Latest LSTAR News
Last month a total of 627 homes exchanged hands, down 16.1% from the previous year, making August 2010 the third consecutive month in which the decline in market activity forecast by the Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation (CMHC) continued to erode the gains made last year. Erode but not erase: Year to Date home sales in the jurisdiction of the London and St. Thomas Association of REALTORS® still tops those of last year by 5.2%.
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The decline in market activity forecast by the Canadian Real Estate Association (CREA) and Canada Mortgage and Housing Corporation (CMHC) continued to dampen real estate sales for a second consecutive month. “This is not just our local market,” explains Joe Hough, Past President of the London and St. Thomas Association of REALTORS®, “it’s nationwide. What happened was this: the Great Recession created pent‐up demand in our local real estate market; then, when it became clear, in the Autumn of last year, that Canada and our region had successfully weathered the economic storm, that pent up demand exploded, fueling our market for the period October 2009 until the end of May 2010.”
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A career in real estate
Find out how you can become a
LICENSED PRACTITIONER
contact OREA (Ontario Real Estate Association)
The OREA Real Estate College has already announced a series of "GUARANTEED DATES" for 2011. Click here to see the schedule listing the licensing courses that are guaranteed to run in 2011 in our area.
A career in real estate can be rewarding but demanding. It requires commitment, discipline, motivation, enthusiasm, flexibility and hard work. It is not suited for those who want an easy nine-to-five job.
Real estate salespeople must be enthusiastic self-starters, continually developing leads and cultivating clients/customers. Are you willing to make many sacrifices in your daily life?
There is no quitting time, the phone will ring at any time of the day or night. Are you prepared to arrange your personal schedule to suit consumers' needs?
Most real estate salespeople earn their income by commission. They may make a sale one week, then not another for two months. Can you budget money to last between sales?
Keeping up on changing market conditions, financing, procedures, technology and laws are essential to servicing consumers' needs. Continuing education is mandated. Do you believe in life-long learning?
You may be a good candidate for real estate if you possess the following traits:
A good communicator - It is essential to be a good listener and communicator to provide the best possible service to buyers and sellers.
Self-motivated and flexible - You have to be devoted to your profession and willing to make necessary sacrifices to be successful. It requires hard work and a high level of self-motivation to go out every day to find listings, to build up a solid client base, to meet the needs of your clients, no matter the hour or day.
Confident - There are good and bad days in real estate. You must be able to handle rejection; maintain a mature and objective attitude in the face of disappointment.
Professional- Everything you do in your real estate career reflects on you, your brokerage and the profession. You will be relied upon for your trustworthiness and good business ethics.
Service Oriented - Your success will be based on your ability to be professional, helpful and reliable at all times. Only satisfied clients will give you referrals - the foundation of a long and successful real estate career.
Multi-tasking - We think ‘multi-tasking’ was created by REALTORS®. These skills are essential for a career in real estate.
Math - Knowledge of math fundamentals, with proficiency in multiplication, division, fractions and factors, is essential. You must use these skills to measure area and land, as well as appraise property and advise on mortgage financing.
Planning and organization - Juggling a busy and often conflicting schedule of showing properties, taking listings, evaluating property, handling offers and negotiations, and responding to consumer enquiries are the order of the day for a REALTOR®. Your reliability in this area is essential for success.
English language proficiency and comprehension - Communicating with consumers, understanding and completing real estate documents, presenting clearly defined Offers to Purchase are essential to your business. Listings in particular must contain all essential data in order to be understood by someone who has never seen the property. This having been said, being proficient in other languages can be a real asset when dealing with special populations.
Research - The ability to search for and understand legal documents is a necessity in real estate.
Negotiation and problem-solving - You must handle problems quickly and credibly, particularly when negotiating an offer to purchase. In order to close a deal, you must bring sellers and buyers to a mutually acceptable and successful agreement.
Computer proficiency - It is vital to have basic computer and internet skills to access data from the MLS® and other proprietary systems. The need to have these skills becomes more essential every day.
Excellent people skills - The hallmark of the real estate profession, people skills are essential to establish a good and sincere rapport with buyers and sellers. It's important that you enjoy working with people, be genuinely interested in them and be quick to understand their needs and wants.
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This information is provided by the London and St. Thomas Association of REALTORS®.
The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.
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