29 episodes

I Love Edmonton Real Estate gives you weekly insider tips and tricks - for buyers, sellers, and industry pros - on how to up your real estate game in the Edmonton area. We help you learn about real estate in Edmonton, Alberta, Canada.

I Love Edmonton Real Estate Jason Scott

    • Investing

I Love Edmonton Real Estate gives you weekly insider tips and tricks - for buyers, sellers, and industry pros - on how to up your real estate game in the Edmonton area. We help you learn about real estate in Edmonton, Alberta, Canada.

    Jill Jordan & David Quaschnick

    Jill Jordan & David Quaschnick

    Jill Jordan and David Quaschnick of RE/MAX Real Estate Edmonton are our guests in this episode. They have both been in real estate for about fifteen years, with Jill formerly managing restaurants and selling RVs while David became an agent after getting his start flipping properties.
    [1:18] Were either of Jill’s careers directly transferable to real estate?

    Being on the sales side of RVs prepped me for how mortgages work with amortization, payments, etc.

    [2:32] Is David still doing flips?

    I am still currently doing flips, focusing mostly on basement suites.
    Even though the market is trending downwards, there’s still money to be made on flips if you are creative.

    [5:03] Who’s the client that will typically buy one of these homes that is great for adding in a basement suite?

    There are lower-end buyers that can afford a big house, but they’re getting smart about using their money.
    A second type is the investor, who wants to buy the house as cheap as possible. They have almost unlimited resources.
    Most investors go after older-style bungalows because it’s their opinion that having a two-bedroom suite downstairs will net them more money.
    People buying new homes typically want just one bedroom downstairs; they don’t want to look after a whole family.

    [7:15] Looking at both of these property types, what value increase do you get when there’s a legal suite in the house?

    You’ll see a 15-20% increase in the value of the home.
    Investors will look at the pure cash flow and ROI, and that will be around 8-10%.
    Putting in a basement suite usually costs from $50,000 to $65,000.

    [9:30] What other trends are you seeing in the market right now?

    The most apparent trend is the amount of foreclosures. Over the next twelves months, I think we’re going to see a dramatic rise.
    I see nothing but opportunity in the market because cheap will always sell.
    The only people I see hurting are homeowners that are in the $500,000-$800,000 price range. They required two strong incomes to afford the house, but one of them needed to take a pay cut.

    [11:31] Can you really get a good deal when buying a foreclosure?

    Back in the 90s, the banking system set it up so that banks don’t take a huge hit on these homes.
    Banks would rather hold on to the property than sell it for a huge loss.
    If you want the better deal, it’s smart to work with an agent who can approach the people that are getting into trouble before they get into foreclosure.

    [14:43] Expand a little bit about the lack of warranties in buying as is, where is.

    It’s a high-risk proposition, and this game is mostly played by people who know what they’re doing.

    [15:50] Do you see a lot of people doing long flips?

    I don’t think anyone does a long flip by choice.
    It’s a no-brainer to turn a space you never use into something that generates cash.
    The struggle that a lot of first-time buyers have is that they’re still got their parents’ mindset of not buying a home attached to anyone else’s, having a big yard, etc.

    [19:10] Are people being cautious or fearful when buying?

    I’m finding the first-time buyers are coming in very smart. They’re deciding to bank money.
    Buyers aged thirty to forty-five are not as cautious and are willing to go into debt.

    [22:10] Where do you see the market going in the next three to five years?

    We’re going to be exactly where we are right now. I don’t see any real change because we’ve built way too many new homes.
    I know that if someone bought a house between 2010 and 2013, it’s not worth more today than it was then.

    [26:02] What’s the best real estate advice you’ve ever received?

    Sit down with an agent from day one and have them counsel you.
    With so many variables at play, you really need to take your agent’s advice and trust them. They have a fiduciary duty to you.
    Jumping in and actually buying a house is good adv

    • 36 min
    027: John Braconnier of Professional Realty Group

    027: John Braconnier of Professional Realty Group

    Today’s guest is John Braconnier from Professional Real Estate Group. He is relatively new to real estate, beginning his career about two and a half years ago. In that time, he has developed a database of around fourteen hundred people and is now beginning to get referrals.
    [0:57] What industry did you come from originally?

    Like most Albertans, I worked in the oil and gas business.
    It let me see the explosive real estate growth in Fort McMurray, which really piqued my interest.
    When I helped my first client, the feeling let me know that real estate was for me.

    [4:03] Are there any areas of Edmonton or the surrounding area that you specialize in?

    I specialize in Sherwood Park and have been building up most of my client base there.
    Every month, I publish a report about the area called Sherwood Park Homes & Lifestyles.

    [5:09] What’s going on in Sherwood Park these days?

    We technically have been in a seller’s market. We started with six to seven months of inventory at the beginning of this year, but it quickly turned.
    Starting in April, we dropped down to 2.4 months of inventory.
    The market is not doing well on acreages. It’s because of the aging market and the young people who see that it’s too much work.

    [8:26] What are seniors looking for in their new properties?

    They’re going from bigger houses to bungalows around twelve hundred square feet. They want features like granite countertops in these houses.
    They’re also looking for condo-like apartments.
    Some clients are looking for secondary suites to supplement their pension.

    [13:38] What do you see going on in the condo market right now?

    The developers have been building a lot of new condo-style apartments, but they haven’t been selling. The prices are down and they’re turning them into rentals.
    Professional Real Estate Group has seen vacancy rates decreasing.
    The rental market tends to strengthen in economic downturns.
    It’s a great opportunity for millennials and seniors to get some secondary income.
    Alberta has a cyclical economy, and when it comes back, it comes back strong.

    [17:00] If you look back at your last ten transactions, what other trends have you seen?

    A lot of people that immigrated to Canada in the last five years or so are ready to buy.
    I’ve worked with a number of first-time homeowners. They know what they want, and they generally move in within a month.
    I take my time to lead them through the process because they are usually unfamiliar with it.

    [20:10] If you had a family member moving to another part of the country, what qualities should they look for in a realtor?

    You want to find someone that takes the time to develop a relationship with you and listens to what your needs are.
    We’re problem solvers. We need to find out the obstacle in front of the client and then remove it for them.
    The realtor shouldn’t apply pressure. Just be empathetic and enjoy the experience. It’s our job to educate them about the market.
    I ask my clients to rate houses we’ve looked at, and then focus on homes in the same category as ones they rated above eight.

    [22:38] Are there any other comments that you have?

    It’s a tough go for a lot of realtors out there now. My suggestion is to get involved with new tools and technologies.
    Treat customers like gold and develop a relationship.

    John Braconnier
    Realtor®, Professional Realty Group
    780-966-2360
    john@professionalgroup.ca
    www.johnleebraconnier.com
    Sherwood Park Homes & Lifestyles: https://www.facebook.com/SherwoodParkHomesandLifestyles/

    • 23 min
    026: Skip the Listing Process with Sweetly

    026: Skip the Listing Process with Sweetly

    Today’s guest is Aidan Woodfine of Sweetly Real Estate. Originally from Camrose, he moved to Edmonton when he was about twelve-years-old and has been a realtor for six years. A former poker player, Aidan got into real estate when he realized he needed a new career path.
    [2:33] Are there any parallels between poker and real estate?

    Poker is about seeking value. When you’re working with clients in real estate, you need to provide and seek value in similar ways.
    In poker, you’re always trying to think about what the other person is doing based on their tendencies. It’s similar to thinking about why clients are making certain decisions.

    [5:38] What have you been seeing in the market lately?

    It’s been slow, and the condo market has been hit the hardest because there’s a lot of inventory.

    [6:39] Tell me about the new approach you’re taking towards real estate with Sweetly.

    We launched Sweetly with the idea of modelling it after the iBuyers in the US.
    These are websites that allow you to enter your property’s info and receive an offer within twenty-four hours.
    If you go to our website, you’ll be provided with an offer within twenty-four hours as well. We look at comparables and then send the offer, but another option is to request a private evaluation.

    [9:12] Why would a seller want to do this?

    Our offer is good for ninety days, so they can pick their own closing date.
    Another huge benefit is that there’s no showings with people going through your home.

    [10:48] Where does Sweetly make money in this process?

    We charge a service fee of 5.5%.
    We’ll pay 80% market value upfront, and our fee is deducted from the final sale price.

    [13:07] What traction have you been getting so far?

    Seniors especially have been very positive about our model.
    We’re focusing on homes between $280,000 and $500,000, but we’ve made a few exceptions.
    If a client doesn’t want to go with the Simply model, we can still take care of them as a traditional realtor.
    We’ve worked with a few clients where they’ve already bought their next home but haven’t been able to sell their current one.

    [15:57] How do you make sure you get top dollar for that original seller?

    We’ve had discrepancies between what the seller thinks it’s worth and what we think it’s worth. We’ve given them the 80% based on our evaluation, but list it for what they think it’s worth.

    [18:52] What is the difference between what Sweetly can bring to that table versus what you have been doing for the past six years?

    We can do a lot more. It feels really good that I can go into a presentation and provide a solution for people that didn’t have one before.
    There’s a learning curve, but once they get it, they wonder why every real estate agent doesn’t offer this.

    [19:41] What is some of the best real estate advice you’ve ever received?

    I recently heard “only work with the willing,” and that stuck with me.

    [20:53] Have there been any themes with your last few transactions?

    They’ve been a bit more gruelling. I’m finding that buyers are expecting the world, but sellers are not accommodating to that because their prices have slipped.

    [22:16] What should people be looking for in a realtor?

    Having a few years of experience is pretty important. Picking a realtor with good reviews and that understands the market is important as well.

    Sweetly: https://sellsweetly.ca/
    780-264-1234
    #227, 6005 Gateway Blvd NW
    Edmonton, AB
    T6H 2H3
     
     
     

    • 23 min
    025: Team Ewanchuk

    025: Team Ewanchuk

    Glenn and Angie Ewanchuk are welcomed to the podcast today. They are husband-and-wife realtors with RE/MAX Excellence right here in Edmonton, with over twenty years of combined experience.
    [0:59] How does your business work as a husband and wife team?

    It works quite well because we can split up the duties. Glenn is responsible for the face-to-face, while Angie does the searching, paperwork, and setting up client meetings.

    [1:57] What trends in Edmonton have you been seeing these days?

    The market has been a bit slow, but it’s increasing now because it’s spring.
    The stress test for mortgages has been putting stress on buyers.
    There are a lot of substandard properties being listed for sale, but the buyers are expecting more, so it makes it’s more difficult to find something they like.
    Some buyers come into a home thinking they can lowball because they’ve been told it’s a buyer’s market, but that’s not always the case.

    [7:30] You mentioned that the worst thing you can do is start at a higher list price and then drop it. Why is that?

    Every property that gets listed has an MLS history. People can go in and see that the price kept getting reduced, and they will think that the seller is getting desperate.
    If the property is overpriced, it will become stale on the market.

    [11:06] How did you end up becoming realtors?

    We had an automotive accessory business for sixteen years prior to becoming real estate agents.
    When we bought our own house, our real estate agent was a regular client at our business.
    He convinced Angie to go to real estate school and work for him.
    Later, we were approached to sell the business, so that was our chance to sell and for Glenn to get into real estate.

    [14:05] Was there a particular instance that made you think “this is why I want to be a realtor?”

    When searching for a new home, we ended up losing a few because agents wouldn’t listen our needs. We realized that the only way we were going to get the property of our dreams was to represent ourselves.
    With our clients, we listen to them very carefully. When we view a property with them, we look for all the reasons that they shouldn’t buy.

    [17:08] Do you have a special approach with first-time buyers?

    We really enjoy first-time buyers because we have a great system that we use every single time.
    We meet them in a casual setting and continue to educate them along the way.
    They tell us their wishes and we begin searching.

    [19:37] What’s the most frustrating day you’ve had in real estate?

    Glenn was working with a young couple for about two months. We finally came across a house that was perfect for them.
    Their parents came to view the house and did not like it. They said there was no way that the young couple were buying it.
    It’s okay for parents to view houses, but they should be viewing all of them from the beginning.

    [24:38] What advice would you give someone to determine if they were working with a good agent?

    They have to be accessible at all times.
    It’s a good idea to question them on their experience and background.
    In this day and age, everyone should be checking out their agents on things like Google Reviews.

    Visit Team Ewanchuk Real Estate online: https://glennewanchuk.com/

    • 30 min
    024: Michael Brodrick – Chair of the REALTORS® Association of Edmonton

    024: Michael Brodrick – Chair of the REALTORS® Association of Edmonton

    Today we are joined by Michael Brodrick, Chair of the REALTORS® Association of Edmonton. He discusses what’s going on in the real estate market today, how the stress test has effected sellers and buyers, and his predictions for the future of the Canadian market.
    (more…)

    • 22 min
    023: Spruce Grove’s Travis Hawryluk Shares His Top Tips For Sellers

    023: Spruce Grove’s Travis Hawryluk Shares His Top Tips For Sellers

    Jason Scott talks to Travis Hawryluk with REMAX.
    (more…)

    • 38 min

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