Open House Magazine (Fall 2023)

OPEN HOUSE Magazine 10X YOUR PRODUCTIVITY Tips and tricks on how to increase your productivity & grow your business.

BUILDING BRAND AWARNESS Tips to building a strong, powerful brand in real estate.

@therealestatesource.ca

FINDING YOUR GROOVE

MELISSA LEWANDOWSKI

BEYOND BRICKS & MORTAR The Shifting Horizons of Global Commercial Real Estate

Behind the scenes

Editor: Melissa Lewandowski

VICKI BRADLEY

AZIZALI KANJEE

Founder & CEO WIL Empowered

President & Broker of Record IPB Realty & Finance Inc.

PAUL CARVALHO President Connected Promotional Group SIM GAKHAR Owner & Founder SG Wealth Management Corp.

TAMMY GILMER Freelance writer Tammy Gilmer Inc. MICHELLE GOODRIDGE Founder & Owner REAL M.G.

MELISSA LEWANDOWSKI Founder & Owner The Real Estate Source Canada SEAN PROVENCHER Founder & CEO Endgame Coaching KATE TEVES Founder & Owner The HR Pro VIKTORIYA VELMA Founder and Principal Designer Allure Interiors

@therealestatesource.ca | therealestatesource.ca

Open House Magazine

Table of Contents Featured Content Finding Your Groove Building Brand Awareness Be Yourself on Social Media Know Your Audience

04 08 12 24

Articles Company Profile - REAL MG

09

Financial Matters Commercial Corner Tips & Tricks Interior Design

14 21 25 29

Investment Matters Final Thoughts...

32 43

FEATURED EDITORIAL

FINDING YOUR GROOVE

Embarking on a new path after

interesting challenges and

two decades in the corporate

obstacles before I was able to

realm is quite the overwhelming

realign and forge ahead on a

undertaking. The journey from

new path.

Melissa Lewandowski

being an employee to becoming

Founder | Owner The Real Estate Source Canada

an entrepreneur is not just

An old boss of mine once said to

about setting up a business; it's

me, “Melissa, you will not

about discovering your true

understand the road ahead if

essence, aligning your priorities,

you do not understand the

and creating a venture that

history of the journey behind

authentically reflects who you

you.” At the time, I didn’t fully

are. Like Stella, I had faced some

understand what he meant.

PHOTO BY: WAFA PHOTOGRAPHY

FEATURED EDITORIAL

However, over the years, his words began to really resonate with me. Everyone has a story, a struggle, and journey that isn’t always sunshine and rainbows.

And that’s okay! In fact, it is those bumps and heartaches that end up showing us what we are made of, and how we can overcome them.

One of my earliest memories is being a young kid helping my mom at an open house. She was a newly minted REALTOR®, a mom of three kids under the age of ten, and jumping back into the workforce after several years hiatus. I was given the very important task of turning the lights on and off, followed by going through the MLS stack of listings (yes, printed!) to find specific properties that might fit the needs of one of my mom’s clients. My first of many exciting memories of this industry.

For those of you how know me, real estate has been entrenched in my career journey from the very start.

From my very early days working the front desk at a local brokerage, to learning governance laws, membership policies and of course, the education process for becoming a real estate agent in Ontario during my time at the Ontario Real Estate Association, to finally leading national marketing and communication teams for one of the largest Canadian and one of the largest global brands; real estate has been woven into the very fabric of my life.

Everyone has a story, a struggle, and journey that isn’t always sunshine and rainbows. @therealestatesource.ca | therealestatesource.ca

From my journey, I hope I can offer some guidance and support as you carry on your professional journeys. Here are some learnings I have grown into over the years.

Setting Priorities: Balancing Purpose and Profit After spending years navigating the corporate world, the shift to entrepreneurship can allow for the opportunity to regain control over their time and efforts. One of the first steps is setting clear priorities that align with personal values and business objectives. It's a chance to ask, "What truly matters to me?" Whether it's dedicating more time to family, pursuing passion projects, or focusing on personal growth, the entrepreneurial journey empowers individuals to reshape their lives.

Setting priorities extends to the business realm as well. Entrepreneurs need to make decisions that will not negatively impact your time, but also determine which tasks truly drive growth and impact. By focusing on high-impact activities rather than getting lost in the minutiae, you can achieve the right harmony between purpose-driven goals and financial success. This ensures that your business thrives while leaving room for personal fulfillment.

Knowing Your Value: From Employee to Empowered Entrepreneur Entrepreneurship also offers an opportunity to break free from predefined roles which can come with limitations. Working in a corporate setting taught me structure, key business strategies and was a very purposeful teacher of time management, relationship building and people management.

As a seasoned professional, you carry a wealth of experience, skills, and insights that set you apart. Recognizing and valuing these assets is essential for transitioning from an employee mindset to that of an empowered entrepreneur.

Embracing your value involves acknowledging

OPEN HOUSE MAGAZINE | 06

your strengths and leveraging them to build a unique brand and business. Corporate world experience provides a strong foundation, and the newfound autonomy allows you to infuse your business with authenticity and innovation. Understand that your value extends beyond the services you offer – it's the essence of your personal story that can resonate with clients and customers on a deeper level.

Building an Authentic Business: Merging Passion with Purpose The journey to entrepreneurship is not merely about escaping the corporate grind; it's about creating a business that mirrors your authentic self. Infusing your values, passions, and unique story into your business's DNA establishes a deeper connection with your audience. Authenticity is critical to building trust and forming lasting relationships.

As you develop your business, don't be afraid to showcase your personality and beliefs. Share your story, your motivations, and the values that drive your decisions. In a world that is constantly shifting, we are seeing more and more people seek genuine connections and valuable partnerships with people that goes beyond being a “provider of a service or product”, but rather people you enjoy working with to grow your business. Authentic businesses become a beacon for those who resonate with your mission.

The transition from the corporate world to entrepreneurship is more than a career change – it's a journey of self-discovery and empowerment. Setting priorities that align with your values, recognizing your inherent value, and building an authentic business are the key steps that contribute to finding your groove in this new chapter of your life. As you embark on this path, remember that each decision you make, each step you take, is an opportunity to shape a venture that not only brings success but also celebrates the essence of your true self.

Wishing you all the very best in your careers, wherever it may lead you.

Melissa Lewandowski @therealestatesource.ca | therealestatesource.ca

1

2

DEFINE YOUR BRAND Clearly define and articulate your brand's unique value proposition, core values, and target audience.

BUILDING BRAND AWARENESS

LEVERAGE SOCIAL MEDIA Increase your brand's visibility and reach by creating engaging content on your social media channels. Engage with you audience by answering questions, liking posts and build relationships with your target audience.

4

5

3

CONTENT Create valuable and informative content that showcases your expertise and provides value to your target audience.

CONSISTENCY

Build consistency in your branding materials. Ensure the tone of voice and your brand identity is consistent across all marketing materials.

COMMUNITY OUTREACH Get involved in local or industry-related community initiatives, events, or sponsorships. Choose causes that align with your company values.

@therealestatesource.ca | therealestatesource.ca

Profile

Meet Michelle Founder of the REAL M.G., she is bringing women all over the world together.

WRITTEN BY MELISSA LEWANDOWSKI

It is quite likely you have met Michelle during an event or seen her posts on social media. Often sporting a vibrant pink, she emanates brightness in every room she walks into.

An accomplished professional in the real estate industry, she held a role at Re/Max’s corporate offices, and was the co-founder of R.E.A.L. - RE/MAX Empowering Ambitious Ladies. With extensive experience and a vast network of relationships, Michelle has played a pivotal role in creating a global community of women supporting and challenging each other to excel. Her dedication to empowering women in the real estate in the real estate industry has led to the

real-mg.com

establishment of REAL MG - Real Estate Empowers Ambitious Ladies Management Group, a membership-based business that fosters collaboration and provides valuable resources for women across the real estate industry. Alongside her contributions to the community, has spoken at many events and advocate for women's wealth creation through real estate investments.

During her tenure with Re/Max Integra Group of Companies and Re/Max Europe, Michelle worked closely with the Chairman, President, and Co-Founders.

This experience provided her with invaluable global exposure and allowed her to establish connections in five Canadian provinces, nine U.S. states, and all 34 countries in Europe and the Middle East. Through her work, Michelle cultivated a vast network of relationships, which she leveraged to empower women in the real estate industry.

Driven by her commitment to inclusivity, Michelle took the next step by launching REAL MG - Real Estate Empowers Ambitious Ladies Management Group. This membership-based business enables women from around the world to participate in this evolving movement. By providing a platform for collaboration and resource sharing, REAL MG aims to break down barriers and create a global community where women can thrive and support one another.

Michelle's dedication to empowering women extends beyond community-building. As part of REAL MG, she offers real estate consulting services and a platform for women interested in investing in real estate to create wealth.

With her own passion for real estate investments and her practical experience in the field, Michelle guides and supports women in their pursuit of financial independence through strategic real estate endeavors.

Michelle's commitment to providing opportunities for women to excel professionally and personally is evident in her international speaking engagements, real estate consulting services, and dedication to women's wealth creation through real estate investments.

real-mg.com

Michelle's commitment to providing opportunities for women to excel professionally and personally is evident in her international speaking engagements, real estate consulting services, and dedication to women's wealth creation through real estate investments. As she continues to champion gender equality and empowerment, Michelle's influence in the real estate industry will undoubtedly inspire countless women to achieve their ambitions and transform their lives for the better.

Member Advantage REAL MG is a global community empowering women in the real estate industry. With a focus on belonging, diversity, and inclusion, REAL offers a safe space for women to openly discuss challenges, celebrate successes, and receive honest support and mentoring.

1

2

3

Free access to all virtual events & recordings

Special member pricing for all in-person events

Access to connect with global network of women in real estate

4

5

6

Access to leading speakers from around the world

Member only access realMG App

Exclusive offers and discounts from our corporate partners

Join us and experience the magic of coming together with genuine intentions.

real-mg.com

@real_mg

SOCIAL MEDIA

Be yourself on social media.

1

Showcase Your Local Expertise: Highlight your knowledge of the local community and real estate market. Share insights about neighborhoods, schools, amenities, and local events.

2

Be Genuine: Let your personality shine through in your posts. Share personal stories, experiences, and anecdotes that resonate with your audience and make you relatable.

3

Use Authentic Imagery: Post real photos and videos of properties, neighborhoods, and even behind-the-scenes glimpses of your work. Avoid overly edited or stock images.

4

Engage in Conversations: Respond promptly to comments and messages. Engage in meaningful conversations to show you genuinely care about your followers' questions and concerns.

5

Educate and Inform: Create content that educates your audience about the real estate process. This could include explainer videos, FAQs, and step-by-step guides.

6

Balance Promotional Content: While it's okay to promote listings and services, ensure that promotional posts are balanced with other valuable content. Aim for the 80/20 rule: 80% informative, 20% promotional.

7

Share Client Testimonials: Feature authentic testimonials from satisfied clients.

This adds social proof and authenticity to your online presence.

8

Be Transparent: Address market challenges or issues when they arise. Being honest about market fluctuations or hurdles showcases your transparency. @therealestatesource.ca | therealestatesource.ca

Featured Vendor

THE HR PRO

With a wide roster of services and partnerships, the HR pro can help you stand out to top talent by carefully crafting your employee value proposition, curating your business’ key performance indicators and creating a custom success road map for this role. We also serve as a trusted partner and advisor to guide you though things like labour legislation, policies and various changes that are specific to your company.

thehrpro.ca

FINANCIAL MATTERS

Why You Need an ITF for Your Investment Real Estate By: Sim Gakhar Founder | Owner, SG Wealth Management Corp.

Are you a real estate investor with one or more investment properties? Do your clients have a portfolio of such properties? Did you know that the primary beneficiary of all your investment properties isn’t your spouse, partner, or children? It's crucial to recognize that the principal beneficiary of your investment properties isn't your spouse, partner, or children. Surprisingly, none of them hold the first claim to the equity amassed. Let’s explore the often-overlooked importance of an Insured Tax Fund (ITF) and how it can safeguard your investment real estate, or share this information with your clients to help them protect themselves in the future.

Most investors are not aware to the fact that the foremost beneficiary of the gains derived from investment properties is none other than the Tax Man. Despite the significant roles you play in discovering, financing, managing, and enduring market fluctuations, the Tax Man supersedes even your closest family members in terms of claim priority. This is because the Tax Man has the initial right to the profits generated, meaning that approximately 27% of your capital gains remain in the hands of the government.

14 | OPEN HOUSE MAGAZINE

Most investors are not aware to the fact that the foremost beneficiary of the gains derived from investment properties is none other than the Tax Man.

Consider this scenario: You believe your net worth amounts to $10 million. However, in actuality, your true worth stands at around $7.5 million due to taxes. This disparity is a testament to the weight of taxation, with over a quarter of your accomplishments benefiting an entity that hasn't contributed to your endeavors. The situation worsens when you consider that the government's claim supersedes all other needs, potentially compelling you to sell properties in unfavorable market conditions, further eroding their value.

These are aptly referred to as "legacy taxes" since they necessitate settlement prior to your assets being transferred to your chosen beneficiaries upon your demise. As the asset flows from your estate to your real beneficiaries, that first 27% is siphoned off the top. This revelation can be a jolt for beneficiaries and a disheartening realization for investors.

This comes as a major shock to many beneficiaries and a great disappointment to many investors. But, when you are prepared, you can pay real estate legacy taxes at a significant discount and eliminate the massive loss towards paying it out in taxes. To counteract this challenge, it's recommended to implement a strategy similar to the one employed for prudent property management.

Much like property insurance guards against physical losses, insuring against tax losses related to asset value can be equally effective.

The most efficient solution to this issue is arranging for an Insured Tax Fund (ITF) to cover the tax payments.

simgakhar.com

For what amounts to pennies on the tax dollar owed, you can guarantee that the tax money is available at exactly the right time by creating your own “Insured Tax Fund” or ITF. You can arrange for your tax fund to match the tax that is payable today and you can also arrange for it to grow in a similar way to how your tax bill may grow over time. In this way, regardless of when your beneficiaries need to dip into your ITF, they will have more money than was in the ITF at the beginning. It provides a distinct level of comfort for your investments.

Plus, if your ITF isn’t needed for a long time – and here’s hoping, the actual cost of it to you could be “zero”. That’s because when used as intended, an ITF returns every dollar you put into it – it’s not an expense it’s an asset.

An Insured Tax Fund (ITF) stands as an invaluable means of safeguarding your investment real estate and ensuring a higher quality of life for you and your beneficiaries. By securing your hardearned gains from excessive taxation, you can preserve more of what you've diligently built over time.

Ask your advisor if it can help you keep more of what you’ve worked so hard to build. If you are looking for support or advice, feel free to reach out to Sim and her team.

Book a time: calendly.com/sim-gakhar

Sim Gakhar Founder | Owner, SG Wealth Management Corp.

Sim brings to the table over 10 years of extensive experience.

She has helped her clients grow their retained earnings taxfree; pass more wealth to the next generation and protect their biggest asset –themselves.

simgakhar.com

Featured Vendor

ENDGAME COACHING A community of accomplished real estate professionals spanning North America. Endgame Coaching has seasoned real estate coaches to offer invaluable support for agents, teams, and brokerages in advancing their careers and businesses.

endgamecoaching.com

Promotional Vendor Highlight

The essentials of branded real estate gear 01

T-shirts are a must have!

Multiply your brand's exposure by proudly donning a collection of company-branded Tshirts. Fusing casual comfort with effective promotion, this is a must have in your wardrobe. Boasting a wide range of colours and styles, select the right fit for you.

Wearing your company branding proudly is a great way to grow awareness and potentially garner more business.

Utility Jackets are versatile advertising pieces

02

Amplify your brand's visibility through the impact of branded clothing. This style of jacket is versatile, combining comfort and style. Available in a wide variety of colours, you can personalize it to reflect your business name to wear when out when meeting with clients or at an open house, at industry events or simply out and about everyday!

connectedpromo.com

OPEN HOUSE MAGAZINE | 18

Promotional Vendor Highlight

Wine, anyone?

03

Capture attention with our party-hosting selection: the Cheese & Wine Set. Your clients will love this three-piece collection, housed in a bottle-shaped bamboo container with removable tempered glass, includes a bottle stopper, pourer/stopper, and a corkscrew with opener, spiral worm, and foil cutter.

Personalize the exterior with Colorfy decoration or a pad-printed logo, leaving a lasting impression and creating an ideal gift for a housewarming gift for your elite clients.

04

Cutting board Enhance your client gifting strategy with our exquisite cutting boards. The harmonious fusion of functionality and style makes these cutting boards an ideal gift for your clients. A kitchen essential elevated to elegance, they leave a remarkable mark on recipients.

Meticulously crafted, these boards offer personalization opportunities.

Showcasing your thoughtfulness, these cutting boards become cherished tokens of appreciation.

connectedpromo.com

Promotional Vendor Highlight Mugs & Drinkware

05

Whether at home, in the office or onthe-go, branded drinkware keeps your business top of mind! Imprinted with your logo or message, choose from a wide variety of ceramics, glasses or travel mugs to suit your needs.

06

Winter is coming!

Experience the ultimate in cozy comfort with our Keep Warm Buddy Set. This curated ensemble, comprised of a snug scarf, insulating gloves, and a stylish cap, comes together in a convenient drawstring bag. This makes for a great drop-by client gift, or even one for yourself to help keep you warm and showcase your company name even during the coldest of months!

Branded promotional gear holds the power to shape a lasting impression, whether for personal branding or client gifting. These tangible representations of your identity or business not only radiate professionalism but also create a tangible connection with your audience. Connect with us today and we’ll help you find the ideal items for your business!

connectedpromo.com

COMMERCIAL CORNER

By: Azizali Kanjee FRI, CIPS,REI, CBC, AMP Commercial real estate stands as an integral pillar of the global economy, encompassing an array of properties such as office complexes, retail hubs, industrial warehouses, and multifamily residences. Like any sector, the commercial real estate domain is subject to an array of factors that intricately shape its dynamics. Similar to the residential sector, commercial real estate continues to change and evolve as the shift in the world and continuous developments unfold to impact how the industry changes.

Embracing Remote Work Realities: In the wake of the COVID-19 pandemic, the commercial real estate landscape has undergone substantial transformation, largely due to the widespread adoption of remote work practices. Companies have embraced hybrid or work-from-home (WFH) work models, affording employees the flexibility to work remotely fully or part-time. This shift has triggered a dip in demand for conventional office spaces, heralding a surge in vacant office premises and a profound alteration in leasing

trends. Developers and landlords are now embarking on imaginative redesigns for office spaces, spotlighting versatile layouts and incorporating facilities that foster connectivity and collaborative ingenuity.

Alternative Asset Classes: Commercial real estate is in the midst of a captivating transformation as it veers beyond traditional office and retail domains. Alternative sectors encompassing data centres, healthcare facilities, and self-storage units are gaining

COMMERCIAL CORNER remarkable prominence, as investors seek both stable returns and the potential for sustained long-term growth. Notably, data centres are experiencing an extraordinary surge in demand due to the exponential growth in digital infrastructure needs. These alternative asset classes offer unique investment opportunities and provide resilience during economic downturns.

Sustainability and ESG Commitments: A palpable shift towards sustainability and Environmental, Social, and Governance (ESG) factors is currently sweeping the commercial real estate sphere. Investors, tenants, and regulators are progressively championing energy efficiency, green building certifications, and sustainable practices. This transition has catalyzed the adoption of eco-friendly architectural designs, renewable energy solutions, and resource-efficient technologies.

Companies that align with ESG principles are likely to attract capital and tenants who value sustainable practices.

Urban Revitalization and Mixed-Use Developments: Urban centres are in the midst of an exhilarating renaissance as developers and urban planners enthusiastically embrace mixed-use developments. These ambitious projects seamlessly meld residential, commercial, and recreational spaces, culminating in vibrant communities that seamlessly integrate the concepts of living, working, and leisure. The revitalization of urban areas not only enriches the quality of life for residents but also magnetizes businesses, tourists, and investors. These multifaceted developments bolster economic growth and cultivate a sense of community, offering convenient access to amenities, curtailing the need for extensive commutes, and propelling a more sustainable urban lifestyle.

ipbgroup.ca

Technology at the Vanguard: The commercial real estate arena is undergoing a rapid adopting of technologydriven solutions aimed at streamlining operations, enriching tenant experiences, and optimizing asset performance. Innovations in Proptech—comprising smart building systems, Internet of Things (IoT) devices, artificial intelligence (AI), and predictive analytics—are radically reshaping property management, maintenance, and leasing dynamics. These technologies enable efficient resource management, improved security, and personalized tenant services, ultimately driving operational efficiency and tenant satisfaction.

The commercial real estate realm is fluidly navigating the intricate interplay of economic, social, and technological factors. Adapting to remote work, the rise of e-commerce, the emergence of alternative asset classes, sustainability considerations, urban revitalization, and technology integration are among the key trends shaping the industry today. Navigating this evolving landscape successfully demands a willingness to embrace flexibility, innovation, and a forward-thinking approach to navigate the changing landscape and seize new opportunities.

Azizali Kanjee FRI, CIPS, REI, ABR, CBC, AMP President and Broker of Record International Property Brokers Corp.

azizali@ipbrealty.com 905-842-0611 Ext. 100

Featured Vendor

CONNECTED PROMOTIONAL GROUP Connected Promotional Group offers promotional items, real estate lawn signs, and printing services nationwide in Canada. Excelling in creative, customized products to leave a lasting impression, they can assist you with all your promotional, print and signage needs!

connectedpromo.com

KNOW YOUR AUDIENCE

The importance of understanding your audience and how it impacts your marketing.

Identifying your target audience for your real estate business requires a strategic approach.

Selecting the right markets to practice real estate requires a thoughtful approach that incorporates market segmentation, data analysis and strategic considerations. When you understand who your audience is, that will be your key to building your marketing strategy.

CONSIDER YOUR AUDIENCE'S: Demographics Lifestyle and Behaviour Motivation to move Access to financial lending Geographic Location Challenges and Pain Points Communication Preferences Buying or Selling Stage

87%

According to a study conducted by the Canadian Marketing Association (CMA), 87% of Canadian consumers feel that brands should tailor their messaging and offers to match their preferences and needs.

78%

According to a survey by the National Association of REALTORS® (NAR), 78% of home buyers start their search online. This highlights the significance of having a strong online presence and utilizing digital marketing strategies to reach and engage potential buyers in the Canadian real estate market.

@therealestatesource.ca | therealestatesource.ca

10X YOUR PRODUCTIVITY WITH 4 SIMPLE TRICKS

Finding ways to work efficiently and grow your business.

In business, we often work more than we wish we did. As entrepreneurs, we typically are doing our best to multitask and juggle a variety of things all at once.

As a coach, I often see my clients spending hours and hours on things which don’t necessarily serve them well. Learning to become more effective with the time that you spend on your business is arguably the best thing you can spend your time doing. As you become more effective, it means you can either work less and make the same amount of money, work the same amount and get more, or maybe even the better combination of them both!

SEAN PROVENCHER

Over the years I’ve obsessed over this. I absolutely love business, but the part I love is finding creative ways to make the results happen while spending the least amount of time doing the things which I don’t enjoy.

Over the next few pages, I’ve shared a few simple tricks to help you get more from every minute you spend on your business.

@yourendgamecoaching | endgamecoaching.com

Learn to embrace the word “NO” Learning to say NO is an important part of being successful. In business we all want to serve our clients at the highest level, but unfortunately this makes many of us act reactively when faced with the needs of our clients… Have you ever driven across town at the last minute for a meeting which you realized was a waste of time after the first 5 minutes?

Learning to say no can feel uncomfortable, but there is an easy way to do it which leaves your clients still feeling cared for.

Use “Yes/How” instead of “No/Why”.

Since childhood most of us have heard the word NO a lot more than the word YES. Often the word NO is followed by an explanation why we are being denied.

No you can’t have cookies because it’s too late No you can’t stay out after dark No I can’t drop my pricing because it’s already too low No I can’t meet you on the weekend because my kid has a soccer game Instead, tell your clients YES, and explain how: Yes, you can have cookies but not tonight, we’ll have them tomorrow Yes, you can play more with your friends, but not tonight because it’s dark out.

Yes, I can drop my pricing but I would need to remove XYZ. Which option is better for you?

Yes I can meet you but not on Saturday. My next availability is Monday at 1:30pm…

It’s a simple rule which will improve not just your business but your personal relationships as well!

Structure your calendar in advance It amazes me how many people have little to no structure in their daily activities.

What doesn’t amaze me is when I look at their calendar and it’s blank!

Try using large blocks in your calendar so you know what you are supposed to be doing throughout the day. The classic example for a realtor is to spend the morning working on scripting, lead generation and database follow up and clearing the afternoon for appointments.

Put large blocks into your calendar and label them so you know where you should be.

9-1pm - Lead Generation 2-6pm - Appointments Leave a buffer block or two in your calendar so you have a way to catch up if you fall behind or something urgent comes up. If you erase you must replace!

Raise your skill level Raising your skill level means you either work less for the same amount, or work the same amount and make more. The beauty of it is that it takes far less time to raise your skill level than the time you dedicate to your day to day.

Raising the level of your skill can be something you do incrementally and for a small investment, or you can invest huge sums of money and dedicate significant time to it. It all depends on where you are financially and in your career. Personally, I’ve invested hundreds of thousands in developing myself and it has been well worth it!

Here are some ways to grow your skills, ranked from the lowest investment to highest: 1. Books 2. Local or online classes 3. Mentorship (paid or free options) 4. Seminars/retreats 5. Personal Coaching All of these are excellent. Start small, if it’s all your budget permits, and set goals to do more as your business grows!

Have someone else do it You might be thinking “I can’t afford an assistant” but the reality is there are thousands of ways to bring support into your business to give you your time back.

I see people spending so much time working on things which are useful, but not as important as their other priorities. If something is outside of your skillset you will take five times longer than someone who is a specialist and your result may not be the same quality!

Hire someone a few hours a day or a few days a week.

Find a service person who specializes in the task you don’t like (installing signs, dropping flyers, editing brochures - etc).

Set goals to bring in an assistant consider starting with someone virtual.

Stay focused on your big goals, invest in resources that bring expertise to the table and allow you to stay focused on YOUR job. In the end you’ll end up ahead and most likely you’ll hit your goals with some extra time to spare. Throughout your career, make it a priority that you are in a cycle of constant and never ending improvement. The way you operate, the level of your abilities, your skills in your role and your ability to lead will serve you well.

Let’s get you where you are aiming, with less time and with less effort.

@yourendgamecoaching | endgamecoaching.com

Featured Vendor

SG WEALTH MANAGEMENT Connected Promotional Group offers promotional items, real estate lawn signs, and printing services nationwide in Canada. Excelling in creative, customized products to leave a lasting impression, they can assist you with all your promotional, print and signage needs!

simgakhar.com

INTERIOR DESIGN

GUIDING CLIENTS IN THE DECISION TO UPDATE OR CUSTOMIZE

A property's appeal is often deeply intertwined with its design and functionality. As an interior designer, my role is to navigate the intricate balance between updating a space for immediate sale or customizing it for long-term living. When it comes to breathing new life into a living space, whether it's for selling purposes, immediate enhancements, or long-term comfort, understanding your client’s goals and needs is essential to determining how I will work with a client on redesigning their properties. Renovation goals, such as selling quickly, planning for a future sale, or renovating to stay for the long haul, shape the design process and ultimately create a space that feels like home.

To help benefit you and your clients, here are the steps I follow when working with a client.

By: Viktoriya Velma

Getting to know the client: When I first meet the client(s) at the initial consultation, one of the first questions I ask is the reason for the renovation. Are they renovating to sell or is this their forever home? Are they looking for a full gut job or updates/refresher? Based on the answer, I move the

PHOTOGRAPHY BY: RITA KRAVCHUK NOMADIC

|

24

new buyers or tenants as they search for their perfect space. design can attract a lot more potential tenants. Depending on the client, I like to incorporate a pop of colour or an interesting tile shape, so the house becomes more memorable to new buyers or tenants as they search for their perfect space.

Renovating to stay: When the client is sure that this is their home for the next 10 to 20 years, we look at the project in a totally different way. The design process becomes more personal and is oriented based on the client's lifestyle, taste and personality. I begin with asking questions, which include some of the following: I inquire about their family, how many people live in the home, how many people cook, are there elderly parents living with them, do they have children, do they entertain often, if they have discussion in that direction. The first meeting is vital in setting up the intention of the renovation and getting on the same page because no matter what the responses are, renovations are always a large investment and should be done correctly from the start.

Renovate to sell, quickly: If the clients are renovating to sell, the next step is to dig deeper and get the details of their future plans.

We discover if the clients are looking for a quick fix so they can list the house in the near future, which involves items like paint, updating light fixtures, swapping out old appliances, changing outdated plumbing fixtures (faucets, toilets, etc), and changing or updating window coverings.

Renovating to sell, in the future: If the clients are looking to sell in the near future, within 5 years or so, and want to make bigger changes, like renovating the kitchen completely, installing new flooring, renovating the bathroom(s), we look at how we can incorporate their taste without making the design too personal. For example, using timeless colours, timeless tile and fixtures will make the design stand the test of time. It will also appeal to a lot more potential buyers in the future. Because life is unpredictable and things can change, in case they decide to not sell and stay in the home, it will still be a design that they love. If leasing the space is an option, a timeless design can attract a lot more potential tenants. Depending on the client, I like to incorporate a pop of colour or an interesting tile shape, so the house becomes more memorable to

30 | OPEN HOUSE MAGAZINE

The first meeting is vital in setting up the intention of the renovation and getting on the same page because no matter what the responses are, renovations are always a large investment and should be done correctly from the start.

INTERIOR DESIGN any special storage needs, do they have any pets, etc.

We examine closely and in detail how the family functions, as I am a strong believer in Form Follows Function. In kitchen renovation we discuss their storage needs, as well as, if they have any specific appliances they'd like to incorporate. In bathroom design, we touch on the longevity of the space, do they require backing for future grab bars, additional lighting or any specific storage that they would like to incorporate. Once we determine the program of the spaces we're working on, I ask for their taste in colours, materials and the overall ambience that they would like to achieve. I encourage them to share any clippings or inspiration images that they may have to truly understand what they are looking for.

Design Process: Once I gather the above information, I make sure to put together a design that meets all of the client's needs. I strive to incorporate elements that they may not have thought of, to give them a new perspective on their space. Most of the time, the clients appreciate and are open to the suggestions. I believe that the benefit of working with a designer is that I do not have an attachment to their space, I come in with fresh eyes and fresh ideas. Whereas, in my experience, I have found that because the clients have lived in the house for a certain amount of time, they can't see beyond the space and its potential. This helps in thinking outside of the box and creating beautiful spaces that clients can call home.

Once the project is approved, our firm looks after the product ordering, project management and seeing the project from start to finish.

A successful home renovation hinges on understanding the client's aspirations and lifestyle. Whether the goal is a quick property sale, long-term market appeal, or creating a personal haven, the design process must harmonize with these objectives. From the initial consultation to project culmination, this journey is dynamic and transformative, resulting in happy clients!

Viktoriya Velma is the Founder and Principal Designer at Allure Interiors. Having started her career over 14 years ago, she is an expert in kitchen & bath design.

She is a Certified Kitchen & Bath Designer and an Active Member of NKBA Ontario Chapter. Viktoriya's kitchen designs have received numerous Awards in the Ontario NKBA Design Competition.

Real Estate Investment

Condo Investments: Tips on guiding your clients WRITTEN BY TAMMY GILMER, MBA

Real estate professionals are no strangers to the art of investment. Among the different real estate investments options, condominiums, or condos, have become increasingly popular among investors due to their unique advantages such as cost-effectiveness, reduced maintenance obligations, and potential for rental income. However, when advising your clients on condo investments, it is essential to approach condo investments with a distinct perspective.

Here are some essential factors and strategies that can help you assist your clients in understanding the benefits of condo ownership.

Location is Key. The age-old adage "location, location, location" holds immense significance in the realm of real estate, especially when it comes to condo investments.

When guiding your clients in this area, emphasize the following location-related considerations: Proximity to Amenities: Condos situated near schools, shopping centres, public transportation hubs, and recreational facilities tend to be more appealing to potential tenants.

32 | OPEN HOUSE MAGAZINE

Neighborhood Trends: Doing extensive research on the neighbourhood's historical growth patterns, anticipated development, crime statistics, and overall desirability can provide valuable insights to your clients. A thriving neighborhood often leads to increased property appreciation and value. A thriving neighborhood often translates into increased property appreciation.

Job Market: Strong employment prospects in an area often correlate with a higher demand for rental properties. You can guide your clients to explore local job opportunities and unemployment rates.

Financial Planning and other considerations: Encourage your clients to create a strong financial plan.

This should involve a comprehensive budget that covers the condo's purchase price, closing costs, ongoing maintenance expenses, property taxes, and potential renovations. Ensure that clients have a clear understanding of their financing options and the prevailing interest rates.

Condos have become increasingly popular among investors due to their unique advantages such as cost-effectiveness, reduced maintenance obligations, and potential for rental income.

Rental Income and Expenses: Clients should also consider not just the potential rental income but also its ongoing expenses. It's crucial to maintain a realistic outlook on the rental market, factoring in potential vacancies. An ongoing positive cash flow is the bedrock of a successful condo investment.

Highlight Scrutinize Condo Associations and Fees: It’s important to assist clients in evaluating the financial health and regulations of condo associations before making any commitments. Elevated monthly fees or mismanaged associations can erode potential profits. Advise clients to inquire about the reserve fund to ensure it's adequately funded for maintenance and unforeseen repairs. Moreover, your clients need to familiarize themselves with the association's rules and bylaws, particularly those concerning tenant arrangements. Some associations may impose restrictions on renting or necessitate the other tenants’ approval.

Property Management Considerations: Clients will need to decide whether to handle it themselves or engage a professional property management company. Property management can be a substantial expense, but it can also alleviate the burden, particularly if clients have multiple investments or live at a distance from the property.

Assessing Condition and Potential Upgrades: While evaluating a condo, consider its existing condition and potential for upgrades. A well-maintained property might require fewer immediate expenses, but one in need of renovation could offer long-term value. Help clients calculate the costs of upgrades and weigh them against the potential returns.

Tenant Selection and Screening: Work with your clients to understand the importance of thorough background and credit checks. A rigorous screening process minimizes the risk of unpaid rent or property damage. Encourage clients to establish transparent lease agreements and policies to safeguard their interests.

33 | OPEN HOUSE MAGAZINE

Exit Strategies: This involves determining when and how to sell the condo if it becomes necessary. Clients must be prepared for shifts in their financial situation or market conditions that might necessitate property liquidation.

As dedicated real estate agents and brokers, your clients look to you for guidance in making sound investment decisions. When it comes to condo investments, the benefits are numerous and can lead to financial prosperity if chosen correctly. By championing the principles of meticulous planning, thorough research, and adherence to industry best practices, you have the ability to guide your clients' path in successfully purchasing in the condo investment arena.

Tammy Gilmer is a seasoned professional with a wealth of experience in the real estate industry. Tammy has held a series of different roles in investor and public relations, most notably with Solidifii and Brookfield Real Estate Services.

Crafting a Legacy of Collaboration and Empowerment as an Entrepreneur WRITTEN BY VICKI BRADLEY, CEO AND FOUNDER OF WIL EMPOWERED

Being your own boss offers a journey filled with challenges and rewards, empowering you to create a lasting legacy built on collaboration rather than competition. This path entails much more than just financial freedom; it fosters self-discovery, risk-taking, and a positive global impact. Despite the presence of a thriving team, the solitude of being on an entrepreneurial journey can be daunting, and the unique challenges it brings are often underestimated. Consequently, establishing a robust support network becomes pivotal.

For genuine success on this path, clarity about your desired legacy, self-awareness, an adaptable mindset, and who you want and need in your corner on your journey. We are often taught that there is only enough for a few of us but the reality is there is plenty for all of us which is why mindset is such an important aspect of how you set yourself up for success.

As someone who guides numerous entrepreneurs and executives, I often witness the misconception that one must handle everything single-handedly, showing no vulnerability. In reality, seeking assistance and surrounding oneself with the right supports signify great strength not weakness.

Here are some insights to guide you on this transformative journey: 1. Define Your Legacy: As you continue on your entrepreneurial journey, take the time to reflect on the legacy you wish to create.

What mark do you want to leave on your industry or community? Whether it's inspiring others, promoting sustainability, or fostering innovation, having a clear purpose will guide your decisions and actions. Stay true to that vision and share it often with others. When you find yourself deviating from this vision, revisit it and identify areas of misalignment. Analyze the shifts in your values or principles, if any. What support do you need? Have your values or principles changed and if so why?

Vicki Bradley CEO & Founder of WIL Empowered

2. Identify Your Needs: Embrace your role as your own boss, entailing complete accountability for your success.

Identify your financial, emotional, mental, and personal needs. Consider how to harmonize your work-life balance to ensure avoiding burnout, help make informed decision and set realistic goals. Being aware of your needs will help you make informed choices and set achievable goals, and help expose you to opportunities and alternative viewpoints.

3. Cultivate the Right Mindset: A successful entrepreneur's mindset is a blend of determination, adaptability, and resilience.

Embrace challenges as opportunities for growth and view failures as stepping stones to success.

Cultivate a growth mindset that allows you to learn from mistakes and continuously improve.

Find a community of like-minded professionals for guidance and idea sharing. Remaining current with industry trends, acquiring new skills, and embracing opportunities for personal and professional growth are essential. Remember, maintaining the right mindset is an ongoing journey, especially in a leadership role. Be patient.

4. Confident Communication: Confidently articulating your needs is a pivotal skill for entrepreneurial success. Whether negotiating partnerships, pricing services, or seeking support, effective communication plays a vital role. Remember that confidence comes from a strong belief in the value you offer.

5. Embracing Collaboration over Competition: In the world of entrepreneurship, collaboration is often more powerful than competition.

Recognize that everyone brings unique strengths to the table. Collaborating with others can lead to innovative solutions and mutually beneficial outcomes. By sharing knowledge and resources, you create a supportive ecosystem that benefits everyone involved.

Contrary to intuition, this approach fosters reciprocity and attracts a supportive network aligned with your goals.

35 | OPEN HOUSE MAGAZINE

This goes back to my earlier comments about there being enough for everyone, if you truly believe this you will attract the right support network that will benefit you and them.

Reciprocity goes a long way when building your network and supporting each other for the right reasons. Think about what you might learn from this other person(s).

In the world of entrepreneurship, collaboration is often more powerful than competition.

Recognize that everyone brings unique strengths to the table.

6. Embracing Differences: Understanding that we are all different is a cornerstone of successful entrepreneurship.

Embrace differences in perspectives, skills, backgrounds, and experiences. This diversity fosters creativity and encourages a wellrounded approach to problem-solving. Think about your clientele, does each person you work with have the same belief systems, wants, desires, etc.? Of course not, every person is unique and has a different lens in what they desire and how they see the world. Opening yourself to other worldviews enriches your own perspective and expands your horizons.

7. Building Relationships: Networking and building relationships are essential in the entrepreneurial journey and on our life journey. This could not be more true in real estate! Connect with mentors, peers, and potential clients who align with your values. These relationships can provide valuable guidance, collaboration opportunities, and emotional support. We are not meant to do it all alone.

Building life long relationships is super rewarding and there is a lot to knowing that you just have to pick up the phone and reach out, is comforting to say the least. To know you have support, to share or explore ideas, to be there for someone else is all part of creating that legacy.

Being an entrepreneur is not just a career choice – it's a lifestyle that involves self-awareness, resilience, and a clear vision of your legacy. By understanding your needs, embracing the right mindset, communicating confidently, and valuing collaboration, you'll pave the way for a fulfilling and impactful entrepreneurial journey. Remember, your legacy isn't just what you accomplish, but also the positive influence you leave on the lives of others.

For more helpful tips on leadership subscribe to our newsletter at wilempowered.com and the WIL Talk podcast found on Apple or any of your favourite podcast providers.

willempowered.com

NETWORKING ON A DIME Finding ways to connect with other industry professionals, while not breaking the bank!

01

Local meetups & networking groups

02

Online forums and groups

03

Webinars and online workshops

04

Coffee dates

Look for local real estate meetups, seminars, or workshops. These events are often low-cost or even free and provide an excellent opportunity to connect with fellow agents, share experiences, and learn from one another.

Join online real estate forums, Facebook groups, or LinkedIn groups where agents discuss trends, share advice, and network virtually. Engaging in these communities can lead to valuable connections.

Many organizations and experts offer webinars and online workshops for free or at a low cost. Participating in these can help you expand your knowledge and connect with industry peers.

Reach out to other local agents for casual coffee meetings. It's a costeffective way to establish connections and share insights. You could discuss market trends, challenges, and potential collaboration opportunities.

@therealestatesource.ca | therealestatesource.ca

Hiring best practices.

WRITTEN BY KATE TEVES

The real estate industry in Canada has witnessed significant growth in recent years, with a high demand for skilled and dedicated professionals.

However, the industry faces an ongoing challenge in recruiting and retaining talented employees and the internal competition for high-producing agents is at an all-time high.

The Costly Battle: Recruitment vs. Retention The process of recruiting new agents and employees in the real estate industry is an expensive endeavor.

Brokerages invest considerable time, effort, and resources into sourcing, interviewing, and onboarding new talent.

These costs include job advertisements, recruitment agencies, background checks, and training programs combined with the time investment from the office manager or the broker of record or even the broker-owner themselves.

Kate Teves Owner & Founder The HR Pro

While recruiting fresh talent is essential for growth and adaptation, it is equally crucial to focus on retaining experienced professionals. Retention efforts involve providing competitive compensation packages, offering career development opportunities, fostering a positive work environment, and recognizing outstanding performance. Employee retention programs are typically more cost-effective in the long run compared to repeated recruitment cycles which typically averages at a whopping $16,751 combining all the items outlined in 6 months of recruitment, onboarding and incentivizing the right talent.

The High Price of Attrition-Related Downtime Attrition, or the departure of agents and employees, has significant financial implications for real estate brokerages. When a skilled professional leaves, there is a loss of knowledge, relationships, and productivity that takes time to rebuild. The subsequent downtime in the form of vacancies and the recruitment process can be detrimental to the overall performance of the business and can have long-lasting effects without a well-crafted succession planning strategy on the ready.

During downtime, the real estate agency experiences reduced productivity, slower response times to clients, and potential missed opportunities. Additionally, the remaining team members may experience increased workloads and stress, potentially leading to burnout.

Moreover, the reputation of the agency may be negatively affected if clients experience delays or subpar service during this transition period.

Recruitment Costs vs. Retention Costs: A Closer Look Let's examine a hypothetical scenario for a midsized real estate brokerage operating in Canada.

39 | OPEN HOUSE MAGAZINE

Know your return on investment.

The recruitment costs for hiring a new administrative assistant or manager include job advertisements ($500), recruitment agency fees ($3,500-$5,500), background checks ($300), and training time expenses ($11,450), resulting in a total cost of $16,751.

On the other hand, retention costs for retaining an experienced employee involve providing competitive compensation ($1,500 raise), professional development opportunities ($500), and a performance bonus ($1,000), benefits ($1500) totaling $4,500. Not only does the cost of retention comes at a fraction of the cost, but the investment in retaining an existing employee can also yield long-term benefits and foster loyalty.

Retention is just as important as recruitment.

Continuous training and development: Provide opportunities for skill enhancement, professional certifications, and mentorship programs to foster employee growth and loyalty.

Employee recognition programs: Implement reward systems and acknowledge outstanding performance to boost morale and job satisfaction.

Creating a supportive work environment: Foster open communication, transparency, and a healthy work-life balance to ensure employee well-being.

Implementing employee feedback mechanisms: Regularly seek input from agents and employees to address concerns, improve processes, and enhance job satisfaction.

In-house vs agency costs While many broker owners and broker managers have incredible people skills and are able to attract top talent and share their long-term vision with these individuals, often they are simply too pressed for time to maintain the integrity of the hiring process, to keep it fair an objective as well as consistent.

Strategies for Recruitment and Retention To overcome the challenges of recruitment and retention, real estate agencies can implement several strategies: Building a strong employer brand: Cultivate a positive reputation as an employer of choice by showcasing employee success stories, benefits, and supportive work culture.

Competitive compensation packages: Offer attractive salary structures, performancebased incentives, and benefits that align with industry standards. theHRpro.ca

A few key pieces of information to consider here is that hiring an agency that focuses on real estate recruitment could significantly reduce the amount of time that it takes to hire the right individual as well as the amount of tools and marketing required in order to do so. Additionally, consider that talented human resources individual and recruiters will know the latest legislated labour updates, follow recruitment and HR business best practices as well as help protect your business from the liability of not having a legally compliant contract of employment or independent contractor agreement.

Your business reputation and employer brand should never be compromised, so trust it to the professions.

THE FUTURE BELONGS TO THOSE WHO BELIEVE IN THE BEAUTY OF THEIR DREAMS.

– Eleanor Roosevelt

UPCOMING EVENTS 1

AREAA National Convention

2

Ultimate Team Summit 2023

3

OREA’s REALiTY Conference 2024

October 12, 2023 - Chicago, Illinois The Asian Real Estate Association of America (AREAA) is commemorating two decades of transforming lives through real estate. The national conference is the opportunity to connect with a dynamic network of dedicated real estate experts and contribute to the realization of equitable housing for everyone.

November 8th- 10th, 2023 - Niagara Falls, Ontario Three days of targeted education on the systems and mindsets of the leaders in the real estate industry. This is the best opportunity to grow your team and your business and learn how to become a deal making superstar in the real estate community.

March 6-7, 2023 - Ottawa, Ontario Get ready to grow your business and your network. Meet your next referral! Network with over 1,000 of the top-selling salespeople and brokers in Canada.

OPEN HOUSE MAGAZINE | 42

FINAL THOUGHTS

"Do things at your own pace.

Life's not a race."

For anyone who knows me well, my family is at the heart of all that I do. As I watch my children play, their bright eyes filled with boundless curiosity and energy, I am consistently reminded that our collective efforts today shape the world they will inherit tomorrow. It is in these moments of reflection that the true purpose of collaboration becomes clear: to leave behind a planet more vibrant, compassionate, and sustainable than the one we inherited.

Through shared ideas, empathy, and action, we pave the path to a brighter future, for ourselves and for the generations to come.

OPEN HOUSE MAGAZINE - THE REAL ESTATE SOURCE CANADA