The Canadian Real Estate Association (CREA) recently released its latest episode of its REAL TIME podcast, featuring yours truly and CREA CEO, Janice Myers. On it, we discussed the draft business case CREA released earlier this summer that outlines a path forward for REALTOR.ca as a taxable entity and the incredible opportunity that could provide.

Here are two key takeaways of our podcast conversation:

1. I fully acknowledge and understand any concern and hesitation that’s been shared with us about the proposed transition — REALTOR.ca is our most valuable asset. But I firmly believe our biggest risk is inaction. Let’s seize this incredible opportunity to ensure REALTOR.ca continues to be the trusted platform for all things Canadian real estate — with REALTORS® planted firmly at the centre of it all.
2. If you haven’t already, please read the draft business case, which can be found at CREA.ca/REALTORinc.

REALTORS® have seen firsthand how REALTOR.ca has paved the way for how real estate is marketed and consumed in Canada. The platform has become a cornerstone of our industry, providing unparalleled value for both our business and consumers.

REALTOR.ca has evolved from a public-facing website to a comprehensive platform with integrated components, like native apps for iOS and Android for both REALTORS® and consumers, and the REALTOR.ca Data Distribution Facility (REALTOR.ca DDF®), which facilitates the consistent and accurate distribution of real estate listings across 10,000 advertisement, franchisor and member websites.

We are the proud owners of a REALTOR®-centric tool that commands more than 50 per cent market share¹ in Canada because of the trust and appreciation of the consumers who turn to it. As a business tool, there’s really no comparison to the reach and exposure it provides.
How we use the internet has changed dramatically in the last decade. You could even say that about five years ago. To help ensure REALTOR.ca’s future success, we need to change our approach to maintaining such a powerhouse platform.

Year after year, competition in the tech landscape grows, consumers expect more and operational costs increase. The status quo isn’t sustainable.

CREA is proposing it turn REALTOR.ca into a taxable, wholly owned subsidiary as both a financial necessity and a strategic move to secure REALTORS® at the centre of Canadian home buying, selling and renting journeys.

Why change is essential

Currently, REALTOR.ca is operated by CREA under its not-for-profit status. While this structure has served us well, under this model, REALTOR.ca isn’t able to pursue new revenue streams or engage in certain business-related activities. Transitioning to a business model would give us the ability to unlock that potential, better positioning us to stay ahead in an increasingly competitive market.

PricewaterhouseCoopers (PwC) conducted a comprehensive analysis and presented an overview of the opportunities this transition could offer in the draft business case.
Based on initial revenue and cost projections associated with the transition, operational enhancements and pursuit of revenue opportunities, REALTOR.ca as a taxable entity could generate significant estimated revenues that could help reduce dependence on CREA funding from member dues. In other words, the current allocation of my annual $310 CREA membership dues that goes to REALTOR.ca (43 per cent) could be reduced — allowing CREA to instead allocate those funds to equally impactful priorities like government relations work and enhancing and protecting the REALTOR® reputation.

The dollars and cents are important but shouldn’t be what motivate you to consider this path forward. What’s at stake here is possibility. We can’t do more or be more by staying the same. If we want to remain the go-to choice for consumers, we need to set ourselves up to take advantage of all that’s possible for REALTOR.ca.

The benefits of a taxable subsidiary

Turning REALTOR.ca into a taxable entity could create other key benefits:

1. Innovation. With the ability to generate new sources of revenue, REALTOR.ca could adopt new technology like artificial intelligence, reach new demographics and introduce new features and tools.
2. Enhanced value for REALTORS®. REALTOR.ca could deliver things like higher-quality leads, better tools for managing client relationships and new features that enhance the overall REALTOR® experience.
3. Long-term viability. Creating opportunities for REALTOR.ca to better compete in today’s fast-paced tech landscape is crucial for maintaining our competitive edge and continuing to provide the high level of service that consumers have come to expect from the platform.
4. Self-sustainability. Reducing REALTOR.ca’s dependence on member dues could enable CREA to allocate more resources to core services like government relations, professionalism and promoting and protecting the value of working with a REALTOR®. This could help better position both entities for greater long-term sustainability and success.

The path forward

I’ve had the pleasure of connecting with many across the REALTOR® association community on this proposed transition. We know what’s at stake.

As stewards of this powerhouse brand, we have a duty to ensure its future success. The proposed transformation is a responsible and forward-thinking step towards securing REALTOR.ca’s market leadership in an increasingly competitive environment while also keeping REALTORS® firmly at the heart of that future.

Once again, I encourage you to visit CREA.ca/REALTORinc to read the draft business case, check out the other resources and share your feedback. We’re excited about what’s possible and look forward to bringing this to a membership vote at CREA’s 2024 Special General Meeting on Wednesday, October 23.

James Mabey
CREA Chair

¹ Comscore

This year, Camp Choice BC brought together a group of realtors who volunteered their time and energy to make a lasting impact on the lives of at-risk youth. In six days, they immersed themselves in the camp experience, leading a series of empowering activities designed to build confidence, leadership and resilience among the participants.

A week of growth and adventure

The camp offered a wide range of activities that were both challenging and rewarding for the youth, including archery and horseback riding. Under the guidance of their realtor mentors, the youth learned to overcome initial fears and embrace the excitement of these activities.

One of the most transformative experiences of the camp was the high ropes course. This physically demanding challenge required the youth to confront their fears head-on, with the realtors offering support, encouragement and guidance throughout the journey.

Breaking through barriers

Another powerful activity was the board-breaking exercise, where youth were encouraged to write down things that were holding them back, whether it was fear, self-doubt or negative influences. With the support of their peers and mentors, they then physically broke through the boards, symbolizing their commitment to overcoming these barriers in their lives.

Tackling tough topics

The camp also provided important educational sessions on critical issues such as drug and alcohol use and self-harm. These sessions were designed to equip the youth with the knowledge and tools they need to make informed decisions and understand the consequences of harmful behaviors. Realtors led discussions, offering a safe space for the youth to ask questions, share their experiences and seek support.

Building leaders for the future

The camp also featured classroom sessions focused on leadership development. Led by the realtors, these sessions emphasized the importance of communication, teamwork and problem-solving. Through interactive exercises and discussions, the youth explored what it means to be a leader and how they can apply these lessons in their communities.

As well, realtors shared their own experiences, offering insights into how the skills learned at camp could translate into real-world success.

A commitment to community

Facilitators John Patricelli, Phil Moore, Xyrina Gutierrez, Celia Chiu & Chelsea Wiseman

Phil Moore, the camp’s vice chair and mentor, notes that realtors’ involvement in Camp Choice BC is a testament to their deep commitment to giving back to the community. “By taking time out of their demanding careers to mentor and guide these young people, they are making a profound difference in their lives,” he highlights.

“The impact of their work extends far beyond the camp itself, as the lessons learned and the confidence gained will continue to influence these youth for years to come. The camp continues to be a place where young people can discover their potential, build lasting friendships and develop the skills they need to succeed.”

If you think AI begins and ends with ChatGPT, you’re missing out on a universe of possibilities. While OpenAI’s chatbot took the world by storm, it’s just one star in an ever-expanding galaxy of AI models. Relying solely on ChatGPT is like trying to build a house with only a hammer — you’re limiting your potential and possibly compromising your results.

This principle applies across industries like Canadian real estate. Realtors in this field wear many hats, requiring skills in negotiation, social media, content creation and more. By exploring AI tools beyond ChatGPT, realtors can leverage diverse AI capabilities to enhance various aspects of their business, rather than limiting themselves to a single tool.

Risks of relying on a single AI system

• Missed opportunities. Using a single AI system can lead to missed opportunities and biased results.
• Limited perspectives. A single model can only provide a narrow view of a problem or solution.
• Stagnation. Relying on a single AI system can lead to stagnation, as you miss out on innovations from other models.
• Vulnerability to outages or updates. Dependence on a single system leaves you exposed if it experiences downtime or significant changes.

My experience using various AI models over the past four years has reinforced these risks. The quality of outputs can change dramatically, sometimes on a weekly basis. This volatility underscores the danger of stagnation when relying on a single system.

For instance, if one AI model consistently produces poor social media posts for first-time homebuyers, exploring alternative models could yield better results rather than waiting for improvements in a single system. 

Benefits of AI diversification

• Comprehensive insights. Multiple AI models provide a more comprehensive understanding of a problem or solution.
• Innovative solutions. AI diversification can lead to innovative solutions and new ideas.
• Adaptability. By using multiple AI models, you can adapt quickly to changing circumstances.
• Enhanced problem-solving. Different AI models approach problems in unique ways, leading to more robust solutions.

Diversify your AI arsenal — at no cost

Imagine having unrestricted access to the internet in its early days — you would have seized the opportunity!

Today, top tech companies worldwide are offering their cutting-edge AI language models for free. However, unlike the internet’s early days, we now have multiple AI models in an intense arms race, with innovations emerging every week.

Compare AI responses: One prompt, multiple platforms

One of the most effective ways to harness the power of AI diversity is to use identical prompts across different AI platforms. This approach allows you to directly compare outputs, highlighting each model’s unique strengths and perspectives. By using it, you can identify which AI excels at specific tasks, uncover nuanced differences in language understanding and even spot potential biases.

The method not only enhances the quality of your final output but also deepens your understanding of each AI’s capabilities, enabling you to make more informed decisions about which tool to use for future tasks.

Top alternative AI tools

In the rapidly evolving artificial intelligence world, several powerful alternatives to mainstream AI models have emerged, each offering unique strengths and capabilities.

For example, Claude by Anthropic excels in nuanced conversations and ethical reasoning, while Google’s Gemini brings multimodal capabilities and up-to-date information to the table. Perplexity AI stands out with its real-time information synthesis and source citation (very important), offering an interactive search experience. For those seeking open-source solutions, Meta’s Llama 2 provides flexibility and customizability.

By exploring and leveraging these diverse AI tools, users can tap into a rich ecosystem of capabilities, each suited to different tasks and requirements.

1. Claude by Anthropic — known for nuanced conversations, ethical reasoning, detailed explanations

2. Gemini by Google — known for multimodal capabilities, up-to-date information, integrated search

3. Perplexity AI — known for real-time information synthesis, citation of sources, interactive search

4. Llama 2 by Meta — known for open-source flexibility, customizability, strong performance on various tasks

Stay diverse to stay ahead

The AI landscape is evolving rapidly, and relying on a single AI system can lead to missed opportunities and biased results. By embracing AI diversification and exploring multiple models, you can gain comprehensive insights, innovative solutions and adaptability.

Stay ahead of the curve in your real estate business by harnessing the power of AI diversification.

Realtors and property managers. A duo that blends as well as oil and vinegar. Both parties bring specialized skills and knowledge to the table, and when these are effectively combined — just like vinegar and oil — the result is something special.

But can realtors and property managers really get along? By understanding common challenges and implementing simple strategies to overcome them, realtors and management companies can build happier, more productive relationships that benefit everyone involved: realtors, property managers and their clients.

Limitations of property managers

“We want to help realtors, but sometimes we’re limited by what we can actually do,” says Katharine Olson, associate broker at FirstService Residential in Vancouver. “I’ve had instances where a realtor has promised prospective buyers renovation approvals. As much as we’d like to help, strict regulations in British Columbia limit what can be done before a buyer becomes an owner.”

But who is responsible for that? Many times, it’s assumed that the property manager has more power than they do. This assumption leads to misunderstandings, inefficiencies and client dissatisfaction. Confusion often stems from a lack of clarity about the roles and responsibilities of management companies in a specific market. For example, in B.C., the management company is only obligated to the owner or their representative — strata managers can’t provide information or approvals to prospective buyers.

Understanding role nuances goes beyond legislation: Tips for realtors

David Locke, vice president of business development and managing broker at Duka Management, emphasizes that understanding the nuances of these roles goes beyond mere legislation.

“While realtors should familiarize themselves with the relevant laws in their market — like the Strata Property Act in B.C. and the Condominium Act in Ontario — issues often arise from not understanding the building and its intricacies,” he comments. “A quick overview of the building and its documents, if available before listing, goes a long way in avoiding conflict and ensuring happier clients.”

Locke advises realtors to know the bylaws and rules of the building they’re dealing with. “Respecting the bylaws and rules builds goodwill and a potential client pool,” he says. He also notes that Metro Vancouver developments are becoming increasingly complex.

“Buildings are much more complicated now than even 10 years ago,” Locke adds. “I’m always happy to help realtors navigate them, provided they’ve read the documents first.”

Mike Heddle, broker at Heddle Real Estate, adds that avoiding assumptions about a building based on others and having a systematic process for listings is crucial for success, along with solid communication. Heddle notes that he opens the lines of communication at the start of the sales process and aims to keep the property manager in the loop the entire time, from listing to closing.

Proptech: Meant to streamline but can cause delays in getting answers

Just like any good relationship, communication is the cornerstone for success. Thanks to the multitude of proptech in the real estate market, communication lines between realtors, owners, clients and property managers have been streamlined. But maybe too much.

Many companies have adopted online portals for ordering the documents needed during a sales transaction, offering convenient timelines and various document options. While this is meant to streamline the process, there comes a time when a realtor might need clarification on a point, and this is where problems arise. Realtors frequently face frustration when their calls and emails go unanswered for days or aren’t responded to.

“It’s no surprise that’s a complaint,” Olson notes. “In a year, I can get over 10,000 emails and phone calls from one building alone, and agents here tend to have six to eight properties each. That’s a lot of correspondence. My preference is always email, with clear and concise questions.”

How to help property managers help you

A quick scroll through LinkedIn results in dozens of posts about emails and the sheer amount of them: getting the best results from a property manager means knowing how to reach them. Olson adds she appreciates when realtors take the time to structure the email in a way she can quickly answer it — clear subject line with the property, point form questions and a timeline she can work with (at least a couple of days).

Knowing who the questions should go to is vital in many situations. She further adds that it might be quicker to call the building staff directly for simple questions about daily operations instead of the strata manager.

While it looks different for each party, realtors and property managers are working towards the same goal: client satisfaction. Understanding common challenges and implementing minor changes would easily make the relationship less contentious. Could realtors and property managers actually get along? Yes!

The Guelph & District Association of Realtors (GDAR), Realtors Association of Grey Bruce Owen Sound (RAGBOS) and The Lakelands Association of Realtors (LAR) recently announced that the Huron Perth Association of Realtors (HPAR) has officially joined the forthcoming amalgamation between GDAR, RAGBOS, and LAR.

They will form the new OnePoint Association of Realtors (OnePoint) effective October 1 this year.

“The inclusion of the Huron Perth Association of Realtors is a monumental step in strengthening our collective voice and enhancing the services we provide to our members,” says Dillon Fraser, president of GDAR.

“This amalgamation marks a new chapter of collaboration and growth for all involved, ensuring that our members have access to the best tools, resources and representation available in today’s dynamic real estate market,” Doug Pool, president of RAGBOS, adds.

‘Together, we are stronger and better equipped to meet the evolving needs of realtors and the clients they serve’

With the addition of HPAR, OnePoint will represent nearly 2,900 real estate professionals, making it the fifth-largest real estate board in Ontario.

“This synergy will allow for increased efficiencies, streamlined operations and a greater capacity to advocate on behalf of its members at all levels of government and within the broader real estate community,” Bonnie Looby, president of LAR, notes.

Teresa Ondrejicka, president of HPAR, explains that HPAR’s decision to join forces with neighbouring associations reflects its shared commitment to innovation, professional development and member success. “Together, we are stronger and better equipped to meet the evolving needs of realtors and the clients they serve.”

OnePoint echoed these sentiments, as noted by Katrina Steffler, executive officer of GDAR:

“By pooling our resources and expertise, OnePoint Association of Realtors will deliver enhanced services, cutting-edge technology and powerful advocacy that will empower our members to excel in their careers and drive positive change in the industry.”

As a professional realtor, you’d best stick to real estate, right? Invest in what you know. Or … from an unbiased perspective, is the RRSP (registered retirement savings plan) a good idea?

Many of us have heard of huge tax bills owing on an RRSP at death. A common reaction is that RRSPs are to be avoided. Some successfully save within the RRSP but lose money due to poor investment decisions. There are many other ways to invest for retirement, but understanding their basic math is worth your time. For most individuals, realtors included, it should at least, at minimum, be a piece of your retirement strategy.

The bottom line:

 

There are a myriad of variables in how your life could play out. Still, the RRSP is a sensible piece, even in a worst-case scenario. Similar to incorporation, the RRSP allows us to move highly taxed income to later years, where you may withdraw it at a lower tax rate. In the meantime, you can invest and grow it. 

Crunching the numbers

Without stretching the assumptions and risk being misleading, let’s put some simple figures to it:

• Assume I don’t start saving until age 35 and quit at age 60. (Who started saving in their 20s anyway?!)
• After expenses, I earn $120,000. Assume I contribute $20,000 per year to an RRSP, over the 25 years.
• Let’s also assume I invest the money in a very boring, average-balanced mutual fund, which has had growth averaging 6 per cent per year, after fees — nothing special.

Total contributions would be 25 years x $20,000 or $500,000. Tax refunds vary by province with Nunavut being the lowest at 35 per cent and Prince Edward Island being the highest at 44 per cent. Let’s assume 40 per cent for simple math. So, refunds would total $200,000, making my true investment $300,000, not $500,000. Using the six per cent growth assumption, by age 60, my account balance grows to $1,096,851.

Then, the worst-case scenario …  I die, with no spouse to transfer the account to, and the entire amount being fully taxable. Taxes would be ugly, ranging from the lowest in Nunavut ($452,881) to the highest in Nova Scotia ($556,283).

The estate would be left with between $643,970 and $540,568. So, after tax, very average assumptions paired with the worst-case tax scenario provided an after-tax return of between $343,970 and $240,568.  

Even with very mediocre assumptions, that doesn’t seem so bad. If we improve any of the inputs, such as higher taxable income, later date of death, saving starting at a younger age or better investment returns, the results improve significantly.

If instead I live to age 90 and spend the money evenly each year, I can withdraw $75,175 per year for 30 years which is $2,255,250. Not so bad. Inflation will erode the purchasing power, but the numbers remain compelling. We would have turned $300,000 of after-tax dollars into, I don’t know, $1.7 million of after-tax dollars. If we live long, the results are a no-brainer.

Most clients pay tax of five per cent to 25 per cent. Taxes in retirement are much lower.

Take a salary, maximize your RRSP contributions

If you’re incorporated and want to build an RRSP, pay yourself a salary. Salary creates RRSP room. Dividends do not. Yes, you will have to pay into the CPP (Canada Pension Plan), both the employee half and the employer half. But it’s still worth it.

The maximum RRSP room for 2024 is $31,560. To create that much contribution room, you need to pay yourself a salary of $175,333. (Contribution room is up to 18 per cent of salary.) Use payroll software such as Wagepoint to make it routine and simple or just ask your bookkeeper.

If you have unused RRSP room and extra savings in your corporation, speak to your accountant about paying a bonus directly to your RRSP. The transaction will be tax-neutral or provide a refund.

Invest wisely

Once the money is in the RRSP, spend a bit of time to get it invested sensibly. You can do this yourself (self-directed) or hire a manager. Both are great choices. It can be simple and not time-consuming.

I invest in higher-interest mortgages, dividend-paying stocks like banks and utilities plus some technology.  If you hire a manager, look for the highest education (CFA, Chartered Financial Analyst) and licensing available (Registered Portfolio Manager/Investment Counsellor). It’s fine to pay fees as long as you’re getting fair value — as a professional, you charge a fee and deliver excellent service. It’s no different for finance professionals. Fees should be at the lower end of the scale and will depend on account size.

Finally, RRSPs are creditor-proof, so if you were ever sued, that money cannot be accessed. RRSPs can also be a place to draw income from if business is super slow. While that’s not the intention, you’re in control. The money is there, easily accessible to you.

Investing in what you know — real estate — might be an obvious choice. But when you get informed and crunch the numbers that make sense for your situation, you don’t necessarily need to stick to that alone. RRSPs and other financial investments can be a great tool to navigate retirement.

Now more than ever, people rely on the internet for just about everything — from shopping for products to reading reviews and looking for solutions to their problems.

For you as a real estate agent, this means that potential clients are just a click away from finding your website and choosing you to help them buy or sell their homes. 

But here’s the real question: is your website doing its job of converting visitors into clients, or is it pushing them away?

Here, we’re diving into the five most common website mistakes that can hurt your credibility and make it difficult to get those conversions. Plus, we’ll also share some easy fixes that will transform your website into a powerful tool that converts clients on autopilot. 

1. Typos and grammatical errors

First impressions matter, and nothing undermines your professionalism like typos and grammatical errors on your website. Although no one deliberately leaves errors behind, they can still erode trust with potential clients, leaving them thinking, “This realtor doesn’t pay enough attention to detail. How could I possibly trust them with the biggest investment of my life?”

Quick fix: Luckily, this mistake is easy to avoid. Consider using a tool like Grammarly to scan for errors or have a trusted friend or colleague read your website copy with fresh eyes before you hit publish. 

2. Headlines that aren’t optimized

Most people have short attention spans, meaning they’re more likely to skim or scan your website instead of reading it in its entirety. This is why headlines are so important. Their job is to capture your readers’ attention and encourage them to delve deeper into your content.

If your website isn’t converting as well as you’d hoped, your headlines might be to blame. Headlines across your site should be descriptive and compelling, giving readers the information they need to decide if your services are right for them.

Quick fix: Visit each page of your website and ensure it’s skimmable — meaning readers know exactly what you do and how you help just by reading your headlines. For example:

“Explore Expert Advice for Buying and Selling in [Insert City]” or

“Maximize the Sale of Your Home in the Least Amount of Time”

3. Failing to understand your reader

Your website copy should resonate with your target audience — the homebuyers and sellers looking for your expertise. Nothing will make a potential client click away faster than generic language that doesn’t speak to their needs, desires and pain points.

Your ideal client needs to know that you understand their experience and feel confident you have the solution they’re looking for before they move forward. This should be clearly communicated across your website. 

Quick fix: First, ensure you know exactly who your target audience is before crafting your copy. Once you’ve identified your target audience, write as if you’re addressing one specific person. This technique makes your writing more personal and relatable, helping readers feel understood and valued.

Use emotional language to connect with your audience on a deeper level. Address their concerns and aspirations directly. For example, instead of saying something generic like, “We’ll sell your home quickly,” try, “Selling your home can be overwhelming, which is why I promise to make the process as smooth and stress-free as possible.”

4. Poor user experience

A clunky or confusing website can be frustrating for visitors and drive them to leave the page before they even explore your services. Aesthetics matter, but functionality makes all the difference. Visitors expect intuitive navigation, fast loading times and a seamless experience across devices. 

Quick fix: Simplify your website navigation with clear menus and a logical page hierarchy. Optimize images and videos for fast loading speeds. Ensure your website is responsive across all devices, meaning it looks and functions well on phones and tablets as well as desktops. 

5. Neglecting your calls-to-action (CTAs)

So your copy sounds great and your reader is sold on your services, but without a clear call-to-action, your client won’t know the next best step to take to work with you. This is why you need CTAs to guide the client journey. 

Whether it’s contacting you for a consultation, signing up for your newsletter or viewing your latest listings, clear and compelling CTAs prompt action and help convert visitors into leads.

Quick fix: Review each page to ensure there’s a CTA that aligns with the page’s purpose. Use action-oriented language in your CTA buttons, such as:

“Contact Us Today,”

“Explore Our Listings” or

“Subscribe for Market Insights.”

Long story short: a well-optimized website is like having a member of your sales team available 24/7 to showcase your expertise and help potential clients feel confident in choosing you for their real estate needs. 

Take the time to review your website today for these common mistakes and implement these simple fixes. Doing so will ensure your website works effectively as a powerful tool for your real estate business.

You don’t need to worry about artificial intelligence taking over your job, but the realtor using AI down the hallway can potentially take your business.

This technology is the single most powerful tool that humans have ever had. The AI locomotive left the station on November 30, 2022. Now, it’s a bullet train hurtling down the tracks and can’t be stopped.

What’s important to understand about artificial intelligence and being in real estate is that AI will take over your remedial tasks such as social media posts, marketing, identifying real estate trends and creating newsletters. The result for you as a realtor is spending less time on the computer and more time with clients or finding new clients to grow your sphere.

How realtors are using AI

Currently, most realtors are using AI for their property descriptions and email responses. But AI goes way beyond simple language output. It’s now generating lyrical songs for your social media posts about your properties and creating AI videos about the local real estate market. 

With OpenAI dropping a bomb on the entertainment industry by introducing us to SORA, an AI system that can create 60-second videos from a simple one-line command, you can create real estate videos completely generated by AI. What’s more impressive is the simplicity of using this technology.

Most AI language models are now free

One thing that shocked me about this technology is that some of the most powerful AI language models are free to use. A lot of people missed the announcement by OpenAI (developers of ChatGPT 3.5, 4 and now 4o) that all the versions of ChatGPT will soon be free to everyone. Currently, to get access to ChatGPT 4, you have to pay a subscription every month. Here in Canada, we should see the rollout this summer.

When I’m talking to realtors about artificial intelligence language models, they mainly talk about ChatGPT. The reality is that AI has exploded since late 2022 with close to 12,000 AI tools being developed. In the past 12 months, we’ve seen tools like META AI, Claude, CoPilot, Gemini and more each month. The most amazing part is that all of these AI language models are free to use.

What should I be using AI for in real estate?

The real estate world is constantly changing, and the reality is that we need to upgrade our skills or learn new tools to keep up. This is where AI can help! Here are just a few examples of the ways AI can assist:

Negotiation. When you’re negotiating, whether it’s with your clients or the other agent, you simply prompt the AI by saying:

“I want you to act as a real estate negotiator. I’m representing the buyers in the transaction, and we just received a counter of $20,000 above our initial offer on the property. The counteroffer put the price right at the fair market value. Can you provide me with three different scripts I can use to speak to my buying clients to say this counteroffer is exactly the fair market value of the property?”

Social media posts. It can be challenging to consistently create new and engaging social media content. Try prompting AI with the following:

“I want you to act as a real estate social media marketing expert. Create three social media captions that target first-time homebuyers. I want the captions to be engaging and witty. Also, include in the caption emojis, hashtags and an image prompt that’s related to the caption.”

Real estate coach. Did you know that you can now have a verbal conversation with the ChatGPT app? Now you can ask ChatGPT to be your real estate coach. Here’s a great example of a prompt that I use to coach me:

“I want you to act as a real estate coach. Grade me on the opening of my listing presentation. I want you to listen to the quality of the content for a listing presentation, plus my energy, cadence and anything else. Let me begin…”

Final words about artificial intelligence

Engaging with AI in real estate isn’t optional — it’s essential for staying competitive. By automating tasks, AI empowers agents to focus on relationships and complex decisions. Don’t wait; embrace AI now to streamline operations and enhance client interactions. The future belongs to those who adapt and innovate with this technology.

It’s sometimes hard to decide what Vancouver is better known for: its ever-prevalent and in-demand real estate market, or its well-earned reputation as Hollywood North.

For Canadians looking to break into the film and television industry, Metro Vancouver would seem the logical place to be if you want to pursue a career in acting but aren’t interested in heading south of the border. The region and its competitive markets also offer plenty of opportunities for motivated realtors.

Actors turned realtors

Tyler Burrows, now a realtor with Oakwyn Realty, didn’t originally move to Vancouver from Kamloops to pursue a life in real estate. With Christopher Reeves and Jim Carrey as some of his earliest inspirations, he realized early on in life that he wanted to become an actor. 

“In high school, I got into theatre and acting class there and really developed a love for it,” he shares. “So I decided that was what I was going to pursue.”

Lucas McCann, another realtor with Oakwyn Realty, also moved to Vancouver with acting aspirations. 

“I had no clue what I wanted to do and spent six months in college. I realized it was just not for me”, says McCann.

A friend of his invited him to a workshop in Victoria, where he’s originally from, where his interest in acting first developed. Two years later, after completing an acting program, he made the leap and moved to Vancouver. 

So how did Burrows and McCann find themselves where they are today, as realtors in arguably the hottest real estate market in Canada?

A deep curiosity about the real estate process; a desire to ‘control my own fate’

For Burrows, it was a case of life imitating art. He and his partner, a dancer, purchased their first home together in Vancouver in 2018. As two self-employed creative professionals, the process was a little bit more complicated for them. The learning curve he experienced during this time inspired him to dig deeper into the real estate industry.

“I didn’t know these nuances back then … I was thinking, like, what else do I not know about this industry?” Burrows confesses. “I never got off the real estate track after that.”

In McCann’s case, he found himself motivated to try a different career path after years of grinding it out at auditions and long days on set:

“I wanted to be able to control my own fate. I need to be in a profession that I could put however much hard work I put into it, I’m actually getting out of it,” he adds. “As an actor, I felt like it didn’t matter how good you were. You may be the best in the room. But it didn’t come down to that.”

A passion reignited

On the flip side, Sean Gartland, a realtor with Angell Hasman & Associates, finds himself now pursuing his passion as an actor. Growing up in Vancouver, he was part of the theatre program and acted in several productions in high school. Yet he decided to pursue a more conventional career path in business, and eventually real estate.

“Society can sometimes squash those dreams,” reflects Gartland.

Coincidentally, it was through meeting Burrows one day at an open house that reignited Gartland’s interest in acting. While he still maintains a healthy and robust real estate practice, he is now also exploring the acting profession by working with a coach and taking classes.

“I do enjoy real estate professionally, but it doesn’t do anything for me creatively,” he says.

More in common than meets the eye

One thing that Burrows, McCann and Gartland have in common is their belief that being an actor and being a realtor have more in common than meets the eye.

It just takes one look at Burrows’ social media channels, particularly his video tours, “Touring With Tyler” which are growing in popularity, to see how years of working in film and television have translated well into his current realtor marketing game.

“For my social media, I’ll go out in one day and shoot 10 different places, or two or three days and shoot a bunch of different places,” explains Burrows. “Then I’ll edit them all in one night and do all the voiceovers in one night. I took my film career and blended it into my real estate career.”

If he was approached by any actor interested in becoming a realtor, the first question McCann would ask them would be, “Have you ever worked in the restaurant industry?”

“If you ever served somebody as a bartender, or just talked to people in a common conversation, that’ll help … It’s about building a relationship with your clients,” he shares.

Gartland echoes this sentiment, albeit from an inverse perspective: 

“If you don’t put in the work to truly connect with people during a scene, it’s going to fall flat. And if you don’t connect with people in real estate, they’re not going to trust you.”

Whether you’re getting ready to watch the next blockbuster or you’re carefully watching the real estate market activity in Vancouver, be sure to get the popcorn out this summer.

Quebec realtors are facing an increasing number of disciplinary cases amid accusations of “financially abusing” their clients, CTV News reports.

Specifically, some are being accused of taking advantage of and making a quick profit from vulnerable or elderly homeowners by buying their homes themselves for a lower (than market) price and reselling them for much more. This was found over the past few years by the disciplinary committee of the Organisme d’autoreglementation du courtage immobilier du Quebec (OACIQ), which oversees the province’s real estate brokers.

The article describes this practice as “outright financial exploitation,” according to Jacinthe Roy, executive director of large senior organization, Reseau FADOQ. It also notes that Paul-René Roy, president of the Association quebecoise des retraite(e)s des secteurs public et parapublic (AQRP) says the organization considers these practices to be “profoundly inhumane and contrary to professional ethics.”

Conflict of interest complaints up 12% over one year

It goes on to note that OACIQ spokesperson, Joanne Beauvais, explains realtors wanting to buy property from a potential client should not be signing a brokerage agreement, as under contract they must represent their client’s interests above all else, including their own needs. This is called double representation and hasn’t been allowed in the province since 2022.

In an email to REM, the OACIQ confirms that the number of conflict of interest complaints from the public jumped from over 31 per cent in 2021 to over 43 per cent the following year (this then went down to 11.3 per cent in 2023). One example cited in the article is a realtor purchasing property from two clients and making $500,000 in profit. An investigation was launched following a complaint, and she was fined $150,000 for conflict of interest.

The OACIQ shares that after conflict-of-interest cases are investigated, the syndic decides whether to file a complaint with the discipline committee. Over the past three years, the percentage of requests for assistance received by the OACIQ increased by about two per cent.

‘(Realtors) must perform their duties ethically, in the interests of buyers & sellers, and in compliance with the Real Estate Brokerage Act’

In light of the issues, the Quebec Professional Association of Real Estate Brokers (QPAREB) released this statement on July 3: “QPAREB firmly and unequivocally denounces any illegal acts committed or that may have been committed by certain real estate brokers, as reported today and in recent months in various media forums. Real estate brokers must at all times perform their duties ethically, in the interests of buyers and sellers, and in full compliance with the Real Estate Brokerage Act.”

QPAREB president, Serge Brousseau, continues:

“This is a situation we take very seriously. We have taken note of the actions reported by the media, and we are determined to find lasting solutions that will ensure that our professional activities are practiced in an exemplary manner. For several months now, we have been working on a plan to ensure the professionalism of each and every one of our members, in full complementarity with the oversight role of OACIQ.”