October 2022 Canada

t featured cover agent Lidia Adamska

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Applying for a mortgage is exciting, because it s the first step toward becoming a homeowner. But the process can also feel invasive, intimidating, and a little overwhelming After all, it’s not every day that some one you don’t really know takes a deep dive into your financial life while holding your future in their hands. If you’re wondering what you can do to make the process go more smoothly, here are five things not to do when applying for a mortgage:

C h a n g e J o b s S t a b i l i t y i s o n e o f t h e m o s t important things loan officers are looking for. Immedi ately before or during the mortgage approval process

Open or Close Credit Cards During the mortgage approval process, every financial decision you make is going to be under scrutiny. Opening a new credit card can appear to be a reckless move, par ticularly if you run it up to its limit quickly. With that for a these

is not the right time to switch careers, start your own business, leave a job or make the move from a salaried position to a commission based income Even if you’re not crazy about your current job, grin and bear it until you have completed the home buying process. Once you’re happily settled in your new home, you can start looking for a great new gig.

in mind, it might seem like closing any unused credit accounts you have would be a good idea. Wrong again. That will change your debt to income ratio and pos sibly hurt your chances of approval Remember, your loan officer is looking for stability and responsibility, which is why you need to stay the course when it comes to credit.

Co-Sign a Loan Co signing a loan might seem harmless, because you’re just helping someone out. You’re not really responsible for paying it back, right? Not true. Co signing a loan can wreak havoc on your carefully cultivated credit. The fact is, you are 100%

responsible for paying that loan back if the other party can’t (or just doesn’t want to). In fact, a recent survey shows that nearly 40% of co-signers actually end up responsible for paying back the co signed loan. Even after your mortgage is approved, you should always think twice about co signing; in most cases it’s just not worth the risk

Make a Late Payment The excitement of the home buying process can be hectic and unpredictable, which may cause you to let other things slide. But making a late payment on a credit card (or any other) bill, can spell disaster during the mortgage approval process. Just one late payment can cause a dip in your credit score that may be alarming enough to deny you the loan. Additionally, many lenders require a 12 month record of on time payments on all accounts as one of the baseline measurements to be considered for a mortgage. To avoid overlooking paying bills during this busy time, set up everything you can on auto pay so you know all your bills are being taken care of.

Move Money Around Unusual activity in any of your accounts is going to be a red flag for a mortgage loan officer. Avoid large cash deposits and moving big sums of money between accounts. If you receive any cash gifts intended to help with your down payment, the gift giver may be required to provide documentation that the money was given for that reason and does not need to be paid back.

Now that you know what not to do when applying for a mortgage, you can focus on the excitement of preparing to buy a house. Remember, virtually every one who has ever purchased a home has gone through the mortgage approval process and lived to tell about it, and you will, too. Good luck!

You need to stay the course when it comes to credit.

Dollars & sense

Maintaining a budget on commission

Most real estate agents agree, one of their favorite aspects of being a REALTOR® is not having a ceiling on their income potential However, because real estate is not a 9 to 5 job with a predictable paycheck every two weeks, many agents find themselves in feast-orfamine mode and come up short while waiting for their next commission. This is especially true for newer, less established agents, but it can happen to long time agents as well. Here are several tips to to help real estate professionals avoid being cash-strapped during slow periods.

occur monthly, but they will be different each time; think utilities and groceries Periodic expenses are the ones that only happen once or a few times a year, such as car registration, property taxes or purchasing birth day and holiday gifts. Place these on the calendar and start saving for them in advance so you’re not caught off guard when they inevitably come up.

Determine your baseline

Total up all your monthly bills and living expenses so you know exactly how much money will be going out every month. This way you’ll know the minimum you need to make or save to carry over from the previous month to cover the basics.

Start saving for emergencies Having a cash cushion to fall back on will give you peace of mind. Start depositing a portion of every commission into an accessible (but not too accessible) savings account re served exclusively for true emergencies, such as major medical bills, home repairs, or a long lull between commissions. Having emergency funds in place will help you avoid turning to credit cards if you face a tough month.

Plan ahead for expenses Be sure your monthly budget allows for all types of expenses: fixed, variable and periodic. Fixed expenses are the ones you can count on month after month, such as rent and your car payments. Variable expenses may also

Avoid relying on credit When you’re waiting for that big commission to come in, it’s tempting to charge up your credit cards with the intention of paying them off once you get the funds. But a lot can happen between now and then If you end up with credit card bills you can’t pay off right away, you will be accruing interest charges and always chasing that next big payday to try to catch up. Keep credit card use to a minimum and if you do use them, have a plan in place to pay them off quickly.

Keep expenses and spending in check

When commissions are rolling in regularly, it’s tempting to overspend. But remember, the housing market depends on a number of factors, many of which are out side your control If you spend every last penny of each commission assuming there will always be another one, you’re setting yourself up for financial hardship down the road. Go ahead and treat yourself now and then, but be sure you’re saving with an eye on the future.

Budgeting for an unpredictable income can sometimes be challenging, but it’s worth it when you consider the many incredible benefits of a career in real estate. With some planning and care, you will be able to enjoy the good times and sail through the challenging ones.

Lidia Adamska

Lidia Adamska

The path that Lidia Adamska took toward her career in real estate was far from typical. Originally from Poland, Lidia came to Ontario, Canada with her husband in 1989 She worked in a number of industries as she studied and developed her skills, including working in a Quality Engineering Lab for a major automotive manufacturer, before she began to feel a pull toward real estate

“The love for homes and helping people in general was a driving force in the decision to leave my corporate job and start a new adventure.” Lidia met with Delio Oliviera, the Broker of Record from RE/MAX Real Estate Centre Inc. Brokerage, and decided to dive in. “I have been there ever since And let me tell you, I never looked back Real estate is my passion and building relationships is a huge part of that passion.”

As she works with home sales and purchases in the Water loo, Wellington, Brant and Hamilton areas, there is no shortage of potential clients in need of Lidia’s skillful services “There are four major universities and plenty

of job opportunities in our communities.” Fortunately, Lidia’s background makes her uniquely qualified to aid the many people looking for a home in Ontario “My experience working in an Engineering Lab allowed me to become familiar with blueprints This helped me to quickly grasp the concepts of the drawing part of the pre construction process with my builder, Activa I love guiding clients with the different designs and models that they can choose from in building their new home.”

That’s not all that sets Lidia apart. Her compassionate and individualized approach is remarkable as well “Every house and every client is different and has their own story,” she explains “I try to find the best possible home for their needs, no matter how long it takes.” Lidia is the type of agent clients can really count on, throughout the buying and selling process and even be yond. “My service never ends. I always say that my clients are with me for life They can call me anytime ”

“The business is about relationships My motto has always

been ‘I will do the best job I possibly can to help you with your real estate needs.’ My clients will always re member me when it’s time for a change, they need help, or someone asks for a recommendation.” Clients feel a genuine connection to Lidia and know she can be trusted not only with their own needs, but the needs of those they care about. An impressive 98% of her business comes from repeat and referral clients

“It might take a while before you find your niche, but when you do and you are passionate about it, there is nothing stopping you from achieving satisfaction and happiness in your career ” Perhaps some of Lidia’s suc cess is a result of her genuine love for the job. “Helping people with one of the biggest assets in their lives is challenging at times, but extremely rewarding when done right I enjoy taking the time to get to know my

clients Walking through a house that you know is for them and seeing those smiles when they get the keys are some of the most enjoyable moments in the entire process ”

Lidia’s gift for real estate is clear. She has received several awards for her superior work However, the awards she is most proud of are those she received from the Children’s Miracle Network “It has been my passion and every time I get paid, a portion of my commission goes to the Children’s Miracle Network,” she shares “I am so happy to help as many children as possible in their difficult journey. Every year we drive there to celebrate, meet the children, and listen to their stories I am happy to be a Miracle Agent and contribute to this wonderful cause ” Lidia also volunteers for Housing S u p p o r t S e r v i c e s a s a t r a n s l a t o r. A s a n i m m i g r a n t h e r s e l f , s h e i s a c u t e l y a w a r e o f t h e d i ff i c u l t i e s t h a t

“The love for homes and helping people in general was a driving force in the decision to leave my corporate job and start a new adventure.”

language barriers can create and is dedicated to helping smooth the way for others.

In her personal life, Lidia loves spending time with her puppy Trika, and seeing the world not just by traveling with loved ones, but also by exploring thought provoking novels. Real Estate Centre Inc. Brokerage | Cambridge, Ontario 519.241.6065 | adamska.lidia@gmail.com

“It has been my passion and every time I get paid, a portion of my commission goes to the C h i l d r e n ’s M i r a c l e N e t w o r k … I a m h a p p y t o b e a M i r a c l e A g e n t a n d c o n t r i b u t e t o t h i s wonderful cause.”

Sitting pretty Inexpensive ways to furnish your home

Furnishing a new home is fun and exciting. Unfortu nately, it can also be really expensive But it doesn’t have to be There are plenty of things you can do to lessen the cost of creating a comfortable, beautiful home that reflects your taste and personality. Here are six tips for furnishing a home on a budget.

for. Saving up or waiting to buy a good quality piece until it goes on sale is a smarter choice than buying a cheaply made piece that may look good now but only hold up for a few months, leaving you in a position of having to replace it.

Reuse, Repurpose, Recycle

It’s tempting to want to fill a new space with all new furniture, but it’s not really a practical option. Instead of going crazy buying everything new, go through what you already have and look at it with fresh eyes. Many things can easily be refreshed and made to look new with just a coat of paint or stain, or by adding slip covers or colorful throw pillows. Also, don’t be afraid to mix things up. For example, just because you used a piece as a nightstand in your old place, doesn’t mean it can’t serve as an end table in your new home. Mix, match and move things around from room to room to create all new combinations.

Focus on Function Instead of blowing your budget creating a gorgeous guest room that will rarely be seen, put your efforts and money toward the rooms that get the most use Creating a comfortable living area and cozy bedrooms will make you a lot happier than overspending on a formal dining table that will only be used a few times a year.

Shop in Unexpected Places You’ll want to go to the furniture store for ideas and inspiration, but you don’t necessarily want to shop there. Many are notorious for marking prices way up, only to offer meaningless discounts that still leave prices too high. Once you have an idea of the types of pieces you want, start looking in other places Warehouse clubs like Costco are often a great source for good quality pieces, as are estate sales. And don’t forget to shop online, too. It’s an easy way to compare prices and find the low es t one if you have your heart s et on particular piece

Buy the Best Quality You Can Afford This may seem counterintuitive when the focus is saving money, but it’s also true that you get what you pay

Choose Classic Styles & Colors Of course, how you choose to furnish your home depends on your personal taste, but you’ll get the most bang for your furniture buck if you stick to classic colors and silhouettes (even if that zebra print sofa is SO cool!). That’s not to say, however, that your home will look boring or uninspired Remember, furniture is just the start The real creativity happens when you add colorful accents like wall art, throw pillows and rugs, as well as painting the walls and trim.

Don’t Be Afraid to Bargain Whether you call it bargaining, haggling or negotiating, asking for a lower price has become a lost art, but that doesn’t mean you can’t bring it back. If there’s something you want that’s out of your price range, ask if there’s any chance you can get it for less. Remember to ask about floor models, too They can often be had for much less, and stores are happy to get rid of them to free up space.

Furnishing your home should be enjoyable and ener gizing, not something stressful that puts you further into debt Using these tips will help you create the home of your dreams and stay relaxed enough to really enjoy it.

Bridge the gap Strategies for working across generations

Millennials. Gen X’ers. Boomers. You might not real ize it, but there’s a good chance you will have clients from every one of these generations at some point in your career (if you haven’t already). Today’s home buyers and sellers have never been more generationally diverse. But with that generational diversity, comes the need to understand and adapt your working style and practices to best meet the needs of these clients Check out the background of each of these generations, learn what they value the most, and get tips on how to best work with members of each generation.

What they value: Millennials are driven by mobility, diversity and a thirst for authenticity They aren’t wed to the notion of a “forever home,” or a “forever” any thing, really. Often saddled with hefty student loan debt, they desire homeownership, but may be forced to delay it longer than previous generations.

Millennials as clients: Millennials currently rep resent more than 30% of home buyers, and they are more pragmatic than you might think. They view buying a home as an investment, and fully intend to capitalize on that by buying, fixing and flipping prop erties Many Millennials see home ownership as a way to improve their credit score.

MillennialsWho they are: Born from 1981-2004, Millennials currently make up the largest generation, at more than 75 million strong.

Tips for working with Millennials: • Don’t assume Millennials are strongly tied to

their unique identity as individuals, so get to know them one-on-one. Don’t generalize.

• Communicate quickly This is the generation that grew up texting It’s their preferred way to communicate

• Make it fun Millennials crave new experiences and enjoy making memories. When appropriate, think outside the box and add some fun to the home buying or selling process

Generation X

W h o t h e y a r e : B o r n f r o m 1 9 6 4-1 9 8 0 , G e n X’ers are sandwiched in between two, much larger generations

What they value: Growing up as the first generation of “latch key kids” led Gen X’ers to a fierce independence that continued into adulthood. They value contribution, feedback and, no surprise, autonomy

Gen X’ers as clients: Given their independent na ture, there’s a good chance your Gen X clients will come to you armed with research they’ve done them selves. They’ll have a strong idea about what they want, but are open to making home buying or selling a col laborative process. Keep in mind that this generation was the hardest hit by the 2008 housing crisis, and may be especially wary when it comes to making decisions.

Tips for working with Gen X’ers:

• Present pros and cons This generation possesses a natural skepticism and grew up questioning just about everything. Be prepared to share both the good and the bad news with them; don’t sugarcoat.

• Have a plan Gen X’ers are results oriented, and like seeing a road map for how they’re going to reach the goal.

• Don’t take it personally Gen X’ers didn’t receive

a lot of praise growing up, and may be reluctant to offer it. That doesn’t mean they think you haven’t done a good job, however; they just might not know how to express it.

Baby Boomers

Who they are: The post World War II generation born from 1946-1964, were the largest generation for decades, until they were surpassed by Millennials

What they value: This generation saw some of the most radical political and social change in history. They tend to be adaptive, goal oriented and conflict averse.

Baby Boomers as clients: Perhaps more than any other generation, Baby Boomers were brought up with the notion of the American Dream of home ownership. Though most are now empty nesters, they still want to own homes; but ones that will put fewer demands on their time and resources They love walkable neighborhoods that are close to their family and friends, and look for homes that will be adaptable to their changing needs as they age.

Tips for working with Baby Boomers:

• Communicate their way While many Boomers are perfectly comfortable with all aspects of current technology, not all have embraced it. Find out how your clients would prefer to communicate before firing off endless rounds of texts

• Respect their time Though they may be retired, it doesn’t mean their schedules are wide open. Many in this generation are involved in a lot of activities in addition to caring for elderly parents. And of course, some are still working

• Don’t stress them out Many in this generation prefer to avoid conflict. Present the facts, but try to soften the blow when the news isn’t good.

Today’s home buyers and sellers have never been more generationally diverse. With that comes the need to understand and adapt your working style and practices to best meet the needs of these clients.

Increase morale and productivity with these team-building exercises

Successful agents and loan officers understand that relationships are everything in the world of real estate and those relationships begin right in your office, alongside your colleagues Even if you work with only the help of an assistant, a strong team dynamic can make all the difference when it comes to executing transactions with efficiency and positive morale. What’s more, clients can sense a high functioning team dynamic, so the benefits of team building extend far beyond your office. Just as continuing education and self-development are important to professional longevity, so too is the health and comradery of your team. With that in mind, add these three team building

exercises to your arsenal as you foster positivity and growth inside your sphere.

Spirit of Service Team building activities don’t have to feel cheesy, or a like an afternoon at summer camp. Instead, service-based exercises can bind your office together, while committing to a good cause. An other bonus? In the real estate and mortgage industries, there are plenty of related charitable organizations to which you and your team can donate your time. Habitat for Humanity, an organization that builds homes for the less fortunate, is a great way to begin. You can dedicate a day to getting hands on in the housing

world, and there’s no better bonding experience than laboring side by side for a cause in your industry. If building isn’t your speed, consider entering the office as a team in a charitable athletic event, like a 5K walk or golf tournament. Either way, giving back as a collec tive is a great way to serve others, while building trust and empathy among those you work with.

Office Trivia Here’s a great office themed way to get team members having fun and bonding with one another. Come up with 25 office-based trivia questions and divide into small groups. Have the groups come up with individual team names, split questions into

themed rounds, and award prizes for the winners. All the while, you’ll get people collaborating and letting their guards down Think about crafting questions that everyone can chime in on, like ‘how many windows are in the office?’ or ‘what month is the most common for office birthdays?’ Questions that revolve around your office and staff will make your team members the star of the show, and add some lighthearted workplace fun into the mix

Collective Brainstorming Sometimes team members stagnate if they aren’t feeling challenged, or if they feel that their voice isn’t being heard. Here’s a great way to curb that negativity, breathe new life into your business, and get team members talking Ahead of your next meeting, dedicate 20 minutes to big picture thinking. Ask team members to spend five minutes writing about a ‘what if ?’ idea regarding the business and their careers. Encourage writers to think big, be imaginative, and tackle issues that they may have been facing for a while. Then, break team members into smaller groups and have them share their thoughts if they’re comfortable. This will inspire discussion, allow employees the chance to flex their creativity, and give them a channel to express their professional ambitions and ideas

Team-building exercises don’t have to relegated to the realm of trust falls and scavenger hunts. The main idea is to get employees out of their routine and working together in unconventional ways From lighthearted party games to service oriented excursions, give your team room to grow as one and the results will boost moods and serve your enterprise and employees for the long run.

J u s t a s c o n t i n u i n g e d u c a t i o n a n d self-development are important to professional longevity, so too is the health and comradery of your team.