which is expected to cost $1.5 billion a year once fully implemented, is being slowly phased in over five years, starting with 600 schools this fall.
Ontario is also seeing higher inflation than other provinces, largely due to the July 1 implementation of the new harmonized sales tax.
Consumer prices in Ontario rose 2.9 per cent in July — the largest year-over-year hike among the provinces — with the HST accounting for about 1.3 per cent of that increase. Canada's annual inflation rate rose by eight-tenths of a point to 1.8 per cent, according to Statistics Canada.
The Bank of Canada is meeting Sept. 8 to set interest rates. Currently, it's trendsetting rate is 0.75 per cent.
There are doubts that bank governor Mark Carney will proceed with a further rate hike, given a recent report indicating that Canada's economy slowed more than expected in the second quarter.
Statistics Canada reported Tuesday that the economy fell two per cent in the April-to-June quarter, as consumers tightened their pocketbooks, housing weakened and exports were squeezed by the weak American economy.
That could persuade the central bank to keep interest rates stable until there's evidence of a stronger recovery.
The Bank of Canada hiked interest rates in June for the first time in more than a year following first-quarter GDP growth that was the fastest pace in a decade.
TORONTO - The leader of the country's most populous province has a message for the Bank of Canada: don't hike interest rates next week.
Canada's economic recovery is still fragile and its leaders should be careful about doing anything that would increase expenses or drive up costs, Ontario Premier Dalton McGuinty said Wednesday.
"My advice to the Bank of Canada is: Just no more interest rate hikes — not at this point in time," he said.
"While we can say that the recovery has taken hold, it's not by any means a vigorous and robust recovery. It is modest."
The premier, who rarely wades into monetary policy, urged the central bank to put the brakes on any further hikes amid fears that the United States may slip into a double-dip recession.
"It points to the need for continuing prudence," he said.
"Try as we might, we cannot completely uncouple ourselves from the American economy. They're our single largest trading partner and consumer confidence — American consumer confidence — is a powerful factor in determining the health and vitality of our own economy here."
McGuinty made the remarks from a Toronto elementary school where he was promoting a new expense for Ontario: full-day kindergarten for four- and five-year-olds.
The self-described education premier announced plans last fall to forge ahead with the costly project despite the economic downturn and warnings of a record-setting deficit.
The program, which is expected to cost $1.5 billion a year once fully implemented, is being slowly phased in over five years, starting with 600 schools this fall.
Ontario is also seeing higher inflation than other provinces, largely due to the July 1 implementation of the new harmonized sales tax.
Consumer prices in Ontario rose 2.9 per cent in July — the largest year-over-year hike among the provinces — with the HST accounting for about 1.3 per cent of that increase. Canada's annual inflation rate rose by eight-tenths of a point to 1.8 per cent, according to Statistics Canada.
The Bank of Canada is meeting Sept. 8 to set interest rates. Currently, it's trendsetting rate is 0.75 per cent.
There are doubts that bank governor Mark Carney will proceed with a further rate hike, given a recent report indicating that Canada's economy slowed more than expected in the second quarter.
Statistics Canada reported Tuesday that the economy fell two per cent in the April-to-June quarter, as consumers tightened their pocketbooks, housing weakened and exports were squeezed by the weak American economy.
That could persuade the central bank to keep interest rates stable until there's evidence of a stronger recovery.
The Bank of Canada hiked interest rates in June for the first time in more than a year following first-quarter GDP growth that was the fastest pace in a decade.
When it Comes to Branding, Get Real
By Gee Dunsten
RISMEDIA, August 28, 2010—The term branding is certainly no stranger to the real estate industry. But in 2010, the concept of branding has evolved…because America has evolved. As economist John Tucillo recently said at RISMedia’s Social Media Summit, the number one trend in America right now is skepticism and the result has been an increased degree of speculation in all types of decision making…including selecting a real estate associate or company to work with.
Thanks to social media and social networking, branding is morphing and taking on an additional life. As the “Socialnomics” video Allan Dalton showed during the Social Media Summit pointed out, “word of mouth is now world of mouth.” When looking at the building blocks of effective branding in today’s culture, the very first thing to consider is that communication today is no longer one-to-one but one-to-many.
The other essential component of effective branding in today’s market is clearly defining your identity…and sticking to it! Branding should define who you are, what you do, and what you represent. And what you represent should be aimed at enhancing or improving the life of your consumers. Effective branding leads consumers to accept and validate who you are and, in turn, refer you to others.
While many agents make their names the focal point of their brand, the most effective agents are identifying themselves with not only their names, but a slogan or logo that further differentiates them from the masses.
Amy Cherow, for example, a Realtor in Hartford, Connecticut, has a brand that speaks for itself—“Tech Bytes.” Using Tech Bytes in addition to her name not only familiarizes people with who Amy is, but what she’s associated with.
Your brand must be part of your entire marketing plan—it has to fit and it has to be relevant to the niche or niches you are trying to serve. I have seen so many agents claim to specialize in this or that, but their behavior patterns exhibit that they are generalists—they may list a multi-million dollar home one week and then be just as happy to rent a mobile home cross town the next week. Unfortunately, in a market like we’re in now, many of us are operating in scarcity mode and have diluted our expertise…and, therefore, our differentiation and the effectiveness of our branding.
For branding to work, you need to narrow the areas you like to serve so that you feel personally confident and energized in serving your passions. Who you are must be a part of your brand and your brand must exhibit who you are—consistently. Everywhere I show up—either in person, in print, or online—I have to make sure that the same image of Gee is portrayed. That’s the only way your brand will work.
During my real estate sales years in Ocean City, Maryland, I would dress up in an appropriate holiday costume and have my picture taken on the beach each month; I was a bunny for Easter, a hot dog for a summer month, and the stork for Labor Day. I’d create a postcard with the picture of me and a funny slogan to go with it. This might sound corny, but I like to have fun and to make fun of myself so this campaign helped show my personality and reinforce my brand. I was selling property in a resort area and resorts are all about having fun…and this helped me sell a boat load of property!
Whatever your approach, you have to be real and this was me.
About 30 years ago, a top agent joined my office who had just left another firm. In making the change, she decided to completely makeover everything she was doing, including herself! She had glamour photos taken that made her look like she could be on the cover of a magazine. However, that’s not who she was in reality and when people met her, they couldn’t believe it was the same person they saw in the marketing materials. She couldn’t understand why she wasn’t getting listings but the reason was that she wasn’t living up to her branding—and people don’t want to work with someone who presents themselves as something they are not. It speaks to their credibility.
So while you may use your branding to attract attention, if you’re not showing up as the same person your brand represents, then your credibility is brought into question. Today, whether it’s through our videos, our blogs, or our social media posts—which are all critical tools to leverage for branding—we have to be consistent and we have to be real.
We must also build credibility for our brand by listening to what the community is saying. If they’re skeptical and cynical, we must connect, engage and educate. As Rosemary West, a Top 5 in Real Estate member from Chicago, says, “You don’t learn unless you get out and reach out so that you can discover for yourself what your clients and customers need. These are not prospects or leads, but relationships.”
Once your brand is out there, it’s important that you’re aware of what’s being said about you. Amy Cherow recommends using Google Alerts to find out what is being written and said about us. Amy also recommends namechk.com and knowem.com, which monitor hundreds of social media sites to find out what people are chatting about. The bottom line is, thanks to technology, there is no choice but to be completely transparent in your branding because the truth will reveal itself. As Warren Buffet says, “you can tell who’s swimming naked when the tide goes out.”
The potential for utilizing technology to build your brand and reach consumers is huge, but only consistency and transparency will validate your brand. You must use vehicles such as video and blogging to substantiate the brand you put forth. You must engage people with advice on buying and selling real estate or information about your community. You must make posts that cause consumers to comment. Consider enhancing your brand through a mobile business card, which builds your credibility even further. Your goal is to encourage consumers to interact with you so they can see that you are, indeed, what your brand proclaims you to be…that you’re the real deal.
George “Gee” Dunsten, president of Gee Dunsten Seminars, Inc., has been a real estate agent and broker/owner for almost 40 years, and a senior instructor with the Council of Residential Specialist for more than 20 years. He is currently broker/owner of Legacy Realty of Salisbury, Inc., and president of Legacy Development Corporation. To reach Gee, e-mail, gee@gee-dunsten.com.
RISMEDIA, August 28, 2010—The term branding is certainly no stranger to the real estate industry. But in 2010, the concept of branding has evolved…because America has evolved. As economist John Tucillo recently said at RISMedia’s Social Media Summit, the number one trend in America right now is skepticism and the result has been an increased degree of speculation in all types of decision making…including selecting a real estate associate or company to work with.
Thanks to social media and social networking, branding is morphing and taking on an additional life. As the “Socialnomics” video Allan Dalton showed during the Social Media Summit pointed out, “word of mouth is now world of mouth.” When looking at the building blocks of effective branding in today’s culture, the very first thing to consider is that communication today is no longer one-to-one but one-to-many.
The other essential component of effective branding in today’s market is clearly defining your identity…and sticking to it! Branding should define who you are, what you do, and what you represent. And what you represent should be aimed at enhancing or improving the life of your consumers. Effective branding leads consumers to accept and validate who you are and, in turn, refer you to others.
While many agents make their names the focal point of their brand, the most effective agents are identifying themselves with not only their names, but a slogan or logo that further differentiates them from the masses.
Amy Cherow, for example, a Realtor in Hartford, Connecticut, has a brand that speaks for itself—“Tech Bytes.” Using Tech Bytes in addition to her name not only familiarizes people with who Amy is, but what she’s associated with.
Your brand must be part of your entire marketing plan—it has to fit and it has to be relevant to the niche or niches you are trying to serve. I have seen so many agents claim to specialize in this or that, but their behavior patterns exhibit that they are generalists—they may list a multi-million dollar home one week and then be just as happy to rent a mobile home cross town the next week. Unfortunately, in a market like we’re in now, many of us are operating in scarcity mode and have diluted our expertise…and, therefore, our differentiation and the effectiveness of our branding.
For branding to work, you need to narrow the areas you like to serve so that you feel personally confident and energized in serving your passions. Who you are must be a part of your brand and your brand must exhibit who you are—consistently. Everywhere I show up—either in person, in print, or online—I have to make sure that the same image of Gee is portrayed. That’s the only way your brand will work.
During my real estate sales years in Ocean City, Maryland, I would dress up in an appropriate holiday costume and have my picture taken on the beach each month; I was a bunny for Easter, a hot dog for a summer month, and the stork for Labor Day. I’d create a postcard with the picture of me and a funny slogan to go with it. This might sound corny, but I like to have fun and to make fun of myself so this campaign helped show my personality and reinforce my brand. I was selling property in a resort area and resorts are all about having fun…and this helped me sell a boat load of property!
Whatever your approach, you have to be real and this was me.
About 30 years ago, a top agent joined my office who had just left another firm. In making the change, she decided to completely makeover everything she was doing, including herself! She had glamour photos taken that made her look like she could be on the cover of a magazine. However, that’s not who she was in reality and when people met her, they couldn’t believe it was the same person they saw in the marketing materials. She couldn’t understand why she wasn’t getting listings but the reason was that she wasn’t living up to her branding—and people don’t want to work with someone who presents themselves as something they are not. It speaks to their credibility.
So while you may use your branding to attract attention, if you’re not showing up as the same person your brand represents, then your credibility is brought into question. Today, whether it’s through our videos, our blogs, or our social media posts—which are all critical tools to leverage for branding—we have to be consistent and we have to be real.
We must also build credibility for our brand by listening to what the community is saying. If they’re skeptical and cynical, we must connect, engage and educate. As Rosemary West, a Top 5 in Real Estate member from Chicago, says, “You don’t learn unless you get out and reach out so that you can discover for yourself what your clients and customers need. These are not prospects or leads, but relationships.”
Once your brand is out there, it’s important that you’re aware of what’s being said about you. Amy Cherow recommends using Google Alerts to find out what is being written and said about us. Amy also recommends namechk.com and knowem.com, which monitor hundreds of social media sites to find out what people are chatting about. The bottom line is, thanks to technology, there is no choice but to be completely transparent in your branding because the truth will reveal itself. As Warren Buffet says, “you can tell who’s swimming naked when the tide goes out.”
The potential for utilizing technology to build your brand and reach consumers is huge, but only consistency and transparency will validate your brand. You must use vehicles such as video and blogging to substantiate the brand you put forth. You must engage people with advice on buying and selling real estate or information about your community. You must make posts that cause consumers to comment. Consider enhancing your brand through a mobile business card, which builds your credibility even further. Your goal is to encourage consumers to interact with you so they can see that you are, indeed, what your brand proclaims you to be…that you’re the real deal.
George “Gee” Dunsten, president of Gee Dunsten Seminars, Inc., has been a real estate agent and broker/owner for almost 40 years, and a senior instructor with the Council of Residential Specialist for more than 20 years. He is currently broker/owner of Legacy Realty of Salisbury, Inc., and president of Legacy Development Corporation. To reach Gee, e-mail, gee@gee-dunsten.com.
Subscribe to:
Posts (Atom)
