Real Estate Institute of Canada
Exchange August 2018
www.reic.ca
Exploring Opportunity
INSIDE REIC News Pursuit of Excellence Award Recipients REIC Membership Milestones Power it Up With the Personal Ask Stop Marketing Like it’s 1998 ...and more
Inside This Issue
Inside This Issue
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Message From the President MESSAGE Du PRÉSIDENT Message From the IREM CAnada vp MESSAGE DU vice-président régional Message From the INTERIM ED & CEO
MESSAGE DE LA Directrice générale intérimaire
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President Winson Chan, FRI CRES Vice President Lindsay Carlson, FRI CRES Secretary/Treasurer Johnmark Roberts, FRI INTERIM Executive Director and CEO Sandra De Medeiros, CAE Editor Britny Rodé, Marketing and Communications Coordinator About REIC
REIC News Nouvelles de L’ICI Welcome 2018-2019 National board of directors 2018 Pursuit of Excellence Awards 2018 Annual Conference & AGM Conférence annuelle 2018 Power it up with the personal ask Guest Article: Shannon Alter, CPM®
REIC is a provider of advanced education and designation programs to professionals in the real estate industry. With 8 Chapters across Canada, we have been educating and certifying professionals since 1955.
CONTACT US
208-5407 Eglinton Avenue West Toronto, ON M9C 5K6 Tel: 416-695-9000 or 1-800-542-7342 Fax: 416-695-7230 www.reic.ca infocentral@reic.com
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STOP MARKETING LIKE IT'S 1998 Guest Article: Warren weeks REIC Launches aNIMATED cpm® VIDEO REIC Member Spotlights
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tEACHING THE PROS: RESERVE FUND PLANNING & REPORTING
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Real Estate Institute of Canada - REIC
REIC Membership Milestones Étapes des membres de l'ici
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REIC Exchange, August 2018
Message From the President
MESSAGE FROM THE PRESIDENT Message du PRÉSIDENT I am delighted to have this opportunity to serve as the REIC National President for the upcoming year. I recognize that I have some big shoes to fill and, believe me, my feet aren’t really all that big! We have had great presidents, board members and chapter leaders over the years. Thank you for your efforts, vision and leadership. I also owe the current National Board of Directors a tremendous amount of gratitude for the support they have given me. I am often asked why I remain committed to REIC after all this time. What value do I receive? Well, the ultimate value is in you: our members. REIC is made up of a diverse group of real estate professionals from both the private and public sectors across the country. Together we form a network committed to higher educational, professional and ethical standards. Every one of us is a valuable resource to each other, and I truly believe there is no other organization, university alumni association, or individual real estate board that can provide such opportunities to grow, to learn, socialize and network together. The strength of REIC is in our members: you and me.
Je suis ravi d’avoir l’occasion d’occuper le poste de président national de l'ICI pour la prochaine année, et vous pouvez me croire, ce sera un défi de taille! Au fil des ans, vous avez eu d’excellents présidents, membres du conseil d’administration et responsables de division. Merci pour vos efforts, votre vision et votre leadership. J’éprouve beaucoup de gratitude envers le conseil d’administration national actuel pour son soutien. On me demande souvent pourquoi je reste attaché à l’ICI après tout ce temps. Qu’est-ce que j’en retire? Eh bien, sa plus grande valeur réside en vous, nos membres. L'ICI réunit un groupe diversifié de professionnels de l’immobilier des secteurs privé et public de partout au pays. Ensemble, nous formons un réseau respectant les plus hautes normes professionnelles, de formation et d'éthique. Chacun d’entre nous représente une ressource précieuse pour les autres, et je suis convaincu qu’aucune autre organisation, association des anciens de l'université ou chambre immobilière n’offre autant de possibilités de croissance, d’apprentissage, de socialisation et de réseautage. La force de l'ICI réside dans nos membres : vous et moi.
Having the FRI designation has helped differentiate and elevate my position in the corporate world. It is because of the knowledge and networking provided at REIC that I was able to advance from a junior Sales staff to a senior executive of the largest condominium developers in Canada. REIC’s strength is our #starpower members. We need to promote each other and share our stories. People are attracted to winners – and as successful winners, we need to promote REIC personally while celebrating each other collectively. I encourage new members to get involved as we need your ideas in order for REIC to remain successful. We need volunteers like you. We need your energy, your creativity, your commitment and your passion to build this organization up. You can help keep us successful. We welcome all and call upon you to join our committees and join us on the Board.
Le titre de FRI m’a permis de me démarquer et d’évoluer dans le monde des affaires. Les connaissances et le réseautage que m’a procuré l'ICI m’ont permis de progresser du statut de jeune cadre à celui de cadre supérieur pour l’un des plus importants développeurs de condominiums au Canada. Tous les membres doivent faire leur promotion respective et partager nos histoires. Les gens sont attirés par les gagnants – et nous devons personnellement promouvoir l'ICI tout en nous célébrant mutuellement. J’encourage les nouveaux membres à s’impliquer, car nous avons besoin de vos idées pour assurer le succès continu de l'ICI. Nous avons besoin de volontaires comme vous. Nous avons besoin de votre énergie, votre créativité, votre engagement et votre passion pour bâtir cette organisation. Vous pouvez nous aider à assurer notre réussite. Vous êtes tous les bienvenus et nous vous invitons à vous joindre à nos comités et notre conseil d’administration.
With your inspiration, we will continue to be the best association in the country!
Grâce à votre inspiration, nous continuerons d’être la meilleure association au Canada!
Winson Chan, FRI CRES REIC National President
Winson Chan, FRI CRES Président national de l'ICI www.reic.ca
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Message From the IREM CANADA VP
MESSAGE From THe IREM CANADA VP Message du vicePRÉSIDENT RÉGional I want to start off by thanking the REIC National staff for doing a wonderful job putting on a great conference and AGM in Montreal this year! For those of you who attended I’m certain you’d agree that the accommodations, food, program and speakers were all fantastic. A big thank you to our Quebec Chapter for hosting and making us feel at home. I think the conference highlight may have been the city tour narrated by the entertaining duo of REIC Members Georges Renaud, FRI(E) CPM® and Guy Belanger, FRI where we learned many interesting details about the city. If you didn’t attend the conference this year I encourage you to start planning now to join us in Niagara Falls, Ontario June 3-7, 2019. I’ll be dropping in to visit a few more Chapters before the end of the year, I always look forward to seeing colleagues and friends in my travels. Please don’t hesitate to contact me if you ever have any IREM questions, I’m more than happy to do my best to help you.
Je veux commencer par remercier le personnel national de l'ICI pour son magnifique travail d’organisation de l’excellente conférence et assemblée générale de Montréal de cette année! Ceux d’entre vous qui y ont assisté conviendront certainement que l’hébergement, la nourriture, le programme et les conférenciers étaient fantastiques. Un grand merci à notre division du Québec qui nous a accueillis et a fait en sorte que nous nous sentions comme chez nous. Selon moi, le point saillant de la conférence a été la visite de la ville, qui était animée par le duo dynamique de membres de l'ICI Georges Renaud, FRI(E) CPM® et Guy Bélanger, FRI, qui nous a fourni des détails intéressants sur la ville. Si vous n’avez pas assisté à la conférence cette année, je vous invite à planifier de vous joindre à nous à Niagara Falls, Ontario, du 3 au 7 juin 2019. Je visiterai d’autres divisions avant la fin de l’année, et j’ai toujours hâte de voir des collègues et des amis lors de mes déplacements. N’hésitez pas à communiquer avec moi si vous avez des questions au sujet de l’IREM, c’est toujours un plaisir de vous aider.
The next major event coming up is the IREM Global Summit taking place Sept 26-29, 2018 at The Diplomat Beach Resort in Hollywood, Florida. Hope to see you there!
Le prochain événement majeur est le Sommet mondial de l’IREM, qui aura lieu du 26 au 29 septembre 2018 au Diplomat Beach Resort de Hollywood, en Floride. J’espère vous y voir!
Ron Penner, CPM® CRP IREM Canada Vice President
Ron Penner, CPM® CRP Vice-président régional de l’IREM du Canada
Study on your own schedule www.reic.ca/homestudy
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REIC Exchange, August 2018
directrice générale intérimaire My message is about volunteering and highlighting some of our greats, starting with the Annual Conference and AGM. It was so nice to meet new people and spend time with our members this year! The energy and enthusiasm was felt throughout the whole event. A big thank you to Guy Belanger, FRI who chaired the Annual Conference Advisory Committee and to Diane Glover, CPM® for chairing the Awards Committee. We could not have put together such a rewarding event without our committee volunteers (pun intended!). You will see all the award winners listed on page 8. There are two Pursuit of Excellence Awards recipients that I must mention: Crystal Deley, ARM® CMOC and Ron Penner, CPM® CRP who were awarded the prestigious REIC Emeritus Award. Crystal has been a devoted volunteer throughout her membership. One of her achievements was bringing together the REIC Calgary Chapter and two provincial associations to collaborate on a successful event. She is a strong believer in the IREM property management designations and encourages her employees at Accredited Condominium Management to work towards them. Ron, a past president of the REIC National Board and currently serving as the Vice President of IREM Canada, is the epitome of volunteerism. He dedicates countless hours to serving REIC and IREM alike and we are both truly better for it! He makes the volunteer atmosphere so much fun, while helping move the industry forward. Ron also encourages his employees at Globe General Property Management to pursue life-long learning, and many of them hold property management designations. As a not-for-profit organization we absolutely rely on the time and dedication of our volunteers. In the coming months, we will be populating the many committees that were struck at the last board meeting. If you have not already indicated your interest in participating, why not reach out to see where your talents can be best utilized? I am looking forward to hearing from you! Sandra De Medeiros, CAE REIC National Interim Executive Director & CEO
Mon message porte sur le bénévolat et certains de nos principaux événements, dont la conférence et assemblée générale. C’était vraiment agréable de rencontrer de nouvelles personnes et de passer du temps avec nos membres cette année! Énergie et enthousiasme étaient au rendez-vous tout au long de l’événement. Merci beaucoup à Guy Bélanger, FRI, qui a agi à titre de président du comité consultatif de la conférence annuelle, ainsi qu’à Diane Glover, CPM®, présidente du comité des récompenses. Nous n’aurions certainement pas pu mettre sur pied un événement aussi enrichissant sans l’appui de nos bénévoles. La liste des récipiendaires apparaît à la page 8. D’ailleurs, je tiens à mentionner deux récipiendaires de prix En quête de l'excellence : Crystal Deley, ARM® CMOC, et Ron Penner, CPM® CRP, qui ont reçu le prestigieux prix d'éméritat de l'ICI. Crystal a toujours agi en tant que bénévole dévouée depuis son adhésion. Elle a incité la division de Calgary et deux associations provinciales à collaborer dans le cadre d’une activité réussie. Elle croit fermement aux titres de gestion des biens de l’IREM et encourage ses employés d’Accredited Condominium Management à les obtenir. Ron, ancien président du conseil d’administration national de l'ICI et actuel vice-président de l’IREM du Canada, est l'incarnation même du bénévolat. Il consacre de nombreuses heures à servir l'ICI et l’IREM, et nous lui devons beaucoup! Il contribue à une ambiance très agréable parmi les bénévoles et aux progrès de notre secteur. Ron encourage aussi ses employés de Globe General Property Management à poursuivre leur formation tout au long de leur vie, et nombre d’entre eux détiennent des titres en gestion des biens. En tant qu’organisme à but non lucratif, nous nous appuyons totalement sur le temps et le dévouement de nos bénévoles. Au cours des mois à venir, nous constituerons les nombreux comités créés lors de la dernière réunion du conseil. Si vous n’avez pas encore démontré votre intérêt à en faire partie, pourquoi ne pas vérifier comment vos talents peuvent être le mieux utilisés? Au plaisir de recevoir de vos nouvelles! Sandra De Medeiros, CAE Directrice générale intérimaire de l'ICI
www.reic.ca
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Message from the INTERIM ED & CEO
MESSAGE FROM THE INTERIM ED & CEO Message dE LA
REIC NEWS
REIC NEWS Nouvelles de l'ICI REIC and Canada-China Realty Professional Association (CCRPA) Form Joint Initiative REIC is pleased to announce a newly formed agreement with the Canada-China Realty Professional Association (CCRPA). 25 members of the CCRPA board completed the Fellow of the Real Estate Institute (FRI) designation program by the end of July, officially becoming REIC members. Another 25 new FRI members are expected to apply in the very near future. Many thanks to our President, Winson Chan, FRI CRES for making this introduction. REIC Upgrades to Microsoft 365 We are happy to report that all REIC National Staff and Chapter Administrators are now using Microsoft 365. This software update not only advances technology within our organization, it also strengthens communication between National and our Chapters. Using SharePoint, file sharing and storage has become much more accessible. By storing information on the cloud, Staff and Admin can access from a desktop computer in the office, at home or on their smartphones! Chapters can also use SharePoint to archive photos, documents, video and more! REIC NATIONAL STAFF UPDATES Please join us in congratulating Gareth Jones on his new title as Executive Vice President, and Shelley Barfoot-O'Neill who is now our Manager of Membership Services. Joining the team is Christina Gyimesi, Reception and Education Coordinator. Please add Christina to your contact lists (christina. gyimesi@reic.com) as she is responsible for course registrations and inquiries as well as student exam results. Vittoria Gibson is now our Digital Media Coordinator, working with Britny Rodé in the Marketing department. We must also announce that Tessa Letang and Natalie Wallace, CAE departed REIC at the end of June. We are very grateful for all their hard work and wish them the best on all their future endeavours.
L'ICI ET LA CANADA-CHINA REALTY PROFESSIONAL ASSOCIATION (CCRPA) LANCENT UNE INITIATIVE CONJOINTE L'ICI est heureuse d’annoncer qu’une nouvelle entente a été adoptée avec la Canada-China Realty Professional Association (CCRPA). Vingt-cinq membres du conseil de la CCRPA avaient suivi le programme Fellow of the Real Estate Institute (FRI) à la fin de juillet, devenant ainsi officiellement des membres de l'ICI. Vingtcinq autres membres FRI devraient s’ajouter très bientôt. Un grand merci à notre président, Winson Chan, FRI CRES d’avoir permis que cela se réalise. L'ICI PASSE À MICROSOFT 365 Il nous fait plaisir de souligner que tout le personnel national de l'ICI et les administrateurs des divisions utilisent maintenant Microsoft 365. Cette mise à jour logicielle contribue à l'évolution technologique de notre organisation et améliore les communications entre le bureau national et les divisions. Grâce à SharePoint, le partage et le stockage de fichiers est maintenant beaucoup plus accessible. Puisque l’information est conservée dans un nuage, le personnel et les administrateurs y ont accès à partir du bureau, de leur domicile ou sur leur téléphone intelligent! Les divisions peuvent aussi utiliser SharePoint pour archiver des photos, des documents, des vidéos et bien plus! MODIFICATIONS AU PERSONNEL NATIONAL DE L'ICI Veuillez vous joindre à moi pour féliciter Gareth Jones, nouveau vice-président directeur, et Shelley Barfoot-O'Neill, notre nouvelle directrice des services aux membres. Christina Gyimesi se joint à l’équipe en tant que coordonnatrice de l’accueil et des programmes éducatifs. Veuillez ajouter Christina à votre liste de contacts (christina.gyimesi@reic.com) puisqu’elle est responsable de l’inscription aux cours, des demandes de renseignements et des résultats d’examen. Vittoria Gibson est maintenant coordonnatrice des médias numériques et elle travaille avec Britny Rodé au service du marketing. Tessa Letang et Natalie Wallace, CAE ont quitté l'ICI à la fin de juin. Nous leur sommes très reconnaissants pour leur travail et leur souhaitons beaucoup de succès dans leurs futures entreprises.
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REIC Exchange, August 2018
REIC News MEET YOUR NEW board
REIC National
2018-2019 Board of Directors
l-r: (top row) Johnmark Roberts, Ken Loeppky, Don Kottick, Steve Kincade, Walter Lui (bottom row) Lindsay Carlson, Winson Chan (President), Theresa Salsman, Diane Glover (not pictured) Maria Jeck
President Winson Chan, MBA, FRI CRES CIPS CLHMS Vice President, Sales Development, Tridel Toronto, ON
Directors Diane Glover, CPM® Senior Property Manager, Globe Property Management Winnipeg, MB
Vice President Lindsay Carlson, FRI CRES REALTOR®, NOW Real Estate Group Sherwood Park, AB
Maria Jeck, CRP Citadel Building Consultants Ltd. Coquitlam, BC
Secretary/Treasurer Johnmark Roberts, FRI Broker of Record, B&B Associates Realty Ltd., Brokerage Toronto, ON
Steve Kincade, CPM® CEO, Kincade Property Management Saint John, NB
Ken Loeppky, CPM® Vice President & COO, Innovation Place Regina, SK Walter Lui, FRI, CPM® CRES Broker of Record, NU Stream Realty (Toronto) Inc., Brokerage Toronto, ON Theresa Salsman, CPM® ARM® General Manager, Commercial Division CitiGroup Properties Ltd. Dartmouth, NS
Past President Don Kottick, FRI CRES Executive Vice President, Corporate Development, Peerage Realty Partners Toronto, ON
www.reic.ca
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Pursuit of excellence awards
2018 Pursuit of Excellence Awards Congratulations to our 2018 Pursuit of Excellence Award winners. Recipients were formally recognized at the Awards Gala held during REIC’s Annual Conference in Montreal. Emeritus Award Crystal Deley, ARM® CMOC, President, Accredited Condominium Management Services Ltd Ron Penner, CPM® CRP - Globe Property Management J.A. Weber Award Yolanta Murphy, CPM® ARM® - CMHC Edmonton Murray Bosley Sales and Leasing Member of the Year Award Ken Finch, FRI CPM® - Royal LePage Signature Realty REAL ESTATE MANAGEMENT MEMBER of the Year Award John Bowen, FRI CPM® ARP - Canderel Commercial Services REIC FINANCE MEMBER of the Year Award Michael LaPorte, CRP - NLD Consulting REIC COMMUNITY SERVICES Award Jim Burton, FRI - RE/MAX Infinity Realty Inc. Mercedes Wong, FRI - Prompton Real Estate Services W.P.J. McCarthy Corporate PARTNER of the Year Award Gateway Property Management
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REIC Exchange, August 2018
QUADREAL Literary Award Barry Lebow, FRI CRF - Barry Lebow Professional Practice Inc. QUADREAL Excellence Award Gord Kinney, CPM® - APC Contracting Chapter Administrator of the Year Award Myla Bicol - REIC BC Chapter Chapter Initiative of the Year Award Real Estate Institute of Manitoba (REIM) Don Hill Award - Small Chapter Real Estate Institute of Manitoba (REIM) Don Hill Award - Large Chapter REIC Toronto Chapter Chapter of the Year Award - SMALL Chapter Real Estate Institute of Manitoba (REIM)
In addition, the REIC Calgary Chapter received the IREM Outstanding Canadian Chapter Award. Visit our website to see award photos: www.reic.ca/awards
Real estate professionals from across North America spent three days in beautiful Montreal, QC for the Annual Conference "Exploring Opportunity". The sights were stunning, the food was incredible and there was so much to learn. IREM kicked off the event with the IREM Canada Leadership Conference. IREM launched their rebranding campaign this year, and with the new logo comes a new attitude. The IREM REIC relationship is stronger than ever and we are excited to see where we can go together!
Keynote speaker Warren Weeks is one of Canada's most trusted media trainers. His clients include Shopify, Manulife, Intact Insurance, Gymshark, SickKids Foundation and many more. His session provided a deep dive into media marketing. To learn more, read his article "Stop Marketing Like It's 1998" on page 13.
Day 2 of the IREM sessions was led by Shannon Alter, CPMÂŽ, a real estate industry expert with over 25 years of experience and a 35 million square foot portfolio. She encouraged delegates to perfect their presentation skills in order to maximize their IREM and REIC credentials. Her article "Power it Up with the Personal Ask" can be found on page 12.
Following the professional development and sector networking sessions, conference delegates went off-site for a tour of the city. The next day, we welcomed the 2018-2019 National Board of Directors, including President Winson Chan, FRI CRES. The conference closed with the Pursuit of Excellence Awards Gala, where we celebrated the hard work and achievements of so many of our Members and volunteers. We thank everyone who attended the #REIC2018 Conference and hope you will join us next year in Niagara Falls, June 3-7, 2019! ď Ž
SILVER LEVEL SPONSORs
Award category sponsors
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Manulife
REIC Edmonton Chapter
REIC BC Chapter
REIC Toronto Chapter
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Real Estate Institute of Saskatchewan (REIS) REIC Ottawa Chapter www.reic.ca
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#REIC2018 ANNUAL CONFERENCE
2018 Annual conference & AGM
2018 REIC Annual Conference 10
REIC Exchange, August 2018
ConfĂŠrence annuelle 2018
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www.reic.ca
Real Estate Marketing
Power it Up With the
Personal Ask By Shannon Alter, CPM®
It’s a nightmare come true: Your association board meeting is a bust. Halfway through the meeting you realize that things are definitely going downhill and your company’s shining light is diminishing by the minute. People you thought would show up didn’t. One long-time member has managed to run away with the conversation— again. Even worse, your boss suddenly appears more interested in his iPhone than in the topics at hand. Not exactly a great marketing plug for you or your company, is it? If this scenario sounds all too familiar, there’s good news. You can turn any meeting into a marketing advantage for your company, whether you’re leading an important client presentation, an industry association meeting or a board gathering. Here’s the secret: power up your marketing with what I call the “personal ask.” You’re unlikely to find the phrase in the dictionary, but “personal ask” is the term I’ve coined to describe a targeted, personal approach to marketing. We all know real estate is a relationship business, right? It’s also a business of opportunity cost. Think about it: what are the intrinsic costs of losing a chance to effectively market your firm or your property? Follow these tips for sure-fire ways to power up your marketing.
Make it individual
Take advantage of social media
Target small. You don’t need to bring out the engraved stationery, but do consider a personal invitation. People like to offer their input and feel their contributions are valuable—not have their time wasted. Survey your colleagues and find out who you need to include in your meetings to add value, move the agenda forward and reach decisions. In this day and age, a personal touch really does count.
Take LinkedIn, for instance. Market research firm Lab42 estimates that about 20 percent of this powerhouse’s 100 million users visit the site for its industry networking capabilities— at all levels of management. Even more notable, industry experts say that LinkedIn adds a new member every second. If you’ve tried to pitch new business lately, you know it can be tough just getting past the gatekeepers.
Harness the power of your network Think big. It’s all about access these days. Consult your IREM directory—it’s a great way to not only reinforce existing connections, but to make new ones. A call to a member may just get you the contacts you need a little faster. I know that I can get valuable advice on prospective hires, corporate strategy or even ideas for my next article by simply picking up the phone.
Here’s my question: if you’ve got access, why risk losing a marketing opportunity? Use it. My former boss used to say that real estate is a handshake type of business. It’s time to get back to it. What’s the opportunity cost if you don’t?
Shannon Alter is an expert in the management, operations and leasing of shopping centers and office buildings, with over 25 years of experience. She is Regional Vice President for Associa, a nationwide community management company with over 180 branch offices. She is a National Instructor for both the Institute of Real Estate Management (IREM®) and the American Management Association (AMA), as well as a Past President of IREM Orange County. REPRINTED FROM THE JOURNAL OF PROPERTY MANAGEMENT, VOL. 77, NO. 3, WITH PERMISSION FROM THE INSTITUTE OF REAL ESTATE MANAGEMENT. FOR MORE INFORMATION ON IREM AND ITS PUBLICATIONS, VISIT WWW.IREM.ORG.
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REIC Exchange, August 2018
like it's 1998 By Warren Weeks
To remain relevant, real estate professionals need to embrace and master social media. As someone who has gone through the home selling/buying process several times over the past decade, I noticed that the majority of real estate professionals are stuck in the stone age when it comes to marketing. Want proof? Check out my blue box (and those of my neighbours, I’m sure). It’s filled with direct mail from area real estate agents. Before I tossed out their direct mail, I audited what some of those agents were doing with respect to their online presences, websites, social media, etc. and I have to say the results were disappointing.
You’re not alone Please understand that I’m not singling out the real estate industry. There are plenty of industries that are still marketing like it’s 1998, including the dental profession, healthcare in general, malls and retail outlets, accountants, lawyers, etc. For every Taco Bell or Oreo, which have mastered social media, there are thousands of companies that are floundering.
It doesn’t have to be expensive I’m not talking about making a six-figure investment in people, platforms and strategies. But you should consider where you’re spending marketing dollars today and whether you’re getting the best ROI with those tactics. Consider redeploying some resources (human and financial) toward some of these tools and measure your ROI over the next few years.
Where to begin • Get a Facebook page for your company. Your audience is already there and the platform’s targeting abilities make it the most powerful (and cost-effective) advertising tool around. • Get a Twitter account. Twitter isn’t too useful for ‘push’ marketing. But you can use it to monitor key terms that potential customers are using in your area, network with people and share thought leadership. • Get an Instagram account. Instagram is where all the eyeballs are right now and some people in real estate are crushing on this platform (check out Sarah Johnson in Calgary on Instagram). • Get a YouTube account. Video is the future and YouTube (along with Facebook) is the king of video. Do explainer videos, profiles of local neighbouhoods, document the process of running your business, etc. • Include the social icons on your home page and contact us page.
Be patient and do it right One of the most common mistakes companies make it to post a few things on Facebook or upload a video or two to YouTube. They get 11 views. And then, thinking they’ve failed, they quit. There are two key points here. First, you have to embrace the concepts of storytelling and audience engagement. No one is interested in your self-serving news releases. But they will be interested in welltold stories around different aspects of your business. If you don’t have the skills in-house, hire an intern or new grad who does. Or outsource it to a social media company. The second piece is to be patient. With practice and persistence, you’ll get better, your audience will grow and the ROI will climb.
Learn from the best If you haven’t heard of a guy named Gary Vaynerchuk, this is the time to look him up and start following him. He’s the best social media practitioner in the world. Buy his books. Watch his YouTube videos. Interact with him on social media. He shares real-world tactics and he has tons of advice for real estate professionals. Following Gary and implementing his tactics will have a significant positive impact on your business.
Give it a shot I hear some of you saying, ‘I’m too busy’. I get it. I run a very busy one-person business as well. But starting in 2008, I made a concerted effort to put my business online. Back then, it was blog posts. Today, it’s LinkedIn posts, documenting my business on Instagram, interacting with people on Twitter. And the difference it has made to my business has been mind-blowing. Today, nearly all of my leads are inbound, meaning clients are finding me online because of that content. So please, embrace social media. Become a practitioner. Learn from the best and stick with it. You will be pleased with the results. I promise you.
Warren Weeks sold his first newspaper to his grandmother at the age of five, he was Wayne Gretzky's PR handler for a day in 1998, and over the past two decades he has become one of Canada's most popular and trusted media trainers.
www.reic.ca
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REAL ESTATE MARKETING
Marketing
CPM Promo VIDEO
REIC Launches
Animated ® cpm video In June, REIC launched a new promotional video for the CERTIFIED PROPERTY MANAGER® (CPM®) designation. You can watch it on YouTube, or find it on REIC National's Facebook, Twitter and LinkedIn pages! REIC unveiled their new promotional video at the 2018 Annual Conference in Montreal. Its release was accompanied by a successful digital marketing campaign that has garnered over 60,000 video views on Youtube! The CPM is an internationally recognized property management designation. OriginPating from the Institute of Real Estate Management (IREM), and delivered to Canadian professionals through REIC, the CPM demonstrates expertise and integrity to those who matter most - employers, owners, and investors. In the 60 second animated video, REIC reaches out to budding property and asset management professionals of any property type. The video outlines the many benefits of the CPM program and the perks of becoming an REIC member. A French version is currently being developed. Real estate management is a growing profession in an evolving industry, which means that its more important than ever to distinguish yourself from the competition. With the CPM program, REIC gives property managers the opportunity to enhance their skills and network with peers across Canada.
Real estate management is a growing profession in an evolving industry, which means that its more important than ever to distinguish yourself from the competition
"
You can view & share the video from our channel: www.youtube.com/REICNational To learn more about the CPM designation visit: www.reic.ca/cpm
wE WANT TO HEAR FROM YOU! Have your article or interview featured in the next REIC publication! Contact marketing@reic.com for details.
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MEMBER SPOTLIGHTS
#REICSTARPOWER
MEMBER SPOTLIGHTS We interviewed REIC Members at their latest membership milestone. They share with us some thoughts about working in the industry, their personal lives, and advice for real estate professionals.
bARBARA mORRIS, fri cres SRES MVA-R
Broker, Sutton West Realty Inc., Brokerage "I find that consumers have become more and more knowledgeable about the real estate business. By taking courses at REIC, one is better prepared to answer any questions that clients might have."
Chapter Affiliation: REIC Toronto Chapter Membership Milestone: 20 years Hobbies: Vegan food & exercise barbaramorrisrealtor.com
Before becoming a broker, Barbara Morris worked as a hairdresser. "A client asked me to take a real estate course with her. I said I would - but only if I was going to be successful. I wanted to get to the top of the field." Barbara has always been an entrepreneur, getting involved in business and her local community at a young age. She has been working in real estate since 1990 and she still loves the profession. Her hobby is taking care of herself through vegan food and exercise.
"Through REIC I became more educated, and I was able to meet other FRIs. The Institute truly brings about camaraderie between real estate professionals. You always have someone to bounce a concern off of (you know, as we knock heads together). I like that." When it comes to giving advice, she says: "REIC is the organization to set your sights on as soon as you become an agent, it is an assurance that you are giving clients the best ethical and professional service." ď Ž
ERNIE BUOTE, fri EPC
Broker & Co-Owner, Domus Realty "Domus Realty promotes education and continued learning. Currently, 77% of our realtors hold the FRI designation. We LOVE what we do and we ensure our clients know we value them." Ernie started his real estate career at Domus Realty in 1999 and is now both Broker and co-owner of the company. Having previously worked in the financial services sector, his skills and knowledge made the transition to real estate a logical progression. He became a Fellow of the Real Estate Institute (FRI) in 2008, and he remains a strong advocate for the program. "All Domus Realtors either have, or are working on, their FRI designations."
trust your client and their situation. Their trust will consistently grow your business!" In his off-time, Ernie enjoys downhill skiing with his wife and two grown children. He also has a passion for cooking! Some of his favourite meals to prepare are a rack of lamb served with roasted potatoes and root vegetables, and Lunenburg seafood chowder. ď Ž
His advice for young professionals, or those just starting in real estate sales, is to "always
Chapter Affiliation: REIC Nova Scotia Chapter Membership Milestone: 10 years Hobbies: Cooking & downhill skiing domusrealty.ca
Are you an REIC Member who wants to be featured in our next spotlight? Please contact marketing@reic.com www.reic.ca
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Teaching THE PROS
TEACHING THE PROS: Reserve Fund Planning and Reporting By Jean-François (J.-F.) Proulx, CRP
When it comes to continued education, what are Canadian real estate professionals being taught about reserve fund planning and reporting? What challenges are present in both teaching and learning? What is Being Taught?
What are the Learning Challenges?
Currently, we are teaching the Reserve Fund Planning and Reporting (RFPR) methodology established by Hans Moehring in the 1990s. RFPR is currently provided in five (5) modules:
Since the beginning of RFPR in the 1960s, there have been several competing schools of thought as to what constitutes the basis, merits, and practice of RFPR.
The first module presents reserve fund planning, reporting, and management based on the performance of a corporation’s assets in the field.
Some would stop analysis at current costs, excluding components that do not have schedulable expenditures past a certain number of years. Others extend a projection to capture some expenditures. Some would use the Consumer Price Index (CPI) rather than the Construction Inflation Rate (CIR), and others vary the rate over a projection. Some omit the Interest Income Rate (IIR) on the investments and monies in the reserve fund, others forgo the actual income on these restricted monies.
The second reviews developments’ common assets, their initial construction and installations, their supply / distribution and disposal systems, what to pay attention to during a site-visit, and how to report on asset renewals. The third module focuses on creating the active component inventory based on the functional lifecycle renewal costing analysis of components since construction, and over the economic life of the development. The fourth focuses on translating a corporation’s component inventory physical analysis into a point-in-time benchmarked reserve fund position, and the ceiling amount of fiscal-year based annual regular contributions that the corporation must collect from owners. The fifth module takes students through the report template. The benchmark, point-in-time, present-value-of-money standard results are put into a projection of schedulable expenditures over a specified horizon, in a sinking fund spreadsheet. In the fiscalyear after the current fiscal-year, the residual amount of missed contributions and depreciation needs is calculated, from which scenarios are produced and incorporated into the report.
Who is Being Taught? REIC professionals, appraisers, engineers, technologists, lenders, shared-property stakeholders, and anyone interested in methodically understanding the risk associated with keeping a corporation’s common assets functional while owners gain real estate value. Single-family home owners; townhome owners; low to high-rise owners; phased and sectioned developments; corporate, governmental and institutional owners etc. – all can benefit from learning a standard method for normalizing fiscalyear draws on owners to meet a corporation’s irregular major repair and replacement expenditures.
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REIC Exchange, August 2018
The joy of teaching professionals is in seeing "the light go on" when the RFPR methodology begins to play itself out in their minds
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We also see some sacrificing the benchmark and its ability to establish a component inventory based on all the expenditures over the economic life of the development. Others produce it, but omit to disclose unit quantities and/or costs, or rely on design costs rather than renewal costs, and proceed to ignore its ceiling current requirements and ceiling allocation results. Biases are pernicious, and the joy of teaching professionals is in seeing "the light go on" when the RFPR methodology begins to play itself out in their minds.
What are the Teaching Challenges? There is inertia related to stakeholders wanting to hold on to their perspectives. A large part of the teaching involves breaking down unhelpful beliefs that professionals might have about managing assets and finances. The course material is benefiting from adapting to attendees’ needs by shifting its current focus on reading and discussion lead by the teacher, along with some class activities, to adopting learning methods that rely on increased use of multimedia and interactive learning.
Getting students to grasp that full disclosure is for the benefit of all stakeholders, and that the value of a CRP designation is not just in the product – but also in the specialized services that RFPR practitioners bring to the table is critical.
RFPR is not about making an economic choice between two options based on prescriptive current costs. It’s about managing the risks associated with aging asset renewals – the corporation liability – when owners’ tenures are for less than the economic life of a development. Being able to compare a corporation’s reserve fund decisionmaking over time and across space for several developments is the best way to ensure that component inventories are well structured, that resulting draws on owners are sound, and that buyers and lenders compare lots / units on the same footing.
The Future of Reserve Fund Planning and Reporting Reason will always want to play second-fiddle to a person’s control of the money in their pocket – unless we have standardized RFPR that owners can buy into.
J.-F. has construction, engineering, finances, strata living, as well as legal experience and expertise. He has worked for contracting, engineering and appraisal firms, and has degrees in Economics and Geography. He is also REIC faculty.
Where's Gareth?
Gareth R. Jones, FRI CRES ABR CRB SRS SRES PSA RENE, Executive Vice-President, Corporate Development encourages outreach opportunities
We are seeing a remarkable increase in the interest of real estate practitioners in every area of our industry to up their professional game and differentiate themselves. We also see more employers recognizing the importance of supporting their team and providing access to quality education and designations. It is the perfect time to invite members into our organization and parter with organizations and corporations. Corporate outreach can be challenging. Finding the right decision makers in organizations and then coordinating meetings and follow-up conversations can take months - with much trial and error. Sometimes, this means you need to be in the right place at the right time. For example, leading up to my recent Vancouver outreach trip, I contacted dozens of senior management staff to arrange meetings with them. I had some luck, but not as much as I had hoped for. Luckily, at the REIC BC Chapter breakfast event, seven of the companies that I was trying to connect with had designated representatives at the event! That in-person interaction was incredibly valuable, and I was able to give them packages containing enough information to deliver to the correct person at their office.
How Can You Help with Corporate Outreach? In order to maximize the face-to-face time that is available, we need to ensure that we are connecting with key decision makers from the get-go. As a well-connected Member, or a local Chapter, you have the ability to tap into networks that I am not privy to. Capitalize on this advantage - and reach out to your contacts. You may be pleasantly surprised by the results. In the first half of 2018, I have travelled to many provinces and met with upper management at a wide variety of institutions. We have reached an unprecedented number of new and potential sources of memberships, and I am thrilled by the success of the prospecting. Above all, it is truly a pleasure to meet so many wonderful people who share our values in the real estate industry. Upcoming visits include Halifax: September 24th and 25th and Montreal: October 29th to November 2nd. I am also happy to announce that a corporate outreach plan will be developed and communicated to the Chapters in the coming months. In the meantime, feel free to contact me directly at gareth@reic.com - I welcome any suggestions on ways to grow REIC in Canada.
www.reic.ca
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TEACHING THE PROS
Mastering Microsoft Excel, creating component descriptions in Word, and producing reports that both fulfill legislative, methodological and reporting standards – and can easily be communicated to owners – is a challenge. A RFPR assignment is complex and can take several months to complete. To be effective, it must be aligned with a corporation’s critical fiscal-year budgeting and general meeting dates.
Membership Milestones
2018 Membership Milestones
Étapes des membres de l'ICI 2018
Congratulations to the following members who are celebrating membership milestones! Thanks for being part of the REIC family!
Félicitations aux membres suivants qui célèbrent des étapes! Merci de faire partie de la famille de l’ICI!
10 YEARS / ANS
20 YEARS / ANS
Allen Schacht, CPM® ARP
30 YEARS / ANS
Avi Abecassis, CPM®
Richard Anda, CPM®
Catherine Schraenen, CPM®
Marcelle Alexander, CRU
Alexander Astbury, FRI
Robert Beland, FRI CPM® CLP
Wanda Bone, CPM® ARM®
Cyril Aylward, FRI CRES
Kevin Screpnechuk, CPM® CRF
Michelle Brown, CPM®
Carolyn Brown, ARM®
Ernie Buote, FRI
Scott Bullerwell, ARM®
Glen Canhigh, CRU
Sandra Caputo, CPM® CLO
Tom Garvey, FRI
Ronald Charbonneau, CPM®
Irene Goodman, FRI
Pam Cherington, FRI
Rosa Lau, CRU
Patrick John Cox, CPM® CMOC CRP
Inez Louden, FRI Walter Lui, FRI CPM® CRES Lisa Parsons, CRU Joedi Pruden, FRI(E) Johnmark Roberts, FRI Patricia Ross, ARM® ACoM Stephanie Spence, CRF Elena Tchaika, CRF
Carolyn Davis Stewart, FRI Elizabeth Doyle, FRI CRES Diane Eggert, CPM® Ken Eyre, CPM® Nadine Frazer-Bate, ARM® Dario Gattesco, FRI Gursharan Grewal, FRI
Simon Yau, FRI CRES
Edgar Hillman, ARM®
15 YEARS / ANS
Don Hui, CRF CRP CRU
Bridget Houghton, FRI
Shoshanna Anisman-Kaiser, CPM®
Cheryl King, FRI CRES
Fernando Bada, CPM®
Paul Lethbridge, FRI(A) CRES
Roy Barron, CPM® CMOC ARM®
Bernie Krec, FRI CRES
Caroline Ling, CPM® CRF
David Blois, CPM®
Ronald MacDonald, ARM®
Linda Capar, CLO
William MacGillivray, CPM®
Richard Charlton, CPM®
Pierre Benoit, CPM®
Joseph Shum, FRI
A. Pierre Delisle, CPM®
Tina Skinner, CPM®
Anthony Derro, CPM®
Rolly Skov, CPM®
Allan Dodimead, CPM®
Joseph Vero, CPM® ARP
D. Frank Franze, FRI
Donna Vibert, CPM®
Mark Glatt, CPM®
Dan Vucenovic, CPM® CMOC
Mihkel Harilaid, CPM® CRF
25 YEARS / ANS Olive Campbell, FRI CPM® Anthony Capobianco, FRI CRES Angela Crowder, CPM® Rodney Gatenby, CPM® Richard Gray, CPM® Peter Greco, CPM® Joseph Ho, FRI Stan Humphreys, CPM® Nizar Jamal, FRI Suzanne LeValley, CPM® CMOC Ken Loeppky, CPM® Joan Lough, CPM®
Bonita Hutchins, FRI Mary Kahn, CPM® CRP G. Alan Kearsey, CPM® Patrick Kelly, FRI John Kowalski, CPM® Odette Landymore, CPM® Malley Margetts, CPM® Richard Morantz, CPM® Howard Oakey, CRF R.K. (Bob) Palamarek, FRI CPM® Terrence Parnell, CPM® Sandy Rutledge, FRI Laurie Smith, CPM® Bernard Van Dyke, CPM® Dennis Villeneuve, CPM®
Pierre Majeau, FRI
David Ward, CPM®
Michael Magathan, CRES
Gregory McAmmond, CPM® CRP
Samuel Yu, FRI
Steve Osmond, CPM® ARM®
Anna Massara, CPM®
Ron Penner, CPM® CRP
Sarah Palmer, CPM®
Robert Wilcock, FRI
Christina Mielke, CPM®
Louis Renaud, FRI
35 YEARS / ANS
Lloyd Peters, FRI CRES
Guy Monast, FRI CRES
Bill Rinsma, CPM®
Alfonso Alfano, FRI
St. Bernard Sebastian, CRU
Barbara Morris, FRI CRES
Charles Starke, CPM®
Pauline Aunger, FRI
Newton Seto, CRF
Robert Nisbett, CRES
Ghyslain Couture, FRI
Patricia Wilk, ARM®
Marianne O'Leary, CPM® CMOC
William Weissig, CPM® CLO CRES
Kam Rizvi, FRI CPM®
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REIC Exchange, August 2018
Stacy Wentzell, FRI Sandro Zuliani, CPM®
Patricia Davies, CPM® Peter Fodor, FRI Andrew Gordon, FRI CPM®
Joan Smith, FRI CMR
Terry Barber, FRI CMR (55)
Seaford Jack, FRI CLP
Judith Stacee-Cleaver, FRI
Ronald Klombies, FRI CMR (55)
Mehbubali Kanji, FRI CMR
Tom Town, FRI CMR
Leonard Potechin, FRI CPM® (55)
Elliot Katz, CPM®
Dan Turner, FRI CMR CRES
Roy Wilson, FRI (55)
Jean Lekopoy, CPM®
Stanford Korsch, FRI (59)
Bradley Pickering, FRI
45 YEARS / ANS
Angelo Sangiorgio, FRI CPM®
Ronald Abraham, FRI
Roger St-Marseille, FRI
Rodney Adam, FRI
Steven Weinrieb, CPM®
John Lucas, CPM®
Ekkehard Zorn, FRI
Rudy Nielsen, FRI
40 YEARS / ANS
50+ YEARS / ANS et plus
Bryon Brandle, FRI
Lawrence D'Orsay, FRI (51)
Jack Chow, FRI CMR
Philip White, FRI (51)
Stephen Kwok, FRI
Ian Caunce, FRI CMR (52)
Steven Leistner, FRI(A) CPM® CMOC CRU CRP ACoM
Georges Couillard, FRI CPM® (52)
Sherri Park Waiting, FRI
Kent Lyle, FRI CMR (52)
Daniel Pitt, FRI CLO Charla Ramsay, FRI CMR
Membership Milestones
Alexander Ingram, FRI ARM®
Graham Downey, FRI CMR (52) Ian Macnaughton, FRI (52)
Option 1
Symbols of our commitment to a better way of life.
O N TA R I O H O M E B U I L D E R O F T H E Y E A R | B I L D H O M E B U I L D E R O F T H E Y E A R GREEN BUILDER OF THE YE AR | PROJEC T OF THE YE AR P E O P L E ’ S C H O I C E AWA R D | B E S T C U S T O M E R C A R E Awarded by the Building Industry and Land Development Association. ©Tridel 2018. ®Tridel, “D” design, Tridel Built for Life, Tridel Built for Life Design, and Built Green. Built for Life are registered Trademarks of Tridel Corporation. Project names and logos are Trademarks of their respective owners. All rights reserved. Building and view not to scale. Illustrations are artist’s concept only. Prices and specifications subject to change without notice. E. &O.E. May 2018.
tridel.com
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REIC's Career Centre is a career posting service that offers cost-effective targeted advertising of positions available in the real estate industry.
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Reach Members and other prospects by using our online job board or email broadcast services
Visit www.reic.ca/careers to submit or apply for a job posting
www.reic.ca
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REIC IS LOOKING FOR
VOLUNTEERS Whether you are serving as a board member, participating in a committee or task force, hosting an event or manning a trade show booth, your efforts are vital to REIC and your fellow members. If you are looking for ways to enhance your career, network with peers, and create meaningful changes - volunteering presents opportunities for both professional and personal growth. If you would like to volunteer, please email Shelley at membership@reic.com for more information. Annual Conference Committee less than 1 year commitment
Audit Committee 1 year commitment
Awards Committee 6-8 months commitment
Future Conference & Awards Advisory Committee minimum 1 year commitment
Nominating Committee * less than 1 year commitment
Bylaws & Governance Committee minimum 1 year commitment
Designation Steering Committee minimum 1 year commitment
FRI & CRP Designation Subcommittees minimum 1 year commitment
Chapter Steering Committee minimum 1 year commitment
Chapter Interviews ongoing commitment
Professional Standards Research as needed *Must be past or current Chapter President
