All language subtitles for Michael

Hello and welcome to Let's Talk Business.

My name is Steve
and I'll be your host today.

And with us, we have Michael to Dorie,
who is realtor extraordinaire.

Michael, welcome to the show.
Thank you. Thanks for having me.

We're going to get started
by learning a bit about yourself.

So tell us about your journey,
how you know you are also an immigrant.

You came to Canada,
but different story slightly.

So looking forward to hearing your journey

and to how you ended up
with where you are today as a realtor.

Thank you.

So the Reader's Digest version of my story
is I came here as a refugee.

I was escaping a communist country

in Eastern Europe, and I came

and stole away, arriving Halifax,
Nova Scotia, which is the East Coast.

And that's where I started
my life in Canada.

I went to university to study tourism,
hospitality, minor

in business and psychology.

And that's that was still my passion
to to service and help people.

And I work in managing hotels.

I work on a cruise ship.

And that's what I've been doing
for the first ten years

since I moved to Vancouver
about 22 years ago.

Okay.

Being a realtor,
it is a it is become a passion.

When I moved to Vancouver,
I become an investor.

I started buying properties
at a lower price than today.

And then I grew from there and

there

was time to
make a change in my in my life, my career.

And I wanted to take on. I came natural.

I see a lot of transferable skills
from serving people in the hospitality

service business to real estate

is still a people business
and care about people's needs.

And that's where I am today.

Still 14 years in a residential state
in Vancouver, Greater Vancouver area.

And you specialize in.

I specialize in residential presale

resale properties, no rentals
of particular to the Vancouver market.

There's no agents to help you
with the rental.

It's kind of, you know,
in terms of the property management side,

you mean know
if someone is looking to to rent

a condo or a house to do something,
they can find it on their own.

Sure, there's no professional
who can look for them.

So we're going to talk about real estate
from the immigrants

perspective,
the journey to to purchase real estate.

And we're going to first talk a little bit
about when an immigrant comes here.

There's the option of is to rent.

What is your sort of philosophy
on buying versus renting?

So what do you
when you move to a new country?

It depends.

You know, if you join your family
or you come on your own or

you come with the family,
I highly recommend to get to know the area

and get to know the the lay of the land,
you know, have some roots in.

And I recommend to rent first.

Yes, there's a benefits of buying,
but there's many

they want to make a very expensive
mistakes buying first

their own property
because in real estate there's no refunds.

Unfortunately, there's no written policy
and you are stuck with your property.

So so, you know, rent in an area
where it's closer to your kids

school or closer to work,
or maybe you want to open a business,

kind of see where is the best
suitable place for your lifestyle.

Maybe, you know, maybe you like mountains,
you like to be close to the North Shore.

There is more hike
or you want to be close to the beach.

You like to be in closer.

In L.A., it is one neighborhood.

It's, you know, it's a beach town,
California style.

So renting is the first option.

And then as you get into the market, then
you can make a better informed decision.

So you've worked with immigrants,
I'm assuming, over the years as a realtor.

Yeah, I did, Yeah.

A few people who are Case in point,
I have somebody moved from Mexico

and they renting a property
and now they're looking for a house.

So let's talk about the process of buying
a house in, say, the Vancouver market.

That's the one you're
the most familiar with.

What's the first thing that I knew New
Immigrant would do to start the process?

So the first product,

the first step is start having a
conversation, maybe with one or two agents

who specialize in the area
you want to be in

and get a feel to that
the agent is there to serve your interest.

He or she is there to for your benefit,
not for them to make a quick sale.

So that's the first step. A second step.

This professional should be able
to introduce you to a few mortgage broker

or other institutions which can help
get a mortgage if that's required.

So there's a different there's different
levels of financing for new immigrants.

Now, Scotiabank has very good programs,
but there's some

other financial institution

get a mortgage

and then start looking at properties

and see which one resonates with you
and meet your needs and which one is good

investment, a place to live,
but also it should be a good investment.

A Vancouver has been every year
5 to 10% growth up to expect

to be able to grow with the market
while you live in the property.

So that's why I believe the process

is good investment for yourself,
for your kids and for future.

So Vancouver has a mix of available
residential.

Can we talk a little bit

about the different types of housing
that people could look at for sure.

I mean. Cooper We are landlocked.

We have mountains,
we have the ocean south of Vancouver.

It is a cultural land,
so there's not much land to expand it.

You don't build land anymore.

So there's few choices.

There's a property so you can,
you know, condos, detached tax properties,

which is a duplex or a townhouse,
and there's attached property.

So have your own picket fences
if you wish.

So that all starts with the conversation
with your agent, with a mortgage broker

to make sure you are in.

If you can afford the property and
you're not extending yourself too much.

So the immigrant has their banking
sorted out.

They have a realtor that they've chosen
and they have a mortgage broker.

What is the process around the mortgage?

What are people needing to come up with
to start the process around a mortgage?

Thank you.

That's a very good question. I'm
not a mortgage broker.

I don't give financial
and mortgage advice.

But that being said, the information
I know

working with many immigrants
and other clients, there's a threshold.

The larger amount you put, the better.

So at 20%, it's preferred

you can put less than that wherever,
however, there's a higher payment.

So ideally to 20% or more,
the more money you put, the less questions

the bank bank asks the easy
approval process.

Okay, So so they've got an idea

of what their budget is for,
what they can afford.

So you step in and you're the realtor
that they've decided to work with.

What is your process in the very beginning

when you're first
starting that relationship?

So I like to see myself as a
as a pilot of this plane

where you want to get somewhere
for me to be.

I am kind of the guide.

There's a mortgage broker involved.

There's a inspector on the property.

There's a different information
a buyer needs to know about.

Empty home taxes.

And your benefits as a first time
buyer is like one stop shop.

So that's kind of my unique approach
coming from Concierge.

I was with all the service where people do
you get all the answers one at once,

but the next step is find

the right property, make it,
make an offer, have an inspection.

The bank need to review the property
to make sure they're satisfied.

And then the I make sure that the process
is smooth to transact the property

from previous owner to you and to move in
and and and that's it.

So Vancouver, I mean, in my opinion,
our number one industry is real estate.

It seems it has been for a long time.

And as a result, a lot of realtors
that are in the in the business.

What is your
what do you feel are the differences

between a really good realtor
and what to look for versus somebody

that maybe not as good
at what they do as a realtor?

Thank you. I do this.

I'm in this profession for 40 years
because I love to help people.

It's about the clients not knowing me.

In many.

I travel many parts of the world and I was
I remember I was in New York and

the driver, he gave me his business card
because he was also a realtor.

So I'm sure it is the case in Vancouver
Market,

there's 14,000 realtors

right now, and there's a statistic
that 20% do most of the business.

The other agents are part time.

So choosing realtor,
it is the good decision you can make as a

as a as a buyer,

somebody who has your own interests.

You can fill that from the answer.

If you get
if you feel like you're being pushed

and it's your own internal clock judgment

to know if that person
is really helping you

or just want to make a sale
and move on to the next person.

So my unique advantage, no, no pressure.

Buy the

right
property, give the right information.

So you're working,

working with the immigrant
and who wants to buy a home.

Is there something that you're looking for
in that client?

Like what are that like
from a psychological standpoint?

Some things that you take into account
with how you're going to work

with this person?

Real estate is like a matchmaking, so

my job is to match the property
in the direct client.

So and often

not often, but it does happen that

they are know when I go to work together
some and that's why we have a discovery

meeting at the beginning to let them know
they need to explain the process.

And I say no to clients.

Like, you know, I don't think where

some people work at different levels
and work on different level.

So if we are good, it has to be good.

We're not not getting married.

We don't get a marriage license,

but we are going to be married
for free for four months

until we find the right property.

So the deposit positive energy
needs to be there

and that's all I'm looking for.

So what are some of the deal breakers

for you
when you're looking to work with a client?

What are some of the red flags?

Somebody who knows it all
and if they Google and they're telling me

what they found on Google, which are
sometimes not useful information,

but those are some of the things which,

you know, if there's certain there's

a lot of religious taste of people
need to have money in Canada,

the government make sure that the FINTRAC
and the different protocols that

so if somebody you know
this kind of shady business and as I say

I feel something in the background
is not right I don't want to get out.

I do everything by the book. So

I just look

to have
a good a good connection in that. So.

So you've taken their criteria,
you got us.

You have a sense of what part of town
they're interested in.

Yeah. What's your process from there?

What do you do to take it to that
next step

and next step we look at the properties
which they're Mr.

Criteria and the budget.

We look at,
you know, four or five properties

and they make an offer.

We negotiate and negotiate

the best deal possible, the best term

and that's

is pretty simple, maybe different
than other other countries.

But there's a, there's a process
and we make an offer on paper

to the seller, accept or counters

if conditions of inspections or financing.

You have time to think about it.

There's a decision
period of three days. You can walk away

and if you're happy, you move forward
and that's it.

Provide deposit.

So that's why it's my advantage.

Just no pressure

selling and make sure you're happy with
the process and what you're getting into.

So Vancouver is happening over time.

These unique scenarios
where you have a hot market

and you've got people multiple bids,
like what is your sort of strategy

when you're dealing with a situation
like that?

Well,
it depends on the people objective, like

why are they buying what way,
why they need to get into a bidding war.

So yeah, there was there's a 2016 to 2020.

There was a market where, you know,
there were ten offers

for one property
and that's because of low interest rates.

So the different different reasons,

my, my take is just wait.

You don't need to buy, you know,

just wait for the next six months
or you year a year

and you don't need to buy in Vancouver
proper.

You can move outside of part of Vancouver

where maybe make an investment
for a newly new development,

and that's will grow over time
by the time it's finished.

So that's
comes from our initial discussion

to find out the objective of the client

and how it can give you the best advice
and then make the final decision

whether you want to move or not,
or they want to go into a bidding war

which no fun for anybody for sure.

It's very stressful.

So to support that
or to try and curb that,

I guess the government has introduced
various

different things over the years,
one of them being the anti homes tax.

Could you explain what that
is and how that works? So

this part of the

when you having an initial introduction
process, I explained to clients that

if this is an investment property
where you plan to live in it,

the new legislation
where you're not allowed to have Airbnb

in the property anymore,
so you need to be rented for a longer

period, a year or more and

the government try to

in this end

devise investors
which, you know, rent properties

for short term and we need more inventory
for poor people to live in long term.

There's a there's a great need for,
you know,

the World Cup is 2026 coming to Vancouver
2025.

The awards

some and Hollywood
type awards is being held in Vancouver.

So there's big events
which need lots of housing, lots of rooms.

So this intense

incentive from government
won't do it at the investor.

Think of

everyone as a whole and have this proper

and for long term,
not just like one day or one week.

So this has been the recent thing.

The no Airbnbs,
which I'm sure has negatively

impact on a number of investors. Right.

Who who bought these properties
with the intention to do Airbnb

you know sudden they can't Has that
resulted in any opportunities in terms of

more product on the market do you think,
or like how's that going to fall out?

So that's come to effect in May this year.

And my personal opinion
there should be a balance right?

Investors should not be caught out
from this opportunities,

but at the same time shifting
for everybody as a greater as a whole.

So how is this impacted?

It's still to be remain to be seen.

If you investors are

deciding to sell,
they don't want to to hold the properties.

But later in the year we see what
the effect of that perhaps in later July.

I have a better answer.

There's been a real push, really.

I think for the first time
in a really long time

of all three levels of government
really talking housing

because Vancouver has the problem
that we have enough homes

and that's what's led to things
like the Airbnb decision.

It just we need local housing. Yeah.

So the opportunity from an investment
standpoint is also there for an immigrant,

assuming that they are comfortable
with long term rentals.

Like if they're not going to live it
themselves, they can buy a property

to has an investment as long as they are
happy to rent it out to long term people.

Yeah.

What does that look like in your opinion,

as a strategy for for immigrants?

So I was an investor myself
and I'm still bought

to preserve properties
and I don't have a long term.

So if you're
you want to have an investment property,

I look at the presale option.

There's a lot
of new developments coming up

being built and

there's many, many opportunities
in this property

community value by definition,
probably three or four years.

So let's talk about a sale process,
explain what it is,

who's doing it, who's offering it,
and the sort of time frame for payment.

Okay, So this is a different video.

It's required lots of information, but

the Reader's Digest version is that you

you buy a property based on a blueprint

so that a developer is putting out
this is what is going to be like.

This is the square footage getting

the layout of floorplan level

and they require a percentage

about 15 20% down payment spread over

two years.

So by the time the building is built,

that's when you come up through the
remainder of purchase price

and the more
property are being built close to transit.

So next to Skytrain or to in England

and then near transportation,
because transportation is a it's a it's a

big thing in Vancouver
is not meant for 3 million plus people,

but buying postal transportation.

And that's what people want to rent and
that's the best advice to where to buy.

So the further you go,

there's a town called Surrey or the Fraser
Valley area, the cheaper it gets,

probably for maybe 500,000,

but some people have it closer.

So there's other opportunities.

So over a million or $2 million or so.

So and there's opportunities
across Canada.

You know, you've got places like Whistler
resort opportunities as well,

where immigrants
could look as an investment

not only in Vancouver area,
but you can invest in a resort town

or growing town
where, you know, for example,

Prince Rupert would look up in the
map, the map in northern B.C.

there's a there's a big industry there

with the ships transporting gas to China.

So there's opportunities
for people doing work there.

So that you can pay there.

That's and that's kind of discussion
where people can look into

if Vancouver is the home base is in, it's
very of I know, 20 to 40 kilometers.

There's great opportunities.

And personally, I grew the real estate
for the past 15 years.

I bought my first property for 195,000.

I sold it double four years later
and about three more.

And so far.
So it's become like a snowball.

So what is your outlook for the Vancouver
real estate market?

I think cause

definitely you have to be cautious.

You know, said there's a saying,
you know, jump in

and just put one foot in water first
and then make an informed decision, not.

RUSH.

So and that's that's

where I come in to to give people peace,
to make sure they're happy.

And when they're happy with me,
they can tell their friends.

And that's how I operate. Great.

I think this is for many Google reviews
and many people are happy with the service

and focus on quality and quantity
and how can people reach you?

That's my website, the log in.

Please check out the blog
for amazing information.

I have a YouTube channel as well
and I'd be happy to answer any question.

No strings attached.

Wonderful. Michael to Aurecon.

Thank you, Michael, for being a guest.
So let's talk business for having me.

Thank you for tuning in for some excellent
and till next time.

Thank you.