REALTOR® NEWSREALTOR® NEWS
April 19, 2018
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Featured News

President's message: The year ahead

Your new Board President Phil Moore recently sat down to discuss the work we’re engaged in to help improve the public image of the profession and to ensure your voice is heard with government. Click play below to watch the video.

 

West Vancouver REALTOR® awarded profession’s highest honour

We recently honoured REALTOR® and real estate broker Calvin Lindberg with the Professional Excellence Award. The award is the Board’s highest honour. 

Lindberg is the Managing Broker at Angell Hasman Realty in West Vancouver.

“Cal has dedicated his career to enhancing professional and educational standards within the real estate profession and finding new and innovative ways for our real estate community to support and give back to the public that we serve,” Phil Moore, Board president said.

The Professional Excellence Award is awarded to members who’ve strengthened the profession by leading, mentoring and giving back. The winner must meet strict requirements of professionalism, ethics, and community involvement over the course of his or her career.

Lindberg has been a fixture of leadership in the real estate profession at every level throughout his career. Locally, he served on REBGV’s Board of Directors beginning in 1992, then as president in 1998. He also served on the Vancouver Board of Trade between 1998 and 1999.

At the provincial level, Lindberg served as a Director for the BC Real Estate Association from 2000 to 2001, and as a Director for the Real Estate Council of BC between 2015 and 2016.

Nationally, Lindberg served as a Director for the Canadian Real Estate Association (CREA) from 2002 until 2009, becoming CREA’s president for the 2008/2009 term. 

His dedication to his profession extends beyond borders. Lindberg has served on the Board of Directors for International Housing Coalition (IHC) Global, a Washington, D.C.-based non-profit dedicated to helping cities achieve more equitable urban development.

He’s also worked with the International Real Estate Federation (FIABCI) as a Director, president, and representative to the United Nations.

He currently serves on the Global Urban Development (Brazil) International Advisory Board.

Outside of real estate, Lindberg is a long-time supporter of different charitable and community causes. In 2008, he competed in Ironman Canada, raising $18,000 for Juvenile Diabetes. He was also a founding Director and president of the Canadian REALTORS Care® Foundation.

2017 REALTORS Care® Award

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We recently honoured REALTOR® John Patricelli with the 2017 REALTORS Care® Award for his dedication to helping at-risk youth.

The REALTORS Care® Award is presented annually to members who demonstrate a sustained commitment to charitable, fundraising, or volunteer activities that strengthen communities and support people most in need.

Patricelli works at Sutton Centre Realty in Burnaby. In 2016, he was part of a group that established the Camp Choice BC program that helps teach young people how to become leaders, achieve their goals, and live positive lives. Each year the program gives approximately 50 at-risk youth from communities across BC the opportunity to just be kids for a week at camp and to gain confidence and learn leadership skills in a supportive environment.

The program also ensures those who attend the camp continue to receive support they need when they go back into their communities.

 “After experiencing a challenging adolescence, John dedicated himself to improving the lives of teens facing challenges. He shares his experiences with at-risk teenagers to help them make positive decisions in their lives,” Phil Moore, Board president said. “He’s a dedicated Realtor and community builder.”

Patricelli also works with the Vancouver Police Department to speak regularly at local high schools and share his experiences about overcoming his challenging past.

The Ethics Guy®: Short closing, big deposit, tight contract

I was recently talking to a member who told me, “the market is heading south.”

Of course, a broad statement like that doesn’t apply uniformly to all markets. Condos priced below $1 million, I understand, are still selling nicely. But if your client owns a large home in a high-priced neighbourhood, sales may be getting wobbly. Those with much bigger brains than I would be able to come up with a better descriptor than “wobbly.” Whatever your term of choice, markets do change. They go up. They come down. Sometimes quickly and sometimes not so quickly. Static markets, or those gradually rising or falling, present us with the lowest risk. Rapidly appreciating or depreciating markets carry much higher risk for our clients and by extension, for ourselves.

As agents, we’re obligated to be loyal to our clients, to disclose all material information, to keep confidences, to be vigilant for conflicts of interest, and to act with reasonable care and skill. It’s been said that “agents advise, clients decide.” When we’re acting for sellers, we want to ensure they understand the market they’re selling in and the risks and advantages of doing business in that market.

If there’s a change in the market between the time the buyer or seller agrees to the deal and the closing date, there’s a risk one of them won’t want to complete the deal. For example, your condominium seller accepts a $750,000 offer from a buyer on February 2, with a closing date of June 15. That’s 133 days during which the market can change. Let’s say prices jump 20 per cent during this period. That’s $150,000. Is it possible the seller might have second thoughts about completing the deal? Sure, there’s signed contract and a handshake, but sometimes money has a way of changing behaviour. Or, let’s say the market drops 20 per cent during those 133 days. If the buyer were making the deal on June 15, they would only have had to pay $600,000. Who’s not going to want to close now? A 20 per cent market change is unusual, but it isn’t inconceivable.

We want to ensure the agreement can withstand human nature if there is a market change after the deal is struck. We want to write the best, most water-tight contract, to keep the closing dates as short as possible (in a changing market) and to secure a good-sized deposit to hold the buyer’s feet to the fire if they start thinking about changing their mind.

Of course, if you’re representing the buyer, you’ll be less enthused about a big deposit.

If our market is changing, talk to your client about the risks of the other side getting cold feet before closing. Address these risks as best you can by writing a good contract, shortening the closing date, and providing for a deposit that makes sense for your client.

“Short close, big deposit, tight contract,” was taught to me by my own managing broker when I was selling. He’s left us now, but I can hear his words still. They’ve stood the test of time and I think they're more applicable today than ever.

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Government advocacy, regional planning, and FINTRAC audit tips

We know all too well that the BC government has proposed significant changes to housing taxes and to the way REALTORS® conduct business this past year. Who’s on your side? The BC Real Estate Association (BCREA), your provincial association, is advocating for you.

Read more.

More than 1.2 million newcomers are headed here in the next 25 years. Where will they live? How will they get around? Three experts shared their solutions at our AGM recently.

Read more.

BCREA has created a free tool for you to share with your clients who are buying a pre-sale in a multifamily residential development.

Read more.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) annually audits hundreds of real estate brokerages to see if they’re meeting their anti-money laundering obligations. Here are typical deficiencies that they find.

Read more.

Boards approve Three-Way Agreement changes at CREA’s AGM

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Representatives from real estate boards and associations across Canada approved a special resolution this week that establishes a process for local boards to apply to become direct members of the Canadian Real Estate Association (CREA) without also having to belong to their provincial association.

Your Board worked with the Toronto, Montreal, Calgary, and Edmonton boards over the last year to propose and support this resolution at CREA’s April 16 AGM.

“This change creates a mechanism for accountability and choice in the structure of our profession across Canada,” REBGV president Phil Moore said. “It creates a process for boards to not belong to their provincial associations and still belong to CREA should they, and their members, vote to do so.”

To establish this process, changes were needed to something called the Three-Way Agreement. This Canada-wide agreement was signed in 1974. It required that, to be a REALTOR® in Canada, you must belong to the local, provincial, and national levels of organized real estate.

Some associations raised concerns that changing the agreement would result in boards immediately leaving their provincial associations. This isn’t the intent, says Moore.

“Advocating for this change wasn’t about withdrawing from our provincial association,” Moore said. “Organized real estate is stronger together so long as Realtors are receiving sufficient value from the associations created to serve them.”

The approved changes included a process for boards to apply to CREA for direct membership. The process would require that:

  1. The membership of the applicant board in CREA and the provincial association be in good standing.
  2. The applicant board can satisfy CREA that it’s been in compliance with CREA’s Core Standards for at least three years prior to the application, and can continue to be in compliance if it were to withdraw from the provincial association.
  3. The board must have provided its members with a business plan setting out all relevant information that the members would need to make an informed decision in terms of withdrawal from the provincial association.
  4. The membership of the applicant board must vote to withdraw. That vote must pass by at least a two-thirds majority.
  5. The board must satisfy CREA that it has made reasonable efforts to resolve any outstanding issues with the provincial association.
  6. Once a decision has been approved by CREA's board, the withdrawing board will provide one year’s notice to the provincial association and pay full dues for the following 12 months.

Government to review how real estate is regulated in BC

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The BC government announced on April 18 that it’s launching a review of the province’s real estate regulators, the Real Estate Council of BC and the Office of the Superintendent of Real Estate.

Lawyer Dan Perrin will lead the review and will give recommendations to Finance Minister Carole James by June 15.

The review will cover the structure and composition of the regulators, how they should communicate, mechanisms for resolving disputes, and how to divide responsibility for matters like licensee qualifications and rule making. 

“We welcome this review,” Phil Moore, REBGV president said. “We’re the only province in Canada with co-regulators. For close to two years, it’s proven to be a confusing structure for the public and REALTORS® to have one body creating rules and another interpreting them.”

The BC Real Estate Association met with Minister James earlier this month and raised these concerns about the regulatory structure for real estate.

“Our duty as a government is to make sure the regulatory system is protecting people and functioning effectively. We’re launching a review of the province’s real estate regulators, to make sure they’re acting in the best interest of British Columbians,” James said in a news release.

More information:

We’ll provide more information on this review as we learn more.

Other News

Re-order map search results on Paragon

The next update to Paragon is on May 1. After this update, you'll be able to re-order search results on Paragon’s map view using a drag-and-drop icon.

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Clicking on the gray tiled icon in the top right corner of a search result (pictured above) and dragging it up or down will adjust the order of the results. The map will reload with the property flags re-ordered to your specification.

Previously, you’d have to go back to the search results screen and manually re-order the results to get them to adjust on the map.

Questions? Contact the Help Desk at 604-730-3020.

Is your child graduating from high school this year?

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If you have a child in grade 12 this year, we encourage them to apply for one of our annual entrance scholarships!

Each year we award five $1,500 entrance scholarships to our members’ children entering post-secondary education.

We award scholarships based on performance in academics, athletics, fine arts, and community service. The recipients are chosen by a team of independent adjudicators.

This year's applications are due August 24. Adjudication will take place in September, and successful applicants will be notified in October.

Your child is eligible to apply if:

  • you, as their parent or legal guardian, are an active member of the Real Estate Board of Greater Vancouver;
  • they’re currently in grade 12; and
  • they’ll be enrolled in full-time studies in fall 2018 in a program of at least two years’ duration leading to a recognized degree, diploma, or certificate at a university, college, or institute recognized by Universities Canada.

Key Information:

Download our annual entrance scholarship application package. The deadline for submissions is August 24, 2018.

Applicants will be asked to submit a certified copy of their final transcript (including all grade 11 and 12 marks along with provincial exam results). The applicant’s transcript will be mailed to them by the provincial government. The student’s graduating secondary school may also certify copies.

Applicants are advised to begin collecting required documents early, as some references may not be available to them during the summer months.

Questions? Contact education@rebgv.org.

Obituary: Ian Dennis

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Former Real Estate Board of Greater Vancouver President Ian Dennis passed away in April. He was 83.

Born and raised in Winnipeg, Ian and his wife moved to Vancouver in the early 1950s and started a family. He worked in the mortgage industry for several years, first with Great West Life and then with Cumberland Mortgage Group.

Ian was a prominent figure in Vancouver real estate. He joined the Board as a financial member in 1965 while working in the mortgage industry. He served as a director from 1976 to 1977, as vice-president in 1978, and as president in 1979. He was the first non-licensed member to serve as president in Board history.

He continued to work in real estate after his time at the Board, first licensed as a broker with the Edgecombe Group in 1986. He was also a broker with the Canada Trust Company and Park Georgia Realty. He’d most recently been the managing broker at The Greenwood Group Projects Inc.

Ian was also involved with the Real Estate Foundation of BC. He served as one of the Foundation’s governors from 1987 until 1994, and as chair in 1993. He helped oversee the creation of their grants program, which has granted an average of $3.3 million for land use and real estate-related projects over the last five years alone.

Outside of real estate, Ian enjoyed swimming, tennis, and early morning walks along the seawall in West Vancouver. He volunteered with Scouts Canada where he became an Akela (senior leader) who helped shape and mentor young men. He also served as a director with the University Club and the Vancouver Club.  

He's survived by his wife, Elizabeth; his sons Jeff (Jenny-Leigh), Chris (Christine), Andrew (Candace); and his stepchildren Katrina Carefoot and Daniel Asner. He also leaves his beloved grandchildren Tara, Shakira, Ethan, Max, and Cammie.

In memoriam: Heidi Neff

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It’s been over a year since the passing of Heidi Neff. She was a dedicated REALTOR® and REBGV member for over 25 years. She served on several Board committees as an area director and as a director at large. She also founded and chaired a Realtor mastermind group on the Westside where members met monthly to discuss and share all aspects of real estate. Heidi was also a BC governor for Toastmasters International.

She is missed. Rest in peace, Heidi.

Last call for feedback on new rules

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The deadline to send your feedback on the Superintendent of Real Estate’s proposed rules changes on conflicts of interest is this Friday, April 20. You can review the proposed rules here.

You can send your own feedback via this online survey, or via email to osrepolicy@gov.bc.ca.

New course preview: List with maximum exposure and minimum risk

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When key information is not included or mistakenly misrepresented on the Residential Data Input Form, your listing will miss viewing opportunities.

The Residential Data Input Form contains legal information, taxes, measurements, and features. As a listing agent, you’re expected to ensure that the listing information is as accurate and complete as possible. As a buyer’s agent, it’s a best practice to verify listing information—in particular, any information your clients have indicated are important to their purchase.

Our List with Maximum Exposure and Minimum Risk course shows you how to list your property for maximum exposure while reducing your risk, and how to verify property information whether you’re acting for the seller or buyer.

By the end of the course, you’ll be able to:

  • Identify best practices for accurately completing the Residential Data Input Form.
  • Recognize the risks and consequences of omitting key information from the Residential Data Input Form.
  • Identify the risks in using previous listing information for a new listing.
  • Determine where and how to obtain pertinent information for a listing.
  • Identify common mistakes when completing the form and how they can affect a listing or sale.
  • Describe how to report errors in an MLS® listing to the Board.

The first offering for this six-credit, category B PDP course is on May 23. To check availability and register, please visit our Course Catalogue.

Questions? Contact us at education@rebgv.org.

Save your reports before ShowingTime goes away on April 25

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We’re in the process of removing ShowingTime from our suite of MLS® services and making Touchbase, once again, your sole member-to-member messaging system.

This decision is the result of months of REALTOR® and Broker consultation.

We encourage you to reorient yourself with Touchbase. Click here for a refresher.

What do I need to know?

ShowingTime is no longer accessible from listings in Paragon. If you need to retrieve any information from ShowingTime, you can access the app via the preferences menu in Paragon until April 26. You won’t be able to access this app after this date. If you’ve used ShowingTime to set up an appointment for April 26 or later, you’ll have to cancel the request and reschedule it in Touchbase.

Here are some resources to help you do this:

Cancelling showings in ShowingTime.

Scheduling showings in Touchbase.

Save your ShowingTime reports

You can access your activity reports in ShowingTime until April 26. If you want to keep them for your records after this date, make sure to save them.

Need help?

Saving your ShowingTime activity reports.

Questions?

Email Ian Abbott at iabbott@rebgv.org.

Featured Videos

Watch our market update video for March.

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