Angela Reeves

Reports from leading economic analysts tell us to expect another drop in the Bank of Canada rate before the end of March. Estimates are between 1/4 to 1/2 point drop (which is amazing) in the efforts of boosting consumer confidence. On the downside, the experts say that the days of prime - .9 are gone, and the best consumers can hope for is maybe prime minus 1/4 at best.

Of course, the pendulum swings both ways, and there is the possibility that if the government shifts it's focus from boosting consumer confidence to the other side - managing inflation - the rates will begin to rise again (it's inevitable really).

Yet another compelling reason to let interested buyers and investors know what a GREAT time in the market this is - loads of selection - few multiple offer situations - less competition from other interested buyers - unbelieveable financing rates. Real estate is one of the most solid investments that exists & "they're not making any more of it" as it's been said - so get it while it's HOT!

Today at our brokerage awards ceremony there was a speaker from our local branch of the Royal LePage Shelter foundation which helps women and children in need.

It was compelling to hear that our efforts go to support people in need right here in our community. Our office manager said if every person in our office had donated $25 a deal, we could have donated $50,000 last year - that was amazing.

When you consider that

• $5 buys food for one woman for a day
• $25 provides one hour legal support for a court appearance
• $50 provides two hours of counselling
• $100 provides a new mother with a baby shower or an art therapy program
• $150 provides a week of childcare for a woman in an economic self sufficiency program

our donations can certainly go a long way towards giving women and children in our local communities a hand up.

I pledged today to give back $100 from each transaction I am fortunate enough to handle in this next year, and excited to think of all the things that can provide for people who need it.

Giving back - especially locally where it is so tangible - is great for the soul (better than chicken soup).

Home inspectors will have be licensed and meet qualifications by March 31rst. John van Dongen, minister responsible for consumers, says the legislation is key to protecting home buyers.

"A home is the single biggest investment most BC resident's make, but financial risk can be the result of incorrect or misleading reports from unqualified inspectors," said van Dongen, "...consumers need to have confidence that the person who is making the inspection has the qualifications to make a professional asssessment."

After consulting with consumers and the industry, government officials opted for licensing under the Business Practives and Consumer Protection Authority.

As of March 31, the authority will help protect buyer's interest by:

• assessing the qualifications of, and requiring mandatory licenses for, home inspectors.
• receiving and responding to complaints from consumers
• monitoring compliance through inspections and enforcement, with penalties up to $5000

Up to now, consumers have not been protected, and may have never known their inspector merely printed up cards, grabbed a flashlight and a ladder & started inspecting homes. What a scary thought that is.

One way to further protect yourself, as with hiring any professional, is to ask friends and family for a referral to someone they know and trust, after that, asking for work references from the professional and getting a detailed written record of what services you are paying them for, with a written quote, before they start the job.

Licensing information and applications will be posted on the Business Practices and Consumer Protection Authority website on February 27, 2009 www.bpcpa.ca

I am always reading what industry leaders have to say here's a short version of Ozzie Jurrocks "26 says to make your home sell faster" article, as it has so many great ideas for homeowners to be actively involved in a positive way with their home sale.

1. Select a quality Realtor - ask around - get a referral from someone you trust.

2. Price your home right - make sure your pricing is in step with current sold stats, if not a bit below to make sure that your listing receives the necessary attention from buyers.

3. Create a Benefit & Feature sheet - think back to remember what drew you to the property, make a list of everything that you like, what ammenities are close by - buyers aren't mind readers - tell them ALL!

4. Create a Pick up box to work with the Realtor's sign to let passersby have access to the feature sheets in #3.

5. Make sure your home is listed on the MLS for maximum exposure.

5. Spread the word - let other real estate offices know about the listing (your realtor should be well connected with the local offices) often another office will bring the buyer so the more they know about you the better.

6. Offer a Bonus or other incentive - realtors will look more favorably on your listing if there is a little something extra (extra percentage - bonus for asking price offer etc) sweeten the pot to help buy a bit of extra enthusiasm.

7. Too much of a good thing? If you own multiple units in a building and are liquidating, offer only a couple on MLS and have the others listed as an Exclusive listing and offer the difference in commission to the selling agent only to appeal to the "what's in it for me" mentality.

8. Advertise - discuss and consider cost effective marketing strategies with your realtor and make a defined plan. Test out any ads on unbiased friends to see if they deem it effective and compelling.

9. Consider all offers - instruct your realtor to present all offers no matter how low or seemingly impossible. If they are serious enough to write an offer, good negotiation could make it workable.

10. First impressions count - make sure the home is in saleable condition - don't spend a ton of money, but do everything to convey an impression of clean, modern, liveable space. If you are going to spend money on renovating, research shows that it is best spent in the kitchen and bathroom to maximize return.

11.Clean bright space - make sure everything is clean and well lit. Basements/ stairways etc. should be tidy and have all the lights on for showings.

12. Spread the word - give your feature sheets to everyone you know - friends, co-workers, relatives - you never know who might know someone who could buy your house.

13. Advertise with persistence, not for the big payoff. - more widespread consistent smaller ads get more bang for your buck than one big splashy ad run one time.

14. If ads aren't making the phone ring - check the wording to make sure it conveys the benefits and the value in the home. It needs to answer to the needs of the buyers.

15. Don't be afraid to be different - unique advertisements will attract more attention than the often used cookie cutter variety.

16. Test and re-test - if you're advertising or opens aren't getting attention - revisit everything from price to ads to marketing to see what isn't working - find it , address it and try again.

17. Take an interest in the buyer - offer an assumable mortgage if it is more attractive than current rates.

18. Offer to pay the legal or closing costs - let the buyers know you are serious and allows the realtor to offer it as something special. Work it into the asking price.

19. use craigslist.com - or insist your agent use it - it is the worlds most widely used bulletin board.

20. Make sure every twig on the branch is getting the information on your listing - if your company is a multi branch chain - make sure each branch gets your feature sheet - make sure your realtor does the same with branch office agents/ out of towns etc.

21. Offer a warranty - if the home is older and has older appliances etc. consider offering a fixed term home warranty to increase buyer confidence.

22. Foreign buyers need special information. Be aware of their needs, likes and dislikes & market to them.

23. Declutter and declutter again - get the junk gone, even if it means renting storage space.

24. Sell the sizzle - give the buyers the idea of how an undeveloped space could be used by painting in things like where the bathroom/kitchen could go in an unfinished basement.

25. Stage your home - hire a professional to come and help showcase the rooms to their best features and advantages.

26. Be focussed & insist that your realtor be the same. Insist on a written marketing plan as well as a professional, enthusiastic, energetic approach. You deserve nothing less.

Snow is typically a royal pain here in coastal BC, because it usually is just slushy and messy and we barely get to enjoy it for a day before it turns into muck. Not so this year however, as an unusually long cold snap has left huge snowmounds behind from all the repeated plowing. These big hunks of dirty ice are blocking parking spots and difficult to see around at times, but today I found a good use for them.

What better place to put OPEN HOUSE signs? Right on the street, up at eye level, easy to drive the stakes into & not on anybody's lawn! Worked like a charm!

Wish I had taken a picture to demonstrate the effective placement LOL!!!

When life gives you a snowbank - make a snocone! :-)