July 12, 2024 • 27 mins
Welcome to the first episode of the Comox Valley Real Estate Podcast, hosted by Monica Parkin, a local mortgage broker, author, and TEDx speaker. This podcast is your go-to resource for all things real estate in the Comox Valley, whether you're a first-time homebuyer, seasoned investor, or just curious about the market.
In this exciting inaugural episode, Monica chats with Stephanie Renkema, a local realtor who specializes in new construction and development. They discuss how Stephanie's background in the construction industry influenced her career path and delve into the complexities and rewards of working in new construction.
Stephanie shares valuable advice on choosing reputable builders, understanding pre-sale opportunities, and the importance of having a knowledgeable team around you. The episode also touches on common misconceptions about realtors and the importance of integrity and expertise in the industry.
Whether you're looking to buy a new build, invest in real estate, or simply learn more about the market, this episode is packed with insights and practical tips. Tune in for a deep dive into the world of new construction and get ready to be inspired!
You can connect with Stephanie at :
Instagram: @stephanierenkema.realtor
Facebook Page: https://www.facebook.com/stephanierenkema
LinkedIn: www.linkedin.com/in/stephanie-renkema-ab28a9192
YouTube: http://www.youtube.com/@stephanierenkema3670
Website: www.stephanierenkema.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
Hello and welcome to the Comox Valley Real Estate Podcast.
My name is Monica Parkin. I'm your host. I'm an author, a TEDx speaker,
and a local mortgage broker.
And we are here today to get all your questions answered about local real estate.
Whether you are a first-time homebuyer, you are a seasoned investor,
or you're just curious about the real estate scene in the Comox Valley,
(00:24):
we are probably going to cover a topic that is interesting to you.
We're going to be talking to everyone from real estate agents,
appraisers, home inspectors, local government.
We're going to cover everything real estate in the Comox Valley.
So grab a pen and paper, grab a cup of coffee, pull up a seat,
hit the subscribe button for sure, and stay tuned for some really great conversation.
(00:47):
All right, welcome to our first episode of the Comox Valley Real Estate Podcast.
I am super excited. We're going to cover all kinds of topics every week,
And, you know, it doesn't matter where you drop in, they're going to make sense.
It doesn't have to be chronological.
I am really excited, though. I've got Stephanie Renkema with me today.
Stephanie and I are both members of our local Comox Valley Women in Business Association.
(01:12):
And Stephanie is also a local realtor who happens to specialize in new construction
and development, which I thought was a really great topic, particularly with
how fast our valley is growing.
So I'm really delighted to have Stephanie here. She's going to share some great
insights, tell us a little bit about her story, what she does,
and how she serves her clients. So welcome, Stephanie.
(01:33):
Great. Well, thank you. Thanks for the introduction. Happy to be here and excited to get started here.
Yeah, me too. We kind of had a little pre-conversation a couple weeks ago.
But one thing we didn't really totally dig into that I was curious about is,
I'm always curious about how people choose their careers.
Not everyone in kindergarten decides, I want to do this or I want to do that.
(01:53):
And some of us fall into it by accident.
Some of us are like, that's what I want to do.
Like, what made you decide to be, first of all, a realtor?
And second of all, like, you've got a really specialized kind of niche.
I assume you do other types of real estate too, but you definitely have a focus
in like new builds and new construction development.
And that's not a common thing. So I'm curious how you ended up there. Yeah.
(02:14):
Yeah, yeah. So it was definitely one of those things that I just fell into.
It happened really naturally.
And that wasn't something that I grew up thinking, I want to be a realtor.
But no, I'm so happy that it worked out the way that it did.
I've grown up in the industry. My dad is a developer.
And so I grew up around the construction sites.
(02:37):
And it's just, it's always been a part of my life, a part of my family.
And when I was just
getting to the point of needing to get settled in
a career it was suggested to me
by a friend and it actually turned out to
be the best thing I've ever done and now I I love realty I love selling I love
the new construction niche as well and so the the niche part of it came into
(03:01):
play with my background and the way I grew up and so I just I've always had
that special love for new construction and interest in it.
And then having that background and experience has helped me in my career as well.
Yeah. And, and, you know, I also coached new mortgage brokers or I did for a
while. And one of the things I always tell people is like, find your niche.
(03:22):
Cause when you find your niche, you get this really specialized knowledge.
Like you can see things coming before they get there, right?
Like if you've never done a certain type of file and then all of a sudden you
get hit sideways by a problem, you don't know how to deal with it.
But if, if that's your thing and you know it inside out, like you know way ahead,
like you're ahead of every possible problem before it arises and you can get in front of it.
(03:44):
And you also like, you could just really navigate all the little twists and
turns of that journey for your
client and make it a much smoother road for them. Do you find that too?
Like, because it's a really complex area, you know, and to be able to bring
that specialized knowledge is really a gift.
Yeah, yeah, I definitely find that it's a a huge help in working with buyers
(04:08):
or sellers and even colleagues.
I have colleagues asking me questions about new construction all the time and
just having that experience and having done it before, I'm very comfortable with the process.
And so, like you said, I'm able to anticipate things before they happen or just
know exactly what needs to be done throughout the process because new construction
(04:29):
is a little bit different than resale.
So, to be specific, There's a developer disclosure statement,
which can be quite complicated to go through.
Definitely took me a few disclosure statements to become comfortable with it.
And so definitely going through your first one is huge.
It's very overwhelming. And so being able to explain exactly what that is to
(04:50):
my clients, I find is very beneficial.
Because when you hand them a 100-page document and say, go for it,
that's not for some people.
Yeah. Deficiency walkthroughs, holdbacks. So, there's lots of different things
that come up with new construction.
And so, yeah, just knowing the process definitely helps to streamline things
for myself and my clients.
(05:12):
And then, yeah, as far as having the niche, yeah, I just, I'm loving it. Yeah.
Yeah, that's awesome. And to pick some that you're excited about too, right?
Like not just choose because of whatever reason, but to choose something you're
really excited about. That excitement usually comes through to your clients.
And I love that you can help your colleagues out too.
(05:32):
I know when I first started out as a mortgage broker, I was terrified of new
construction loans, like the draws and all the stuff just used to scare me.
And I had a colleague who was like, just come see me anytime.
I do them all the time. I'll walk you through them. And like,
that's something that makes the whole industry better, right?
When you're not just focused on helping yourself and you're helping your colleagues,
you're actually making your whole industry a better place for everybody when
(05:55):
you're able to do that, right?
Yeah. Yeah. And I'm happy to help and my door's always open.
Yeah. Yeah. Amazing. So we were going to talk a little bit about, on a similar note.
That this conception around realtors and the fact, you know,
I guess it's sometimes in some circles,
there's this perception, this negative perception sometimes that either,
(06:20):
you know, it's just a fast, easy career, or, you know, all they do is,
you know, they go around, they show some houses, they get paid a bunch of money,
or, you know, all those things.
And I wonder if you want to speak to that, because I know one of the things
that you're interested in doing is just raising the level of education around
what realtors actually do and the perception of how they show up and add value
(06:40):
and service and what they really do.
It's almost like that meme, what people think I do and what I really do,
and they're completely different. So I wonder if you wanted to speak to that a little bit.
Oh, for sure. I know there's always
a perception, and I think that can be generalized to probably any career.
In this case, yeah, Yeah, it's definitely, it's not an easy career.
(07:04):
A lot of people drop out within the first couple of years because you're looking
on the outside and you're only seeing a very, very small portion of what we
do. Like there's so much back-end work.
There's a lot of risk and liability that we take on for our clients.
And then we have to be an expert internally.
(07:24):
On a lot of different things. So anytime I'm doing a contract,
like it's a legal document, it's very serious.
I have to make sure that I know all of the risks that a client is getting into
so that I'm able to explain that to them, make sure that they're making informed decisions.
And I do think that I offer a lot of value in that way to make sure that my
(07:47):
clients are protected, whether buying or selling.
There is a lot of value in using a realtor.
Yeah, and just that knowledge and that historical knowledge is huge.
And like you say, there's so many pieces to the puzzle other than what we see at the surface.
And the risk piece and the stress piece, I think you're helping someone literally
(08:08):
with the biggest purchase of their life, the biggest debt they're ever going
to take on, the biggest liability,
the biggest risk, especially with things like pre-builds and stuff too,
where they're making a deposit, but the house might not be done for two years
and you don't know what's going to happen.
In between like with values and things between them to have someone that can
actually guide them through that process it has a real deep understanding of
(08:30):
it is like that is not just a,
salesperson like that is like it's like not that you are a lawyer but you're
wearing the legal hat you're wearing the you know the finance right yeah and
all the things to think about and then there's also the negotiator piece too
right because you're you're negotiating on their behalf and you're guiding them
(08:50):
through this process as well.
Yeah. Yeah. Yeah. And it's, it is, it's pretty special that I can guide somebody
through something that I've, and I can literally say I've done this like more
than a hundred times. Yeah.
I'm very, very comfortable doing this. And sometimes it's that person's first
transaction, maybe it's their 10th.
(09:10):
I still come with a lot of experience having done it so many times and I can
bring a very objective perspective to it as well, because like you said,
it's a, a very big purchase.
It can be very emotional, especially talking about money that can be very sensitive.
And so just bringing it back to facts and being objective and being,
yeah, just making sure that everybody's on the right track and making informed
(09:34):
decisions is really important.
And yeah, I really pride myself in that as my job and being able to guide people
through the process successfully.
Yeah, yeah. And to point out the things they need to know.
I talked about this in my book but when we
were first we were really young we were in our 20s and
we wanted to buy a place and it was when everything kept
(09:55):
being sold before you got there like you go to look at it was sold to look at
it you've sold and so we just we're like ready to just buy like the next place
we saw we were like starting to feel really anxious and we found this place
we're like want to make an offer we want to make an offer and the realtor's
like you know i know you really want to do this and i know you're really excited
but like the septic and the well are like five feet.
(10:16):
Like, I don't know if this is the right house for you.
And, you know, like, he was just showing, and we had to stop and go,
you know what, you know what, you're right, this is probably not,
and like, another one will come along.
But like, he had the opportunity to just write a deal right then and get paid,
but he didn't. He was like, you know...
And I'm here to look out for your best interest. And I just like,
(10:36):
you can ask the home inspector, whatever, but I just want to point out to you,
like, I don't know, you're going to be raising kids here.
And like, this is just things I want you to think about. And like,
you don't have to do this today.
We can look at a few more places. We can, other stuff's going to come up.
And it really made me appreciate like how much integrity can be part of the process too.
And how much, you know, a good realtor really is there to serve your client
(10:59):
in your best interest and not just there to get paid.
Rate like that's that's the end goal is to make the
right decision for the client yeah yeah yeah and
i'm really glad you had a great experience too yeah
yeah for sure and to speak to that attrition rate i think i think that speaks
to how hard the job is and how much complexity there is that so many people
(11:20):
enter the industry and i i think it is it might even be as high as 50 i don't
know what the exact number is so don't quote me but a big number of realtors
drop out in that first year or two.
And I like to think that the ones that stick it out, the ones that make it through
are probably really good at what they do.
They've stuck it out. They've learned the processes, the systems.
They've got a deep base of knowledge and they're really passionate about what they do.
(11:43):
And so I would like to hope that most of the realtors that make it through that
are still doing it are A, really good at it and they really want to be there.
Yeah. So speaking about new new builds or developments, what are a couple pieces of advice?
So say, I don't know, your nephew, someone you know is starting to look for
(12:03):
a new build or you are yourself.
Like what are some little piece of advice you might tell them? Or maybe like.
What are some red flags that would make you go, maybe not this,
like on the contract or in the build or whatever?
I don't know. Like, just give me some things that you would give advice to someone
that's really close to you that you would say, yeah, this would be a reason
(12:25):
to stay away. Or this is something you really want, you want to have.
So for pre-sales, I love pre-sales. I think that they can be really great opportunities.
I'd say that the things to look for are going to be a really reputable builder.
And so you can find this out just by asking around.
(12:46):
Like a lot of times your realtor will know, they'll know what the builder or
developer's reputation is. There's references online.
So there are some really practical and easy ways to check that out.
But a great builder can really make or break the entire process just in how
communicative they are throughout the build, after the build.
(13:06):
You know, you want somebody who's in your corner, even after the build,
if there's deficiencies that come up, you know, there's any number of things
throughout the process that just working with a good builder,
it makes a huge difference.
And as far as buying a pre-sale, so a pre-sale is going to be any new construction
(13:27):
in a strata development that's not built yet.
So you're buying something that doesn't yet exist.
And so you do need to be really careful with the contract. And so making sure
you're getting legal advice from a lawyer, getting advice from your realtor,
getting advice from your mortgage broker.
You should have a team around you just helping you through the process and guiding you.
(13:51):
When looking at pre-sales as an investment, whether it's for you to live in
or to purchase as an investment, I think there's huge opportunity in the pre-sale market where...
If you get in at the beginning of development, a little secret,
a lot of times builders or developers can be a little bit more flexible.
(14:12):
Don't tell them I told you. And then if you get in at the beginning as well,
usually they'll raise their prices, even if just a little bit throughout the project.
And so if you're putting down a deposit and you don't complete for a year,
your money is working for you in that year. And a lot of times you will see
a cliche from the time of contract to completion.
(14:35):
And so that'll require a little bit of research just to make sure you're choosing
the right development and at the right stage.
But again, there can be some really great opportunity there. I've seen it.
Yeah, yeah. And that's two good points. One is to have that whole team,
not just one person, but to have the whole team that knows what they're doing
(14:55):
that's working on your best interest.
And I didn't know that, too. And it makes sense that with those first few units
go that they're going to be maybe priced lower than the rest.
And there's a little more wiggle room, a little more flexibility because that
developer wants to get going and that's what they need to get started.
So that's a really great piece of advice there.
Any particular, oh yeah, so sorry. So there's been a lot of new developments
(15:18):
going up lately in the Valley.
I feel like every time I turn around, there's another one and another one and another one.
Do you think that's going to keep going for a while or is it now starting to slow down a little bit?
So I do think that's going to keep going. The Comox Valley and the entire island
is just such a special place in BC.
(15:39):
It's a special place in Canada. And we're constantly seeing people come here.
And so the demand to live here, I think, is always going to be here.
And so when we have that demand, there's always going to be demand for homes,
especially higher density.
And so while the market has slowed a bit and new construction has naturally
slowed a little bit as well, I don't think that we'll ever see that really go away. Yeah.
(16:04):
Oh, and I did just want to make another point to your last question.
Something to be mindful about with new construction and pre-sales is just that
it's important if you can be flexible on your completion date.
With construction, there's a lot of unforeseen things, even the builder or developer
(16:24):
doesn't have control over and it can affect the completion date.
And so if you're able to be a little bit flexible with that,
that's going to help the process and that's going to make everything easier
for everybody involved.
That is a really good point. And that is something that I remember from every build I've ever done.
It almost never happens when you think it's going to happen.
(16:47):
And there's so many things that are out of your control, like the drywall doesn't
show up or the trades get busy or whatever.
There's so many things. And yeah, to have a plan B where, okay,
I think I'm moving in June 1st, but I got to have a plan if it's not so that
you're not that person that's all freaked out and panicked because you thought
you were moving in and you're not.
(17:08):
Yeah, same line, kind of along planning, different topic, but like,
are there features or upgrades?
You know, because when you get in that early, you often have the choice to upgrade
this or do this or make choices.
Are there some that give you more bang for your buck than others or...
So in general, with upgrades and features, I would say just ask.
(17:30):
It's worth asking the question.
A lot of times developers or builders can't or won't do some upgrades.
Sometimes it's just too much coordination, especially in strata development, too many logistics.
It's really hard to be making some of those changes. But just ask.
The worst they can say is no.
And I totally think you don't get what you don't ask for.
(17:54):
And regarding features, I was thinking about this yesterday, actually.
And I was thinking it is really nice to be trendy and have your home current and looking great.
But it's, in my opinion, I think save the trendy things for something that can
(18:16):
be changed down the road with not too much hassle.
So for example, lighting fixtures, go for something super fun,
super trendy, even paint on the wall. That's not too hard to change.
But for things like flooring, your kitchen, cabinets, things like that,
go for something more timeless or classic because that's a little bit harder to change down the road.
(18:37):
Yeah yeah and that's great advice like we moved into a house when we moved in
and had the beautiful arched arched doorways and they look great but now they're
not really so popular and if I want to change them that's like that's a big
job it's not just a new coat of paint or a new faucet so that's that's really
great advice think about what you want to what's going to be expensive.
(18:59):
Yeah yeah so similarly any
new trends for like green stuff
sustainability things like that green stuff but that's not what i meant but
you know what i mean like seeing any like i noticed more buildings nowadays
instead of having a big like boiler room or whatever there's heat pumps on every
individual unit or things like that that you're seeing that are more common yeah in in In general,
(19:25):
the building codes are getting better. The standard is higher.
So I'm definitely seeing that homes are more efficient, more airtight,
which also makes them more soundproof, more durable.
So all really positive changes that are happening.
Yeah, I think homes are built very well and it's all trending in a good direction.
(19:49):
Yeah. And do you think that's builder dependent? Like is there,
would you choose one builder over another because they're more likely to have
a higher quality of materials or be a little more innovative?
Or are you really choosing the builder more based on the relationship and their community?
Like just coming back to that whole builder conversation, like I know part of
it is you want to choose a builder that's got a great reputation,
(20:11):
that's going to stand by their work, that's going to communicate with you well
about timelines and stuff.
But is there also a little piece of it is that just their craftsmanship or their
style is different too? Is that kind of factor into the decision? Thank you.
Yeah, I'd say that's definitely a consideration as well.
A lot of times when you get a great builder, though, they will at least have
some or all of those pieces.
(20:33):
And so a builder who's really communicative, great with the process,
a lot of times that they will be that innovative builder as well.
Again, just looking into the builder's reputation is going to be the biggest thing.
Their reputation will tell you if they're good if they're like
good with communication their past projects will
give you information on yeah if they're building
(20:55):
green yeah yeah i think just
looking into their reputation is going to be the biggest
thing but that's just going to be asking multiple people that are going to be
aware of you know lawyers realtors people in the community like that's a small
community you know between courtney camp river it's a pretty small community
So I would think if there's a builder that's less undesirable or that's not
(21:18):
creating happy customers,
you're going to find that out pretty quickly by asking, right?
Yeah, word travels fast.
Yeah. We've had a few changes this year for me as a mortgage broker,
at least gone back to 30-year amortizations for new builds, which is really exciting.
We kind of hoped that would apply to everything, but it's just new builds.
But it's a little something. thing have
(21:40):
you found is it like because for me it makes a big difference
in qualifying them they can buy that much more than they could before
but have you do you think that it's going to get more people into the market
or maybe shift more people into new builds it would be normally purchasing something
else because it's made a little more affordable or do you think there's going
to be any impact based on that yeah i think it will be really interesting to
(22:03):
see what effect it does end up having.
I do, like you said, it would have been nice if it did apply to everything because,
new builds, they do tend to be more expensive than resales.
So for example, the real entry level, like something, you know,
somebody qualifying around the 200, 300,000, a new build is still out of reach for them.
(22:27):
And so I think like, it is a nice thing to offer.
It's an extra thing that the government or you know that they're they're trying to bring in.
But maybe there's better ways that that could have been implemented or,
you know, different ways that they could have gone about it.
But I guess anything is good.
(22:48):
Again, it'll be interesting to see what does end up happening.
Yeah, time will tell, I guess. That'll be the key.
We'll just wrap this up. We're almost at the 30-minute mark,
and we're going to try and keep these shows under 30 minutes.
But you give back. One of my questions is always, like, how do you give back
to your community? You do something called Miracle Network.
You donate. Is it a portion of every commission to Miracle Network, or how does that work?
(23:12):
Yes, exactly. So a portion of every commission, so every sale I make,
every seller I represent, every buyer I represent, I donate a portion of my
commission to the Children's Miracle Network.
And that's a non-profit network raising money, and that money goes to the local
BC Children's Miracle Network hospitals, providing treatment,
(23:34):
the right care for these children.
Children and as far as therapies and equipment so it's it is quite extensive
and then it's just a little way that I can give back after every.
Yeah amazing that's great so if people want to find you actually before I do
that I'm going to just so do you first of all do you have any new developments
(23:55):
that you're involved in right now that you want to tell people about that they should check out?
Yeah actually thanks for bringing that up I'm representing a builder developer
on a new construction development in Campbell River.
It's called Atlin at 387 Arizona Drive.
They're townhouses. They're beautifully built. The builder has a great reputation.
(24:15):
They're built very efficiently, great air tightness, soundproof, high quality finishes.
So really everything that you'd be looking for that we've discussed today.
Yeah, they're beautifully designed homes. They look great. They feel great. So yeah. Yeah.
Amazing. And you don't just do development.
(24:37):
I'm not sure if I meant, it's in Campbell River in Willow Point.
Campbell River in Willow Point with Outland Developments.
Yeah. Amazing. Okay, we'll put that in the show notes also.
I just want to clarify, you don't just work on pre-builds and new developments.
You can also assist someone if they're looking to buy or sell their home. Is that right?
(24:58):
Yeah, that's right. I do all sorts of real estate.
I do the resales, sales rural
properties so acreages obviously the new
construction stratas they don't necessarily
have to be new i do it all in saying that i believe that i like it's it's important
to me to offer the best possible service to a client and so if i'm not comfortable
(25:23):
with something and that's not me i will pass that client off to somebody else
who is the expert because at the the end of the day,
it's really important to me
that the client is receiving the best possible service for their purchase.
Yeah, 100%. And I do that too. I will tell everyone right up front,
like I don't do commercial stuff.
It's not my wheelhouse, but I will always connect you with someone that'll do
(25:46):
a really great job for you.
And it sounds like you work the same way. If you can help them,
it's your niche or it's an area that you've got a lot of experience in, you'll help them out.
And if not, you'll find them someone that can help them. And that's all anyone
can can ask for. So amazing.
If you would like to find Stephanie, her info is going to be in the show notes.
If you have more questions, you want to reach out, info is also going to be
(26:07):
there or ask me the questions and I'll forward them on to Stephanie.
It's been really great having you. Thank you so much. And I think we learned
a lot today. Yeah, thank you.
And that's a wrap. Thanks for joining us this week on the podcast.
If you would like to connect with any of the guests that you've heard today,
you can find their information on the show notes at www.comoxvalleyrealestatepodcast.com.
(26:34):
The opinions expressed here by the professionals are their own.
They should not be taken for legal or financial advice.
You should always seek out your accountant lawyer if you're going to make a
large financial decision.
If you have a suggestion for someone that would make a great guest that has
some value to offer the listeners, I would love to hear about it.
Or if you just have a question, feel free to reach out to me at mortgages at monicaparkin.ca.
(26:58):
Don't forget to hit the subscribe button and have a fabulous week.
Music.
Hello and welcome to the Comox Valley Real Estate Podcast.
My name is Monica Parkin. I'm your host. I'm an author, a TEDx speaker,
and a local mortgage broker.
And we are here today to get all your questions answered about local real estate.
Whether you are a first-time homebuyer, you are a seasoned investor,
or you're just curious about the real estate scene in the Comox Valley,
(00:24):
we are probably going to cover a topic that is interesting to you.
We're going to be talking to everyone from real estate agents,
appraisers, home inspectors, local government.
We're going to cover everything real estate in the Comox Valley.
So grab a pen and paper, grab a cup of coffee, pull up a seat,
hit the subscribe button for sure, and stay tuned for some really great conversation.
(00:47):
All right, welcome to our first episode of the Comox Valley Real Estate Podcast.
I am super excited. We're going to cover all kinds of topics every week,
And, you know, it doesn't matter where you drop in, they're going to make sense.
It doesn't have to be chronological.
I am really excited, though. I've got Stephanie Renkema with me today.
Stephanie and I are both members of our local Comox Valley Women in Business Association.
(01:12):
And Stephanie is also a local realtor who happens to specialize in new construction
and development, which I thought was a really great topic, particularly with
how fast our valley is growing.
So I'm really delighted to have Stephanie here. She's going to share some great
insights, tell us a little bit about her story, what she does,
and how she serves her clients. So welcome, Stephanie.
(01:33):
Great. Well, thank you. Thanks for the introduction. Happy to be here and excited to get started here.
Yeah, me too. We kind of had a little pre-conversation a couple weeks ago.
But one thing we didn't really totally dig into that I was curious about is,
I'm always curious about how people choose their careers.
Not everyone in kindergarten decides, I want to do this or I want to do that.
(01:53):
And some of us fall into it by accident.
Some of us are like, that's what I want to do.
Like, what made you decide to be, first of all, a realtor?
And second of all, like, you've got a really specialized kind of niche.
I assume you do other types of real estate too, but you definitely have a focus
in like new builds and new construction development.
And that's not a common thing. So I'm curious how you ended up there. Yeah.
(02:14):
Yeah, yeah. So it was definitely one of those things that I just fell into.
It happened really naturally.
And that wasn't something that I grew up thinking, I want to be a realtor.
But no, I'm so happy that it worked out the way that it did.
I've grown up in the industry. My dad is a developer.
And so I grew up around the construction sites.
(02:37):
And it's just, it's always been a part of my life, a part of my family.
And when I was just
getting to the point of needing to get settled in
a career it was suggested to me
by a friend and it actually turned out to
be the best thing I've ever done and now I I love realty I love selling I love
the new construction niche as well and so the the niche part of it came into
(03:01):
play with my background and the way I grew up and so I just I've always had
that special love for new construction and interest in it.
And then having that background and experience has helped me in my career as well.
Yeah. And, and, you know, I also coached new mortgage brokers or I did for a
while. And one of the things I always tell people is like, find your niche.
(03:22):
Cause when you find your niche, you get this really specialized knowledge.
Like you can see things coming before they get there, right?
Like if you've never done a certain type of file and then all of a sudden you
get hit sideways by a problem, you don't know how to deal with it.
But if, if that's your thing and you know it inside out, like you know way ahead,
like you're ahead of every possible problem before it arises and you can get in front of it.
(03:44):
And you also like, you could just really navigate all the little twists and
turns of that journey for your
client and make it a much smoother road for them. Do you find that too?
Like, because it's a really complex area, you know, and to be able to bring
that specialized knowledge is really a gift.
Yeah, yeah, I definitely find that it's a a huge help in working with buyers
(04:08):
or sellers and even colleagues.
I have colleagues asking me questions about new construction all the time and
just having that experience and having done it before, I'm very comfortable with the process.
And so, like you said, I'm able to anticipate things before they happen or just
know exactly what needs to be done throughout the process because new construction
(04:29):
is a little bit different than resale.
So, to be specific, There's a developer disclosure statement,
which can be quite complicated to go through.
Definitely took me a few disclosure statements to become comfortable with it.
And so definitely going through your first one is huge.
It's very overwhelming. And so being able to explain exactly what that is to
(04:50):
my clients, I find is very beneficial.
Because when you hand them a 100-page document and say, go for it,
that's not for some people.
Yeah. Deficiency walkthroughs, holdbacks. So, there's lots of different things
that come up with new construction.
And so, yeah, just knowing the process definitely helps to streamline things
for myself and my clients.
(05:12):
And then, yeah, as far as having the niche, yeah, I just, I'm loving it. Yeah.
Yeah, that's awesome. And to pick some that you're excited about too, right?
Like not just choose because of whatever reason, but to choose something you're
really excited about. That excitement usually comes through to your clients.
And I love that you can help your colleagues out too.
(05:32):
I know when I first started out as a mortgage broker, I was terrified of new
construction loans, like the draws and all the stuff just used to scare me.
And I had a colleague who was like, just come see me anytime.
I do them all the time. I'll walk you through them. And like,
that's something that makes the whole industry better, right?
When you're not just focused on helping yourself and you're helping your colleagues,
you're actually making your whole industry a better place for everybody when
(05:55):
you're able to do that, right?
Yeah. Yeah. And I'm happy to help and my door's always open.
Yeah. Yeah. Amazing. So we were going to talk a little bit about, on a similar note.
That this conception around realtors and the fact, you know,
I guess it's sometimes in some circles,
there's this perception, this negative perception sometimes that either,
(06:20):
you know, it's just a fast, easy career, or, you know, all they do is,
you know, they go around, they show some houses, they get paid a bunch of money,
or, you know, all those things.
And I wonder if you want to speak to that, because I know one of the things
that you're interested in doing is just raising the level of education around
what realtors actually do and the perception of how they show up and add value
(06:40):
and service and what they really do.
It's almost like that meme, what people think I do and what I really do,
and they're completely different. So I wonder if you wanted to speak to that a little bit.
Oh, for sure. I know there's always
a perception, and I think that can be generalized to probably any career.
In this case, yeah, Yeah, it's definitely, it's not an easy career.
(07:04):
A lot of people drop out within the first couple of years because you're looking
on the outside and you're only seeing a very, very small portion of what we
do. Like there's so much back-end work.
There's a lot of risk and liability that we take on for our clients.
And then we have to be an expert internally.
(07:24):
On a lot of different things. So anytime I'm doing a contract,
like it's a legal document, it's very serious.
I have to make sure that I know all of the risks that a client is getting into
so that I'm able to explain that to them, make sure that they're making informed decisions.
And I do think that I offer a lot of value in that way to make sure that my
(07:47):
clients are protected, whether buying or selling.
There is a lot of value in using a realtor.
Yeah, and just that knowledge and that historical knowledge is huge.
And like you say, there's so many pieces to the puzzle other than what we see at the surface.
And the risk piece and the stress piece, I think you're helping someone literally
(08:08):
with the biggest purchase of their life, the biggest debt they're ever going
to take on, the biggest liability,
the biggest risk, especially with things like pre-builds and stuff too,
where they're making a deposit, but the house might not be done for two years
and you don't know what's going to happen.
In between like with values and things between them to have someone that can
actually guide them through that process it has a real deep understanding of
(08:30):
it is like that is not just a,
salesperson like that is like it's like not that you are a lawyer but you're
wearing the legal hat you're wearing the you know the finance right yeah and
all the things to think about and then there's also the negotiator piece too
right because you're you're negotiating on their behalf and you're guiding them
(08:50):
through this process as well.
Yeah. Yeah. Yeah. And it's, it is, it's pretty special that I can guide somebody
through something that I've, and I can literally say I've done this like more
than a hundred times. Yeah.
I'm very, very comfortable doing this. And sometimes it's that person's first
transaction, maybe it's their 10th.
(09:10):
I still come with a lot of experience having done it so many times and I can
bring a very objective perspective to it as well, because like you said,
it's a, a very big purchase.
It can be very emotional, especially talking about money that can be very sensitive.
And so just bringing it back to facts and being objective and being,
yeah, just making sure that everybody's on the right track and making informed
(09:34):
decisions is really important.
And yeah, I really pride myself in that as my job and being able to guide people
through the process successfully.
Yeah, yeah. And to point out the things they need to know.
I talked about this in my book but when we
were first we were really young we were in our 20s and
we wanted to buy a place and it was when everything kept
(09:55):
being sold before you got there like you go to look at it was sold to look at
it you've sold and so we just we're like ready to just buy like the next place
we saw we were like starting to feel really anxious and we found this place
we're like want to make an offer we want to make an offer and the realtor's
like you know i know you really want to do this and i know you're really excited
but like the septic and the well are like five feet.
(10:16):
Like, I don't know if this is the right house for you.
And, you know, like, he was just showing, and we had to stop and go,
you know what, you know what, you're right, this is probably not,
and like, another one will come along.
But like, he had the opportunity to just write a deal right then and get paid,
but he didn't. He was like, you know...
And I'm here to look out for your best interest. And I just like,
(10:36):
you can ask the home inspector, whatever, but I just want to point out to you,
like, I don't know, you're going to be raising kids here.
And like, this is just things I want you to think about. And like,
you don't have to do this today.
We can look at a few more places. We can, other stuff's going to come up.
And it really made me appreciate like how much integrity can be part of the process too.
And how much, you know, a good realtor really is there to serve your client
(10:59):
in your best interest and not just there to get paid.
Rate like that's that's the end goal is to make the
right decision for the client yeah yeah yeah and
i'm really glad you had a great experience too yeah
yeah for sure and to speak to that attrition rate i think i think that speaks
to how hard the job is and how much complexity there is that so many people
(11:20):
enter the industry and i i think it is it might even be as high as 50 i don't
know what the exact number is so don't quote me but a big number of realtors
drop out in that first year or two.
And I like to think that the ones that stick it out, the ones that make it through
are probably really good at what they do.
They've stuck it out. They've learned the processes, the systems.
They've got a deep base of knowledge and they're really passionate about what they do.
(11:43):
And so I would like to hope that most of the realtors that make it through that
are still doing it are A, really good at it and they really want to be there.
Yeah. So speaking about new new builds or developments, what are a couple pieces of advice?
So say, I don't know, your nephew, someone you know is starting to look for
(12:03):
a new build or you are yourself.
Like what are some little piece of advice you might tell them? Or maybe like.
What are some red flags that would make you go, maybe not this,
like on the contract or in the build or whatever?
I don't know. Like, just give me some things that you would give advice to someone
that's really close to you that you would say, yeah, this would be a reason
(12:25):
to stay away. Or this is something you really want, you want to have.
So for pre-sales, I love pre-sales. I think that they can be really great opportunities.
I'd say that the things to look for are going to be a really reputable builder.
And so you can find this out just by asking around.
(12:46):
Like a lot of times your realtor will know, they'll know what the builder or
developer's reputation is. There's references online.
So there are some really practical and easy ways to check that out.
But a great builder can really make or break the entire process just in how
communicative they are throughout the build, after the build.
(13:06):
You know, you want somebody who's in your corner, even after the build,
if there's deficiencies that come up, you know, there's any number of things
throughout the process that just working with a good builder,
it makes a huge difference.
And as far as buying a pre-sale, so a pre-sale is going to be any new construction
(13:27):
in a strata development that's not built yet.
So you're buying something that doesn't yet exist.
And so you do need to be really careful with the contract. And so making sure
you're getting legal advice from a lawyer, getting advice from your realtor,
getting advice from your mortgage broker.
You should have a team around you just helping you through the process and guiding you.
(13:51):
When looking at pre-sales as an investment, whether it's for you to live in
or to purchase as an investment, I think there's huge opportunity in the pre-sale market where...
If you get in at the beginning of development, a little secret,
a lot of times builders or developers can be a little bit more flexible.
(14:12):
Don't tell them I told you. And then if you get in at the beginning as well,
usually they'll raise their prices, even if just a little bit throughout the project.
And so if you're putting down a deposit and you don't complete for a year,
your money is working for you in that year. And a lot of times you will see
a cliche from the time of contract to completion.
(14:35):
And so that'll require a little bit of research just to make sure you're choosing
the right development and at the right stage.
But again, there can be some really great opportunity there. I've seen it.
Yeah, yeah. And that's two good points. One is to have that whole team,
not just one person, but to have the whole team that knows what they're doing
(14:55):
that's working on your best interest.
And I didn't know that, too. And it makes sense that with those first few units
go that they're going to be maybe priced lower than the rest.
And there's a little more wiggle room, a little more flexibility because that
developer wants to get going and that's what they need to get started.
So that's a really great piece of advice there.
Any particular, oh yeah, so sorry. So there's been a lot of new developments
(15:18):
going up lately in the Valley.
I feel like every time I turn around, there's another one and another one and another one.
Do you think that's going to keep going for a while or is it now starting to slow down a little bit?
So I do think that's going to keep going. The Comox Valley and the entire island
is just such a special place in BC.
(15:39):
It's a special place in Canada. And we're constantly seeing people come here.
And so the demand to live here, I think, is always going to be here.
And so when we have that demand, there's always going to be demand for homes,
especially higher density.
And so while the market has slowed a bit and new construction has naturally
slowed a little bit as well, I don't think that we'll ever see that really go away. Yeah.
(16:04):
Oh, and I did just want to make another point to your last question.
Something to be mindful about with new construction and pre-sales is just that
it's important if you can be flexible on your completion date.
With construction, there's a lot of unforeseen things, even the builder or developer
(16:24):
doesn't have control over and it can affect the completion date.
And so if you're able to be a little bit flexible with that,
that's going to help the process and that's going to make everything easier
for everybody involved.
That is a really good point. And that is something that I remember from every build I've ever done.
It almost never happens when you think it's going to happen.
(16:47):
And there's so many things that are out of your control, like the drywall doesn't
show up or the trades get busy or whatever.
There's so many things. And yeah, to have a plan B where, okay,
I think I'm moving in June 1st, but I got to have a plan if it's not so that
you're not that person that's all freaked out and panicked because you thought
you were moving in and you're not.
(17:08):
Yeah, same line, kind of along planning, different topic, but like,
are there features or upgrades?
You know, because when you get in that early, you often have the choice to upgrade
this or do this or make choices.
Are there some that give you more bang for your buck than others or...
So in general, with upgrades and features, I would say just ask.
(17:30):
It's worth asking the question.
A lot of times developers or builders can't or won't do some upgrades.
Sometimes it's just too much coordination, especially in strata development, too many logistics.
It's really hard to be making some of those changes. But just ask.
The worst they can say is no.
And I totally think you don't get what you don't ask for.
(17:54):
And regarding features, I was thinking about this yesterday, actually.
And I was thinking it is really nice to be trendy and have your home current and looking great.
But it's, in my opinion, I think save the trendy things for something that can
(18:16):
be changed down the road with not too much hassle.
So for example, lighting fixtures, go for something super fun,
super trendy, even paint on the wall. That's not too hard to change.
But for things like flooring, your kitchen, cabinets, things like that,
go for something more timeless or classic because that's a little bit harder to change down the road.
(18:37):
Yeah yeah and that's great advice like we moved into a house when we moved in
and had the beautiful arched arched doorways and they look great but now they're
not really so popular and if I want to change them that's like that's a big
job it's not just a new coat of paint or a new faucet so that's that's really
great advice think about what you want to what's going to be expensive.
(18:59):
Yeah yeah so similarly any
new trends for like green stuff
sustainability things like that green stuff but that's not what i meant but
you know what i mean like seeing any like i noticed more buildings nowadays
instead of having a big like boiler room or whatever there's heat pumps on every
individual unit or things like that that you're seeing that are more common yeah in in In general,
(19:25):
the building codes are getting better. The standard is higher.
So I'm definitely seeing that homes are more efficient, more airtight,
which also makes them more soundproof, more durable.
So all really positive changes that are happening.
Yeah, I think homes are built very well and it's all trending in a good direction.
(19:49):
Yeah. And do you think that's builder dependent? Like is there,
would you choose one builder over another because they're more likely to have
a higher quality of materials or be a little more innovative?
Or are you really choosing the builder more based on the relationship and their community?
Like just coming back to that whole builder conversation, like I know part of
it is you want to choose a builder that's got a great reputation,
(20:11):
that's going to stand by their work, that's going to communicate with you well
about timelines and stuff.
But is there also a little piece of it is that just their craftsmanship or their
style is different too? Is that kind of factor into the decision? Thank you.
Yeah, I'd say that's definitely a consideration as well.
A lot of times when you get a great builder, though, they will at least have
some or all of those pieces.
(20:33):
And so a builder who's really communicative, great with the process,
a lot of times that they will be that innovative builder as well.
Again, just looking into the builder's reputation is going to be the biggest thing.
Their reputation will tell you if they're good if they're like
good with communication their past projects will
give you information on yeah if they're building
(20:55):
green yeah yeah i think just
looking into their reputation is going to be the biggest
thing but that's just going to be asking multiple people that are going to be
aware of you know lawyers realtors people in the community like that's a small
community you know between courtney camp river it's a pretty small community
So I would think if there's a builder that's less undesirable or that's not
(21:18):
creating happy customers,
you're going to find that out pretty quickly by asking, right?
Yeah, word travels fast.
Yeah. We've had a few changes this year for me as a mortgage broker,
at least gone back to 30-year amortizations for new builds, which is really exciting.
We kind of hoped that would apply to everything, but it's just new builds.
But it's a little something. thing have
(21:40):
you found is it like because for me it makes a big difference
in qualifying them they can buy that much more than they could before
but have you do you think that it's going to get more people into the market
or maybe shift more people into new builds it would be normally purchasing something
else because it's made a little more affordable or do you think there's going
to be any impact based on that yeah i think it will be really interesting to
(22:03):
see what effect it does end up having.
I do, like you said, it would have been nice if it did apply to everything because,
new builds, they do tend to be more expensive than resales.
So for example, the real entry level, like something, you know,
somebody qualifying around the 200, 300,000, a new build is still out of reach for them.
(22:27):
And so I think like, it is a nice thing to offer.
It's an extra thing that the government or you know that they're they're trying to bring in.
But maybe there's better ways that that could have been implemented or,
you know, different ways that they could have gone about it.
But I guess anything is good.
(22:48):
Again, it'll be interesting to see what does end up happening.
Yeah, time will tell, I guess. That'll be the key.
We'll just wrap this up. We're almost at the 30-minute mark,
and we're going to try and keep these shows under 30 minutes.
But you give back. One of my questions is always, like, how do you give back
to your community? You do something called Miracle Network.
You donate. Is it a portion of every commission to Miracle Network, or how does that work?
(23:12):
Yes, exactly. So a portion of every commission, so every sale I make,
every seller I represent, every buyer I represent, I donate a portion of my
commission to the Children's Miracle Network.
And that's a non-profit network raising money, and that money goes to the local
BC Children's Miracle Network hospitals, providing treatment,
(23:34):
the right care for these children.
Children and as far as therapies and equipment so it's it is quite extensive
and then it's just a little way that I can give back after every.
Yeah amazing that's great so if people want to find you actually before I do
that I'm going to just so do you first of all do you have any new developments
(23:55):
that you're involved in right now that you want to tell people about that they should check out?
Yeah actually thanks for bringing that up I'm representing a builder developer
on a new construction development in Campbell River.
It's called Atlin at 387 Arizona Drive.
They're townhouses. They're beautifully built. The builder has a great reputation.
(24:15):
They're built very efficiently, great air tightness, soundproof, high quality finishes.
So really everything that you'd be looking for that we've discussed today.
Yeah, they're beautifully designed homes. They look great. They feel great. So yeah. Yeah.
Amazing. And you don't just do development.
(24:37):
I'm not sure if I meant, it's in Campbell River in Willow Point.
Campbell River in Willow Point with Outland Developments.
Yeah. Amazing. Okay, we'll put that in the show notes also.
I just want to clarify, you don't just work on pre-builds and new developments.
You can also assist someone if they're looking to buy or sell their home. Is that right?
(24:58):
Yeah, that's right. I do all sorts of real estate.
I do the resales, sales rural
properties so acreages obviously the new
construction stratas they don't necessarily
have to be new i do it all in saying that i believe that i like it's it's important
to me to offer the best possible service to a client and so if i'm not comfortable
(25:23):
with something and that's not me i will pass that client off to somebody else
who is the expert because at the the end of the day,
it's really important to me
that the client is receiving the best possible service for their purchase.
Yeah, 100%. And I do that too. I will tell everyone right up front,
like I don't do commercial stuff.
It's not my wheelhouse, but I will always connect you with someone that'll do
(25:46):
a really great job for you.
And it sounds like you work the same way. If you can help them,
it's your niche or it's an area that you've got a lot of experience in, you'll help them out.
And if not, you'll find them someone that can help them. And that's all anyone
can can ask for. So amazing.
If you would like to find Stephanie, her info is going to be in the show notes.
If you have more questions, you want to reach out, info is also going to be
(26:07):
there or ask me the questions and I'll forward them on to Stephanie.
It's been really great having you. Thank you so much. And I think we learned
a lot today. Yeah, thank you.
And that's a wrap. Thanks for joining us this week on the podcast.
If you would like to connect with any of the guests that you've heard today,
you can find their information on the show notes at www.comoxvalleyrealestatepodcast.com.
(26:34):
The opinions expressed here by the professionals are their own.
They should not be taken for legal or financial advice.
You should always seek out your accountant lawyer if you're going to make a
large financial decision.
If you have a suggestion for someone that would make a great guest that has
some value to offer the listeners, I would love to hear about it.
Or if you just have a question, feel free to reach out to me at mortgages at monicaparkin.ca.
(26:58):
Don't forget to hit the subscribe button and have a fabulous week.
Music.
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