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Posts tagged ‘Bosley Real Estate’


Truth in Advertising

office meetingHi Everyone. I have another great meeting for you to try out. It was a lot of fun and a great learning experience and really, isn’t that the point? The idea came from my daily peek at the new listings. For a few weeks now the same property kept showing up. I found it strange that it was always appearing in my “new” feed. Upon closer look I saw that over the past 4 months it was listed in one way or another about 6 separate times. The price was up on one listing, down on another and then back up again. I started to wonder what the problem was. Could badly worded descriptions, lack of room sizes or poor quality pictures be to blame?

A thought was born. I looked through MLS and picked out the 4 listings (and pictures) with the longest days on market. Boom. At our meeting I divided everyone into four groups and gave them one listing each. The first part of the task was simple; circle every mistake or missed opportunity on the actual listing. Next they were asked to come up with 5 marketing strategies that the current listing agent didn’t appear to do. The problem with not knowing the motivation of the sellers, the condition of the property or special circumstances is that it is easy to blame the longevity of the listing simply on the property being overpriced. To make it a bit more interesting I created some made up back stories on the owners. One owner was an absentee landlord who lived in Dubai, one lived in the home but rented out rooms, one was tenanted with difficult tenants, and one home was owned by an elderly couple that didn’t speak English. I threw in a couple of zingers to…just to make it interesting. Days on market ranged from 91 to 442.

Each group had a leader who presented their findings. All MLS listings were missing information in one way or another. Of course there was enough information to write an offer but things like room sizes and descriptions were missing, two didn’t have inclusions mentioned, one had very limited showing ability, and all had terrible spelling and grammatical errors. Listings had between 8 and 12 glaring errors. As for new marketing techniques well every group came up with something unique however there were a bunch that were similar. They included professional photos, floor plans, staging, and utilizing every inch of the very limited space in the client and broker fields to mention some of the positive selling features of the home…like location, walk out basement and income potential. Surprisingly two groups thought the offering price on their homes wasn’t all that bad and were willing to market the home at the existing price for a couple of weeks if everything could be put into place.

At the end, the meeting outlined a couple of key points. The first was the value of well written remarks. Check your spelling and don’t leave any field blank if you can help it. The second point was that you can’t underestimate the power of the first impression. As they say, you never get a second chance to make a good first impression. If you are going to list a home you have to come out of the gate strong. A lengthy conversation outlining your strategies for maximizing exposure to the market and ultimately receiving the most money for a home may include making some difficult decisions like evicting tenants, painting, staging or cleaning. That’s when your team comes into play. Clients have to know that you have to spend money to make money. What’s the alternative? How about honesty? Years ago I remember seeing something like this in the client remarks; This house is a dump. A little elbow grease, a broom and a coat of paint will add thousands of dollars in value. This could be the deal you have been waiting for. If I had the money I would by it myself.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President of the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.


January 2015 Real Estate Market Update

Now for something a little different. Many of you know me as the guy who talks about prospecting, running, and real estate best practises, but I’m also a guy with a lot of knowledge about the real estate market. Does that really come as a surprise to anyone? I run a pretty successful office with over 50 agents in Downtown Toronto. Needless to say every deal ends up on my desk at one point or another and I try to take a half hour every day to go to agent open houses. That helps me stay on top of what’s going on.
Well I don’t sell anymore and I have to say that I really miss that, but I still stay connected to the hundreds of people I sold to in the past. The good news is that Bosley Real Estate is a company with one of the most professional agents in the city. I can attest to the fact that they are truly connected to Toronto’s real estate market and go through some of the most vigorous training there is. So if you are thinking about buying, selling, investing, renting or whatever, start with me first. I will match you to the perfect agent.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.


The RealtyLab Top Five Posts of 2014

top 5 RL 2014Happy New Year everyone. I hope that you are as excited as I am to start 2015 off with a bang. I find myself in such a great place these days. In 2014 I ran 1300 kilometres including two half-marathons, and was elected to President Elect of Toronto Real Estate Board. In addition I took on the position of Creative Director of Bosley Real Estate and grew my office significantly. All and all, I would put 2014 in the “win” category. We will just have to wait to see how 2015 unfolds, but I have already laid out my goals, although they are more like hopes, dreams and aspirations.
With all the other “stuff” that I was doing, my blog took a bit of a beating. While I actually collected a few more followers last year, I recorded fewer views because I was writing less. Finding time is increasingly becoming a challenge. Still and all, I had a couple of successes, so without further ado, I present the top five posts of 2014.

5. In this post I posed a simple question. Would our lives as realtors be easier if the Seller paid the listing agent and the buyer paid the buyer’s agent. Kind of an interesting theory once you work out how to roll the buyer agent’s commission into the purchase price. it is certainly one revolving topic around our office.

4. Nearly a year ago we had an office meeting where we discussed the pain of losing a listing presentation. What emerged was a discussion on removing all the variables from the equation. Being prepared seemed to be the most important point of the exercise, but the office got a lot out of this shared experience.

3. No other post received as much discussion. It revolved around the multiple offer scenarios. In this case we played out a fake multiple offer where the listing agent held back the highest offer but then made counter offers to each of the lowest offers. Confusing? Only a lot. At the end of the day, this type of negotiating required nerves of steel. The ultimate response was just to set the ground rules early and negotiate in good faith.

2. Back in November 2013 I was lucky enough to attend the National Association of Realtor’s Convention in San Francisco. Although the conference has a distinctly U.S. feel, every Realtor should endeavour to attend one NAR in their lifetime. I made a ton of notes but it took me a few months to actually blog about predictive marketing. In a nut shell, predictive marketing was done by a company that could analyze a series of seller events to predict the likelihood of them selling their home. It’s not as crazy as it seems.

1. And, the number one post of 2014 was a story I wrote about the return of the real estate brand. In this early entry I theorized that commission was no longer a competitive advantage for Realtors entering the business. Today’s Realtors need to perform above and beyond the general real estate population if they were to survive and given the enormity of that task, a newer agent might want to consider working with a brand that did a lot of the heavy lifting.

So there you have it. RealtyLab’s top 5 blog posts of 2014. I’m looking forward to breaking new ground in 2015 and hope that you will check in to see what I will write about in 2015.

mark mclean is the Broker/Manager at the Bosley Real Estate Queen St W office and President-Elect for the Toronto Real Estate Board. The opinions expressed here do not reflect the opinions of TREB or Bosley RE.


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