David and David on Real Estate

Today's guest is James Reynolds, Sr. Director, Regional Sales for SentriLock, LLC (@SentriLock)

Founded in 2003, SentriLock is the leading electronic lockbox manufacturer and service provider supporting the Real Estate industry and other emerging markets.

SentriLock contracts with MREB to provide a variety of products and services to help REALTORS® manage Lockboxes, including our newest Bluetooth® version. You can purchase Lockboxes through MREB who can then authorize you for a SentriCard, and where available, our SentriSmart Mobile App, which allows you to manage your Lockbox inventory, generate secure One Day Codes for access to your Lockboxes, view access logs, and control your personal settings related to our Lockbox features.

Agenda for today's episode:

The SentriLock System provides many advantages and benefits.

More showings = more closings.

Security

Advanced Technology

One Day Codes

Homeowner Control

NAR-Owned

Built to Last

What is SentriLock? How did this idea for the company come about?

Why should we pay attention to increased safety and security?

How easy are the regular combination locks to pick?

Agents that put their client’s safety and security first will win more business through the trust and care that they show for their clients.

MREB is doing some amazing things for their members.

Become an MREB member and let's really support a progressive board that is making a big difference.

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Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions   

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP 

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Are you a realtor in Ontario, Canada? You have heard the term "Multiple Representation" many times in your career. But what does that actually mean?

David and David dig deep to explore all the components of multiple representation for realtors. What are your duties? Considerations in establishing a relationship. And tips to protect yourself!

With a slowing down real estate market, challenges arise. Recognize them and protect yourself!

Agenda for today's episode:

- Challenges v. Opportunities

- History of remuneration in real estate (seller always paid commission, so both agents were deemed to have been working in the interests of the seller)

- Agency relationships

- Why the agency contract is with the brokerage and not the agent

- What are fiduciary duties? What do they mean?

- Best price v. best buyer

- Difference between a client v. customer relationship

- What is multiple representations? When does it happen? What do clients need to know?

- More & more buyers are going directly to the listing agent. Imagine having the same lawyer represent you in a court of law?

____________________________________________________________  

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions   

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP  

✔ INSTAGRAM: https://www.instagram.com/kormansllp/ 

✔ TIKTOK: https://www.tiktok.com/@kormansllp 

✔ TWITTER: https://twitter.com/kormansllp 

✔ FACEBOOK: https://www.facebook.com/kormansLLP 

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

If you are involved with real estate, chances are that you have heard the term "Rent to Own". On today's episode- David, David and yes, a 3rd David cover the Rent to Own world and how this impacts realtors!

Todays' guest is David Pereira (@renttogrowhomes). David is the Managing Partner of Rent to Grow Homes, as well as the President of Get LIFT Agency.

A little background on Rent to Grow Homes:

"Our mission at Rent To Grow Homes is to guide deserving families onto the path of home ownership. With a focus on minimizing risk and increasing the rate of successful deals, our program is structured to generously benefits all involved parties including the tenant buyer, investor, realtor and ourselves.

Send us an email to [email protected] . If we qualify and place your tenant-buyer you’ll get a $1,500 referral fee AND you can be the realtor on the purchase."

Agenda for today's episode:

____________________________________________________________  

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions  

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP 

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Are you currently a residential landlord in Ontario? Do  you plan on becoming one? A residential tenant? Today's episode is for YOU!  David and David take an in-depth look into residential tenants issues. Many of the common challenges you will encounter as a landlord, as well as tenant considerations. When buying and selling real estate, you may encounter tenants in the property. Can you still close? How do you deal with it? Find many of the answers you need as David and David share their knowledge and experiences on residential tenancies.

We value your feedback- feel free to leave your comments and questions and please share this episode with your friends and colleagues. Landlord and tenant matters can be very tricky and having the right professionals in your corner can make all the difference!

Agenda for today's episode:

Ontario Standard lease is now mandatory

Residential Tenancies Act (RTA):

“To provide protection for residential tenants from unlawful rent increases and unlawful evictions…”

Understanding the process and seeking practical solutions

Best practices when representing tenants

Best practices when representing landlords

Selling an investment property that is occupied by a tenant:

- assuming tenants (adjustments, interest on deposit, terms in lease, options to purchase)

- require vacant possession

When marketing the property, be sure to include details of the lease, including rental income, expiry date of the lease period, security deposit, interest on deposit, etc.

Not required by RTA to disclose potential sale to Tenants, however it is beneficial for

all parties to disclose as early as possible.

Landlord and tenant can always negotiate and agree in writing to terminate a tenancy on an agreed upon date. Landlord can provide financial incentive.

Two lawful scenarios to require a tenant to vacate:

1. Buyer intends to occupy or immediate family member to occupy. Buyer to swear an affidavit that Buyer will be moving in or immediate family will be moving in; tenant has full 60 calendar days starting at the beginning of the month to vacate. Landlord needs to provide tenant with 1 month of rent

2. substantial renovation

Despite proper and good faith notice being provided, tenant simply refuses to leave the property – now what?

One possible solution is to obtain an extension of the closing date. If the Buyer agrees, Buyer will require Seller to cover any costs/expenses incurred due to the delay in closing.

Another possible solution is to an offer an incentive or abatement of the Purchase Price to Buyer, so that Buyer may agree to close and assume the responsibility of evicting tenant.

Co-operation of the tenant will be required whether tenant vacates or Buyer assumes tenant. Landlord needs declutter, staging, showings, inspections, visitations, appraisals, repairs, etc.

Best practice: have the best possible relationship with the tenant. Bring the tenant a bottle of wine, or fruit basket to apologize for any inconvenience, maybe offer to buy them dinner and give them a gift card, or arrange for a hotel.

Best practice: follow the requisite formalities and let the tenant know you have done so, i.e. file the N12 application with the Landlord and Tenant Board as soon as it is served upon the tenant (saving 60 days of waiting if there is resistance).

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STAY CONNECTED: 

🔗 Get a free consultation: https://linktr.ee/KormansLLP

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Congratulations to David & David for hitting the magical 50th podcast episode!! The gents were all smiles as they celebrated a landmark in the history of this ground-breaking real estate podcast!

For today's episode, David & David returned to their origins of two Davids talking everything real estate. With a shifting real estate market, learn today how to successfully close your real estate transaction.

Agenda:

Recent changes:

- Ban on foreign buyers

- Increased interest rates

- War in Ukraine

- Media influence

- Post-Covid inflation

How these changes have impacted the market.

What can agents do to ensure the transaction closes at the time of accepting an offer:

- buyer pre-qualification - asking the right questions - obtaining a mortgage preapproval letter

- if buyer is putting 20% down, try to get the majority of the funds committed as a deposit

- ask for a further deposit or deposit on removal of conditions

- minimum rule of thumb is 5% of purchase price for deposit but more is always best

- best price is not always the best offer

Constant and consistent communication with co-op agent and solicitor's office is crucial. Everybody needs to be kept in the loop if anticipatory breach is expected from buyer.

Solicitor communication is essential to getting the deal done.

Full disclosure should be given to the solicitor.

More emphasis should be placed on closing the deal.

- work with closing extensions

- further deposits

- don't be hard on buyers that cannot close. Work with them to ensure the closing happens instead of hindering the process by imposing heavy fees. Be practical, not penal.

Act in good faith with clean hands.

What happens if a buyer refuses to close?

What options does the buyer have if the property that they purchased does not appraise and the buyer needs more capital to close the deal?

____________________________________________________________  

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions   

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP  

✔ INSTAGRAM: https://www.instagram.com/kormansllp/ 

✔ TIKTOK: https://www.tiktok.com/@kormansllp 

✔ TWITTER: https://twitter.com/kormansllp 

✔ FACEBOOK: https://www.facebook.com/kormansLLP 

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

What do successful people in sports and business have in common?  They WORK HARD!!!

Get ready for the most explosive and powerful episode of David and David!

Meet Dewith Frazer, Olympian and Boxing Coach !!

Dewith's Boxing Studio (@dewith_boxing_studio) - dewithboxing.com

You think you are ready to put in the work?  Dewith coaches professional athletes to championships!

Check out Dewith's impressive resume:

Head coach Commonwealth games in Brisbane, Australia.

1984- Olympic quarter finalist (top 8) Los Angeles, USA

1995- Promoter of Ontario’s 1st professional women’s boxing match

1996- Jamaican National Olympic coach, Atlanta, USA

1998- Canadian National World championships coach, Budapest, Hungary

2000- Canadian National Olympic coach, Sydney, Australia

2010- Canadian National, Commonwealth games team coach, Delhi, India

2014- Commonwealth National Coach

2014- Sports Hall of Fame (Brampton)

Level 4 Olympic Level Coach

David and David sit down today with Dewith Frazer in a powerful and motivating episode.  Find out what it takes to achieve your goals and success.  Taking care of yourself- both physically and mentally.  From fitness to positive thinking- find out what it takes to become the best YOU that you can be!!

Agenda:

Background - from Jamaica, raised by grandparents, immigrate to Canada at age 13

You have been around champions your whole life, what makes a champion?

Hard work and good mentorship

What qualities do champions have?  What makes them different?  What contributes to their success?

No limits on success

Environment – positive v. negative

How many clients have continued to train with you over a long period of time?

Credentials are earned

Do you see any patterns or similar characteristics between those clients?

Setting achievable goals, one step at a time

Successful people in sports and in business are hard workers

Danger v excitement

Champions have no excuses – will do whatever it takes

Why do you think taking care of yourself is the single most important thing you can do?

Be energized, positive mindset, raise self esteem

Fitness is fuel for your brain

What can agents and business owners do that are struggling to find time to stay active?

Goal shouldn’t be mediocre

Lazy creates failure

Look at yourself in the mirror – I can do better

Be responsible for your actions – don’t blame others or the market

The power to say no

Competing at the highest level

____________________________________________________________

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP 

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Today's guest is Theresa Mersky (@twmersky) - the Director of TM Consulting Group

Theresa sits down with David and David to discuss effective business communication skills and how communication is changing in today's environment!

Also everything you NEED to know about Muskoka cottages! The magic of cottaging and encouraging news on buying your cottage.

Agenda:

US born but living in Canada for over 30 years

Consults with all kinds of businesses including real estate

Speech writer and consultant to politicians, writers and CEO’s

Tarion mediation and resolutions of disputes among developers and condominium corporations

Co-Operative model used in New York v. Condominium model used in GTA

Maintaining proper business communication in all businesses

Effective communication for agents and business owners: 1. in person; 2. phone; 3. listen; 4. don’t be distracted; 5. set up a convenient time

Business communication changes in today's environment

Dangers of texts and emails

Have a plan and anticipate response

Agent’s personality fit is crucial for emotional transactions

Asking questions forces listening

Creativity – “tell me about your mother and I will tell you about mine”

Avoid dead zone communication

Humour is the golden ticket

Family communication in the Muskokas

Highland Island on Lake Rosseau

Development v. nature conservation

Cottaging is such a Canadian thing to do

The magic of Muskoka

Encouragement to our listeners/viewers to buy a cottage

____________________________________________________________  

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions   

STAY CONNECTED:  

🔗 Get a free consultation: https://linktr.ee/KormansLLP 

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

David and David welcome special guest Sean Hurley- insurance professional to the podcast!

Get ready to learn the ins and outs of insurance- including types of insurance and how they are utilized to save you taxes and money!

Agenda:

Background and Family history

Types of life insurance

Term, Permanent, Whole Life, Universal, Term to 100, Annuities

Differences in cost and benefits

Rental v Ownership

Mortgage Insurance pros and cons

Process of applying for insurance coverage – questionnaires and medicals

Disclosure of all relevant facts and transparency

Critical illness insurance v. disability Insurance

Using insurance to save taxes and for estate planning

Estate equalization using life insurance

Strategies for generational businesses and cottage properties

Benefits of Key Man Insurance

Who should purchase the insurance - personal v. professional corporation v. holding corporation

____________________________________________________________ 

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions 

STAY CONNECTED: 

🔗 Get a free consultation: https://linktr.ee/KormansLLP

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Are you a Realtor in Ontario? Are you ready to save some serious money? This is the tax and accounting episode you have been waiting for!

Brett Starkman, CPA, CA, Tax Partner with Schwartz Levitsky Feldman LLP (SLF.ca) joins David and David to share his accounting wisdom. The panel discusses Personal Real Estate Corporations (PREC) for Realtors. Is incorporating as a realtor a smart financial move for you? There are many considerations behind a PREC, especially taxes and saving money! Sit back and find out the reasons why a PREC may work well for you. Make sure you have a professional accountant and lawyer in place to further discuss your particular situation.

Agenda:

Exciting new opportunity for real estate agents to incorporate a Personal Real Estate Corporation (PREC) as of October 1, 2020.

Potential tax advantages

Is a PREC recommended for all realtors

Types of investments that are available for a PREC

Can a PREC trade in real estate?

Will a PREC protect real estate agents against liability for professional negligence?

Strategy of having a holding corporation in addition to a PREC

Why should a lawyer be retained to incorporate and organize a PREC?

All equity shares are legally and beneficially owned by the licenced real estate agent (Controlling Shareholder);

Sole director and officer is the Controlling Shareholder;

Who can own non-equity shares? Controlling Shareholder, family member of the Controlling Shareholder, or by trustees in trust for children of the Controlling Shareholder who are minors.

Why does a brokerage have to get involved with a realtor setting up a PREC?

What is the tri-party agreement between the PREC, the Controlling Shareholder and the brokerage employing the Controlling Shareholder

Who gets paid the Commissions?

Tax strategies of buying vs. leasing a car

Should a realtor buy a car personally or through the agent’s PREC?

____________________________________________________________  

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions

STAY CONNECTED:

🔗 Get a free consultation: https://linktr.ee/KormansLLP  

✔ INSTAGRAM: https://www.instagram.com/kormansllp/ 

✔ TIKTOK: https://www.tiktok.com/@kormansllp 

✔ TWITTER: https://twitter.com/kormansllp 

✔ FACEBOOK: https://www.facebook.com/kormansLLP 

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp

Meet Kate Teves (@the_hr_pro) - HR Professional, Headhunter and Recruiter!  Kate is the Owner/Operator of The HR Pro.ca - a company dedicated to helping small businesses grow by providing HR and recruitment solutions.

On today's episode of David & David - Kate shares all the HR industry secrets you NEED to know in order to build and grow a winning team!

Agenda:

Team building principles – need a foundation;

Leadership training;

Creating a business plan;

Scaling and growth - part of any agent's success;

Building a team; Developing systems  What key characteristics do you look for when hiring for any position? Reviewing goals and milestones;

Strategies to increase business – marketing, social media;

Implementation and creating deadlines;

Importance of a Growth Coach;

Identifying KPI (key performance indicators);

Poaching and preventing poaching;

Recent changes in work environments – hybrid environments, flexible schedules;

Niching down to scale up - game-changer in business; Niche markets that agents take advantage of;  Determining if the candidate that you are hiring will fit into your client’s existing culture; Building out a winning team; Clear and concise messaging;

Defining uniqueness to the market to drive referrals;

Adding value to relationships by “having a guy”.

____________________________________________________________ 

Join us as we explore the ins and outs of the real estate market, and dive deep to understand the issues affecting buyers, sellers, investors and businesses. If you love real estate as much as we do, sit back, relax and gain an insider's edge to the exciting world of real estate. David Gorski is a broker and the owner of Sutton Summit Realty—a boutique brokerage providing guidance to over 230 realtors, and David Korman is a partner at Kormans LLP—a boutique law firm focusing on residential and commercial real estate transactions

STAY CONNECTED: 

🔗 Get a free consultation: https://linktr.ee/KormansLLP

✔ INSTAGRAM: https://www.instagram.com/kormansllp/

✔ TIKTOK: https://www.tiktok.com/@kormansllp

✔ TWITTER: https://twitter.com/kormansllp

✔ FACEBOOK: https://www.facebook.com/kormansLLP

✔ LINKEDIN: https://ca.linkedin.com/company/kormansllp