Real Estate for Real People Stone Sisters

In this podcast episode, the Sisters chat with Amanda Van Der Lee, owner of How to Host. She discusses the process of renting out properties on Airbnb as well as the Airbnb regulations in Kelowna, British Columbia. Amanda talks about her company, How to Host, which offers property management services, interior design, and cleaning services for Airbnb and rental properties. She also discusses the popularity and profitability of different types of rental properties in the Okanagan region, the impact of increasing supply on vacancy rates, and the screening process for guests and potential damages to properties. Amanda emphasizes the importance of creating a unique and memorable vacation rental experience.

Amanda Van Der Lee stumbled upon the world of Airbnb when she transitioned from her 11 year career in the insurance industry to brokering mortgages. She was looking to bridge a temporary gap in income and wound up falling in love with the industry. Through How to Host, she integrated her two passions - design & business. By combining these, she began to revive the boring world of property management and add a fun and intricate twist to the industry.

What We Discuss:

[00:05:30] The requirements of obtaining a license for short-term rental properties in Kelowna, and the time it takes to get licensed.

[00:02:08] Amanda shares her journey of transitioning from being an insurance broker to starting a property management company specializing in Airbnb rentals.

[00:10:08] The current challenges faced by the condo market due to oversupply and lack of amenities.

[00:11:07] Exploring the pros and cons of investing in a condo versus a house, considering factors such as budget, usage, and potential returns.

[00:12:05] The potential effects of the upcoming influx of over 400 new luxury condos on the vacation rental market and the competition it may create.

[00:19:57] The strong demand for downtown and waterfront areas as popular locations for condos and houses.

[00:20:43] What is the average nightly rent for a two-bedroom condo with amenities?

[00:22:46] How to screen guests and the challenges of maintaining properties including damages, cleanliness and reviews.

[00:29:25] Amanda discusses the importance of making vacation rentals unique and creating an experience for guests.

[00:30:53] Exploration on the different websites used for promoting vacation rentals, and Amanda mentions Airbnb, VRBO, their private booking site, and Google.

Episode Resources:
How to Host | Website
How to Host | Instagram

In this podcast episode, Kim Appelt, a fashion designer and TV personality, joins the hosts of the podcast "Real Estate for Real People" to discuss dressing for success and creating personal style. They delve into the importance of decluttering one's closet and letting go of items that no longer serve a purpose. Kim shares tips on organizing and refreshing a wardrobe, including using velvet hangers and investing in quality pieces. She also emphasizes the significance of understanding one's body type and incorporating personal style into everyday outfits.

Kim Appelt is a leading celebrity fashion stylist, TV personality, and YouTuber. Professionally trained as a fashion stylist in New York, she returned to Canada and established herself as a namesake in the country’s fashion industry, working with a multitude of high-caliber clients, ranging from personal, musical, models, and A-list red carpet celebrities. She currently lives in downtown Toronto with her family.

What We Discuss:

[00:04:11] The importance of decluttering your wardrobe and how it can have a positive impact on your mindset and energy.

[00:11:19] Why it's a good idea to buy high-quality clothing + the impact of low-quality items.

[00:12:13] Exploring the option of selling luxury items and buying new pieces from consignment stores.

[00:16:09] Tips on discovering personal style by reflecting on childhood preferences and incorporating them into current fashion choices.

[00:17:16] Kim discusses how her personal style, influenced by her childhood in Botswana, still defines her fashion choices today.

[00:18:00] How to incorporate femininity into your style, even if your lifestyle requires more practical clothing choices.

[00:18:47] The importance of understanding one's body type and how it affects fashion choices.

[00:28:21] Kim discusses her favourite places to find style inspiration, including Instagram and Pinterest.

[00:30:30] Emphasis on the importance of not being hard on oneself and having fun with fashion, while also being thoughtful in what you buy.

[00:31:57] Kim shares where people can find her, including her Instagram and Pinterest accounts, as well as where to purchase her book.

Episode Resources:
Kim Appelt | Website
Kim Appelt | Instagram

In this podcast episode, The Sisters, Shannon and Tamara Stone sit down with Peter Borszcz to discuss the legal aspects and precautions related to fire season in the Okanagan region of British Columbia. They highlight the importance of including clauses in real estate contracts to protect buyers in case of a fire, such as force majeure clauses and subject to insurance clauses. They also emphasize the need for obtaining insurance well in advance and the role of real estate agents in guiding clients through these processes.
Peter Borszcz is a Lawyer and partner at Montgomery Miles and Stone Law Firm. Peter practices in the areas of business law, real estate development, real estate regulation and licensing, commercial lending and commercial real estate, with an emphasis on shopping centres, agricultural businesses (including vineyards and wineries), liquor licensing, telecommunications and utilities, commercial financing, and residential, commercial and resort developments.
Peter has worked on numerous projects for business owners, developers, mobility and utility providers, and institutional lenders. Peter has extensive experience in the following areas: structuring co-ownership, joint venture, and limited partnership relationships for real estate development projects; representing institutional lenders in real estate financing transactions; representing parties in the acquisition and sale of wineries and agricultural businesses; assisting with the acquisition, sale, relocation and purchase of liquor licenses; representing both landlords and tenants in commercial, retail and industrial leasing transactions and advising clients with respect to zoning, bylaw and other real estate regulatory compliance matters.
In addition to his work at the firm, Peter Borszcz is a legal-update instructor for the Real Estate Council of British Columbia and teaches both Commercial Legal Update and Residential Legal Update to real estate licensees across the province.
When not in the office, Peter enjoys spending time with his two children, swimming, skiing, sailing, and enjoying everything the Okanagan has to offer.

What We Discuss:

[00:03:58] Explanation of what a force majeure clause is in real estate contracts, and its purpose in providing a 30-day extension in case of unforeseen events.

[00:05:04] Importance of obtaining insurance well in advance of closing and the shift in industry practices due to recent events like wildfires and floods.

[00:08:57] Requirements for using the force majeure clause, including showing best efforts to obtain insurance and activating the clause within the three-day period prior to closing.

[00:09:58] Discussion on the details and implications of the force majeure clause, including the 130-day extension and its effect on independent deals.

[00:11:43] Explanation of covenants related to fire and flood zones, including requirements for non-combustible materials and flood preparedness.

[00:16:24] Explanation of sellers' legal rights and potential adjustments to the purchase price in case of property damage, as well as the binding nature of the contract for buyers and the importance of joint conversations with realtors and lawyers.

[00:19:24] Discussion on the options available when a property is completely destroyed and the buyer still wants to proceed with the purchase.

Episode Resources:

Montgomery Miles & Stone Law Firm | Website

In this podcast episode, real estate professionals Shannon and Tamara Stone are joined by interior stylist Hannah Thomas to discuss the importance of staging a home for sale. They debunk the misconception that staging means removing all personal items and explain that it's about creating a welcoming atmosphere. They discuss the importance of curb appeal, using neutral colours, and creating inviting entrances. Hannah also shares tips for lightening up dark spaces, staging kitchens and walk-in closets, and removing personal items from bedrooms. They emphasize the need to create spaces where potential buyers can envision themselves living. Hannah offers remote consultations for clients outside the Okanagan area.
Interior designer, Hannah Thomas, brings her natural design flair to commercial and residential projects across the Okanagan and virtually around the world. Hannah is skilled at showcasing the natural beauty of any space through design elements and combining function with beauty regardless of your budget. A child of the 70s growing up in a small mining village in Wales, Hannah credits the start of her career with hanging wallpaper with her dad as a child and strives to bring that same playful and creative element to all of her projects. Today, Hannah’s work combines function with beauty. She helps her clients maximize the potential and appeal of every square inch, every room and every occasion.

What we discuss:
[00:00:00] Tips on packing and colour-coordinating clothes for moving, including the importance of smelling good.

[00:04:31] Hannah talks about creating curb appeal, including using greenery, keeping colours neutral, and ensuring proper maintenance.

[00:08:34] Hannah shares how to make a dark home look brighter, including using lighter colours, accessories, and curtains.

[00:09:12] Hannah stresses the importance of using white accessories, such as towels, in bathrooms to create a fresh and new impression.

[00:10:33] The group have a discussion on whether to paint dark kitchen cabinets or accessorize with white items, such as backsplash, KitchenAid, or hardware.

[00:17:15] The group discuss whether knife blocks should be removed from the kitchen for staging purposes.

[00:18:15] Tips on staging the kitchen, including adding greenery and clearing counter space.

[00:20:24] Hannah shares how to get rid of fruit flies in the kitchen, including using corks in the fruit bowl.

[00:25:22] Hannah talks about the importance of neutralizing and depersonalizing bedrooms, including removing sex toys and personal items.

[00:26:33] Hannah explains how you should use of white bedspreads in bedrooms and the recommendation to remove rugs in most areas of the house for a more streamlined and spacious look.

[00:28:35] Tips on arranging furniture closer together for a cozy feel and clearing spaces near windows to maximize natural light and views.

Episode Resources:
Hannah Thomas | Website
Hannah Thomas | Instagram

This week's episode features Alex J Wilson, President and Founder of Wealth Builders Real Estate Broker Owner, who shares his insights on real estate investing. Alex emphasizes the importance of buying and holding real estate for the long term, rather than seeking quick profits. He goes over the best amortizing period for maximum ROI, and encourages listeners to think long-term and consider the potential value of their real estate portfolio in the decades to come.
Alex J Wilson, RE/MAX #1 Realtor 2022, Wealth Builder, and Owner and Broker of records for RE/MAX Wealth Builders. Alex has been selling real estate in Toronto for over 15 years. In 2022 he was recognized as the number one RE/MAX agent in Canada for individual transactions. He is also number four for commissions in Canada and eleven for commissions worldwide for RE/MAX. As an individual, he was inducted into the RE/MAX Hall of Fame Award of the RE/MAX Lifetime Achievement Award at 35 and entered the RE/MAX Circle Legends Award at 40. Alex is passionate about helping people build generational wealth through the power of real estate.

What we discuss:
[00:03:03] Alex emphasizes the importance of holding onto real estate investments for at least 30 years to maximize returns and avoid losing money.

[00:04:28] Alex explains how leveraging mortgages and compound annual growth can lead to significant wealth accumulation in real estate investments over time.

[00:07:50] Alex explains how owning real estate can help build a pension plan, using leverage and long-term investment strategies.

[00:09:00] Shannon and Tamara Stone discuss the stability of real estate investments, citing population growth and low vacancy rates as factors.

[00:13:33] Alex discusses the potential for real estate investment in Calgary, citing its affordability, strong economy, and diversification efforts. He also addresses concerns about the city's boom and bust cycles and vacancy rates.

[00:16:20] Alex discusses the statistical demographic data for population growth in Alberta, which is expected to grow by 48% over the next two decades.

[00:17:42] Shannon and Tamara Stone talk about the affordability and economic growth in Calgary, including the low corporate tax rate, no provincial sales tax, and no land transfer tax.

[00:22:49] Alex predicts that Calgary will take an outsized role in taking in new Canadians due to its affordability and international airport, leading to a true multinational and multi-ethnic city in Canada.

[00:24:14] Discussion on the challenges of managing tenants, particularly with a large portfolio, and the benefits of owning condos over single-family homes.

[00:29:09] Advice on the ideal size of condos to invest in, depending on the market, and the importance of having a second bedroom or den for remote work.

[00:31:51] Insight into the Calgary real estate market, its affordability, and potential for growth, as well as advice on buying property for children and investing in multiplexes.

[00:31:50] Shannon and Tamara discuss the importance of networking in the real estate industry.

[00:32:10] The speakers talk about the challenges faced by real estate agents, including the need to constantly generate leads.

Episode Resources:
Alex J Wilson | Website
Alex J Wilson | Linkedin
Alex J Wilson | Youtube
Alex J Wilson | Instagram

In this podcast episode, real estate professionals Tamara and Shannon Stone discuss the current state of the real estate market. They note that while the market is still busy, it is not as frenzied as during the height of the pandemic. They compare current inventory levels to those of 2019 and discuss the significant increase in average prices. They also mention that interest rates have remained stable, making the cost of living more expensive. They conclude by highlighting the shortage of good properties and the return of a more balanced and negotiating market.

What we discuss:
[00:00:38] Discussion on the current inventory levels in the real estate market, comparing it to previous years and the impact of COVID-19.

[00:02:02] Comparison of the number of homes sold in different years, highlighting the increase in sales in 2021 and 2022 compared to 2020 and 2019.

[00:03:16] Comparison of the average house prices in 2019 and the current year, emphasizing the significant increase in prices despite a slight decrease from last year.

Episode Resources:
The Stone Sisters | Website
The Stone Sisters | Facebook
The Stone Sisters | Instagram