July 2006

Kitchener Waterloo Real Estate Market Update: KW Housing Index Up 2.6%

The KW Housing Index gained one point over the last update, rising to .40

The ‘over $600,000′ category has seen a return to single digits (it clocked in with a big donout last time the Index was updated) due to 1 firm and 1 pending sale in the past week. The rest of the categories have seen a moderate drop in listings, and a slight drop in sales, which results in a net gain for the Index. The first upward movement in some time!

On a personal note, I’m leaving for Vancouver tommorrow morning (dark & early - airport limo is getting us at the pelasent hour of 4:15am) to attend Richard Robbins International’s IGNITE program. We’re going to be visiting with my family in Vancouver, and later Abbotsford, and then we’re heading up to Whistler for my first Cousin Aron’s wedding. Can’t wait!

I first attended one of RRi’s IGNITE programs this past December, and I credit Rich with starting me down the path of personal growth. This time I’m attending with The Redhead (to take a page from Zig’s book) and my good friend Eitan, who will be getting into Real Estate (but not as a Realtor - he wants to make big $$$ and is drawn to development) when he graduates with Honours from U of T this year. I can’t wait for both of them to discover thier passion for growth and Ignite change in their lives!

I will be posting from Vancouver every couple of days when I can.

In other news, we just listed a fantastic Student Investment Property in Waterloo, just a couple of blocks from both Wilfred Laurier University and University of Waterloo, for $1,590,000. The property has $193,000 in projected revenue for the coming year, and it represents a great value in the booming student market. Since it’s so close to two Universities, it is always full. Students love it! If you are interested, or know of someone who is, send me an email at benjamin AT benjaminbach DOT com.

Have a Great rest of July!

Interview With Bob Burg

Hey Everyone

It is my great pleasure to post this interview I completed a few weeks ago. It appears in this weeks issue of Young Wealth Weekly (you have signed up for the newsletter, haven’t you?).

Interview with Bob Burg

June 29, 2006

Q: How did you get started in business?

A: My background was as a radio sportscaster, which was my dream growing up. I very quickly moved into doing television news, which probably was not a good move because the passion for news wasn’t there, nor was the skill. Never had that “nose for news” nor did I care to. Today, at the age of 48 and as involved politically as I am things would probably be different but, at the time, it just wasn’t there.

I “graduated” into sales and, realizing I was also not particularly good at that, began reading and studying all I could about it. It was a fascinating study and, following the system of the successful people I learned from at the time, such as Tom Hopkins and Zig Ziglar, my sales career really took off. Eventually I became Sales Manager of a company, which I found to be very rewarding, as well.

Regarding speaking and writing, it evolved, at first, just because other people were asking what I did that resulted in my sales success. Then, I began selling the tapes (back then, there were no such thing as CDs and DVDs) for another speaker, who was very well established. Eventually, I devised my own program with a focus on Networking and referrals, which were two strengths of mine, once I had learned how to go about it correctly. I wrote the book on Endless Referrals simply as a way of “positioning” myself more effectively and profitably as a speaker. The first edition of ER was written back in 1993 and I’ve updated it twice since then.

Now, with several books and more audio programs and other informational products, and having joined in business a couple of years ago with a man by the name of Thom Scott, who is an expert on all forms of Direct Response and other forms of marketing, we are shifting our business model from a speaker who writes, to marketers of information products . . . who also happen to speak.

Q: What have been the most significant developments in networking and referral based businesses in the last few years?

A: Well, I certainly believe the principles of networking and referral-based business will always remain the same, and that is, “All things being equal, people will do business with, and refer business to, those people they know, like and trust.” We always need to first keep in mind that “Networking” is far different from what most people think it is. It’s not glad-handing people while shoving a business card in their face and fast-talking about why they should be doing business with you. Instead, it is simply the cultivating of mutually beneficial, give and take, win/win relationships.

Of course, with technology being as prolific as it has become, there are certainly more ways to enter into these types of relationships. It’s important – very important, however, to always realize that people do business with, and refer business to, those PEOPLE they know, like and trust, not those COMPUTERS they know, like and trust. It’s always about the relationship first, about adding value first, about – what Wallace Wattles, author of the 1915 classic, “The Science of Getting Rich” called – “adding increase” to the lives of others.

What technology has done is provided so many more outlets, ways and means of accomplishing this. There are people with whom I’ve had successful joint ventures while never having met them personally . . . and hardly even speaking with them on the phone. That couldn’t have happened “back in the day.”

Q: What do you see as the future trends in networking and referral based businesses?

A: While I believe the relationship will remain king, I believe that technology will continue to provide us with more ways of networking effectively, efficiently and profitably.

Q: Should I set up one of these ‘blogs’ I keep hearing about?

A: Yes, by all means, yes! And, the good news is that there is plenty of good information from knowledgeable sources on how to set up and operate a successful blog.

Q: What is the most important thing a young entrepreneur or professional can do when starting out in business without a sphere of influence?

A: Develop that powerful sphere of influence starting now! When you meet someone with whom you feel a mutually beneficial, give and take, win/win relationship would be appropriate, then go ahead and begin to cultivate it. Remember, there is an entire system and methodology behind doing this; it’s not a matter of simply getting their business card and putting it in your Rolodex or contact management file. Another thing that the young entrepreneur or professional can do is to make it a point to meet already-successful people and learn from them. Yes, you can cultivate relationships with these people. Just remember, it’s up to you to creatively find ways to “add value” to their lives as your part of cultivating the relationship. The key . . . begin now!

Q: What one piece of advice would you leave with our readers?

A: Keep learning, keep growing. Follow what I call The Success Formula:
1. Seek out and find the information (the system),
2. Apply the information immediately,
3. Be persistent. Sandwich those principles around the specific goal or desire you have, and the belief in yourself and what you’re doing, and by the very nature of life, you must succeed.

—
Bob Burg shares information on topics vital to the success of today’s business person. He speaks for corporations and associations internationally, including fortune 500 companies, franchises, and numerous direct sales organizations. On the national rally circuit, Bob has shared the platform with legends such as Zig Ziglar, Jim Rohn, Brian Tracy, Denis Waitley, CNN’s Larry King, Dr. Joyce Brothers, Today Show’s Willard Scott, Radio Legend Paul Harvey, Tom Hopkins, Mary Lou Retton, Coach Lou Holtz, the late Og Mandino, former U.S. President Gerald Ford, and countless others. Two of his books, “Endless Referrals: Network Your Everyday Contacts into Sales” and “Winning Without Intimidation: How to Master the Art of Positive Persuasion” have each sold well over 160,000 copies. And, Endless Referrals has been released in its third, totally revised and updated edtion. Bob is a staunch advocate, supporter and defender of the Free Enterprise system, believing that the amount of money one makes is directly proportional to how many people they serve. You may subscribe to Bob’s “Endless Referrals Video Briefs” by going to www.burg.com, waiting two seconds for the gold invite, clicking, and going from there.

Burning the Midnight Oil

This past Saturday, I had the good fortune to celebrate my friend Andrij Harasymowicz’s birthday at Harry Stinson’s brand new (and quite extraordinary) 1 King West in Toronto.

For those who don’t know, Stinson is the ‘Condo King’ of Toronto, having cornered the market first as a broker (he owned Stinson Realty until selling in 1998), and now as a developer (he is often called, mainly by me, the Canadian Donald Trump, although apparently he isn’t so fond of the comparison).

The Cotel (it’s a combination of condominium and hotel units) is gorgeous, and the members-only Dominion Club on the second floor has to be seen, with its soaring ceilings and marble floors.

Stinson is known for his work ethic, and I can definitely attest to this.  While we were walking out the front doors of his building, waiting for his vintage Rolls Royce to take our group to the jazz club the birthday was taking place at, Stinson was inside his office (with no closing door, it’s right next to the Hotel front desk) hard at work.  He was sketching a building.  When you do what you love, you never clock out.

You cannot determine how hard anyone else works, or how successful they will be. You can only decide what you’re willing to do and how determined you are to see your vision turn into reality. This will determine your result in life. Stinson had a dream; it took him from being a salesperson, to becoming one of the biggest developers in Toronto Real Estate.

Where is your dream taking you?

Local Realtor’s Exclusive Index of Real Estate Market shows MLS Sales Slipping Slightly

Signs that the Kitchener Waterloo Real Estate Market is slowing are becoming more apparent. The overall KW Housing Index has slipped to .39 from .43 at the beginning of the month.

As you can see, the Housing Index continues to drop. For those readers who are not as familiar with the Index, it is a measure of buyer intensity for properties listed on the Kitchener Waterloo Real Estate Board’s Multiple Listing Service, or MLS. A higher number (above 1.15) indicates a seller’s market (more buyer’s than available listed homes) and a low number (under .85) indicates a buyer’s market (less buyer’s competing for each home).

Overall, there 393 sales and 132 conditional sales (525 total) in the past thirty days, vs the 628 total sales in the rolling 30 day period ending June 14th. This is a decline of 103 sales in less than a month, while active MLS listings increased by 55 in the same period.

The fastest moving segment of the Kitchener Waterloo market is still homes listed at less than $300,000. The Index of this market segment is also falling (.48 now vs .53 at the beginning of July), but there is still more competition than in the higher price ranges.

There have been no sales recently in the segment for homes listed at more than $600,000, which is the reason for the gooseegg in that column. There are some lovely luxury homes on the market in this segment, and they can be had for less than they’re listed at. Some of the vendors are starved for offers! If you’re thinking about buying a home like this, contact us for detailed info about the available properties.

State of the Kitchener Waterloo Real Estate Market

After a record month in May (see Market Cooling After Red Hot May) for the local housing market, June has slowed down to a more reasonable pace of growth and sales. Sales of single family residential homes for the month are down slightly, while the listing inventory has continued to grow.  Price reductions are becoming more common, and most homes are not selling for their listed price.  It is a fantastic time to buy, since seller’s are so happy when they see an offer come in, that you can have it conditional on all sorts of stuff and they will still accept it!

Even though the housing market is cooling a little bit, a large number of homes are still selling per month, and if you price your home correctly you may still sell in a very short time.  If your Real Estate team have systems that maximize the exposure your home gets when it is new to the market, you increase your chances at a quick sale.

My team, The Home Team, puts together customized ‘viral marketing’ campaigns for our VIP sellers (as well as anyone who uses our platinum marketing plan), and it is phenomenal at generating word of mouth ‘buzz’, which is so instrumental to receiving multiple offers and increasing desire for the home.