105: Everything You Need to Know About Working with a Realtor in BC with Century 21's Dean Desrosiers

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Okay, welcome back to the Real
Estate Podcast.

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I'm your mortgage broker host,
Taylor Atkinson.

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And I'm your real estate agent
host, Matt Glenn.

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What's happening, Taylor?
How was your summer?

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Summer's been awesome, man.

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Yeah, it's been a ton of fun.

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I saw you landed the 360 on the
wake.

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Yeah, it's been a long, hard
mission of trying to get that.

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So hard work pays off.

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How's your summer?

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How's things going?
I haven't landed any 360s, but

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it's been a pretty awesome summer.

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Well, yeah, you just finished up a

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hockey league in the summer and
got more going for us in the fall.

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Yeah, got back into hockey.

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Well, last year, but then the

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summer took it real serious.

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And now in the fall, it's on.

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Yeah.

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Our team's going to win.

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We've kind of taken the last few
weeks off, but we've got a bunch

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of shows lined up this fall, so
we'll start to get back into

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things.

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Yeah, yeah.

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We've got more good shows coming.

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Yeah, today's show was awesome.

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It was nice to kind of get back on
the mic and start chatting real

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estate.

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Yeah.

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Talking to Dean Derossier, who is
the part owner, associate broker

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at our brokerage, best brokerage
in the interior, Century 21

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Assurance Realty.

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Dean has a ton of insight, ton of

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experience, kind of cut his teeth
in real estate during the 2008

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fiasco and got started right when
it was times were the toughest.

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Has worked through that, has been
a successful agent since, has

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moved to a managing broker and
brokerage owner.

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It was awesome talking to him.

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He's always a ton of fun to talk

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to.

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Yeah, I didn't realize how many...

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people he's trained throughout his
career.

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But yeah, that's kind of the big
takeaway, I guess, of, you know,

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newer agents are looking to pick
somebody's brain or just chat

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about how everything works.

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Yeah.

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He's got to reach out to.

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Yeah.

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So this episode, we really took a
focus on like the agent's role,

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what consumers should expect from
agents, how realtor

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ca works.

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Kind of just talked like a high

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level of what agents do and what
to expect as a consumer and as an

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agent, what your duties are to
consumers.

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Super insightful episode.

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It's funny because it's such a low

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barrier of entry in terms of the
industry to get into.

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funny because it's such a low
barrier of entry in terms of the

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industry to get into.

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There's really high expectations

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from the end consumer.

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So it's good, right?

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It kind of makes sure that people
are doing what they need to do in

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terms of real estate transaction
side of things.

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You got to have somebody on your
team that can help in the

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background and stuff like that.

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Yeah, definitely.

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And also, he goes into quite a bit
of detail on the differences

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between the jurisdictions.

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Like, BC, we're kind of in a land

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of our own.

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Like, we're the only ones that

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have a lot of these rules.

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So, like, when people come from

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Alberta or the U .S.

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to buy property here, it's not the

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same, right?
There's obviously similarities,

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but, like, there's also a ton of
differences.

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So, it's good to go over.

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Yeah, it's a bit of a longer show.

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So, we'll just dive straight into
it.

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And hopefully, yeah, you guys
enjoy it.

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We'll get some more shows going
this fall.

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get some more shows going this
fall.

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Absolutely.

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And this episode, like every other

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episode, sponsored by Century 21
Assurance Realty, best brokerage

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in the interior of BC.

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Head office, our main area is in

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Kelowna, but we are in Vernon,
Kamloops, Salmon Arm, Crescent,

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Kootenays, Castlegar.

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We're everywhere in the interior

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and we're growing.

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So we're the brokerage to be at.

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If you're an agent looking for a
new brokerage or if you're a buyer

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or seller looking for an agent,
Century 21 Assurance Realty is the

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place to call.

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Enjoy the show.

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All right, Dean Derossier, welcome
back to the pod.

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Fan favorite.

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Is this your third or fourth?

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It's the third, and I don't know
if you guys get any fan feedback,

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but I probably don't want it.

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We only send you the good stuff.

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only send you the good stuff.

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Okay, good.

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Good, good.

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Yeah, so you have obviously

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extensive history in the industry.

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You were started as an agent in

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kind of the 2008 -2009 showdown,
which is a lot of similarities to

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now.

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You were an agent for... A long

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time.

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Then you've since became an

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associate broker partner in our
brokerage, the best brokerage in

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town.

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If you've been listening to this

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pod, the best brokerage in the
interior.

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best brokerage in the interior.

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We're allowed to be biased on that

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one.

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But, you know, I should say,

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though, however.

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The interior has a lot of really

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good brokers.

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We're pretty lucky here.

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And I'm not saying there aren't
good brokers in other areas.

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But, you know, if I sat down at
lunch with like five of the top

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brokerages in town, it would just
be a great conversation.

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And there's a lot of skill level
here.

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So I'm always often humbled by
that.

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So I do want to start out with
that sort of caveat.

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Right.

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Yeah.

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Yeah.

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Very true.

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I'd agree with that, too.

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Ours is the best.

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But yeah.

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Cool.

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So today you want to talk about,
which I think is a great topic by

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real estate in BC.

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guidelines, why realtors are

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asking what questions, what to
keep in mind for agents and

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consumers, those lines?
Yeah, like working with a realtor

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in BC.

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with a realtor in BC.

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It's changed a lot since 2018.

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And we used to have a brochure

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prior to your coming in, Matt.

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It was called Working with a

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Realtor.

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And it was a real quick summary on

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what to expect.

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And back then, I think it was one

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page.

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Today, if you did Working with a

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Realtor, it'd probably be like...

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20 pages.

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There's a lot more.

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That creates a lot of confusion.

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At the same time, confusion is not
good for clarity and for your

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overall public image and
perception.

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The more we talk about the changes
in a positive way, hopefully

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consumers can learn and you'll
have a better experience with the

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realtor.

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I'd agree with that.

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that.

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That's a good idea.

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It does seem like we have a lot of
rules, a lot of guidelines, a lot

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of things to keep in mind.

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Yeah.

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Well, if you want to ask me the
rules, want to ask me the rules, I

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think there's like 25, 30 pages.

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Matt, you're a realtor, so you're

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now sort of part of the, you know,
you've been tarnished a little,

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right?
Because you've been doing real

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estate quite a while now, right?
Yeah.

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You're pretty lucky because you
still get to pretend to be a

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consumer a little bit, although
you are licensed at the same

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regulator as us now.

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I'm married to a real estate

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agent, to a real estate agent, so
I hear a lot of that.

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lot of that.

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Yeah.

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Yeah.

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That's an interesting one.

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I'm married to one now, too, and
that's decent as well.

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Yeah.

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You never realize how hard it was

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to be married to a realtor,
realtor, Dean?

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I've always known I'm a very
difficult person to learn with.

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Can I get that?
I'm okay.

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Now you've just figured out why.

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Now I realize that working in real

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estate wasn't helping me, right?
So I wasn't doing any favors.

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But I'm very lucky.

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I have a very patient wife.

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And you know, when we look at real
estate as a profession...

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As an independent contractor, when
I started back in 2008, they had

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this thing called real estate
life, or it was a focus on the

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quality of life that real estate
agents had, because it's a very

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different way of living.

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And I think that we sometimes

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forget that, you know, yes, it
looks very exciting on social

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media and on TV and all these
shows that have come out.

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But the reality is a lot of
sleepless nights.

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It's a lot of late evenings, not
seeing your family, being away

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from your kids, controlling your
life as a realtor.

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You really have to work hard at
that.

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And some agents never get there.

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You know, it's a balancing life.

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versus work thing, because I don't
know about you, Matt, but I just

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like, man, if you called me up
today and said, let's go look at a

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house, I want you to write an
offer.

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I would leave you guys right now.

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That would be so exciting to me

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because I like that part of it,
like that part of it, right?

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Yeah, definitely.

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It is like that.

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So yeah, just kind of drop it and
go.

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And you got to strike where the
iron's hot.

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Like if you have a listing and
somebody gives you an offer, you

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can't.

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tell the buyer like, listen, can

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you just wait till tomorrow?
Cause like, I really want to enjoy

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this dinner.

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Like the seller has their biggest

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possession they probably will ever
have until their next house.

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And like, they need you to be on
it.

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So they, it's a big commitment,
right?

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So, and you have to be rested and
you have to be, that part of it,

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right?
Yeah, you have to be rested and

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you have to be, you know, ready to
go.

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Your mindset has to be in the
right place.

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And there's a broker that owns a
brokerage and I've been involved

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in leadership for a while.

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when we see problems in real

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estate sometimes it comes down to
the realtors are fatigued they're

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tired you know they're kind of
cranky and you know sometimes it

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can take one thing and then people
are you know maybe going at each

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other when they shouldn't and so
yeah managing your lifestyle is an

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important thing.

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So hopefully by the end of this

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podcast, I think, you know,
consumers, realtors are listening

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are going to say, oh, OK, I didn't
know that.

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Or that's a great way of looking
at things.

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And, you know, I wanted to start
out with talking about, you know,

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how everything's licensed and all
that, like start at the high level

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and then work down a bit.

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All right.

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First question.

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How is real estate organized in B

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.C.

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00:07:07,840 --> 00:07:08,960
and why is it important to

257
00:07:08,960 --> 00:07:10,400
consumers?
I jokingly say that realtors are

258
00:07:10,400 --> 00:07:11,960
agents of capitalism, right?
Like we are agents of capitalism.

259
00:07:12,590 --> 00:07:14,650
You know, Canada is kind of a
social democratic kind of, you

260
00:07:14,650 --> 00:07:15,730
know, constitutional monarchy kind
of country.

261
00:07:15,730 --> 00:07:18,190
But with British common law,
property ownership is a huge

262
00:07:18,190 --> 00:07:19,170
component of that, right?
And it's capital.

263
00:07:19,170 --> 00:07:20,490
And so the ability to own land is
super important.

264
00:07:20,490 --> 00:07:22,450
And if you think of Canada and the
U .S.

265
00:07:22,450 --> 00:07:24,850
and a lot of countries where
people have come to from different

266
00:07:24,850 --> 00:07:25,770
countries, everybody wants to own
real estate.

267
00:07:25,770 --> 00:07:27,570
It's also controlled, right?
So the controls we have are the

268
00:07:27,570 --> 00:07:29,090
British Columbia Financial
Services Authority, which is the

269
00:07:29,090 --> 00:07:29,550
regulator in BC.

270
00:07:29,550 --> 00:07:31,430
But we also have sort of the

271
00:07:31,430 --> 00:07:34,030
association, which is the British
Columbia Real Estate Association.

272
00:07:34,230 --> 00:07:36,510
And then we have CREA, which is
the Canadian Real Estate

273
00:07:36,510 --> 00:07:36,650
Association.

274
00:07:36,650 --> 00:07:38,030
So there's a big difference

275
00:07:38,030 --> 00:07:39,010
between BCFSA and BCREA.

276
00:07:39,430 --> 00:07:41,810
You know, it's not that important

277
00:07:41,810 --> 00:07:43,090
that consumer knows it.

278
00:07:43,670 --> 00:07:45,750
But for example, in Canada, you

279
00:07:45,750 --> 00:07:47,710
need to have a license to sell
real estate.

280
00:07:47,710 --> 00:07:49,830
In British Columbia, we call it
trading services.

281
00:07:49,830 --> 00:07:52,650
And so that's important because
RESA, which is the Real Estate

282
00:07:52,650 --> 00:07:54,090
Services Act, is kind of what
governs licensees.

283
00:07:54,090 --> 00:07:57,270
And it tries to govern everything
we do with very broad terminology,

284
00:07:57,270 --> 00:07:59,560
right?
So you couldn't write a real

285
00:07:59,720 --> 00:08:03,340
estate act that says this is what
you need to do in social media,

286
00:08:03,340 --> 00:08:04,120
right?
It'll say something about

287
00:08:04,120 --> 00:08:06,240
advertising and misleading the
public and things like that.

288
00:08:06,240 --> 00:08:08,680
But it's a very good set of rules.

289
00:08:08,680 --> 00:08:10,320
It's based on British common law

290
00:08:10,440 --> 00:08:10,520
generally.

291
00:08:10,520 --> 00:08:12,180
And it governs the way the

292
00:08:12,500 --> 00:08:13,640
licensees have to conduct
themselves.

293
00:08:13,640 --> 00:08:17,640
And that was changed in 2018.

294
00:08:17,640 --> 00:08:18,700
If you're from Alberta or you're

295
00:08:18,700 --> 00:08:22,260
from any other part of Canada or
the world for that matter, but

296
00:08:22,260 --> 00:08:24,400
primarily North America, where
real estate is very similar in

297
00:08:24,440 --> 00:08:28,360
terms of its structure, a licensee
would hold their license at a

298
00:08:28,480 --> 00:08:28,580
brokerage.

299
00:08:28,580 --> 00:08:29,900
And so if you go down to

300
00:08:29,900 --> 00:08:33,039
California and you meet a
licensee, you see their

301
00:08:33,039 --> 00:08:38,220
advertising on their MLS and you
call them up, they need to meet a

302
00:08:38,220 --> 00:08:38,440
brokerage.

303
00:08:38,440 --> 00:08:39,659
So that's the one common

304
00:08:39,659 --> 00:08:40,059
denominator.

305
00:08:40,059 --> 00:08:40,720
But after that, British Columbia

306
00:08:40,720 --> 00:08:44,179
is 100 % unique compared to every
other jurisdiction in the country.

307
00:08:44,179 --> 00:08:46,900
Aren't we the only one where
you're not allowed to double end

308
00:08:46,900 --> 00:08:47,380
in North America?
Right.

309
00:08:47,380 --> 00:08:49,200
So double end is kind of that
misconception word.

310
00:08:49,200 --> 00:08:52,000
You can double end anything, but
you can't represent.

311
00:08:52,000 --> 00:08:53,040
two parties in the same
transaction.

312
00:08:53,040 --> 00:08:57,590
So that's called dual agency or in
what many people call limited dual

313
00:08:57,590 --> 00:08:57,770
agency.

314
00:08:57,770 --> 00:08:59,610
So back in the day, in the early

315
00:08:59,610 --> 00:09:02,430
2000s, it was very common for
buyers to want their own

316
00:09:02,430 --> 00:09:02,690
representative.

317
00:09:02,690 --> 00:09:04,390
So it kind of made sense, right?

318
00:09:04,390 --> 00:09:08,010
But at the time, realtors kind of
all worked for sellers because we

319
00:09:08,010 --> 00:09:09,210
put their listing on the MLS
system.

320
00:09:09,210 --> 00:09:10,870
It was called MLS .ca.

321
00:09:10,870 --> 00:09:13,370
And so the legal workings of that

322
00:09:13,370 --> 00:09:13,910
were quite different.

323
00:09:13,970 --> 00:09:14,850
And today, the legal workings are

324
00:09:14,930 --> 00:09:18,530
if you work with a buyer, that
buyer has an agency relationship

325
00:09:18,530 --> 00:09:19,250
with you.

326
00:09:19,250 --> 00:09:20,750
And if you're working with a

327
00:09:20,750 --> 00:09:22,630
seller, that seller has an agency
relationship with you.

328
00:09:22,630 --> 00:09:24,490
And only in very, very special
circumstances in very remote areas

329
00:09:24,490 --> 00:09:26,780
of the province could the agent
potentially represent both

330
00:09:26,780 --> 00:09:26,920
parties.

331
00:09:26,920 --> 00:09:29,760
And so, yeah, dual agency in BC

332
00:09:29,760 --> 00:09:31,220
was banned in 2018.

333
00:09:31,580 --> 00:09:32,640
And this is very different.

334
00:09:32,640 --> 00:09:37,120
So, for example, if you sell your
house in Alberta or you sell your

335
00:09:37,120 --> 00:09:39,440
house anywhere else, you know,
it's really common.

336
00:09:39,720 --> 00:09:42,780
The realtor calls you up and says,
hey, I have an offer.

337
00:09:42,780 --> 00:09:44,600
You know, we had an open house on
the weekend.

338
00:09:44,600 --> 00:09:45,380
Client came in.

339
00:09:45,380 --> 00:09:46,760
We wrote an offer.

340
00:09:46,760 --> 00:09:48,420
That agent can bring you an offer.

341
00:09:48,420 --> 00:09:49,520
And they'll probably have you sign

342
00:09:49,520 --> 00:09:50,600
a limited dual agency form.

343
00:09:50,600 --> 00:09:52,620
And it's highly likely that your

344
00:09:52,620 --> 00:09:54,560
listing agent wrote the offer for
the buyer.

345
00:09:54,560 --> 00:09:56,220
And you do the transaction and
everything seems great.

346
00:09:56,220 --> 00:09:57,680
British Columbia, that's just
really not possible anymore.

347
00:09:57,680 --> 00:10:00,520
It could happen, right?
There is a provision in the rules

348
00:10:00,520 --> 00:10:01,560
for that to happen.

349
00:10:01,560 --> 00:10:03,600
But since 2018, it's super rare to

350
00:10:03,600 --> 00:10:04,080
see that.

351
00:10:04,180 --> 00:10:05,980
So what would happen is now

352
00:10:05,980 --> 00:10:10,720
there's a mechanism by which that
listing agent needs to sort of

353
00:10:10,920 --> 00:10:12,720
either refer or direct the buyer
to their own representative.

354
00:10:12,720 --> 00:10:14,400
And that's quite different.

355
00:10:14,400 --> 00:10:15,720
When I sold my house in Ontario

356
00:10:15,720 --> 00:10:19,000
back in 2003, when I left, because
I wasn't a real estate agent then,

357
00:10:19,420 --> 00:10:21,760
and I didn't realize that it would
be a conflict of interest for the

358
00:10:21,780 --> 00:10:23,800
realtor to not only represent the
buyer and also the seller in the

359
00:10:23,800 --> 00:10:24,160
same transaction.

360
00:10:24,320 --> 00:10:26,680
But I can tell you like when the

361
00:10:26,680 --> 00:10:29,200
transaction was over, I didn't
feel great about it, but I didn't

362
00:10:29,200 --> 00:10:32,480
really know why I didn't feel
great about it actually until I

363
00:10:32,480 --> 00:10:34,380
became a real estate agent in
2008.

364
00:10:34,380 --> 00:10:37,980
And then looking back on it, I was
kind of like, oh man.

365
00:10:38,460 --> 00:10:39,720
You know, I was happy.

366
00:10:39,720 --> 00:10:41,280
I sold my house.

367
00:10:41,280 --> 00:10:42,480
Everything was great.

368
00:10:42,580 --> 00:10:43,960
But I was kind of left with a

369
00:10:43,960 --> 00:10:46,780
feeling like I could have got more
money.

370
00:10:46,780 --> 00:10:48,520
I could have got better terms.

371
00:10:48,520 --> 00:10:49,960
You know, there are little things

372
00:10:49,960 --> 00:10:52,040
about the transaction that kind of
bugged me.

373
00:10:52,040 --> 00:10:56,260
So I think the changes from 2018,
you know, sort of banning dual

374
00:10:56,260 --> 00:10:58,720
agency, I think have been very
good for consumers.

375
00:10:58,720 --> 00:11:00,300
And I think it's a good change.

376
00:11:00,300 --> 00:11:02,380
Being the only jurisdiction in

377
00:11:02,380 --> 00:11:04,640
North America that does it,
however, does put a burden on real

378
00:11:04,640 --> 00:11:05,540
estate agents, licensees, I should
say.

379
00:11:05,540 --> 00:11:07,200
to kind of explain what's
different here.

380
00:11:07,200 --> 00:11:08,740
So that's kind of a long winded
explanation.

381
00:11:08,740 --> 00:11:11,080
But that's through BCFSA, the
regulator for the province.

382
00:11:11,080 --> 00:11:13,820
And the other flip side of that is
BCREA and CREA, there are

383
00:11:13,820 --> 00:11:13,980
associations.

384
00:11:13,980 --> 00:11:15,740
So Matt and I are members of that

385
00:11:15,740 --> 00:11:15,960
association.

386
00:11:15,960 --> 00:11:18,000
And we have a set of rules we have

387
00:11:18,000 --> 00:11:20,220
to follow there, which are
different from the regulator's

388
00:11:20,220 --> 00:11:20,340
rules.

389
00:11:20,340 --> 00:11:21,280
You know, they're sort of

390
00:11:21,280 --> 00:11:23,550
coherent, you know, they fit
together, but they're different.

391
00:11:23,730 --> 00:11:24,410
And it allows Matt.

392
00:11:24,410 --> 00:11:25,890
and I to put a property on realtor

393
00:11:25,890 --> 00:11:26,010
.ca.

394
00:11:26,010 --> 00:11:27,350
It allows us to have a lockbox, a

395
00:11:27,350 --> 00:11:27,470
key.

396
00:11:27,470 --> 00:11:28,730
It allows us to have access to

397
00:11:28,730 --> 00:11:29,410
software and technologies.

398
00:11:29,550 --> 00:11:30,210
It allows us to represent our

399
00:11:30,210 --> 00:11:33,410
seller and our buyer with sort of
the latest tools in a sense,

400
00:11:33,410 --> 00:11:35,950
right?
And then after that, we're at a

401
00:11:35,950 --> 00:11:37,510
brokerage, which is another level.

402
00:11:37,510 --> 00:11:39,010
For us, we're at Century 21.

403
00:11:39,250 --> 00:11:39,950
So we're at a brand.

404
00:11:39,950 --> 00:11:42,130
But that brokerage level is kind

405
00:11:42,130 --> 00:11:44,710
of that supervisory role that the
broker has, the managing broker

406
00:11:44,710 --> 00:11:47,210
over Matt and I. Like I'm not the
managing broker.

407
00:11:47,520 --> 00:11:50,680
I own part of the brokerage, but I
don't manage it.

408
00:11:50,680 --> 00:11:55,420
I do report to our managing broker
and I get voted down a lot.

409
00:11:55,420 --> 00:11:57,600
So when she watches this, we're
both getting whipped.

410
00:11:57,600 --> 00:11:59,640
Yeah, I think we're in trouble
already.

411
00:11:59,640 --> 00:12:02,740
So there's lots of layers in real
estate, which is interesting.

412
00:12:02,740 --> 00:12:03,920
It doesn't really matter that much
to consumers.

413
00:12:03,920 --> 00:12:07,360
But what does matter is that they
know who they're working with.

414
00:12:07,360 --> 00:12:09,380
And I think that's the great part
about British Columbia in the

415
00:12:09,380 --> 00:12:11,400
last, you know, since 2018.

416
00:12:11,400 --> 00:12:13,280
And it takes a collective effort

417
00:12:13,280 --> 00:12:16,780
to do that because not only are we
explaining to them something

418
00:12:16,780 --> 00:12:17,460
that's completely new.

419
00:12:17,460 --> 00:12:18,480
it's completely different than

420
00:12:18,480 --> 00:12:20,340
probably where they came from.

421
00:12:20,340 --> 00:12:22,740
You know, like 30, 40 % of the

422
00:12:22,740 --> 00:12:24,700
buyers could be from out of
province.

423
00:12:24,700 --> 00:12:26,700
And now we're, you know, we're
really fighting against their

424
00:12:26,700 --> 00:12:28,540
previous history that they would
have had in a transaction.

425
00:12:28,540 --> 00:12:29,660
So it's been really interesting.

426
00:12:29,660 --> 00:12:30,640
I'm really proud of the

427
00:12:30,640 --> 00:12:30,700
profession.

428
00:12:30,700 --> 00:12:32,040
I think we've done great.

429
00:12:32,040 --> 00:12:35,620
I still think there's lots of room
to move on this to do better.

430
00:12:35,620 --> 00:12:38,480
But I think real estate in BC,
from that perspective, is very

431
00:12:38,640 --> 00:12:38,720
good.

432
00:12:38,720 --> 00:12:40,240
buyer has their agent, a seller

433
00:12:40,240 --> 00:12:41,160
has their agent.

434
00:12:41,160 --> 00:12:43,720
I think that's a great start to a

435
00:12:43,720 --> 00:12:44,080
real estate transaction.

436
00:12:44,080 --> 00:12:46,020
I guess kind of wearing like the

437
00:12:46,020 --> 00:12:48,440
consumer hat in this three -way
conversation here is like, guess

438
00:12:48,440 --> 00:12:51,300
kind of wearing like the consumer
hat in this three -way

439
00:12:51,300 --> 00:12:54,760
conversation here is like, you do
get people with a bit of a

440
00:12:54,840 --> 00:12:57,180
misconception of saying, well, if
I'm not represented, maybe I can

441
00:12:57,180 --> 00:12:59,340
negotiate better because they're
not going to have to pay

442
00:12:59,340 --> 00:13:00,320
commission to the buying agent,
right?

443
00:13:00,320 --> 00:13:03,940
Like it doesn't cost you anything
as the buyer to use an agent, but

444
00:13:03,940 --> 00:13:06,800
I guess, yeah, where do you guys
come into play there and say,

445
00:13:06,800 --> 00:13:11,100
well, like here are the benefits,
like the small chance that you may

446
00:13:11,240 --> 00:13:11,980
get a discount is.

447
00:13:11,980 --> 00:13:13,160
it mostly well you guys don't know

448
00:13:13,160 --> 00:13:16,200
the comparables in the area you're
not going to have like you know

449
00:13:16,200 --> 00:13:18,420
insurance if something goes
sideways like what are kind of the

450
00:13:18,520 --> 00:13:20,300
main takeaways there the entire
conversation with a realtor

451
00:13:20,300 --> 00:13:22,180
actually starts with a disclosure
form and it's called the

452
00:13:22,180 --> 00:13:23,760
disclosure of representation and
trading services form we call it

453
00:13:23,760 --> 00:13:27,140
the dorts a lot of people you'll
see oh you have to sign the dorts

454
00:13:27,280 --> 00:13:31,280
that form is kind of this consumer
forward form so every time a

455
00:13:31,400 --> 00:13:33,280
realtor has an interaction with a
consumer entire conversation with

456
00:13:33,280 --> 00:13:35,640
a realtor actually starts with a
disclosure form and it's called

457
00:13:35,640 --> 00:13:38,100
the disclosure of representation
and trading services form we call

458
00:13:34,260 --> 00:13:37,820
it the dorts a lot of people
you'll see oh you have to sign the

459
00:13:37,820 --> 00:13:40,160
dorts that form is kind of this
consumer forward form so every

460
00:13:40,160 --> 00:13:43,680
time a realtor has an interaction
with a consumer Right.

461
00:13:43,680 --> 00:13:46,160
This form is to be shown to them
when the consumer wants to talk

462
00:13:46,160 --> 00:13:47,460
more deeply about real estate.

463
00:13:47,520 --> 00:13:48,640
So this is probably the most

464
00:13:48,640 --> 00:13:49,640
confusing part of the new rules.

465
00:13:49,640 --> 00:13:51,400
It's like, when do I pull out the

466
00:13:51,400 --> 00:13:52,760
disclosure?
Because you start pulling out

467
00:13:52,760 --> 00:13:54,580
disclosures and you're having a
conversation, someone about real

468
00:13:54,940 --> 00:13:58,120
estate, the consumer is going to
look at you or, you know, you're

469
00:13:58,120 --> 00:13:59,320
in an open house.

470
00:13:59,320 --> 00:14:01,320
They start to back up quite a bit.

471
00:14:01,320 --> 00:14:01,400
Right.

472
00:14:01,400 --> 00:14:02,300
It's like, hey, wait a minute.

473
00:14:02,300 --> 00:14:04,460
I just want to see what color the
carpet is downstairs.

474
00:14:04,460 --> 00:14:06,100
Like buy me some drinks first.

475
00:14:06,100 --> 00:14:06,620
Yeah.

476
00:14:06,620 --> 00:14:06,820
Yeah.

477
00:14:06,820 --> 00:14:08,320
I want drinks and cookies like

478
00:14:08,320 --> 00:14:13,060
you've got bread in the oven, you
know, and the kids want to go jump

479
00:14:13,060 --> 00:14:14,200
in the pool in the back.

480
00:14:14,200 --> 00:14:14,760
And, you know.

481
00:14:14,760 --> 00:14:16,020
An open house can be a pretty
crazy thing.

482
00:14:16,020 --> 00:14:19,640
And when somebody walks in the
open house, what's the first thing

483
00:14:19,640 --> 00:14:20,580
they do?
Hi, how you doing?

484
00:14:20,580 --> 00:14:06,100
My name's so -and -so.

485
00:14:06,100 --> 00:14:07,580
Oh, where are you from?

486
00:14:07,580 --> 00:14:09,380
Oh, I'm from so -and -so.

487
00:14:09,380 --> 00:14:10,440
What brings you here today?

488
00:14:10,440 --> 00:14:14,500
Oh, my wife and I need to buy a
house because we're homeless if we

489
00:14:14,500 --> 00:14:15,520
don't get something in the next
two months.

490
00:14:15,520 --> 00:14:17,400
And suddenly, now you're into
personal information.

491
00:14:17,400 --> 00:14:20,280
So an open house is a fun place to
meet people.

492
00:14:20,280 --> 00:14:23,350
But it's also, with the rules in
British Columbia, the licensee has

493
00:14:23,350 --> 00:14:24,850
to handle it in a certain way.

494
00:14:24,850 --> 00:14:26,710
Because if I'm at the open house

495
00:14:26,710 --> 00:14:29,730
and I'm the listing agent, one of
the rules of agency is full

496
00:14:29,730 --> 00:14:30,790
disclosure to my client.

497
00:14:30,790 --> 00:14:32,570
And so if somebody comes into my

498
00:14:32,570 --> 00:14:35,670
open house and says that, you
know, I'm going to be homeless if

499
00:14:35,670 --> 00:14:38,450
I don't buy a house in two months
and I can afford your house, why

500
00:14:38,450 --> 00:14:39,850
now do you need to share that with
my seller?

501
00:14:39,850 --> 00:14:40,690
Because that's 100 % disclosure.

502
00:14:40,690 --> 00:14:41,190
And interestingly, that buyer may

503
00:14:41,290 --> 00:14:43,290
not know that I'm going to be
disclosing that to the seller.

504
00:14:43,570 --> 00:14:46,510
So there's always this kind of
awkward point where I would have

505
00:14:46,510 --> 00:14:49,110
to say, hey, wait a minute, before
you tell me too much, just so you

506
00:14:49,110 --> 00:14:50,230
know, this is my role today at the
open house.

507
00:14:50,230 --> 00:14:51,410
I work for the seller.

508
00:14:51,410 --> 00:14:52,070
Or in many situations, Maybe the

509
00:14:52,070 --> 00:14:54,170
open house is being done by
someone else at your brokerage and

510
00:14:54,170 --> 00:14:54,930
they don't represent the seller.

511
00:14:55,650 --> 00:14:56,530
And in that situation, it's

512
00:14:56,530 --> 00:14:57,410
probably a lot less consumer
protection oriented, right?

513
00:14:57,410 --> 00:14:58,190
We're trying to create informed
consent.

514
00:14:58,190 --> 00:15:00,030
So there's this funny little point
where how much personal

515
00:15:00,090 --> 00:15:02,030
information is too much, you know,
and I think that's always for me

516
00:15:02,030 --> 00:15:02,590
been a challenging one.

517
00:15:02,590 --> 00:15:03,670
So I generally say to people, have

518
00:15:03,670 --> 00:15:07,110
this disclosure form right away
and have it there.

519
00:15:07,110 --> 00:15:09,490
For example, in British Columbia,
if you're my client, I give you

520
00:15:09,490 --> 00:15:10,090
100 % loyalty.

521
00:15:10,090 --> 00:15:12,510
I give you 100 % full disclosure

522
00:15:12,510 --> 00:15:15,370
about any facts or any information
about the property throughout our

523
00:15:15,370 --> 00:15:15,610
relationship.

524
00:15:15,610 --> 00:15:16,930
I have a duty to avoid any

525
00:15:16,930 --> 00:15:19,800
conflicts of interest, right?
And a conflict of interest could

526
00:15:19,800 --> 00:15:23,000
be limited dual agency, right?
What if my best friend wants to

527
00:15:23,000 --> 00:15:24,380
buy your house after I list it?
That's probably a conflict of

528
00:15:24,380 --> 00:15:25,400
interest, right?
And what does that look like?

529
00:15:25,400 --> 00:15:28,080
Or what I tell people, hey, you
might not think my best friend's a

530
00:15:28,080 --> 00:15:31,580
big deal, but what if my mom
wanted to buy your house, right?

531
00:15:32,000 --> 00:15:34,260
There's a conflict of interest for
sure.

532
00:15:34,260 --> 00:15:37,760
And how do we handle those?
And the last one for the agency

533
00:15:37,760 --> 00:15:39,440
relationship, which called the
client relationship is 100 %

534
00:15:39,440 --> 00:15:40,540
confidentiality, right?
So if you look at each one of

535
00:15:40,680 --> 00:15:43,060
those points, those are things
that are now sacred as a client

536
00:15:43,060 --> 00:15:43,200
relationship.

537
00:15:43,200 --> 00:15:45,020
And what I found in 2008, when I

538
00:15:45,020 --> 00:15:45,260
started.

539
00:15:45,260 --> 00:15:46,360
Those things weren't generally

540
00:15:46,360 --> 00:15:48,080
sacred in the industry.

541
00:15:48,080 --> 00:15:48,940
We would always hear somebody talk

542
00:15:48,940 --> 00:15:50,840
about somebody buying and selling
real estate personally that they

543
00:15:50,840 --> 00:15:51,180
knew.

544
00:15:51,180 --> 00:15:52,420
And we heard their personal story

545
00:15:52,420 --> 00:15:53,580
when maybe we shouldn't have,
right?

546
00:15:53,580 --> 00:15:55,400
Do consumers know what loyalty
means?

547
00:15:55,400 --> 00:15:58,520
Like, what does it mean to be
loyal in a real estate

548
00:15:58,520 --> 00:16:00,260
transaction?
You know, what does full

549
00:16:00,260 --> 00:16:02,260
disclosure mean?
So all these things have a lot of

550
00:16:02,260 --> 00:16:02,800
nuances to them.

551
00:16:02,800 --> 00:16:03,980
So the opposite of that.

552
00:16:03,980 --> 00:16:07,420
which consumers need to know is
that if they're standing in the

553
00:16:07,420 --> 00:16:11,200
open house and they start
divulging a lot of their personal

554
00:16:11,200 --> 00:16:13,040
information, their financing,
their stress and all the things

555
00:16:13,040 --> 00:16:15,830
they have to kind of accomplish,
they're probably putting

556
00:16:15,830 --> 00:16:18,830
themselves in a weakened position
if they do write an offer.

557
00:16:18,830 --> 00:16:22,350
And so, you know, it's kind of the
real estate licensee, the

558
00:16:22,350 --> 00:16:25,830
realtor's job to inform the
consumer so the consumer can share

559
00:16:25,830 --> 00:16:27,390
things based on informed consent.

560
00:16:27,390 --> 00:16:27,510
Right.

561
00:16:27,510 --> 00:16:28,670
So there's a balance there.

562
00:16:28,670 --> 00:16:29,610
So. All right.

563
00:16:29,610 --> 00:16:30,910
And how does Realtor
ca work?

564
00:16:30,910 --> 00:16:32,090
Oh, Realtor
ca is very interesting.

565
00:16:32,090 --> 00:16:33,090
Canada started with MLS .ca.

566
00:16:33,090 --> 00:16:34,710
So when I started, it was MLS .ca.

567
00:16:34,710 --> 00:16:36,890
We could put seven photos on the
system, but there was a lot of

568
00:16:36,890 --> 00:16:37,010
data.

569
00:16:37,010 --> 00:16:39,030
So we were putting sales data in

570
00:16:39,030 --> 00:16:39,230
there.

571
00:16:39,230 --> 00:16:40,550
You could search sales for back to

572
00:16:40,550 --> 00:16:43,710
like the 90s at the time in 2008
when I started.

573
00:16:43,950 --> 00:16:45,970
So Realtor
ca came about from MLS .ca.

574
00:16:45,970 --> 00:16:47,990
It was a branding change.

575
00:16:47,990 --> 00:16:49,450
And I think primarily they did it

576
00:16:49,630 --> 00:16:51,990
because CREA, the Canadian Real
Estate Association, which we

577
00:16:51,990 --> 00:16:54,230
mentioned earlier, as our
association, they own the name

578
00:16:54,230 --> 00:16:54,870
Realtor.

579
00:16:54,870 --> 00:16:57,840
And I love that because if you

580
00:16:57,840 --> 00:17:01,080
ever watch Santa Clara Rita Diet
with who's the actress that does

581
00:17:01,080 --> 00:17:03,180
that one, she talks a real tour.

582
00:17:03,180 --> 00:17:03,640
It's real tour.

583
00:17:03,740 --> 00:17:05,119
We have to say it the right way.

584
00:17:05,119 --> 00:17:05,260
Yeah.

585
00:17:05,260 --> 00:17:07,900
Meganrealtor
ca, I think, was good for Canada

586
00:17:07,900 --> 00:17:09,000
because in Canada, we have one
Realtor .ca.

587
00:17:09,000 --> 00:17:11,280
In the U
S., there is over, I mean, I'm

588
00:17:11,280 --> 00:17:13,180
sure they've consolidated, but the
last time I saw a presentation on

589
00:17:13,180 --> 00:17:13,920
the U .S.

590
00:17:13,920 --> 00:17:16,520
MLS system, there was over 500 MLS

591
00:17:16,520 --> 00:17:17,720
systems in the U .S.

592
00:17:17,720 --> 00:17:18,980
A city will have like a bunch of

593
00:17:18,980 --> 00:17:21,260
different MLS systems, a bunch of
different MLS systems, which is

594
00:17:21,420 --> 00:17:23,200
kind of hard to think about being
from here.

595
00:17:23,200 --> 00:17:26,680
Yeah, if you want to buy a house
in Seattle, you know, you go to

596
00:17:26,680 --> 00:17:28,540
MLS
com, you're not really sure you're

597
00:17:28,540 --> 00:17:29,200
seeing everything.

598
00:17:29,200 --> 00:17:30,020
But if you go to realtor

599
00:17:30,020 --> 00:17:34,460
ca, and you start searching in
Vancouver, you're going to see

600
00:17:34,460 --> 00:17:35,740
every single listing there.

601
00:17:35,740 --> 00:17:37,880
That's a powerful thing that the

602
00:17:37,960 --> 00:17:38,300
realtor
ca does.

603
00:17:38,300 --> 00:17:41,920
So number one, realtor
ca is probably in the world, the

604
00:17:42,140 --> 00:17:47,000
number one focus for consumers who
want to purchase real estate in

605
00:17:47,240 --> 00:17:47,300
Canada.

606
00:17:47,300 --> 00:17:48,860
So like we know consumer wise, you

607
00:17:48,960 --> 00:17:51,440
know, 85 % or more of the
consumers start their search on

608
00:17:51,440 --> 00:17:52,020
realtor
ca in Canada.

609
00:17:52,200 --> 00:17:53,560
And it's completely opposite
experience in the US.

610
00:17:53,560 --> 00:17:55,580
Now, do you guys have like a
professional login for that?

611
00:17:55,580 --> 00:18:00,100
So it opens up more information?
Yeah, we get to see the back end.

612
00:18:00,100 --> 00:18:04,360
We call it the back end, right?
And there's interfaces and

613
00:18:04,360 --> 00:18:04,620
programs.

614
00:18:04,620 --> 00:18:06,840
And so, yeah, you know, we have

615
00:18:07,040 --> 00:18:09,360
access to the sold data,
statistical data on every aspect

616
00:18:09,640 --> 00:18:13,100
of a real estate transaction
that's in the system.

617
00:18:13,450 --> 00:18:16,510
The search capabilities are quite
a bit more extensive than what you

618
00:18:16,510 --> 00:18:18,870
can do as a consumer on realtor
.ca.

619
00:18:18,870 --> 00:18:22,110
And it's not done that way because
we don't want consumers to search.

620
00:18:22,110 --> 00:18:23,030
I think this is the challenge we
have.

621
00:18:25,530 --> 00:18:29,050
It's just that in Canada, we have
a lot of real estate boards that

622
00:18:29,050 --> 00:18:31,910
send the data up to realtor .ca.

623
00:18:31,910 --> 00:18:33,930
And over the years, every board

624
00:18:33,930 --> 00:18:35,330
has a slightly different data
feed, right?

625
00:18:35,330 --> 00:18:38,270
So, you know, in Mississauga, I
might search for a two bedroom

626
00:18:38,270 --> 00:18:39,510
plus den house.

627
00:18:39,510 --> 00:18:41,830
Well, in our board, we don't mark

628
00:18:41,830 --> 00:18:43,770
off dens, so you can't search a
den.

629
00:18:43,770 --> 00:18:44,370
The Realtor
ca system is a very good search.

630
00:18:44,370 --> 00:18:45,590
It's very good geographic as well.

631
00:18:45,590 --> 00:18:47,450
And the app is absolutely

632
00:18:47,450 --> 00:18:47,630
wonderful.

633
00:18:47,630 --> 00:18:48,660
And so recently, Realtor

634
00:18:48,660 --> 00:18:49,940
ca became a private entity owned
by Korea.

635
00:18:50,400 --> 00:18:51,140
So it's owned by Realtor.

636
00:18:51,140 --> 00:18:52,340
So we own it.

637
00:18:52,340 --> 00:18:55,140
And that'll give us a little bit
more flexibility to put more money

638
00:18:55,180 --> 00:18:57,620
into Realtor
ca to sort of expand.

639
00:18:57,620 --> 00:18:59,040
the consumer search capabilities
of that system.

640
00:18:59,040 --> 00:19:01,400
In the U
S., they don't have that

641
00:19:01,400 --> 00:19:04,260
restriction in their companies,
but we do in Canada being a...

642
00:19:04,260 --> 00:19:08,140
Not -for -profit CREA and our
associations are not -for

643
00:19:08,140 --> 00:19:08,380
-profits.

644
00:19:08,380 --> 00:19:10,260
We can't really bring on a ton of

645
00:19:10,260 --> 00:19:13,680
advertising and we can't sell
services as part of Realtor .ca.

646
00:19:13,680 --> 00:19:15,600
So now we can.

647
00:19:15,600 --> 00:19:17,400
So I'm excited to see what's going

648
00:19:17,930 --> 00:19:19,970
to happen in the next few years.

649
00:19:19,970 --> 00:19:21,130
We're very fortunate to have

650
00:19:21,130 --> 00:19:22,130
Realtor
ca in Canada.

651
00:19:22,130 --> 00:19:24,570
You mentioned, mentioned, you
know, it started out, MLS

652
00:19:24,570 --> 00:19:27,710
ca or whatever it was, started out
with like seven photos.

653
00:19:27,710 --> 00:19:30,950
Now, what are you guys up to like
60 you can go to or something?

654
00:19:31,290 --> 00:19:32,130
No, I think it's 100.

655
00:19:32,130 --> 00:19:33,270
It's 100 now.

656
00:19:33,270 --> 00:19:37,830
Yeah, I blame Century 21 Assurance
in Kelowna because I think it was

657
00:19:37,830 --> 00:19:38,690
2009 or something.

658
00:19:38,960 --> 00:19:40,800
And I want to pay homage to him

659
00:19:40,800 --> 00:19:42,980
because he's just a great guy
going through a tough time now.

660
00:19:42,980 --> 00:19:45,660
But Terry Peters was a
photographer at our brokerage at

661
00:19:45,660 --> 00:19:46,120
the time.

662
00:19:46,120 --> 00:19:47,320
And I was looking online.

663
00:19:47,320 --> 00:19:48,460
I was at a different brokerage.

664
00:19:48,620 --> 00:19:50,460
And the next thing you know, I see

665
00:19:50,460 --> 00:19:52,700
21 high definition photos and all
the listings at Century 21.

666
00:19:52,700 --> 00:19:55,520
And I went, oh, man, that looks
way better.

667
00:19:55,520 --> 00:19:57,440
Back when that was not a normal
thing.

668
00:19:57,660 --> 00:19:59,260
Now it's crazy if you don't.

669
00:19:59,420 --> 00:20:01,660
I mean, no one did it back then.

670
00:20:01,660 --> 00:20:03,240
And their listings look so good.

671
00:20:03,320 --> 00:20:04,880
I mean, I had to buy a DSLR

672
00:20:04,880 --> 00:20:05,120
camera.

673
00:20:05,120 --> 00:20:06,920
You know, I'm pretty good with

674
00:20:06,920 --> 00:20:09,360
electronics, but my photos never
were half as good as Terry's.

675
00:20:09,360 --> 00:20:13,660
I mean, since it's evolving, do
you think you'll get to the point

676
00:20:13,660 --> 00:20:17,860
of like, you just meet your
clients and say, here's like a set

677
00:20:18,020 --> 00:20:18,620
of virtual 3D goggles.

678
00:20:18,900 --> 00:20:20,160
And then they just sit at home and

679
00:20:20,160 --> 00:20:21,080
like walk through homes.

680
00:20:21,080 --> 00:20:22,840
I would say no. I don't think

681
00:20:22,840 --> 00:20:23,340
that's...

682
00:20:23,440 --> 00:20:23,720
Yeah.

683
00:20:23,720 --> 00:20:28,380
I mean, one of the myths I hear
all the time, and my wife and I

684
00:20:28,380 --> 00:20:32,070
even said this when we bought our
house in Ontario, because we had a

685
00:20:32,070 --> 00:20:35,110
real estate agent in Ontario help
us look for a house.

686
00:20:35,110 --> 00:20:37,750
And even here in Kelowna, my wife
one day, we're talking to friends

687
00:20:37,750 --> 00:20:40,890
and she says, well, you know what?
I don't know what our realtor

688
00:20:40,890 --> 00:20:41,990
really does because you know what?
We found our house.

689
00:20:41,990 --> 00:20:43,570
We found our own house.

690
00:20:43,570 --> 00:20:44,550
We found it ourselves.

691
00:20:44,550 --> 00:20:47,110
Where did she find it?
Well, she found it on realtor .ca.

692
00:20:47,110 --> 00:20:50,750
And at the time the realtor had
shown us, you know, about six or

693
00:20:50,750 --> 00:20:50,810
seven houses.

694
00:20:50,810 --> 00:20:51,910
We've been out with them twice.

695
00:20:51,910 --> 00:20:54,390
But the advice he was giving us
about the knowledge in the area

696
00:20:54,390 --> 00:20:56,350
was the reason why we found that
house.

697
00:20:56,350 --> 00:20:57,970
Yeah, we knew the area and
everything else.

698
00:20:57,970 --> 00:21:01,530
But by the time we looked at eight
houses, we knew what we didn't

699
00:21:01,530 --> 00:21:01,650
want.

700
00:21:01,650 --> 00:21:02,770
We knew what we kind of wanted.

701
00:21:02,770 --> 00:21:05,870
As a consumer, you look at these
houses and they all look amazing.

702
00:21:05,870 --> 00:21:07,890
But until you actually step foot
inside of them, you really don't

703
00:21:07,890 --> 00:21:08,970
get a sense of what they are.

704
00:21:08,970 --> 00:21:11,150
I really don't get a sense of what

705
00:21:11,150 --> 00:21:11,490
they are.

706
00:21:11,490 --> 00:21:13,070
And so after even looking at eight

707
00:21:13,410 --> 00:21:15,610
houses, you know, we were all
ready to pick our own house.

708
00:21:15,610 --> 00:21:17,510
I always remember that comment
because, you know, you hear that a

709
00:21:17,650 --> 00:21:17,750
lot.

710
00:21:17,750 --> 00:21:18,850
Oh, I don't need a realtor.

711
00:21:18,850 --> 00:21:20,490
I found my own house.

712
00:21:20,610 --> 00:21:20,650
Well.

713
00:21:20,650 --> 00:21:24,250
You know, it was the advice piece
for us in those early days because

714
00:21:24,250 --> 00:21:26,790
we were new to Ontario and we were
new to Kelowna.

715
00:21:26,790 --> 00:21:30,710
You think that had something to do
with like the old mentality when

716
00:21:30,710 --> 00:21:32,190
the MLS was literally just like a
book?

717
00:21:32,190 --> 00:21:35,110
had something to do with like the
old mentality when the MLS was

718
00:21:35,110 --> 00:21:36,530
literally just like a book?
Yeah.

719
00:21:36,530 --> 00:21:38,890
That would make more sense for a
realtor to find your house.

720
00:21:38,890 --> 00:21:42,190
But now, like, when I'm looking
for houses, I also use Realtor

721
00:21:42,190 --> 00:21:42,410
.ca.

722
00:21:42,410 --> 00:21:43,470
Like, I use obviously our MLS

723
00:21:43,470 --> 00:21:45,050
system too, but like, man, Realtor
ca is a better program.

724
00:21:45,050 --> 00:21:46,450
Like, that thing's just awesome.

725
00:21:46,450 --> 00:21:47,730
To your point, Matt, if we look at

726
00:21:47,730 --> 00:21:49,550
the 3D walkthroughs, which really
started around 2018 prior to

727
00:21:49,550 --> 00:21:51,090
COVID, right?
I remember when we decided to have

728
00:21:51,090 --> 00:21:52,970
all of our listings at the
brokerage, we're going to have a

729
00:21:52,970 --> 00:21:53,130
Matterport 3D.

730
00:21:53,130 --> 00:21:54,150
That was pretty significant as

731
00:21:54,150 --> 00:21:55,750
well, because there's a lot of
programming that goes into that.

732
00:21:55,750 --> 00:21:57,990
It extends the photo shoot from an
hour to about two and a half

733
00:21:57,990 --> 00:21:58,250
hours.

734
00:21:58,250 --> 00:22:00,630
There's a lot of uploading and

735
00:22:00,630 --> 00:22:00,990
programming time.

736
00:22:00,990 --> 00:22:02,350
But now you can walk through the

737
00:22:02,510 --> 00:22:03,670
house virtually in a sense.

738
00:22:03,810 --> 00:22:04,230
And what's interesting about that

739
00:22:04,230 --> 00:22:07,460
is as a marketing guy, I looked at
that as showing avoidance.

740
00:22:07,460 --> 00:22:10,340
So what that does is that creates
showing avoidance for your listing

741
00:22:10,480 --> 00:22:12,260
because consumers walk through it
and they think they know the

742
00:22:12,260 --> 00:22:12,420
house.

743
00:22:12,420 --> 00:22:13,640
But when you actually walk through

744
00:22:13,660 --> 00:22:15,500
the house, it feels different when
you're in person versus the

745
00:22:15,500 --> 00:22:15,740
virtual.

746
00:22:15,740 --> 00:22:17,480
So in my gut, I know that the

747
00:22:17,480 --> 00:22:19,660
virtual tours are super cool and
they're really helpful, but they

748
00:22:19,660 --> 00:22:22,520
may harm some consumers, in my
opinion, because some houses just

749
00:22:22,520 --> 00:22:22,440
feel really cool, like the
construction and the build quality

750
00:22:22,440 --> 00:22:24,180
and the surfaces and the colors,
because you never really get the

751
00:22:24,180 --> 00:22:25,360
exact views and stuff like that.

752
00:22:25,480 --> 00:22:26,040
It's hard to see.

753
00:22:26,040 --> 00:22:28,220
photos, right?
What does it feel like when you're

754
00:22:28,220 --> 00:22:30,040
sitting at the kitchen table
looking at the window?

755
00:22:30,040 --> 00:22:31,200
You'll see that in the Matterport
in the 3D.

756
00:22:31,260 --> 00:22:34,150
I should just say 3D, but you
don't get the feeling for it.

757
00:22:34,150 --> 00:22:36,070
It's amazing because through
COVID, that was one of those

758
00:22:36,070 --> 00:22:37,870
things where the board, we had to
make the decision.

759
00:22:37,870 --> 00:22:40,230
If the listing can't be shown, it
can't be on realtor .ca.

760
00:22:40,230 --> 00:22:41,490
That's one of our rules.

761
00:22:41,490 --> 00:22:42,870
So when you list on realtor

762
00:22:39,090 --> 00:22:41,490
ca, you have to agree that your
property can be viewed for sale

763
00:22:41,490 --> 00:22:44,030
unless it's new construction,
unless it's a lot, for example, or

764
00:22:44,030 --> 00:22:44,870
there's a real extenuating
circumstance.

765
00:22:44,870 --> 00:22:47,670
So in COVID, all the listings that
had 3D Matterports were considered

766
00:22:47,670 --> 00:22:48,350
available to show.

767
00:22:48,350 --> 00:22:51,050
And it allowed us to keep them up.

768
00:22:51,050 --> 00:22:55,010
And we were encouraging agents who
hadn't done that to do it so that

769
00:22:55,410 --> 00:22:57,600
we could maintain the system, the
integrity of Realtor .ca.

770
00:22:57,780 --> 00:22:59,720
So it was kind of a funny nuance.

771
00:22:59,720 --> 00:23:02,560
You said something funny there

772
00:23:02,560 --> 00:23:05,640
too, that like the walkthrough,
people don't want to see the

773
00:23:05,640 --> 00:23:05,880
house.

774
00:23:05,880 --> 00:23:07,340
So I know of agents that they put

775
00:23:07,340 --> 00:23:09,580
on limited photos, like one or...

776
00:23:09,580 --> 00:23:10,900
10 photos just so the consumer

777
00:23:10,900 --> 00:23:11,120
can't see.

778
00:23:11,120 --> 00:23:12,780
So they have to book a showing so

779
00:23:12,780 --> 00:23:14,960
it turns into like a lead
generation situation for them.

780
00:23:14,960 --> 00:23:16,900
So having worse photos is actually
better for the agent.

781
00:23:16,900 --> 00:23:18,220
which is super weird.

782
00:23:18,720 --> 00:23:19,120
Yeah.

783
00:23:19,120 --> 00:23:22,370
And I think the jury's out whether
that's bad for the consumer or

784
00:23:22,370 --> 00:23:22,710
not.

785
00:23:22,710 --> 00:23:24,110
You know, like if somebody calls

786
00:23:24,110 --> 00:23:28,050
you and looks at the property and
with all its warts and things,

787
00:23:28,050 --> 00:23:30,130
maybe less photos for some
properties is the right strategy.

788
00:23:30,130 --> 00:23:30,510
Right.

789
00:23:30,510 --> 00:23:32,690
So, you know, when I first

790
00:23:32,690 --> 00:23:33,710
started, I already got mad.

791
00:23:33,830 --> 00:23:35,550
I see one photo and I was like,

792
00:23:35,650 --> 00:23:37,330
oh, come on, where are all the
photos?

793
00:23:37,330 --> 00:23:40,050
You call him to bitch about it.

794
00:23:40,250 --> 00:23:41,910
And he's like, you called me,

795
00:23:41,910 --> 00:23:44,290
didn't you?
Yeah, you called me and you booked

796
00:23:44,290 --> 00:23:48,430
a showing, you know, and the first
thing you do is when you get there

797
00:23:48,430 --> 00:23:50,310
is you start talking about the
possibilities.

798
00:23:50,310 --> 00:23:53,610
You know, first thing you do is
when you get there is you start

799
00:23:53,610 --> 00:23:55,090
talking about the possibilities.

800
00:23:55,090 --> 00:23:55,270
Right.

801
00:23:55,270 --> 00:23:58,140
Whereas if you look at it online,
the first thing you know is.

802
00:23:58,140 --> 00:23:58,280
Yeah.

803
00:23:58,280 --> 00:23:58,400
Yeah.

804
00:23:58,400 --> 00:23:58,520
Yeah.

805
00:23:58,520 --> 00:23:59,180
It's an interesting one.

806
00:23:59,180 --> 00:24:01,360
So lots of photos is really good.

807
00:24:01,360 --> 00:24:02,480
And one photo could be really

808
00:24:02,480 --> 00:24:02,840
good.

809
00:24:03,040 --> 00:24:03,800
It's interesting how real estate

810
00:24:03,820 --> 00:24:05,440
can be a yin and yang that way.

811
00:24:05,540 --> 00:24:06,560
So it's super counterintuitive,

812
00:24:06,560 --> 00:24:08,880
but it does make sense when you
think about it.

813
00:24:08,880 --> 00:24:10,000
does make sense when you think
about it.

814
00:24:10,200 --> 00:24:11,260
So kind of funny.

815
00:24:11,260 --> 00:24:11,360
Yeah.

816
00:24:11,360 --> 00:24:13,940
So Dean, what's the difference
between a realtor, a licensee, a

817
00:24:13,940 --> 00:24:15,400
salesperson, all those different
titles that we hear?

818
00:24:15,400 --> 00:24:16,880
Yeah, that's a great question.

819
00:24:16,880 --> 00:24:18,380
As a licensee, your license is

820
00:24:18,380 --> 00:24:20,740
held at the regulator BCFSA.

821
00:24:20,740 --> 00:24:23,080
So you've passed a test and you've

822
00:24:23,080 --> 00:24:26,140
taken a course and you're licensed
at a brokerage.

823
00:24:26,140 --> 00:24:29,320
So as consumers are going to
interact with real estate, they're

824
00:24:29,320 --> 00:24:32,380
going to maybe go to an open
house.

825
00:24:32,380 --> 00:24:34,140
They're going to call on a listing
on realtor .ca.

826
00:24:34,140 --> 00:24:36,140
There's a 95%, 99 % chance they're
going to communicate with a

827
00:24:36,140 --> 00:24:36,280
licensee.

828
00:24:36,280 --> 00:24:37,820
The licensee should be identifying

829
00:24:37,820 --> 00:24:39,620
who their principal client is.

830
00:24:39,620 --> 00:24:40,180
So, hey, thanks for calling.

831
00:24:40,180 --> 00:24:41,860
Just so you know, I work for the
seller.

832
00:24:41,860 --> 00:24:43,080
What questions you have about my
listing today, right?

833
00:24:43,080 --> 00:24:44,540
And that kind of roll it out.

834
00:24:44,540 --> 00:24:46,420
However, if you go into a show

835
00:24:46,420 --> 00:24:50,110
home, for example, a new
construction, or you go to a

836
00:24:50,250 --> 00:24:50,290
development.

837
00:24:50,290 --> 00:24:51,430
Some of those agents, and in fact,

838
00:24:51,430 --> 00:24:52,350
most of them are not licensees.

839
00:24:52,350 --> 00:24:53,510
They're representatives of the

840
00:24:53,850 --> 00:24:53,970
developer.

841
00:24:53,970 --> 00:24:56,230
So in British Columbia, we have

842
00:24:56,230 --> 00:24:58,010
two sets of rules.

843
00:24:58,010 --> 00:24:59,530
We have one rule for Real Estate

844
00:24:59,530 --> 00:25:02,370
Services Act and the other rule is
called REDMA, which is the Real

845
00:25:02,370 --> 00:25:02,990
Estate Development Marketing Act.

846
00:25:02,990 --> 00:25:03,990
And so that allows builders and

847
00:25:03,990 --> 00:25:05,310
developers to have their show
home.

848
00:25:05,310 --> 00:25:07,690
It allows them to escort people
through their different

849
00:25:07,690 --> 00:25:08,110
properties.

850
00:25:08,110 --> 00:25:09,750
It allows them to purchase a

851
00:25:09,870 --> 00:25:10,070
property pre -sale.

852
00:25:10,070 --> 00:25:11,210
But there is a caveat because

853
00:25:11,210 --> 00:25:12,930
sometimes developers and builders
would hire a licensee to conduct

854
00:25:13,010 --> 00:25:13,670
that business for them.

855
00:25:13,670 --> 00:25:14,930
So sometimes you might run into a

856
00:25:14,930 --> 00:25:15,590
licensee in that situation.

857
00:25:15,710 --> 00:25:16,830
And so then the rules of dual

858
00:25:16,830 --> 00:25:17,770
agency and disclosure all apply.

859
00:25:17,770 --> 00:25:19,130
The Redma has a set of rules and

860
00:25:19,130 --> 00:25:20,050
disclosure.

861
00:25:20,050 --> 00:25:20,750
But the biggest thing most people

862
00:25:20,750 --> 00:25:20,350
know is that if you buy a presale
or you buy from a developer, you

863
00:25:20,350 --> 00:25:21,290
generally have an automatic seven
-day right of rescission.

864
00:25:21,290 --> 00:25:24,470
If that's in the contract, you
kind of know you're probably

865
00:25:24,470 --> 00:25:25,970
dealing with, you know, some that
might not be licensed.

866
00:25:25,970 --> 00:25:28,230
They probably are an employee of
the developer.

867
00:25:28,230 --> 00:25:29,550
And that's super common.

868
00:25:29,550 --> 00:25:30,670
And many employees of developers

869
00:25:30,670 --> 00:25:33,030
and builders were ex -real estate
agents in the past, for example.

870
00:25:33,030 --> 00:25:33,870
They have a lot of experience.

871
00:25:33,870 --> 00:25:35,910
So that's kind of the two roles

872
00:25:35,910 --> 00:25:36,270
now.

873
00:25:36,270 --> 00:25:38,110
So as a consumer, when are you

874
00:25:38,110 --> 00:25:38,110
interacting with someone?
If it's a licensee, they're most

875
00:25:38,110 --> 00:25:40,370
likely going to tell you right
away their particular role.

876
00:25:40,370 --> 00:25:41,670
You know, I'm licensed at this.

877
00:25:41,670 --> 00:25:44,070
brokerage, this is who I

878
00:25:44,070 --> 00:25:44,350
represent.

879
00:25:44,350 --> 00:25:45,530
The other thing that happens,

880
00:25:45,570 --> 00:25:48,910
which is quite interesting, is
we're going to ask you if you're

881
00:25:48,910 --> 00:25:51,430
working with a realtor or not.

882
00:25:51,430 --> 00:25:53,130
And we'll do it on email, we'll do

883
00:25:53,130 --> 00:25:56,170
it on the telephone, we'll do it
on text.

884
00:25:56,170 --> 00:25:58,070
And that will happen all the time.

885
00:25:58,070 --> 00:25:59,270
And as a consumer, you might get

886
00:25:59,270 --> 00:25:59,910
annoyed by that.

887
00:26:00,070 --> 00:26:01,210
What would be the benefit of

888
00:26:01,210 --> 00:26:03,550
working with a realtor on a
presale?

889
00:26:03,550 --> 00:26:06,110
a presale?
And that's probably one of the

890
00:26:06,110 --> 00:26:09,090
other myths, right?
Like the developer will say, well,

891
00:26:09,090 --> 00:26:12,370
you don't need a realtor, we can
help you with it.

892
00:26:12,370 --> 00:26:15,030
Well, the challenge with that is
the presale contract is written by

893
00:26:15,030 --> 00:26:16,010
the developer, often their lawyer.

894
00:26:16,010 --> 00:26:17,190
It 100 % benefits the developer

895
00:26:17,190 --> 00:26:17,730
and the lawyer.

896
00:26:17,730 --> 00:26:19,950
And there's a lot of paperwork in

897
00:26:19,950 --> 00:26:22,310
there that's necessary in order
for Taylor to actually finance it,

898
00:26:22,310 --> 00:26:23,880
because the contract's quite
complex, right?

899
00:26:23,880 --> 00:26:26,720
Because it hasn't been built yet,
or there's going to be moving

900
00:26:26,840 --> 00:26:29,840
closing dates, and there's going
to be contingencies and holdbacks

901
00:26:29,840 --> 00:26:30,660
and lots of things.

902
00:26:30,660 --> 00:26:32,200
So it's quite a complex contract.

903
00:26:32,200 --> 00:26:35,680
A realtor, a licensee... can add a
lot of value in that process

904
00:26:35,820 --> 00:26:38,930
because we can think clearly while
you get excited about the house,

905
00:26:38,930 --> 00:26:40,990
right?
You know, you kind of get rose

906
00:26:40,990 --> 00:26:45,390
colored glasses and we can help
you sort of look at the layout.

907
00:26:45,390 --> 00:26:49,150
We can help you choose not so much
the colors, but we can help you

908
00:26:49,150 --> 00:26:54,970
look at the contract to make sure
that it's going to meet your needs

909
00:26:54,970 --> 00:26:56,550
because it's one sided contract.

910
00:26:56,550 --> 00:26:59,150
A lot of times you see clauses in

911
00:26:59,350 --> 00:27:02,370
there that the developer and the
builder may not care too much

912
00:27:02,370 --> 00:27:04,390
about it, but it might put.

913
00:27:04,390 --> 00:27:06,450
your client in a bit of a bind

914
00:27:06,450 --> 00:27:07,390
financing wise and things like
that.

915
00:27:07,390 --> 00:27:10,600
So there's a lot of ways that a
licensee can help in that

916
00:27:10,600 --> 00:27:10,900
situation.

917
00:27:10,900 --> 00:27:12,240
Some builders are really good.

918
00:27:12,240 --> 00:27:14,100
You know, they want the licensee
there.

919
00:27:14,100 --> 00:27:16,600
Some of them are a little bit more
prickly about it.

920
00:27:16,660 --> 00:27:18,880
But I would say I personally
wouldn't buy a new development in

921
00:27:18,880 --> 00:27:22,060
a city other than Kelowna unless I
hired a local real estate agent

922
00:27:22,060 --> 00:27:22,240
personally.

923
00:27:22,240 --> 00:27:24,220
And I'm a real estate agent.

924
00:27:24,220 --> 00:27:26,120
So I know the value of seeing it
from having done it myself.

925
00:27:26,120 --> 00:27:27,920
It's a little bit more nuanced,
though.

926
00:27:27,920 --> 00:27:29,460
So we don't write the contract.

927
00:27:29,460 --> 00:27:30,960
But we help you review.

928
00:27:30,960 --> 00:27:33,880
Also, we can do things like CMA,
introduce you to people like

929
00:27:33,880 --> 00:27:34,080
inspectors.

930
00:27:34,080 --> 00:27:34,940
and appraisers and lawyers.

931
00:27:34,940 --> 00:27:35,600
Oh yeah.

932
00:27:35,780 --> 00:27:36,800
The biggest one is the

933
00:27:36,800 --> 00:27:36,900
walkthrough.

934
00:27:36,940 --> 00:27:39,200
Like, you know, what do you do in

935
00:27:39,200 --> 00:27:40,280
a walkthrough?
Who's qualified to do a

936
00:27:40,280 --> 00:27:42,960
walkthrough?
Like, I don't know about you, but

937
00:27:42,960 --> 00:27:45,720
I built a couple of houses, but
I'm still overwhelmed in a

938
00:27:45,720 --> 00:27:46,860
walkthrough because I'm looking at
lots of stuff.

939
00:27:46,860 --> 00:27:49,340
And, you know, as a consumer, you
do have the right to have a

940
00:27:49,340 --> 00:27:51,820
representative there with you and
a real staging can help you.

941
00:27:51,820 --> 00:27:53,620
And if it's quite complex, you
know, the realtor might recommend

942
00:27:53,620 --> 00:27:55,700
that you hire a, like a home
inspector as well.

943
00:27:55,700 --> 00:27:57,240
Somebody to go with you because
new construction out very

944
00:27:57,240 --> 00:27:57,480
expensive.

945
00:27:57,480 --> 00:27:57,860
Builders are amazing.

946
00:27:57,860 --> 00:27:58,800
The quality homes are really good,
but.

947
00:27:58,800 --> 00:28:02,420
I mean, it's always good to have a
second set of eyes, look at

948
00:28:02,420 --> 00:28:02,900
everything.

949
00:28:02,900 --> 00:28:03,900
Yeah, 100%.

950
00:28:03,900 --> 00:28:08,620
As a consumer, Dean, should we
just call the listing agent or

951
00:28:08,620 --> 00:28:10,980
should we call our realtor first?
Or what do you think on that?

952
00:28:10,980 --> 00:28:13,500
As a broker, I have two answers.

953
00:28:13,500 --> 00:28:15,820
One, as a real estate agent, I'd

954
00:28:15,980 --> 00:28:16,940
be like, yeah, call me.

955
00:28:16,940 --> 00:28:18,460
I'll answer any question you have,

956
00:28:18,460 --> 00:28:20,000
right?
So if you call the listing agent,

957
00:28:20,000 --> 00:28:22,880
the listing agent is allowed to
give you factual information about

958
00:28:22,880 --> 00:28:23,120
the property.

959
00:28:23,120 --> 00:28:26,380
If you call the listing agent and

960
00:28:26,480 --> 00:28:27,920
say, hey, What's going on with the
seller?

961
00:28:27,920 --> 00:28:29,760
I noticed you dropped the price.

962
00:28:29,760 --> 00:28:31,080
Are they desperate to sell?

963
00:28:31,080 --> 00:28:32,800
Well, then the listing agent is
prohibited from telling you that.

964
00:28:32,800 --> 00:28:35,440
So if your intention of calling
the listing agent is you're

965
00:28:35,440 --> 00:28:37,280
looking for some secret weapon
that you can use to benefit

966
00:28:37,280 --> 00:28:38,920
yourself, you know, it's probably
not a great call.

967
00:28:38,920 --> 00:28:41,040
But if you intend to go into a
transaction mode where you're

968
00:28:41,040 --> 00:28:42,980
thinking of screening this
property and comparing it to

969
00:28:42,980 --> 00:28:43,480
others.

970
00:28:43,700 --> 00:28:44,680
I would hope that by that time

971
00:28:44,680 --> 00:28:46,380
you'd hired a buyer's agent to
help you professionally, you know,

972
00:28:46,380 --> 00:28:47,840
tackle this in a professional way.

973
00:28:47,840 --> 00:28:49,920
But you can certainly call the

974
00:28:49,920 --> 00:28:50,760
listing agent anytime you like.

975
00:28:50,760 --> 00:28:52,100
The listing agent would encourage

976
00:28:52,100 --> 00:28:52,320
you.

977
00:28:52,440 --> 00:28:53,700
But the listing agent also would

978
00:28:53,700 --> 00:28:56,780
have to be quite honest with you
that if you wanted to write the

979
00:28:56,880 --> 00:28:58,380
offer, that that agent wouldn't be
able to help you do it.

980
00:28:58,380 --> 00:29:02,020
And I think that in and of itself
sort of says to me, well, you

981
00:29:02,020 --> 00:29:03,800
know, it'd be great then.

982
00:29:03,800 --> 00:29:05,060
Why don't you have your own

983
00:29:05,060 --> 00:29:06,620
representative?
But we hear a lot that the

984
00:29:06,620 --> 00:29:09,000
consumer says, oh, I don't want to
bother my agent.

985
00:29:09,000 --> 00:29:11,720
You know, I thought I would call a
listing agent and really a buyer's

986
00:29:11,720 --> 00:29:12,880
agent that's bothered because
their client calls.

987
00:29:12,880 --> 00:29:14,800
I don't know any of them that are
like that.

988
00:29:14,800 --> 00:29:15,900
They want you to call them.

989
00:29:15,900 --> 00:29:17,340
you to call them.

990
00:29:17,340 --> 00:29:20,600
As a listing agent, I have quite a
few listings going.

991
00:29:20,660 --> 00:29:22,060
I get those calls all the time.

992
00:29:22,300 --> 00:29:22,800
I also get calls from other

993
00:29:22,800 --> 00:29:25,100
listing agents where my clients
have called them and said they

994
00:29:25,280 --> 00:29:25,880
don't want to bother me.

995
00:29:25,960 --> 00:29:26,820
And I love getting those calls.

996
00:29:26,820 --> 00:29:29,400
And I don't know any agents that
wouldn't want to get a call.

997
00:29:29,400 --> 00:29:30,100
Yeah.

998
00:29:30,100 --> 00:29:30,220
Yeah.

999
00:29:30,220 --> 00:29:32,680
And I think, you know, part of
this is consumer service, right?

1000
00:29:32,680 --> 00:29:33,820
So we look at what's customer
service.

1001
00:29:33,820 --> 00:29:36,200
I think the primary duty of a
listing agent is to sell the

1002
00:29:36,200 --> 00:29:36,420
listing.

1003
00:29:36,420 --> 00:29:38,460
So if a consumer calls me and they

1004
00:29:38,460 --> 00:29:40,660
understand that I work for the
seller, then I'm going to give

1005
00:29:40,660 --> 00:29:43,960
them customer service and, you
know, try to sell the listing, do

1006
00:29:43,960 --> 00:29:45,140
the best I can.

1007
00:29:45,140 --> 00:29:48,120
I also know that if the person on

1008
00:29:48,120 --> 00:29:49,460
the phone starts divulging a lot
of personal information, I'd kind

1009
00:29:49,460 --> 00:29:52,800
of have to be a little bit
careful.

1010
00:29:52,940 --> 00:29:54,660
I actually hope that they have an
agent that they're working with

1011
00:29:54,660 --> 00:29:56,160
because in that way, you know, I
can extend the conversation

1012
00:29:56,280 --> 00:29:58,040
further and I can do more follow
up.

1013
00:29:58,160 --> 00:29:58,280
Right.

1014
00:29:58,340 --> 00:29:59,360
And I think that's probably what

1015
00:29:59,360 --> 00:29:59,720
consumers don't understand.

1016
00:29:59,820 --> 00:30:01,560
Like a lot of times we want the

1017
00:30:01,660 --> 00:30:04,720
buyer to be working with another
agent so we can be maybe a bit

1018
00:30:04,720 --> 00:30:07,560
more aggressive with our sales
pitch and, you know, and push them

1019
00:30:07,560 --> 00:30:09,770
a little bit more because to see
how serious they are, because

1020
00:30:09,770 --> 00:30:12,790
really as a listing agent, I mean,
we don't get paid until the house

1021
00:30:12,830 --> 00:30:12,910
sells.

1022
00:30:12,910 --> 00:30:13,010
Right.

1023
00:30:13,010 --> 00:30:15,950
So, you know, we're not sitting
back just waiting for the phone to

1024
00:30:15,950 --> 00:30:16,250
ring.

1025
00:30:16,250 --> 00:30:17,930
I mean, if somebody calls us,

1026
00:30:17,930 --> 00:30:19,290
we're going to grill them.

1027
00:30:19,290 --> 00:30:21,190
But it's great when they have an

1028
00:30:21,330 --> 00:30:23,070
agent because then we can grill
them even more afterwards.

1029
00:30:23,070 --> 00:30:25,890
Can we maybe take a step back and
figure out like if I'm new?

1030
00:30:25,890 --> 00:30:28,940
a step back and figure out like if
I'm new?

1031
00:30:28,940 --> 00:30:32,280
to Kelowna and I want to buy a
home or if I've lived in my home

1032
00:30:32,280 --> 00:30:35,540
for 30 years and my last agent's
well -retired, where do you guys

1033
00:30:35,540 --> 00:30:38,340
start to find an agent?
Do you feel most consumers just

1034
00:30:38,340 --> 00:30:41,300
Google it, ask a friend, like
where do we start to find an

1035
00:30:41,300 --> 00:30:42,640
agent?
So Taylor, what I do is I listen

1036
00:30:42,640 --> 00:30:44,900
to my favorite podcast in Kelowna
and I call that guy.

1037
00:30:44,900 --> 00:30:45,140
Yeah, exactly.

1038
00:30:45,140 --> 00:30:46,180
So there's a lot of research on

1039
00:30:46,180 --> 00:30:47,080
this through Korea and Realtor
.ca.

1040
00:30:47,080 --> 00:30:48,940
67%, generally speaking, which we
all know is two thirds, right?

1041
00:30:48,940 --> 00:30:51,000
It's kind of a standard deviation
number, generally ask for a

1042
00:30:51,000 --> 00:30:51,500
referral from someone.

1043
00:30:51,500 --> 00:30:52,800
So, you know, most consumers ask a

1044
00:30:52,800 --> 00:30:53,840
trusted friend who they might
know.

1045
00:30:53,960 --> 00:30:55,020
And that's how a lot of the
introductions come from.

1046
00:30:55,020 --> 00:30:57,700
And it really surprises people
that, you know, if you see a

1047
00:30:57,700 --> 00:30:59,600
billboard and you see a lot of
advertising and see social media,

1048
00:30:59,700 --> 00:31:00,560
that's generally not where people
go.

1049
00:31:00,560 --> 00:31:02,200
There's a large number of people
who, pick the local expert.

1050
00:31:02,200 --> 00:31:05,500
So they look in the area and if
they see an agent with a lot of

1051
00:31:05,500 --> 00:31:07,340
signs, I think that's about 10, 12
% do that.

1052
00:31:07,340 --> 00:31:08,820
There is a portion that meet
people kind of randomly like open

1053
00:31:09,340 --> 00:31:10,500
houses and things like that.

1054
00:31:10,500 --> 00:31:11,480
So it's kind of an interesting

1055
00:31:11,480 --> 00:31:14,010
balance of it, but that large
portion of people generally go

1056
00:31:14,090 --> 00:31:14,430
based on referral.

1057
00:31:14,590 --> 00:31:15,770
I've audited my own business quite

1058
00:31:15,770 --> 00:31:16,530
a bit.

1059
00:31:16,630 --> 00:31:17,490
And I think it follows almost

1060
00:31:17,490 --> 00:31:20,610
exactly these lines is that two
thirds are people that I just know

1061
00:31:20,610 --> 00:31:22,050
and like you have a good
relationship with.

1062
00:31:22,050 --> 00:31:25,070
This is why it's so important for
an agent to be social, have like a

1063
00:31:25,070 --> 00:31:26,570
social life and lots of friends.

1064
00:31:26,570 --> 00:31:27,970
But also when your social life,

1065
00:31:27,970 --> 00:31:30,770
you're not just the guy that's
having 17 beers and like you have

1066
00:31:30,770 --> 00:31:33,130
to be a little bit professional,
even in your personal life, you

1067
00:31:33,130 --> 00:31:34,890
know, so that people want to trust
you to buy the house.

1068
00:31:35,290 --> 00:31:36,830
So I find that's a thing.

1069
00:31:36,830 --> 00:31:37,970
But then also listings, like your

1070
00:31:37,970 --> 00:31:39,510
listings, you get the call.

1071
00:31:39,510 --> 00:31:41,310
So if you're the local expert, if

1072
00:31:41,310 --> 00:31:42,920
they just see your signs
everywhere, you get calls like

1073
00:31:42,920 --> 00:31:43,000
that.

1074
00:31:43,000 --> 00:31:45,120
I would agree with that by your

1075
00:31:45,300 --> 00:31:45,400
math.

1076
00:31:45,400 --> 00:31:46,060
That's like 80 % of.

1077
00:31:46,060 --> 00:31:48,320
Yeah, there's probably five to
eight percent that are sort of

1078
00:31:48,320 --> 00:31:50,840
like a marketing driven kind of
things, like if you're advertising

1079
00:31:50,840 --> 00:31:53,080
or they're going to click on an ad
and they get there eventually.

1080
00:31:53,080 --> 00:31:55,000
And often, you know, what's
interesting about our profession

1081
00:31:55,000 --> 00:31:57,120
is, you know, when we look at
inquiries from realtor

1082
00:31:57,120 --> 00:31:59,140
ca, a very low proportion of them
get answered.

1083
00:31:59,320 --> 00:32:00,680
So, you know, as a profession, as
a broker.

1084
00:32:00,680 --> 00:32:00,880
That's true.

1085
00:32:00,880 --> 00:32:01,560
Statistically, there's a lot of

1086
00:32:01,620 --> 00:32:02,580
data that shows inquiries from
realtor

1087
00:32:02,580 --> 00:32:03,800
ca are not answered very promptly
sometimes.

1088
00:32:03,800 --> 00:32:05,700
And so it's shocking to me because
everyone that I know who are often

1089
00:32:05,700 --> 00:32:08,740
full -time realtors working really
hard, I don't see that.

1090
00:32:08,740 --> 00:32:08,340
But statistically, nationally,
they see a lot of these inquiries

1091
00:32:08,340 --> 00:32:09,800
not being responded to.

1092
00:32:09,800 --> 00:32:12,410
And I think that's a missed

1093
00:32:12,410 --> 00:32:12,990
opportunity for the profession.

1094
00:32:12,990 --> 00:32:14,870
But I also think that everybody

1095
00:32:14,870 --> 00:32:16,850
comes into the profession at their
own level, right?

1096
00:32:16,850 --> 00:32:19,730
There's a lot of agents that maybe
aren't full -time.

1097
00:32:19,730 --> 00:32:21,590
There's a lot that are full -time.

1098
00:32:21,590 --> 00:32:23,690
Your phone could be ringing all

1099
00:32:23,790 --> 00:32:24,150
the time.

1100
00:32:24,150 --> 00:32:25,050
You wake up that night.

1101
00:32:25,050 --> 00:32:28,510
next morning and you see a couple
of emails and, you know, by two or

1102
00:32:28,510 --> 00:32:31,130
three o 'clock in the afternoon,
maybe you didn't answer those.

1103
00:32:32,220 --> 00:32:34,100
That couldn't just happen.

1104
00:32:34,100 --> 00:32:34,600
That's part of life.

1105
00:32:34,600 --> 00:32:39,680
There's no way I can tell you in
the 13 years that I was a

1106
00:32:39,680 --> 00:32:41,240
salesperson that I got back to
everybody in 30 minutes.

1107
00:32:41,240 --> 00:32:43,060
That's just impossible.

1108
00:32:43,060 --> 00:32:43,800
Yeah.

1109
00:32:43,800 --> 00:32:47,240
If you're with your client, know,
you're like, sorry, I got to.

1110
00:32:47,240 --> 00:32:48,440
Talk to this other client.

1111
00:32:48,440 --> 00:32:49,980
That's not the greatest look.

1112
00:32:49,980 --> 00:32:53,140
In BC, so going on the sales side
of things, if you're selling your

1113
00:32:53,240 --> 00:32:54,520
home, is there just a standard
commission everywhere?

1114
00:32:54,520 --> 00:32:56,440
I know geographically it changes a
little bit with the big

1115
00:32:56,440 --> 00:32:59,760
brokerages, right?
But then you have some of these

1116
00:32:59,760 --> 00:33:00,520
low commission split brokerages.

1117
00:33:00,520 --> 00:33:01,860
I guess what's the difference

1118
00:33:01,860 --> 00:33:03,140
there?
This is one of those conversations

1119
00:33:03,140 --> 00:33:06,000
that if you have 100 realtors in a
room and you want to talk about

1120
00:33:06,000 --> 00:33:09,260
commission, 99 of them will run
out of the room because we're not

1121
00:33:09,260 --> 00:33:10,240
allowed to talk about commission.

1122
00:33:10,240 --> 00:33:11,400
But commission is a super

1123
00:33:11,400 --> 00:33:12,800
important topic for consumers.

1124
00:33:12,800 --> 00:33:14,100
And I think that, you know, how we

1125
00:33:14,100 --> 00:33:18,280
learn to talk about money as a
real estate agent is generally how

1126
00:33:18,280 --> 00:33:19,200
we develop as a person.

1127
00:33:19,200 --> 00:33:21,060
When I started in real estate, I

1128
00:33:21,060 --> 00:33:23,800
wasn't very good at talking about
people's finances, but I got

1129
00:33:23,800 --> 00:33:25,460
really good quickly because we
were negotiating for millions of

1130
00:33:25,460 --> 00:33:25,840
dollars.

1131
00:33:25,840 --> 00:33:26,880
I think that's a very important

1132
00:33:26,880 --> 00:33:29,600
point because like when I started
as an agent, you're like, ah, you

1133
00:33:29,600 --> 00:33:32,540
know, like I probably shouldn't
know this, but now it's like, I

1134
00:33:32,540 --> 00:33:33,140
need to know.

1135
00:33:33,140 --> 00:33:35,000
Like, you don't need to tell me

1136
00:33:35,000 --> 00:33:37,080
all the details, but like if you
have a $900 ,000 mortgage and you

1137
00:33:37,160 --> 00:33:39,620
want to sell your house for $900
,000, but it's only worth $800

1138
00:33:39,620 --> 00:33:41,160
,000, like I need to know that.

1139
00:33:41,260 --> 00:33:43,720
So I feel like in my own business,

1140
00:33:43,720 --> 00:33:45,280
I have become a little bit more
proddy with that.

1141
00:33:45,380 --> 00:33:46,620
You have to remember that you're
the professional, right?

1142
00:33:46,620 --> 00:33:47,920
So you have to know what you're
doing here.

1143
00:33:47,920 --> 00:33:51,770
Not everyone comes like that, but
a lot of them do.

1144
00:33:51,810 --> 00:33:54,730
Obviously, I lean a lot on a
lawyer's broker like Taylor to

1145
00:33:54,730 --> 00:33:56,130
kind of tell me what's up.

1146
00:33:56,210 --> 00:33:57,630
But I have to know the broad

1147
00:33:57,630 --> 00:33:58,210
strokes myself for sure.

1148
00:33:58,210 --> 00:34:00,950
And if we go back to where we

1149
00:34:01,110 --> 00:34:03,110
started, if you look at the
disclosure of representation in

1150
00:34:03,110 --> 00:34:03,430
trading services form.

1151
00:34:03,430 --> 00:34:05,470
If you're my client, I owe you 100

1152
00:34:05,470 --> 00:34:07,750
% confidentiality, right?
So as a real estate professional

1153
00:34:07,750 --> 00:34:09,010
today, we're a lot like a lawyer.

1154
00:34:09,360 --> 00:34:11,179
We're a lot like a doctor.

1155
00:34:11,179 --> 00:34:14,000
And I think that if we emphasize
that with clients, they should

1156
00:34:14,000 --> 00:34:15,960
know that their private
information is protected.

1157
00:34:15,960 --> 00:34:19,780
And even if they fire me or they
stop using you and they work with

1158
00:34:19,780 --> 00:34:21,340
someone else, the confidentiality
stays forever.

1159
00:34:21,340 --> 00:34:25,760
So I had a lot of experiences
early on where I saw other agents

1160
00:34:25,760 --> 00:34:26,620
divulging people's personal
information.

1161
00:34:26,699 --> 00:34:28,540
And it would maybe feel really
uncomfortable because I came from

1162
00:34:28,860 --> 00:34:29,900
the medical profession, which...

1163
00:34:29,900 --> 00:34:30,820
confidentiality is super

1164
00:34:30,820 --> 00:34:30,960
important.

1165
00:34:30,960 --> 00:34:32,540
And I think that, yeah, when we

1166
00:34:32,620 --> 00:34:35,040
talk about these things, consumers
need to know that they have a lot

1167
00:34:35,040 --> 00:34:37,679
of protections when they hire an
agent that represents them as a

1168
00:34:37,679 --> 00:34:37,820
client.

1169
00:34:37,820 --> 00:34:38,800
And I think confidentiality is a

1170
00:34:38,639 --> 00:34:40,400
huge, huge, not only comfort, but
it's a professionalism statement

1171
00:34:40,400 --> 00:34:41,820
that they can divulge personal
things to us.

1172
00:34:41,820 --> 00:34:43,060
We can serve them better when we
know everything.

1173
00:34:43,060 --> 00:34:46,000
They should have the confidence
that it's just, it dies with us,

1174
00:34:46,000 --> 00:34:46,860
right?
It's not our story to tell.

1175
00:34:46,860 --> 00:34:47,820
It's theirs in a sense, right?
Absolutely.

1176
00:34:47,820 --> 00:34:49,060
I agree with that 100%.

1177
00:34:49,060 --> 00:34:50,120
So yeah, commissions aren't set

1178
00:34:50,120 --> 00:34:50,300
anywhere.

1179
00:34:50,300 --> 00:34:52,239
However, there's no... thing is a

1180
00:34:52,239 --> 00:34:52,500
standard commission.

1181
00:34:52,500 --> 00:34:53,060
Commissions are always negotiable

1182
00:34:53,060 --> 00:34:53,120
too.

1183
00:34:53,199 --> 00:34:54,270
For example, if you agree to sign

1184
00:34:54,270 --> 00:34:58,570
an MLS contract and pay a certain
amount, when the offer comes in,

1185
00:34:58,570 --> 00:34:59,430
the commissions are still
negotiable.

1186
00:34:59,430 --> 00:34:59,610
Right.

1187
00:34:59,730 --> 00:35:00,270
Like they're always negotiable.

1188
00:35:00,270 --> 00:35:03,790
We need to have a preset
agreement, of course, because

1189
00:35:03,790 --> 00:35:05,530
that's kind of a promise.

1190
00:35:05,530 --> 00:35:07,070
When I look at the MLS contract,

1191
00:35:07,170 --> 00:35:09,770
which is the realtor
ca contract, to me, it's kind of

1192
00:35:09,870 --> 00:35:12,150
promised to market because no one
gets paid unless you accept an

1193
00:35:12,150 --> 00:35:12,650
offer.

1194
00:35:12,650 --> 00:35:13,830
So there's kind of a disconnect

1195
00:35:13,830 --> 00:35:13,970
there.

1196
00:35:13,970 --> 00:35:14,850
And if you're not happy with the

1197
00:35:14,850 --> 00:35:16,890
commission you're paying, you're
not going to accept the offer.

1198
00:35:16,890 --> 00:35:18,910
So the seller does have a lot of
control.

1199
00:35:18,910 --> 00:35:21,690
You know, it's important for real
estate professionals to let

1200
00:35:21,690 --> 00:35:23,840
consumers know that the
commissions are always negotiable.

1201
00:35:23,840 --> 00:35:24,700
However, brokerages can set
commissions.

1202
00:35:24,700 --> 00:35:26,880
So for example, you might have a
brokerage that sets a commission

1203
00:35:26,880 --> 00:35:27,180
and...

1204
00:35:27,180 --> 00:35:28,920
The policy of that brokerage may

1205
00:35:28,920 --> 00:35:30,060
prevent the agent from modifying
the commission.

1206
00:35:30,060 --> 00:35:31,740
That's a possibility because,
yeah, there are different

1207
00:35:31,740 --> 00:35:33,140
brokerage models out there.

1208
00:35:33,140 --> 00:35:34,220
And there's some brokerages that

1209
00:35:34,220 --> 00:35:35,380
don't charge a commission.

1210
00:35:35,380 --> 00:35:36,720
They may be charged a flat fee.

1211
00:35:36,720 --> 00:35:38,200
So, yeah, the consumers in B .C.

1212
00:35:38,200 --> 00:35:39,520
have a huge amount of choice.

1213
00:35:39,640 --> 00:35:41,140
And the advantage today is that
most of those choices would result

1214
00:35:41,140 --> 00:35:42,480
in their listing showing up on
realtor .ca.

1215
00:35:42,480 --> 00:35:44,640
I remember when I started, there
was a for sale by owner websites

1216
00:35:44,640 --> 00:35:45,960
that were coming up.

1217
00:35:45,960 --> 00:35:47,320
And, you know, but if you had a

1218
00:35:47,320 --> 00:35:50,140
for sale by owner home, it would
never show up on realtor .ca.

1219
00:35:50,140 --> 00:35:51,090
That's a good chance.

1220
00:35:51,090 --> 00:35:51,410
these days.

1221
00:35:51,410 --> 00:35:53,790
And that helps realtor
ca become more powerful because

1222
00:35:53,790 --> 00:35:57,230
then you as a buyer can say, well,
if it's not on realtor

1223
00:35:57,230 --> 00:35:58,930
ca, you know, there probably isn't
any other houses.

1224
00:35:58,930 --> 00:36:00,790
Now you can drive to the
neighborhood.

1225
00:36:00,790 --> 00:36:02,490
You can maybe look at new
developments, but you'd be hard

1226
00:36:02,490 --> 00:36:04,270
pressed if you're buying a resale
home to accidentally find

1227
00:36:04,270 --> 00:36:05,190
something that's not on realtor
.ca.

1228
00:36:05,190 --> 00:36:06,570
If you had to search properly.

1229
00:36:06,570 --> 00:36:07,930
I don't know much about this.

1230
00:36:07,930 --> 00:36:09,210
know much about this.

1231
00:36:09,210 --> 00:36:10,570
I've seen it a few times, but

1232
00:36:10,890 --> 00:36:12,790
there was like a ghost listing
type thing, right?

1233
00:36:12,790 --> 00:36:16,270
Where you can pay someone to put a
listing on realtor .ca.

1234
00:36:16,270 --> 00:36:18,170
And we were posting.

1235
00:36:18,370 --> 00:36:19,330
listing on realtor .ca.

1236
00:36:19,330 --> 00:36:21,070
And we were posting.

1237
00:36:21,070 --> 00:36:21,210
Yeah.

1238
00:36:21,210 --> 00:36:22,250
And you just paid somebody like a
thousand bucks.

1239
00:36:22,250 --> 00:36:24,830
to do that and then it's out there
but there's no correspondence on

1240
00:36:25,030 --> 00:36:26,810
it?
I don't know what they charge but

1241
00:36:26,810 --> 00:36:27,450
they charge...

1242
00:36:27,730 --> 00:36:29,810
Quite a bit, a bit, you know, so

1243
00:36:29,810 --> 00:36:31,170
it's not necessarily a low cost.

1244
00:36:31,170 --> 00:36:33,550
And they still have to pay the

1245
00:36:33,810 --> 00:36:34,690
buyer's agent.

1246
00:36:34,690 --> 00:36:35,650
Yeah, it's a weird strategy.

1247
00:36:35,650 --> 00:36:37,470
They don't have to pay the buyer's
agent.

1248
00:36:37,470 --> 00:36:40,710
This is where the mirror posting
thing comes in.

1249
00:36:40,710 --> 00:36:44,510
So what ends up happening is they
contract a brokerage to put their

1250
00:36:44,510 --> 00:36:45,770
listing on realtor .ca.

1251
00:36:45,770 --> 00:36:46,870
But then as a consumer, they take

1252
00:36:46,870 --> 00:36:48,350
the responsibility for answering
the inquiries.

1253
00:36:48,350 --> 00:36:48,490
Right.

1254
00:36:48,490 --> 00:36:49,370
So so a realtor or consumer could

1255
00:36:49,370 --> 00:36:50,190
call them directly.

1256
00:36:50,190 --> 00:36:52,050
So, you know, as a buyer's agent,

1257
00:36:52,050 --> 00:36:55,790
I would call up the seller and I
would book an appointment and meet

1258
00:36:55,870 --> 00:36:56,070
with them.

1259
00:36:56,070 --> 00:36:58,110
It's a little bit like a regular

1260
00:36:58,110 --> 00:37:00,430
listing, but a lot of times the
disclosures are not really there.

1261
00:37:00,430 --> 00:37:02,110
You know, the photography is not
great.

1262
00:37:02,110 --> 00:37:03,930
You know, there isn't a floor
plan.

1263
00:37:03,930 --> 00:37:07,070
And, you know, communicating on
behalf of your own house or your

1264
00:37:07,070 --> 00:37:10,650
own, like trying to sell your own
car, you know, you're a little bit

1265
00:37:10,650 --> 00:37:13,450
biased sometimes, right?
So it sometimes can be very

1266
00:37:13,450 --> 00:37:15,290
difficult communicating with them,
your posting client.

1267
00:37:15,290 --> 00:37:17,550
It can be a little bit
challenging, but they're

1268
00:37:17,550 --> 00:37:18,770
definitely there and that's good.

1269
00:37:18,770 --> 00:37:20,610
So yeah, it's generally like a

1270
00:37:20,610 --> 00:37:23,500
flat fee of some kind, which I've
learned is not that inexpensive,

1271
00:37:23,500 --> 00:37:25,180
but it's an option for consumers.

1272
00:37:25,180 --> 00:37:26,640
And I think that as realtors,

1273
00:37:26,640 --> 00:37:27,260
we're positive about it.

1274
00:37:27,260 --> 00:37:28,500
But that goes into the next

1275
00:37:28,500 --> 00:37:31,860
question is, is working with a
buyer's agent free or not, right?

1276
00:37:31,860 --> 00:37:33,880
That's kind of the thing that
comes up.

1277
00:37:33,880 --> 00:37:36,560
You know, you can work with a
buyer's agent in BC for free, and

1278
00:37:36,560 --> 00:37:38,820
that's probably... one of the
bigger myths out there because

1279
00:37:38,820 --> 00:37:40,620
it's not free, but there's no
charge in a sense, right?

1280
00:37:40,720 --> 00:37:42,240
It's not free, but the price is
included in realtor

1281
00:37:42,520 --> 00:37:42,940
ca listings.

1282
00:37:43,020 --> 00:37:44,680
And they still It can be, but

1283
00:37:44,680 --> 00:37:45,640
often it's not.

1284
00:37:45,640 --> 00:37:49,250
Like, let's just say 25 % of the

1285
00:37:49,250 --> 00:37:51,510
listings don't offer a buyer
agency fee, for example.

1286
00:37:51,510 --> 00:37:55,400
Well, then, you know, how do you
as a buyer's agent communicate

1287
00:37:55,400 --> 00:37:58,860
with your buyer what you expect to
be paid, remunerated if you create

1288
00:37:58,860 --> 00:38:00,700
a transaction for them?
So now...

1289
00:38:00,700 --> 00:38:04,280
There's a conversation about how
do we speak to buyers early on in

1290
00:38:04,280 --> 00:38:05,840
the process about how the real
estate professional gets paid,

1291
00:38:06,180 --> 00:38:08,380
which is remuneration, which is a
difficult word to say sometimes.

1292
00:38:08,380 --> 00:38:10,840
And I think that's a good
conversation to have early.

1293
00:38:10,840 --> 00:38:14,400
Like if I show you these 10
houses, I'm not going to send you

1294
00:38:14,400 --> 00:38:15,420
a bill.

1295
00:38:15,420 --> 00:38:16,600
Or if I help you analyze this

1296
00:38:16,600 --> 00:38:19,580
investment property, I'm not going
to send you a bill for my time.

1297
00:38:19,680 --> 00:38:20,260
However, when I write an offer.

1298
00:38:20,260 --> 00:38:21,480
and we create a sale, I'll

1299
00:38:21,480 --> 00:38:23,720
disclose to you the amount of
money I'll be getting.

1300
00:38:23,720 --> 00:38:26,240
And if it closes, then I will get
that money.

1301
00:38:26,240 --> 00:38:27,640
I call it super contingency.

1302
00:38:27,640 --> 00:38:29,280
It's a very interesting way of

1303
00:38:29,300 --> 00:38:29,480
getting paid.

1304
00:38:29,480 --> 00:38:30,980
But yeah, it can be based on

1305
00:38:30,980 --> 00:38:32,920
percentage, it can be based on
flat fee, but...

1306
00:38:32,920 --> 00:38:34,800
With the disclosures today in
British Columbia, it really

1307
00:38:34,800 --> 00:38:37,140
benefits a licensee to have that
conversation when you first meet

1308
00:38:37,140 --> 00:38:37,300
them.

1309
00:38:37,300 --> 00:38:40,180
And I'm a big fan of that because

1310
00:38:40,180 --> 00:38:41,620
with loyalty, full disclosure,
avoiding conflicts and

1311
00:38:41,620 --> 00:38:43,620
confidentiality, you're going to
get that from a buyer's agent for

1312
00:38:43,020 --> 00:38:43,120
free.

1313
00:38:43,120 --> 00:38:44,000
But what's the buyer's agent going

1314
00:38:44,000 --> 00:38:44,780
to get?
How does it all end?

1315
00:38:44,780 --> 00:38:48,420
I know you guys can't sell your
own house for E &O, own house for

1316
00:38:48,420 --> 00:38:49,760
E &O, right?
You wouldn't have insurance

1317
00:38:49,760 --> 00:38:49,840
coverage.

1318
00:38:49,840 --> 00:38:49,560
As in, realtors can't sell their

1319
00:38:49,760 --> 00:38:49,840
own house.

1320
00:38:49,840 --> 00:38:49,920
Yeah.

1321
00:38:49,920 --> 00:38:53,340
But like Matt, Dean, specific to
you guys, if you could sell your

1322
00:38:53,340 --> 00:38:56,020
own house, would you sell it
yourself or would you pay the

1323
00:38:56,020 --> 00:38:57,360
commission to another agent to
sell it?

1324
00:38:57,360 --> 00:38:59,520
Like, would you just feel somebody
else could handle that transaction

1325
00:38:59,760 --> 00:38:59,960
better?
Like being separated?

1326
00:38:59,960 --> 00:39:01,740
This is actually a funny one.

1327
00:39:02,040 --> 00:39:02,240
a funny one.

1328
00:39:02,240 --> 00:39:04,260
Realtors, a lot of times we'll say
like, listen, office realtor B,

1329
00:39:04,540 --> 00:39:06,120
can you sell my house?
But can you do it for half a

1330
00:39:06,120 --> 00:39:07,160
percent or something?
Scratch my back.

1331
00:39:07,280 --> 00:39:08,040
I scratch your back.

1332
00:39:08,040 --> 00:39:10,060
I always laugh at this because I'm

1333
00:39:10,060 --> 00:39:11,440
like, well, they're still doing
everything.

1334
00:39:11,440 --> 00:39:11,860
Right.

1335
00:39:12,080 --> 00:39:13,180
It's a ton of work.

1336
00:39:13,200 --> 00:39:16,560
I always But oh, no, no, I'll do
everything for you.

1337
00:39:16,560 --> 00:39:17,180
for you.

1338
00:39:17,180 --> 00:39:17,500
Right.

1339
00:39:17,500 --> 00:39:17,860
Yeah.

1340
00:39:17,860 --> 00:39:20,200
Like I'll do it all for you.

1341
00:39:20,200 --> 00:39:22,320
It's like, well, like what?
So when I've sold my own house

1342
00:39:22,320 --> 00:39:24,660
with other agents, I just paid a
full pop. I know some people

1343
00:39:24,660 --> 00:39:24,780
don't.

1344
00:39:24,780 --> 00:39:26,140
If you're going to do one for the

1345
00:39:26,140 --> 00:39:27,560
other, you're going to share.

1346
00:39:27,560 --> 00:39:28,120
That makes sense.

1347
00:39:28,460 --> 00:39:28,780
Yeah.

1348
00:39:28,780 --> 00:39:30,480
I told my wife when I became a

1349
00:39:30,560 --> 00:39:33,220
licensed realtor that, oh, don't
worry, honey, I'll save enough

1350
00:39:33,220 --> 00:39:34,720
money on our first house sale.

1351
00:39:34,720 --> 00:39:34,880
Yeah.

1352
00:39:34,880 --> 00:39:36,240
By not having to pay commission to
all this income.

1353
00:39:36,400 --> 00:39:37,420
And of course, I never did.

1354
00:39:37,420 --> 00:39:38,700
But we should be careful, though.

1355
00:39:38,700 --> 00:39:40,600
You can sell your own house as a
licensee.

1356
00:39:40,600 --> 00:39:41,740
You totally can do that.

1357
00:39:41,740 --> 00:39:43,340
If you do, however, your E &O

1358
00:39:43,340 --> 00:39:44,080
coverage doesn't cover you.

1359
00:39:44,180 --> 00:39:45,420
And so I know many licensees that

1360
00:39:45,420 --> 00:39:46,440
do sell their own houses.

1361
00:39:46,440 --> 00:39:47,620
For example, in what situation

1362
00:39:47,620 --> 00:39:50,820
would you want to sell your own
house, you know, without any risk?

1363
00:39:50,820 --> 00:39:53,980
Well, what if it was a brand new
home and it was under warranty

1364
00:39:54,020 --> 00:39:56,080
with a new home warranty?
Like resale homes are difficult,

1365
00:39:56,180 --> 00:39:56,940
right?
Because there's a lot of moving

1366
00:39:56,940 --> 00:39:57,060
components.

1367
00:39:57,060 --> 00:39:58,060
You maybe only owned a home for

1368
00:39:58,060 --> 00:40:00,840
three or four years, right?
And so, you know, sometimes you

1369
00:40:00,840 --> 00:40:01,790
only disclose what you know.

1370
00:40:01,790 --> 00:40:03,070
There's a number of licensees I

1371
00:40:03,070 --> 00:40:04,990
know who are comfortable selling
their own house.

1372
00:40:04,990 --> 00:40:06,310
And the brokerage lets them do
that.

1373
00:40:06,310 --> 00:39:02,060
We shy against that because of the
risk to the licensee.

1374
00:39:02,060 --> 00:40:11,290
But then also to Matt's point, the
freeness of communication is so

1375
00:40:11,290 --> 00:40:11,810
much better.

1376
00:40:11,810 --> 00:40:13,170
And it's not biased, right?

1377
00:40:13,170 --> 00:40:16,430
Because if I'm selling my own
house, I'm a sales guy, like I'm

1378
00:40:16,430 --> 00:40:18,470
selling hard, right?
And it's probably better to take

1379
00:40:18,470 --> 00:40:22,230
me out of that environment and let
somebody else handle it more

1380
00:40:22,230 --> 00:40:22,490
professionally.

1381
00:40:22,490 --> 00:40:24,890
So, but yeah, no, you can sell

1382
00:40:24,890 --> 00:40:25,870
your own house.

1383
00:40:25,870 --> 00:40:26,590
It's generally not recommended,

1384
00:40:26,590 --> 00:40:28,590
but you do see it quite a bit.

1385
00:40:28,590 --> 00:40:31,750
And to me, the risk is, can I

1386
00:40:31,750 --> 00:40:33,530
disclose everything about this
house that I know?

1387
00:40:33,530 --> 00:40:35,990
And for example, on a brand new
house, which is, you know, maybe

1388
00:40:35,990 --> 00:40:39,010
I've only lived in it for a few
months and it's a brand new

1389
00:40:39,010 --> 00:40:40,110
neighborhood and there's lots of
disclosures.

1390
00:40:40,110 --> 00:40:41,290
I might feel very comfortable
about that.

1391
00:40:41,290 --> 00:40:43,410
But if I'm in an older property,
maybe it's an acreage, maybe

1392
00:40:43,410 --> 00:40:46,470
there's a well, maybe there's
zoning issues, you know, maybe

1393
00:40:46,470 --> 00:40:49,210
there's lots of history to the
property that I'm not party to.

1394
00:40:49,210 --> 00:40:51,730
I would probably hire an agent and
pay them as much as I could.

1395
00:40:51,730 --> 00:40:56,310
I did sell one of my own houses a
number of years ago and I made a

1396
00:40:56,350 --> 00:40:58,730
deal with the agent where I would
help her with hers and that never

1397
00:40:58,950 --> 00:40:59,850
manifests itself.

1398
00:40:59,850 --> 00:41:02,490
But yeah, I'm kind of more leaning

1399
00:41:02,490 --> 00:41:03,870
down Matt's philosophy on that.

1400
00:41:03,870 --> 00:41:05,410
I think the biggest thing that is

1401
00:41:05,410 --> 00:41:07,990
going to help consumers understand
is that right now, the regulator's

1402
00:41:07,990 --> 00:41:11,850
got a lot of projects on the go.

1403
00:41:11,850 --> 00:41:13,110
And the one thing that I really

1404
00:41:13,110 --> 00:41:16,330
want to say is that if you look at
statistically the number of

1405
00:41:16,330 --> 00:41:18,170
complaints versus number of
transactions in British Columbia,

1406
00:41:18,170 --> 00:41:19,810
the complaint rate per transaction
per side is less than 0 .05%.

1407
00:41:19,810 --> 00:41:22,370
So unbeknownst to the public
perception or the government's

1408
00:41:22,370 --> 00:41:23,990
perception, the politician's
perception, when we look at it

1409
00:41:23,990 --> 00:41:27,220
from the regulator's perspective
and from organized real estate,

1410
00:41:27,220 --> 00:41:30,240
which are leaders in real estate,
there isn't a lot of problems per

1411
00:41:30,240 --> 00:41:30,360
se.

1412
00:41:30,360 --> 00:41:32,160
Like if a consumer has a bad

1413
00:41:32,160 --> 00:41:34,000
experience in a real estate
transaction, it doesn't mean that

1414
00:41:34,000 --> 00:41:35,980
there was misconduct.

1415
00:41:35,980 --> 00:41:37,880
I mean, you know, if you're trying

1416
00:41:37,880 --> 00:41:40,020
to get a good price for your
property and you don't like the

1417
00:41:40,100 --> 00:41:42,400
other agent, well, that doesn't
mean they did anything wrong.

1418
00:41:42,400 --> 00:41:44,440
You just weren't happy that you
didn't get the price you want.

1419
00:41:44,440 --> 00:41:47,380
And I think that's sort of part of
working with consumers.

1420
00:41:47,440 --> 00:41:48,720
But I think the profession is very
healthy.

1421
00:41:48,720 --> 00:41:49,540
I think we offer very good
service.

1422
00:41:49,660 --> 00:41:48,480
When you sit down with a licensee
and you sit down talking about

1423
00:41:52,840 --> 00:41:54,600
buying or selling your property, I
would encourage in both

1424
00:41:54,220 --> 00:41:55,640
situations, interviewing the
realtor for an hour.

1425
00:41:55,640 --> 00:41:58,240
You know, I've been a big
proponent with this, with the new

1426
00:41:58,240 --> 00:41:58,980
licensees and saying.

1427
00:41:58,980 --> 00:42:00,560
If you're going to buy a house in

1428
00:42:00,560 --> 00:42:02,300
British Columbia and spend three,
four, five million, two million,

1429
00:42:02,320 --> 00:42:03,760
three million dollars, that agent
and you should sit down for one

1430
00:42:03,760 --> 00:42:06,020
hour in your office and go through
how you're going to work together

1431
00:42:06,020 --> 00:42:07,360
and go through these forms.

1432
00:42:07,480 --> 00:42:08,520
I mean, it does take actually

1433
00:42:08,520 --> 00:42:11,460
about 45 minutes to sign all the
preamble paperwork, the

1434
00:42:11,460 --> 00:42:11,920
disclosures, the privacy
documents.

1435
00:42:11,920 --> 00:42:14,380
And that's the one step that I'm
not seeing happen enough.

1436
00:42:14,380 --> 00:42:16,880
And I think that that's too bad
because I think realtors and

1437
00:42:16,880 --> 00:42:18,880
consumers miss an opportunity to
really get aligned on their

1438
00:42:18,880 --> 00:42:19,000
values.

1439
00:42:19,000 --> 00:42:20,600
Because when you explain the

1440
00:42:20,940 --> 00:42:22,480
duties that we owe, a client.

1441
00:42:22,480 --> 00:42:24,700
I've never seen a client say, no,

1442
00:42:24,700 --> 00:42:25,420
I don't want that.

1443
00:42:25,420 --> 00:42:27,460
I don't want you to be loyal.

1444
00:42:27,460 --> 00:42:29,160
I don't want you to give me full
disclosure.

1445
00:42:29,200 --> 00:42:30,500
I don't want you to avoid
confidentiality.

1446
00:42:30,620 --> 00:42:31,200
Nobody says that.

1447
00:42:31,200 --> 00:42:31,800
They want those things.

1448
00:42:31,800 --> 00:42:33,940
But what does that look like when
we go show houses?

1449
00:42:33,940 --> 00:42:37,180
What does that look like if I walk
into a show home by myself?

1450
00:42:37,180 --> 00:42:39,340
And, you know, what does this look
like as we work together?

1451
00:42:39,340 --> 00:42:41,720
So I would encourage consumers and
realtors to sit down with their

1452
00:42:41,720 --> 00:42:43,680
client for an hour and go through
the paperwork and really talk

1453
00:42:43,680 --> 00:42:46,380
about what it means as you're
going to work together.

1454
00:42:46,380 --> 00:42:48,420
And then the same thing on the
listing side.

1455
00:42:48,420 --> 00:42:51,920
I mean, One of the biggest myths
that I see from the listing side

1456
00:42:51,920 --> 00:42:55,500
is I'm going to take professional
photos of the listing and I'm

1457
00:42:55,640 --> 00:42:56,880
going to do 3D and everything
else.

1458
00:42:56,880 --> 00:43:00,720
When the reality is that's not a
reason to choose a listing agent.

1459
00:43:00,720 --> 00:43:02,860
Because first of all, real estate
photos kind of look good, but

1460
00:43:02,860 --> 00:43:03,740
they're not technically good
photos.

1461
00:43:03,740 --> 00:43:06,540
But we know that a good realtor
who's a good negotiator does get

1462
00:43:06,540 --> 00:43:07,960
better results from their clients.

1463
00:43:07,960 --> 00:43:09,460
Am I good at negotiating with you

1464
00:43:09,460 --> 00:43:13,160
as a seller or am I good at
negotiating on your behalf?

1465
00:43:13,160 --> 00:43:16,100
right for your million dollars or
am I good at convincing you to

1466
00:43:16,100 --> 00:43:18,160
sign the contract and you know
there's a disconnect sometimes

1467
00:43:18,160 --> 00:43:19,900
with that and then as a buyer's
agent the buyer's agent writes the

1468
00:43:19,900 --> 00:43:23,020
contract and so to me negotiation
is important too so and I think a

1469
00:43:23,180 --> 00:43:25,460
new agent that's supported by
their brokerage and an experienced

1470
00:43:25,460 --> 00:43:28,600
agent that has that same support
you know, they can do amazing

1471
00:43:28,600 --> 00:43:29,240
things for their clients.

1472
00:43:29,240 --> 00:43:30,400
And so hopefully we've shed a

1473
00:43:30,400 --> 00:43:33,740
little bit of light on some of the
myths and the nuances, but that's

1474
00:43:33,740 --> 00:43:35,000
kind of my last little soapbox.

1475
00:43:35,000 --> 00:43:35,860
I'm excited about the profession

1476
00:43:35,860 --> 00:43:36,640
in the next few years.

1477
00:43:36,640 --> 00:43:37,520
And I do think that the regulator

1478
00:43:37,520 --> 00:43:39,480
might come out with a framework to
make buyer agreements mandatory at

1479
00:43:39,480 --> 00:43:41,740
some level from a consumer
protection side.

1480
00:43:41,740 --> 00:43:45,030
I don't think that they can force
everyone to do that, but I do

1481
00:43:45,030 --> 00:43:46,810
think it's a really good
recommendation, mostly because you

1482
00:43:46,810 --> 00:43:48,170
want to front end the
conversation, right?

1483
00:43:48,170 --> 00:43:48,810
Yeah, I like it.

1484
00:43:48,810 --> 00:43:50,650
All right, Dean, that was an

1485
00:43:50,650 --> 00:43:50,970
awesome conversation.

1486
00:43:50,970 --> 00:43:52,270
I think it was super helpful for

1487
00:43:52,270 --> 00:43:53,350
consumers, realtors, me.

1488
00:43:53,350 --> 00:43:53,770
Thanks a lot.