One of the biggest decisions every new agent needs to make is whether they want to join a tight-knit team. Part of the draw of a career in real estate is the independence it can offer, which is why some budding professionals are reluctant to work closely with others in the industry. That said, there are some major benefits to joining a team—so long as you go into it with all the information you need!

If you’re thinking of joining a real estate team, here’s what you need to know…

What are the benefits of joining a real estate team?

One of the biggest advantages of working with a well-established team is the leads you can get right out of the gate. They could mean the difference between making money at the beginning of your career, and…not.

In a highly-competitive industry, it’s also important to gain traction early on. The right team will have the reputation and name recognition to provide you with a certain level of credibility. They should also be capable of helping you develop professional marketing materials to promote yourself effectively.

Along with access to proven systems, processes, and general knowledge, joining a successful team will offer plenty of hands-on learning experience. That means opportunities to brainstorm with other successful agents and obtain guidance from experienced real estate leaders.

How does a real estate team work?

When a team works well, it works really well. Everyone fulfills their role to a tee—and is supportive of one another. Agents are in a much better position to achieve their goals, and the potential for growth is high.

It all starts with structure. The roles included may vary from one team to the next, but they typically look a little like this:

Broker of Record

Along with other responsibilities, this professional is responsible for ensuring that their brokerage (and all of its employees) are in full compliance with industry rules and regulations.

Sales Representatives

You know what this role entails. Along with agents who handle ongoing listing and selling activities, some teams also have dedicated buyer’s and leasing agents.

Management

Management may include anyone from a general manager (who oversees operations at a high level) to a sales manager (who trains, motivates, and helps agents meet objectives) to a marketing manager (who oversees promotional activities).

Administration

Administrative staff takes care of paperwork and ensures everything runs smoothly. Roles may include professionals who work the front desk, along sales, listing, marketing, and transaction coordinators (among others).

Staging or Design Experts

Many teams have their own staging and home design experts on staff. They help provide a higher level of service for sellers.

How do real estate teams split commissions?

When you’re choosing a team, the financials matter. While many new agents are focused on receiving the highest possible commission, there are pros and cons associated with various splits.

The most common is probably 50/50. This means the brokerage gets half of your commission from a transaction, and you get the other half. This structure typically includes desk fees, support from administrative staff, and plenty of assistance with marketing.

Keep in mind that higher commission often means less support overall from the brokerage. It’s all about finding the balance that meets your specific needs.

Questions to ask before joining a team

There’s no doubt that choosing the right real estate team could be crucial to your success. That’s why it’s so important to ask the right questions before making a commitment.

When you’re considering working with a team, you’ll definitely want to enquire about their structure, their management’s experience, and the commission splits they offer. Beyond that, you’ll need to understand potential expectations and talk about your own professional goals. Through this conversation, you’ll quickly discover whether the team represents the right opportunity for you to grow.

Don’t forget to ask about culture. From work-life balance to a team’s mission and major priorities, it all plays a role in whether you’ll be a good fit—and whether you’ll flourish in a career that you love!

Exploring your options? Learn more about us—or get in touch to learn what life is like as part of Woolcott Real Estate!

Are you thinking of buying a pre-construction condo? You may like the idea of owning a brand new unit, but it’s important to understand the purchase process before you dive in. The steps involved differ from those you’d expect if you were buying a resale condo. Fortunately, learning about these differences can help you make the right decision—and secure a place that’s perfectly suited to your needs!

Here are some of the most commonly-asked questions about buying a pre-construction condo…

What are the benefits of pre-construction?

There are several major benefits of buying brand new. For one, you can forgo the stressful bidding wars that often occur in hot markets. You can also lock in a favourable interest rate at the beginning of the process—and then watch as the value of your unit grows. We’re talking about a very low-maintenance investment—and the protection of a Tarion warranty is nice, too!

Perhaps best of all, developers often offer customization options. If the idea of choosing your own colours and finishes appeals to you, pre-construction may be the right choice!

How does the deposit structure work?

While you can get away with putting down as little as 5 per cent on a resale condo, your pre-construction down payment will be 20 per cent. The good news? You’ll pay it in installments. That means more time to save up—another benefit of being a pre-construction buyer.

You’ll generally pay your remaining deposit amount in 5 per cent increments—at 30 days, 60-90 days, and 120-270 days. The exact timing will vary from one project to the next.

✤ For more general information on deposits and down payments read:

• Deposit & Down Payment: What’s the Difference?
• 8 Tips On Saving For A Down Payment

What will the timeline be like?

First comes the launch, then construction. Next up, occupancy—this is when you’ll get the keys to your unit (but you won’t own it in full quite yet). Finally, the building will be registered, and you’ll get the deed to your new condo.

The whole process is typically around three years, though it can take less time (or more). In other words, pre-construction is best for those who don’t foresee any unexpected life changes in the years ahead.

What is “phantom rent?”

There will be a period between the day you can move into your unit and the day when you officially take ownership. It’s what’s known as interim occupancy, and it can last anywhere from a few weeks to several months. During this time, you won’t be paying your mortgage. Instead, you’ll owe occupancy fees (also known as “phantom rent”).

The good news is, you’ll have access to your unit during this time (though your amenities and common areas may not be completed yet). You can also begin leasing out your space.

✤ For more information on buying real estate check out:

• Pre-Qualification Vs Pre-Approval – Which Is Better?
• 7 Amazing Benefits of Working with a Real Estate Agent
• How To Negotiate A Real Estate Contract

Will my unit be ready on time?

To be honest, delays happen—and they aren’t uncommon. Developers are allowed two extensions lasting up to 120 days each. After that, they must set a new date, and buyers are eligible for delayed closing compensation. If another year passes, you are entitled to cancel your agreement (within a 30-day period).

There’s no doubt that delays can be annoying, so try to factor them in if possible. You can also increase the likelihood that a building will be completed on time by working with an agent who knows which developers are most reputable!

Can I sell a pre-construction condo before it’s complete?

Life happens. If you realize that owning your pre-con condo no longer makes sense, you can make what is known as an assignment sale. Through this process, you can sell the purchase agreement to your unit. A word of warning: you’ll want to ensure that your contract allows for assignments—and that your developer signs off on it.

If you’re an investor, be aware of your tax obligations. Failing to pay what you owe on an assignment sale could land you in hot water, so make sure you speak to a financial professional with the right expertise.

✤ Click here for more information on assignment sales!

Can I get an inspection?

Resale condo buyers often opt for a status certificate review instead of a full inspection. In contrast, when you’re buying a brand new unit, having it professionally inspected is part of the process! For more information about how it works, check out the Tarion website.

Pre-construction condos can be great investments, and buying one might turn out to be one of the best decisions you ever make. The keys to a successful purchase is knowing how the process works—and whether it suits your goals, preferences, and timelines!

Thinking about buying a pre-construction home? We have the expertise to guide you through the process—get in touch to learn how we can help!

No doubt about it: COVID-19 has made this a summer unlike any other. While it’s important to continue exercising caution, we could all use some fun out of the house right about now. Luckily, there’s no shortage of things to do outdoors in Burlington. To make life easier, we’ve compiled some of the best local warm-weather activities—which you can enjoy on your own, or with the family!

Here are five fun things to do in Burlington before the summer ends…

1) Visit the Royal Botanical Gardens

Take a moment to smell the roses, wild bergamot, echinacea….you get the idea. The largest botanical gardens in Canada are right here in Burlington, and now is the time to take advantage of them. We’re talking about near 2,500 acres of nature sanctuaries, 2,300 plant species, and 27 beautiful kilometers of trail. Stroll the gorgeously-cultivated grounds of Hendrie Park in the summer sun. Check out the indigenous plants in the arboretum, or take in the sights on Cootes Paradise Trails.

2) Visit Kencliff Park

Burlington is home to many natural gems, and Kencliff Park is another must-visit. This 40-acre green space used to be a limestone quarry, but it’s now in the process of being rehabilitated. The results are stunning. Rocky vistas, marshes, wetlands—it’s all part of the unique landscape that makes up Kencliff Park! As a bonus, the area also connects directly to the Bruce Trail, making continued exploration simple.

3) Cycle the Waterfront Trail

Burlington residents have easy access to the Great Lakes Waterfront Trail, a 3600-kilometre route that runs along several breathtaking lakes and rivers. The section that goes through the city splits in two at Maple Avenue and Lakeshore Road. Go south along the Beachway, and you’ll follow the lift bridge to the Hamilton Beach Recreational Trail. Choose north, and you’ll see the charming residential sights along North Shore Boulevard. Be aware that both options include some off-road sections!

4) Plan a picnic

Enjoying a picnic has to be one of our all-time favourite summertime activities. Pack up a lunch, grab the family, and head to a scenic spot to soak up some sun. If peanut butter and jam sandwiches aren’t your thing, try something a little different. At Marilu’s Market, you’ll find fresh produce, specialty deli items, baked goods, and more. Once you have your snacks, consider heading to Lasalle or Lowville Park, both of which offer designated picnic spots.

5) Check out the art

If you’re an art fan, you’re in luck. There’s a self-guided Burlington tour designed just for you! This is the perfect opportunity to learn about the city’s public art—and explore downtown at the same time. The tour, known as Art and the City, is accessible via any mobile device. Simply download the free app to get started. You can also find printed guidebooks at facilities such as the Art Gallery of Burlington, Burlington Performing Arts Centre, Burlington Public Library, and the Museums of Burlington.

In these uncertain times, we all have to get a little bit creative to enjoy the areas we call home. The good news is, Burlington is chock full of outdoor attractions that you and your family can enjoy safely. So slap on some sunscreen, throw on a hat, and start making the most of summer in the city!

Interested in making Burlington home? Get in touch—we know the city inside out, and we’d love to help you find the perfect place!

Have you long dreamed of owning a house with a pool? Summer is upon us, and the warmer weather makes now the perfect time to take a dip. The desire to go swimming on a hot day has influenced many home buyers, but should it play a role in your purchase?

While there’s a lot to love about owning a pool, it’s not right for everyone. Knowing the pros and cons will help you make a more informed decision—and a purchase that will work for you in the years ahead.

If you’re thinking of buying a house with a pool, here’s what you should know…

The pros

If you’re even remotely interested in owning a pool, you probably already know the potential benefits of having one. But if you’re looking for a reason to take the plunge, here are a few of them.

First off, jumping into a pool when it’s hot out can be a whole lot of fun. Sure, you could go to the beach—but there are days when you probably won’t feel like packing up, finding a parking spot, and sharing a strip of sand with strangers. If you have little ones, these trips can be an even bigger ordeal!

Then there’s the exercise you’ll get. If you’re the type who’d prefer a few laps in the backyard to spending time at the gym, having a pool could be your key to staying in shape. Even splashing around with the kids will help keep you active.

Lastly, there’s the social aspect. If you have fond memories of attending pool parties, you’re not alone. When you have a refreshing oasis in your yard, the summer is one big excuse to catch up with friends and family!

The cons

Now for the not so fun part. There are some potential drawbacks to owning a pool, and you should know about them in order to make an informed decision.

Let’s start with the upkeep. While many homeowners don’t mind putting in the time required for pool cleaning and maintenance, some consider it less than ideal. If you take on this responsibility, administering chemicals, testing PH levels, cleaning filters, and getting handy with a skimmer will all become part of your life. There’s also a chance that at some point, you’ll have to deal with an unwanted pest or two.

The costs involved are another potential downside. In addition to cleaning agents and testing equipment, you may have other costs to cover. Repairing a pool lining can cost a couple hundred dollars, while fully replacing one may be upwards of $1000. You should also know that your insurance premiums will almost certainly be higher, since there are some risks associated with ownership.

Due to the time, effort, and costs associated with a pool, some home buyers prefer to avoid them. That’s worth keeping in mind for when you decide to sell your home down the line. While it’s entirely possible to get a great price for a property with a pool, you should be aware that you may have fewer interested buyers.

Making a decision

If the idea of buying a home with a pool appeals to you, doing so may seem like a no-brainer. That said, it’s important to take all relevant factors into account before making a decision.

Think about your lifestyle and financial situation. Do you have the time and room in your budget for maintenance? Are you okay with the possibility that fewer buyers will be interested in your home when it goes on the market?

Last but not least, you should carefully consider your homeownership priorities. If you’ve always dreamed of having a pool in the backyard, buying one may be well worth any extra effort that comes along with it. Keep in mind that a skilled agent can help you market your property to the right home hunters, no matter what features it has.

Are you ready to seriously consider buying a house with a pool? If so, a local real estate professional can help you weigh the pros and cons—and give you a sense of what’s on the market!

Ready to decide whether a home with a pool is right for you—and see what’s available on the market? We’d love to help—reach out to get started!

If you’re the executor of an estate, the task ahead of you will likely get complicated. It’s hard to say goodbye to someone when they pass away, and having a bunch of new and unfamiliar responsibilities can make it even more so.

Dividing up assets will be a big part of your job, and that includes any real estate owned by the deceased. While it may seem overwhelming at first, knowing what to expect can make the process a lot less stressful.

If you’re preparing to split up property as an executor, here’s what you should know…

Executor Responsibilities

An executor may take care of a wide variety of duties, from obtaining the death certificate to setting up the funeral. Of course, the most critical are collecting the deceased’s assets, paying their remaining debts, and divvying up what’s left amongst their beneficiaries (those named in their will).

Keeping the above in mind, you’ll have some specific responsibilities when dividing the profits from a piece of real estate (known under these circumstances as an estate home). Here are the most important steps you’ll take:

• Securing the property

• Having it appraised

• Checking that it’s insured

• Maximizing income if it’s a rental

• Selling it for the right price

Whether it’s a house, cottage, or some other type of property, you’ll want to start out by making sure it’s secure. The last thing you want is for the value of the estate home to decline. If it’s a rental property, do what you can to get rent that’s on par with what’s being charged for similar buildings or units in the area.

Last but not least, you’ll very likely wind up selling the property at fair market value and splitting the return between the beneficiaries. Here’s what that might look like.

Whether selling as an executor or homeowner, knowing the market will help: A few of our recent posts will make you an informed seller:

• Why Did My Neighbour’s House Sell but Mine Didn’t?
• What’s Your House Really Worth?
• How To Negotiate A Real Estate Contract

Logistics

Selling an estate home isn’t always easy. First off, you’ll need to obtain probate before you can put the property up for sale. Through this process, the will’s authenticity is verified—as is your right to act as executor. You can file for probate with the court and attain it within 6 to 8 weeks.

Be aware that if you put an estate home on the market before you receive probate, the timeline could get complicated. You won’t be able to close without it—unless the buyer agrees to make their purchase conditional on you attaining it, or they’re willing to extend the closing date.

In many cases, a loved one named in the will of the person who has passed away will want to purchase the property. They may be able to buy it for less than fair market value, so long as all of the other beneficiaries agree.

All told, administering the estate should take you no more than a year (usually less). Be aware that your work may be reviewed at the beneficiaries’ request. Through a process known as “the passing of accounts,” the courts can take a closer look at what you’ve done to ensure that it’s above board.

Lastly, you deserve to be compensated for your hard work. As a rule of thumb, executors usually take around 5 per cent of the value of the estate they’re distributing. If you have any questions about this, ask your lawyer.

Where to turn for help

Being an executor—especially when there’s real estate involved—can be a difficult job. Fortunately, there are professionals who can help make the process less anxiety-provoking.

Start by finding a fantastic legal expert. An estate lawyer can be your best friend during this unfamiliar process, so choose wisely. Do your research beforehand, get a sense of your role, and then prepare a list of questions to ask any professional you’re thinking of working with.

If you’ll be selling a property, you’ll also want to find the right real estate agent. Ideally, look for someone who has experience putting estate homes on the market. In general, they should know how to price a home accurately, be able to work with your timeline, and show sensitivity in emotionally-charged situations.

Sellers can face many challenges in any given market. The resources below will help you be more prepared:

• Can You Successfully Sell a House With a Stigma?
• How to Sell Your Home After a Divorce
• Can You Sell a House When You Have Tenants?

Acting as an executor comes with challenges—and rewards. Fulfilling someone’s last wishes and serving their beneficiaries can be a true honour, and it doesn’t have to be as stressful as you think. By knowing what to expect and working with the right people, you can help ensure that the process is both smooth and successful.

Are you ready to sell your home? We have the local market knowledge and experience to help. Contact us to discuss your needs today!

There are so many wonderful things about Waterdown, and the impressive food scene is one of them. Some of our most beloved restaurants are located in this charming community, and all are ready and eager to serve!

If you’re looking for an incredible meal in Waterdown, here are five restaurants where you can get one right now…

Cascata Bistro

It’s one of Waterdown’s finest. We’re talking about Cascata Bistro. We can’t enough of the casual-yet-deeply-satisfying fare served up by this Carlisle Road gem. The owner takes a farm-to-table approach, and the results speak for themselves. From steamed mussels to savoury flatbreads, every item on the menu is worth sampling. Cascata’s chicly-decorated atmosphere is also a huge draw!

Souptogo

Are you a soup lover? Us too. There’s just something about a warming bowl of chowder, broth, puree—you get the picture. At its best, soup is flavourful and made with love. That’s why we’re such big fans of Souptogo. These dishes, simmered to perfection on a local farm, are beyond delicious. We’re especially big fans of the more unique flavour combinations, like pea and mint or Thai pumpkin.

Are you planning to buy or sell a house in the Hamilton, Waterdown, or Burlington areas this year? The resources below can help!

• Should You Use the Same Agent to Sell and Buy a House?
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• Worth It or Not? What Renovations Really Help When Selling Your Home

Bliss Kitchen

Vegetable lovers, rejoice! Bliss Kitchen is cooking up vegan delights that can be enjoyed dining in or taking out! We’re all about the savoury mains and sides, especially the crispy chickpea burgers, baked falafels, and stuffed mushrooms. And it would be a crime not to try one of Bliss’ decadent desserts—think cashew cheezecake and chocolately brownies. You can check out the menu here, or find the eatery on Uber Eats or Skip the Dishes.

Shy’s Place

We love Shy’s Place for its levelled-up Italian food. Here you’ll find perfectly-prepared pizzas topped with gourmet ingredients—like prosciutto, pesto, and feta. There are also plenty of pasta dishes on the menu, combined with everything from sweet sausage to shrimp scampi. If you fancy a glass of wine or beer, you can also take home the right beverage to complement your meal.

Kamoosh

Kamoosh is an upscale Italian eatery that does the classics right. Whether you’re in the mood for tender veal cheek, rich beef tenderloin, or creamy lobster ravioli, this is the best place in town to get it. While the menu features traditional elements, it’s also highly inventive. Simply put, diving into a dish from Kamoosh is a true exploration—one where unique flavours combine effortlessly. If you’re ready to try this buzzworthy eatery, dine-in takeout, and delivery options are available.

Interested in learning more about life in Waterdown and Burlington? Curious about some of the beautiful homes on the market here? Get in touch—we’d love to show you what makes life in this community so great! You can also connect with us by calling our offices at 905-332-9223.