Blogging is about sharing ideas, creating connections, and inspiring meaningful questions

Melanie Press, Impress Island Realty

Our Blog is a great way for us to interact with all our followers, whether you are past present or future clients, interested in the world of real estate, interested in what we do as real estate professionals and our boutique agency or just want to learn more about life here in Prince Edward Island.

If you have any questions or want to reach out to us regarding our business and communication let us know and we will connect!

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New property listed in New Haven

I have listed a new property at 64 Cameron Road in New Haven. See details here

**Check out the video link** Perfectly suited for a large family or those seeking a multigenerational home, this custom-built modern farmhouse is nestled on 1.4 acres of peaceful surroundings and offers over 4,700 sq. ft. of luxury living space across three levels. Completed in 2021, the home seamlessly blends contemporary style with everyday functionality. The open-concept main floor showcases a spacious living room with a bespoke fireplace wall and 8-foot doors opening onto a covered back porch. The chef-inspired kitchen features custom cabinetry, a large island, and stunning Calacatta Gold stone countertops, complemented by an adjacent working pantry with additional custom cabinetry and quartz counters. A thoughtfully designed mudroom with ample storage and garage access adds everyday convenience, while a sliding barn door leads to the stylish laundry room with custom cabinetry and quartz countertops. The primary suite is a true sanctuary, offering a serene bedroom and an elegant ensuite with a double vanity, quartz counters, a 5-foot shower, and a luxurious soaking tub. A custom-designed dressing room provides generous storage. Upstairs, you?ll find three spacious bedrooms, one with an ensuite, along with a family bathroom and a loft-style living area. Two of the bedrooms feature walk-in closets, with a separate study area ideal for work or school. The fully finished lower level is perfectly designed for family or guests, featuring a large family room, guest bedroom, full bathroom, home office, movie room, and gym. Outdoors, the backyard is an entertainer?s paradise with a 260 sq. ft. covered porch, stone patio with fire pit, saltwater pool, pool house, and lush lawn. The home is accessed by a long driveway with illuminated pillars and includes a double garage, storage shed, and generator hookup. All of this is set in a convenient location, 10 minutes to Charlottetown, 35 minutes to Summerside, and just 5 minutes to Cornw (id:2493)

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New property listed in Augustine Cove

I have listed a new property at Lot Patrick Drive in Augustine Cove. See details here

Explore a breathtaking waterfront retreat nestled on Augustine Cove's pristine shores in Prevost Cove, boasting 4.65 acres of prime coastal property. Enjoy leisurely strolls along the beach and during low tide indulge in clam digging for an authentic island feast, serenaded by the gentle lull of ocean waves. The property is situated minutes from the Confederation Bridge, 20 minutes to Summerside and 30 minutes to Charlottetown and the Charlottetown Airport. It is no secret that Islanders and visitors alike love the south shore with its warm, calm waters and quieter pace. Complete with underground electrical service and a well-maintained road ensuring year-round access, all elements are in place to fully embrace the unparalleled beauty of this remarkable piece of Prince Edward Island. *Waterfront measurement -121.2 meters (397 ft). **IRAC Approval required for non-resident buyers. (id:2493)

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What is Buyers Agency?

Real estate salespersons and agents are mandated to communicate agency terms and disclose any existing agency relationships that may impact or influence the initiation of any business relationship with you. This should be one of the first conversations an agent has with a prospective new client – How we work for you!

In this blog post specifically, I will delve into the primary benefits of engaging into a BUYERS AGENCY and underscore the significance of carefully evaluating your representation when purchasing a house.

The 4 main types of agency relationship are:

  1. Buyer’s Agency: This arrangement involves the agent exclusively representing the buyer.
  2. Seller’s Agency: In this scenario, the agent’s sole focus is on representing the seller.
  3. Limited Dual Agency: This form of agency involves the agent representing both the buyer and the seller, navigating both sides of the transaction.
  4. Professional Service/Customer Status: This status applies in situations where there is no formal agency agreement in place, such as interactions with an agent during an open house.

Let us dive into reviewing what I consider to be the most significant advantages of Buyer Agency.

Firstly, a notable aspect that buyers frequently overlook…

 

No Cost

Engaging a selling agent during the home buying process might not result in a windfall of riches for you. Instead, it is the agent who reaps the rewards. While some buyers may believe this grants them exclusive access to advantageous deals, in reality, it resembles entrusting a fox to safeguard the henhouse.
Buyer’s agents serve as invaluable allies in your quest for a new home, coming to your aid without any additional financial burden. Their primary objective is to navigate the complexities of the real estate market, ensuring a seamless journey towards securing your ideal residence.


Inventory advantages

A buyer’s agent functions as your dedicated real estate expert, guiding you through a myriad of options to discover your ideal home. Leveraging their expertise, they meticulously sift through listings to curate a collection of properties that align with your budget and location preferences. By entrusting them with this task, you expedite your house-hunting process and receive a curated selection of premium choices tailored to your preferences.


The inside track and local knowledge

Teaming up with a buyer’s agent who’s in the know about your dream locale can spice up your house-hunting adventure! They’re like your personal tour guide to the hottest neighborhoods and top-notch service gurus. With their little black book of contacts, you’ll unlock a treasure trove of professionals, from inspectors to garden gurus, making your home-buying journey a breeze!


Experienced market analysis

Crafting a compelling offer entails delving deep into market insights, sales data, and the aspirations of sellers. A proficient buyer’s agent will leverage this valuable information to develop a strategic plan, enabling you to navigate the current dynamic market adeptly and formulate standout offers.


Articulating and facilitating the inclusion and deletion of crucial purchase conditions.

Steering through the maze of dropping conditions and adding must-haves to your deal is key! Your trusty agent will have your back, making sure your wish list and timeline get the VIP treatment.


Negotiation Skills

Empower your buyer’s agent to demonstrate their negotiation prowess as they engage in a strategic exchange with the seller’s agent. This dynamic interaction aims to secure the most favorable deal for you while ensuring your best interests are protected.


Fear of the Unknown?

When it comes to obtaining your dream home, buyer’s agents serve as adept real estate professionals, adept at navigating market intricacies and opportunities to help you surmount hurdles. Leveraging their specialized expertise, they can forecast costs, pinpoint distinctive neighborhood characteristics, and strategically outperform competitors, facilitating the attainment of your perfect home.

Someone working for you, and YOU ONLY!

Buyer’s agents are dedicated professionals focused on protecting and guiding clients through the complex realm of property transactions. Serving as diligent partners, they keep clients well-informed throughout the process and secure the best deals. Teaming up with a buyer’s agent means enlisting a real estate advocate who works to find your ideal home and ensure fair transactions. It’s like having a personal property expert solely dedicated to your interests. Therefore, when considering a significant investment like buying a home, rely on exclusive representation to realize your property dreams.

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Tree Top Haven – The End of an Era

TreeTop Haven is looking for a new owner

In an inspiring turn of events, Sheila Arsenualt, a dedicated entrepreneur and mother, has decided to sell her thriving tourism business, TreeTop Haven, to embark on a new life journey between Prince Edward Island and Saskatchewan.

Click the image below for the full listing real estate video

 
 
After years of hard work, building her company, from nothing but a wooded land parcel, Shelia’s difficult decision comes from a profound desire to maintain a strong connection with her daughter Dani while she attends school in Saskatchewan.
 
 
Sheila’s business, TreeTop Haven, which she founded as a single Mompreneur with a dream back in 2017, has been an inspiring business story. Providing a unique and relaxing accommodation experience for many islanders and people who visit the gentle isle has rewarded her with a thriving year round business enjoying repeat customers and support from near and far.
 
 
Despite her success and the close connection she has to TreeTop Haven, her daughters schooling and Sheila remaining present during these teenage years has to take a priority. The decision to sell Tree Top Haven was not taken lightly.
 
 
Sheila has spent months preparing the business for sale and continues to bring new ideas and new revenue streams to the TreeTop Haven, a business that she is so deeply connected to in the hope that her successor shares the same values and vision.
 
 
Sheila is now ready to embark on her adventure. With excitement she plans to divide her time between PEI and Saskatchewan, immersing herself in her daughters new educational journey, and enjoying the freedom to devote more time to that very important relationship. This life change is also a testament to the importance of family and the lengths a mother will go to ensure the best for her children.
 
 
Sheila’s story resonates with many who understand the sacrifices parents often make for their careers and the joy that comes from devoting themselves to their loved ones. Sheila carries with her the same belief that propelled TreeTop Haven into the business it is today. From a single moms dream into reality, that anything is possible with determination, and work and love.
 
 
 
So, like Sheila, it’s going to take a special someone to take TreeTop Haven into a new era. It’s a unique and awe inspiring place with a close family history an such a unique and natural environment for visitors to enjoy the peace and tranquility of our Gentle Isle.
 

**Please click here for full listing information**


TreeTop Haven is currently listed as a SHARE SALE for $1,399,900. ASSET SALE options are available by mutual agreement.


Please contact Melanie Press 902 394 7071 for more information and to book your showing appointment of this one of kind island business.

 
 

Melanie Press Realtor®, Broker and Owner of Impress Island Realty

902 394 7071 | melanie@impresspei.com | www.realtorinpei.com


♥ Follow Me on all my socials HERE and get in touch ♥

 

Photo Source: Realtors® own

This article is not intended to solicit buyers or sellers currently in contract with other members of the PEIREA. Using this article in full or part without permission is a violation of copyright laws. Copyright © 2024 Melanie Press Real Estate at Impress Island Realty

Impress Island Realty is a Licensed Real Estate Brokerage and Broker Member of the PEI Real Estate Association (PEIREA)

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The Lady Ball in Aid of Ovarian Cancer


This is the 3rd year Impress Island Realty will be sponsoring the Lady Ball, in support of the fundraising and awareneness efforts of Ovarian Cancer Canada.


Both Broker, Melanie Press in 2019 (pre-covid) and Realtor® Ashley Feschuk in 2023 have taken part on this event as role models, and this year, on May 30th, another Impress Lady, Mikki Armstrong will taking to the runway to strut her stuff!

This is such an important event which brings to gather women from all over Prince Edward Island.

We want to share with you Mikki’s bio and why this opportunity is so important for her.

If you would like to attend…WHICH YOU REALLY SHOULD, tickets can be purchased through the link logo at the end of this blo

 

“My name is Mikki Leigh-Anne Armstrong.  




I am a former paramedic, currently working at Impress Island Realty with an amazing group of women. I’m training to be a Real Estate Agent under the mentorship of my Broker. I also work as server, and am the lead singer in an Island band called, Crimson Clay.

Parenting two children has been one of the most challenging and terrifying but also rewarding, comedic, and awe inspiring choices that I have made.  They are my life’s best work, and I am very proud to be part of theirs.  Raeden (16) and Maggie (8). Everyday, I am grateful for the title of mother, and the plethora of lessons that I have ahead. I like to think that I am doing a decent job of not getting in the way of the wonderful humans they already are. There’s nothing that I value more than being their mom, and there’s nothing that has been more intimidating.  

My most valuable and useful quality has been my ability to adapt to and accept change. I have been able to overcome obstacles while staying in a growth mindset. By allowing the possibility of improvement, I also allow the added risk of challenges.  I try to be patient with myself when it doesn’t go perfectly.  I strongly believe in the power of showing compassion and kindness to ourselves and others, even in a difficult time or situation. I also like to think that I have a great sense of humour.  Sometimes it pays off for me… and sometimes I appreciate how tolerant others can be. 



I chose to participate in this event because I believe in taking the opportunities that are presented, and that something beautiful will often result. I strongly believe in celebrating and advocating for the female experience in its many different forms and when women come together incredible things happen.

Cancer hits close to home for so many humans, including myself.  I am grateful for the opportunity to challenge myself, and am humbled and honoured for the opportunity to be involved in such a beautiful event. 

I would tell my younger self a few important things. That I have worth. That my worth is innate and incomparable to anyone else. 

I would tell myself that boundaries are a thing, that they are quite important… and that I should use them. 

To follow my intuition about what feels good and right regardless of what that looks like… but the perm you will want during your senior year of high school is not a good idea… and you will regret looking at the pictures”.

Quote:

It all begins and ends in your mind.  What you give power to, has power over you, if you allow it
– Author unknown

 

FOR TICKETS CLICK HERE


Photo Source: Realtors® own and Ovarian Cancer Canada

This article is not intended to solicit buyers or sellers currently in contract with other members of the PEIREA. Using this article in full or part without permission is a violation of copyright laws. Copyright © 2024 Melanie Press Real Estate at Impress Island Realty

Impress Island Realty is a Licensed Real Estate Brokerage and Broker Member of the PEI Real Estate Association (PEIREA)

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How will the NAR Settlement Effect Canada?

The Canadian real estate sector has been attentively observing the legal dispute involving the National Association of Realtors (NAR) in the United States, where a substantial $418 million settlement has been agreed, to be paid over a 4 year period.

Speculation abounds regarding the potential impact on Canada’s real estate industry.


Despite the buzz and uncertainty surrounding the US legal case, doubts persist. However, I am confident that any alterations will not significantly effect our southern counterparts. Realtors® are renowned for their adaptability, and are adept at navigating industry transformations.

In the US, the recent regulatory adjustments which have been made, particularly concern buyer agency and commissions.

Now, buyers wishing to view a property must engage in a buyer’s agency agreement, which involves compensating their designated agent. This payment, whether upfront or through alternative means, must remain confidential and not be disclosed on the Multiple Listing Service (MLS).

Buyers Agency is a crucial document for the safeguarding both buyers and Realtors®, so I’m certainly all in favour of this, however, this new rule diverges from industry transparency norms.

These modifications might bewilder buyers, particularly first time buyers, as they may now be obligated to remunerate their buyer’s agent in addition to other home buying expenses such as land transfer tax, closing costs, inspection and appraisal costs as well as the downpayment.

Also, such changes may potentially elevate the occurrences of ‘double-ended’ transactions, known as LIMITED DUAL AGENCY, in which listing agents represent both parties. This shift contradicts past industry efforts to restrict or eliminate dual agency, raising doubts about its actual advantages for consumers.


In Canada, provinces like British Columbia and Ontario have already taken measures to prevent or limit agents from practicing under limited dual agency, with other regions likely to follow suit.

While some buyers may not object to dual representation, it leaves them exposed without dedicated advocacy for their interests. This predicament forces buyers to decide between having personal representation or not, particularly if it is financially challenging. If Canada were to outlaw dual agency and follow the new US rules, buyers would have zero choice!

Although the NAR settlement may not directly impact Canadian real estate procedures, it does encourage introspection on the core values of our industry, which is always beneficial to ensure constant improvement.

With regards to commissions. Buyers agents are, for the most part FREE! Listing agents negotiate their listing commission offering a percentage to buyers agents. There is no rule or price fixing to what they can offer, offering as little as a $1 if they so choose and have discussed with their sellers.

Buyers agents, including myself have a price for the work they do according to how they calculate their value in the transaction, like all working people. If that price is higher than the advertised listing agents offering, we will discuss with our buyers and negotiate with them to cover the difference.


Canadian buyers and sellers are accustomed to negotiating commission rates, with agents having the flexibility to offer rebates or reduce commissions to facilitate transactions. Many times it’s the flexibility of agents which keep deals alive, especially in emotional charged situations.

In my opinion the only people to benefit from this suit are the lawyers who brought action against NAR, resulting in huge compensations for them.

As we observe developments in the US real estate market, it is crucial to remember the distinct characteristics of the Canadian real estate sector and uphold the transparency and integrity so many of us work by to ensure the best welfare of our clients.

♥ Follow Me on all my socials HERE and get in touch ♥


Photo Source: Realtors® own and Canva

This article is not intended to solicit buyers or sellers currently in contract with other members of the PEIREA. Using this article in full or part without permission is a violation of copyright laws. Copyright © 2024 Melanie Press Real Estate at Impress Island Realty

Impress Island Realty is a Licensed Real Estate Brokerage and Broker Member of the PEI Real Estate Association (PEIREA)


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Confessions of a Realtor®

Thinking about starting real estate business, becoming a Realtor® or even trying to navigate the labyrinth that is real estate, takes courage and a specific mentality to be able to deal with the highs and lows of the business.  Where Every client and every property tells a unique story, being a Realtor® is a profession that demands resilience, adaptability, and a touch of magic to ensure a successful and seamless transaction for every client.


After a very varied 28-year career, I wanted to share some of my confessions about the industry. What kind of person makes it in this business and the attributes and skills you need to develop to help you on the way. Some, I do very well, some I really struggle with, even after all this time.


1. The Balancing Act:

Realtors® are the virtuosos of multitasking, juggling the needs of buyers, sellers, lenders, and inspectors. Each day is a tightrope walk, balancing the delicate art of negotiation with the demands of paperwork, ensuring every ‘i’ is dotted and every ‘t’ is crossed.

It’s all too easy to drop the ball, we are only human. Being stringent with paperwork, communication and the process of each transaction is key and managing how you effectively communicate is paramount to ensure the best interests of your client.

A golden rule which has served me well and I always stress this to new agents is, get everything in writing, from everyone. Have a paper-trail for everything – you never know when you’ll need to rely on that old text message.


2. Embracing the Rollercoaster:

Real estate is a rollercoaster ride, filled with highs of successful deals and lows of unpredictable market shifts. The job of a Realtor® often revolves around navigating these peaks and valleys, maintaining composure while riding the waves of uncertainty. I get as emotionally involved as the next person. I love my people and I’m a mama bear for the underdog and those who entrust me to look after them, but you have to keep the emotions in check, which can be really hard.

Another golden rule to remember during more charged times is, ‘cooler heads prevail’. Step away from the rollercoaster and view a situation from a different angle, it will always serve you, your sanity and your client better.


3. The Power of Networking:

I am actually quite a shy person, that will surprise many, but honestly, I find meeting new people or putting myself out there very hard indeed, and it can give people the completely wrong impression of me. Despite this, I understand the importance of networking. Building relationships with other professionals in the industry, from fellow real estate agents to mortgage brokers, is a secret sauce to success. Word-of-mouth referrals and a strong professional network can open doors that no amount of advertising can

If you struggle like I do, there’s lots of different ways to get yourself out there. Try volunteering your time in the community which is a great way to get out there and supporting and paying back your community with your time and resources.


4. Emotional Investment:

Beyond the paperwork and negotiations, realtors invest emotionally in their clients’ dreams the biggest feelings include the heartfelt joy of handing over keys to first-time homeowners and the disappointment of navigating through unsuccessful bids. Empathy becomes a powerful tool in understanding and fulfilling the emotional needs of clients.


5. The Dance of Market Trends:

Adapting to ever-evolving market trends is a constant in a Realtor’s life. From mastering the art of virtual tours to understanding the impact of economic shifts, we will confess that you have to commit to continuous learning and flexibility and that it’s required to stay ahead in the game.


6. Ties That Bind:

Realtors® are often the glue that holds transactions together navigating the intricate dance of negotiations, inspections, and appraisals, highlighting the pivotal role Realtors® play in ensuring a smooth process for both buyers and sellers. Done well, the relationship with your client should last way beyond the completion of the transaction.


7. Late Nights and Early Mornings:

Many Realtors® can share tales of burning the midnight oil, drafting contracts, and preparing for showings. The commitment to client success often means sacrificing personal time for the sake of the job.


In conclusion, these few little confessions of mine provide a tiny glimpse into a profession that extends beyond the glossy exterior of property listings. It’s a world where passion meets pragmatism, and every deal is a unique story waiting to be told.


The realtor’s journey is not just about buying and selling homes; it’s about turning dreams into reality and navigating the business of real estate with honesty, grace and resilience.

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13 Reasons Why

13 Reasons Why Your Home Isn’t Selling and How to Fix It

 

Unfortunately, you’ve put your beloved house on the market, hoping to sell it quickly, however, weeks have gone by, and there’s not a single offer in sight. Even showing requests are running dry, and you’re left wondering what went wrong.

Why isn’t your house selling? Don’t worry; it’s not too late to turn things around. The longer a house sits on the market, the more concerned buyers become about what’s wrong with it.

Here are the top 13 reasons why your house might not be selling and some actionable steps you can take to get your sale back on track:

1. The price is too high


This is a common reason why homes struggle to sell, and the same holds true for most other items. Every item holds value, and the worth of your home is based on what a buyer is willing to pay and what the bank will lend against it. While we appreciate your attachment to your home and your belief in its high value, setting an inflated price can deter potential buyers. To attract buyers, adjust your asking price by comparing it to similar homes in your area. Avoid the pitfall of overpricing as it can be detrimental.

ALWAYS get at least 3 valuations on your home and ask for evidence of value. Don’t fall into the old trap of ego boost pricing and agents buying your listing with the promise of achieving a higher price UNLESS they have an offer in hand.


 

2. You missed the market’s peak


Real estate differs from the stock market as it can undergo subtle changes when least expected. Keep yourself informed about the market and assess buyers’ choices promptly. Properties that used to sell quickly in 2021 might now stay on the market for months. Additionally, remember that real estate is influenced by local factors. Comparing our market to Calgary or Toronto is not valid as each market has its distinct characteristics.


 

3. You have a specific problem to address


Receiving feedback from showings is crucial for resolving any issues that require attention. After pinpointing a problem, take steps to alleviate it by adjusting lighting, decluttering, or revamping the staging. Keep in mind that while lowering the price may sometimes be the most effective solution to sell your house, it’s also important to listen to potential buyers or ensure you’re receiving accurate feedback – this is where your Realtor® plays a key role!


 

4. Your home is unconventional


If your home is distinctive or unconventional, it might require more time to sell. However, fret not! By implementing an effective marketing strategy, you can connect with the ideal buyer who will value the unique qualities of your home.



5. Your listing photos are not on point


In the current digital era, the significance of your online listing photos cannot be overstated. Low-quality images or a shortage of photos may deter potential buyers. Capture high-quality photos showcasing your property’s standout features, and think about engaging a professional photographer if photography is not your strong suit.


 


6. You’re not marketing your home effectively


Your home might be fantastic, but without proper marketing, it may not attract buyers. Enhance your home’s visibility by listing it on prominent real estate platforms, leveraging social media, and displaying “For Sale” signs and flyers in your local area.



7. You’re working with the wrong buyers


Indeed, such an option exists! If traditional buyers are not showing interest, you might want to explore selling to a real estate investor. They tend to be more open to properties that require some tender loving care.


 

8. Your curb appeal is no good


Drive-by viewings are still a common practice among home buyers. The initial impression is crucial, and if the exterior of your home is unimpressive, potential buyers may not even step inside. Enhance your yard, plant some flowers, and ensure that the exterior of your home looks its best.


 

9. Your staging is non-existent


Home Staging Can Accelerate Sales and Increase Value: Enhance the selling speed of your home with staging. A properly staged home can even fetch up tp 18% more than one that is not. Simplify by decluttering, storing personal items, and enlisting a professional stager to add the desired wow factor to your home.


 

10. Your marketing needs a makeover

In today’s digital realm, buyers are scouring the online marketplace to discover their dream homes. Get yourself a top-notch sales agent who knows the ins and outs of your area. They’ll help you identify your home’s selling points and craft an irresistible marketing strategy.

 

11. Your listing description is too blaaaaaa


An uninteresting listing description can make buyers lose interest and look elsewhere. Instead of just stating facts about the house and its location, aim to captivate buyers with the enchantment of living there! Showcase the unique features that turned it into your sanctuary and craft an enticing vision of the potential that awaits buyers in their new residence.


 

12. You’re getting bad advice


Collaborate with a knowledgeable local agent who can assist you with pricing, staging, and spearheading marketing strategies to ensure a quick sale of your house.


 

13. You’re a helicopter seller




We all have a deep attachment to our homes, making it tough to part ways – it’s understandable! However, micromanaging the selling process can sometimes cause issues. Trust a real estate professional to take the lead and navigate you through the selling journey smoothly.

It is always possible to sell your home. If your current approach is not yielding results, consider revising your strategy. Take your home off the market, make necessary adjustments, and then relist it – perhaps with a new agent.

Keep in mind, there is a buyer out there for every home! Let me help you find them.

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So You Want To Be A Realtor®

Starting a real estate journey can be a goldmine, but only if you play your financial cards right from day one. After meeting all the educational hoops and acing that exam, get ready to invest wisely in your future success in this thrilling industry. 

Real Estate Education, Licensing and Initial Costs.

When stepping into the real estate industry, it’s crucial to anticipate a range of expenses to kickstart a successful professional journey. Below are the initial costs that new real estate agents should budget for to excel in their career: 

  • Real Estate Career Prep Course $250.00

  • Pre-Licencing Course $3,500.00 Plus HST

  • New Member Initiation Fee (one time) $ 550.00

  • Errors and Omissions Insurance Initiation Fee (one time) $100

  • Errors and Omissions Insurance $515.00 (plus HST on management fee – prorated)

  • CREA New Member Fee (one time) $200 plus HST

  • Salesperson Licencing Fee $200 (for two years)

  • CREA Member Dues $310 plus HST (prorated)

  • Salespersons Bond $150 – $250 (depending on the insurance company you use)

So for the initial start up you are looking at around $5,875.00

 Then you with immediately start to incur, monthly:

  • PEIREA Dues of $74.00 plus HST

  • MLS® Provider Fees $17.00 plus HST

  • GEOLINC Access Fee $15.00 plus HST

  • Plus and monthly dues or desk fees from your Brokerage.


 
Brokerage and Desk Fees


When starting your real estate career, the brokerage sponsoring you will typically impose either a fixed or graduated commission split on each property transaction or a flat brokerage fee. Brokerages might also mandate a monthly desk fee that includes resources such as office space, supplies, mentorship, and access to collaborative teams.

It’s advisable to have savings to cover your expenses and ensure timely payment of all dues each month. It can be discouraging to land your first deal and then have a significant portion go towards settling outstanding expenses with the broker.  

REALTOR® Association Fees

Membership in Canadian Real Estate Association (CREA) offers a plethora of benefits, including marketing support, exclusive designations as a REALTOR®, a vast professional network, advocacy, research resources, and advanced training opportunities.  

Errors & Omissions Insurance

Becoming a CREA member provides access to top-notch Errors and Omissions (E&O) Insurance, offering protection against claims of negligence in client services.  


Health Insurance and Life Insurance


Since real estate agents usually work as independent contractors, obtaining a suitable health insurance plan is crucial to reduce possible medical expenses and a life insurance policy is prudent (and tax deductible) for people in business.

  


Continuing Education & Professional Development


Continuous professional growth and keeping up with market trends are vital for a thriving career in real estate. In Prince Edward Island, Continuing Education courses are mandatory to uphold agents’ status. While most courses are free, specialized designations and certifications that boost networking, broaden knowledge, and attract specific clients are available for a fee through CREA.

  

MLS® Fees

The Multiple Listing Service® (MLS®) network helps real estate professionals link buyers with residential properties. Usually, brokerage firms grant access to the local MLS® and are billed by the governing association, so in PEI, The Prince Edward Island Real Estate (PEIREA).   

Marketing Expenses

Allocating funds for marketing initiatives is essential for promoting a new real estate venture. This includes expenses like a real estate website, email services, online advertising, business cards, social media tools, mailers, signage, and promotional materials. Even though referrals and repeat clients are significant for REALTORS®’ business, it is crucial to make initial investments in advertising to establish a solid client base.  

Mileage and Vehicle Expenses

Many Realtors® feel the pinch when it comes to their trusty wheels, especially with gas and maintenance bills skyrocketing. These costs add up fast due to agents zooming around like speed racers, clocking over 40,000 kilometers annually. Keeping a keen eye on the budget for fuel, repairs, and TLC is key to smooth sailing.


Income Tax Considerations



Self-employed real estate agents need to factor in self-employment income taxes when planning their finances. To maximize tax advantages, it’s crucial to keep detailed records of deductible expenses like fuel, mileage, repairs, office supplies, software acquisitions, real estate brokerage fees, and marketing costs.

By planning wisely, agents can manage initial start-up expenses efficiently, paving the way for a smooth shift from being a real estate learner to a seasoned professional. Having a thorough grasp of budget needs is key to easing the transition into the realm of real estate entrepreneurship.

And in conclusion…

Starting a real estate gig is like launching your own enterprise – it’s all about having those coins stacked up to weather the stormy first few months. Thinking of diving into the real estate world? Drop me a line in secret to chat about the ups and downs.

 The real estate realm loves to flaunt its perks while sneaking the downsides under the rug. Sure, curveballs might pop up, but let’s try to dodge them like a pro!

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Melanie Press Celebrating 28 Years!

Today Melanie is celebrating 28 years helping clients find home!

When You Continually Demonstrate Optimism, Drive And Passion For Life, You’ll Undoubtedly Make A Difference In The Lives Of Others And Your Own – Melanie Press

Melanie, a seasoned real estate specialist originally from England and proud islander by choice, has resided in PEI for the past 15 years. Her decision to move to the island was a no-brainer; the moment she and her family set foot on the island’s iconic red soil, they knew they had found a place to call home.


Melanie finds that PEI is a fantastic place to raise children, work, and live. When asked why she chose to make PEI her home, her response is always the same: “Try everywhere else, and you’ll answer that question for yourself.”


Melanie’s career in real estate just hit a milestone, spanning 28 years! Having worked in the UK, Europe and of course, Canada. During her career she has sold everything from parking lots to a pop stars mansion.


I am incredibly grateful for the opportunity to work with some of the most varied and valuable real estate in the world, as well as some of the most volatile and demanding markets. This experience, in turn, allows me to appreciate the importance of my clients’ individual needs more than most.

Her clients rave about her ability to comprehend their unique needs, which has resulted in an extensive and devoted clientele. Her straightforward and honest approach, combined with her ability to adapt to difficult situations, has been instrumental in her success.


Melanie is dedicated to elevating professional standards in the PEI real estate industry. She has served on the Professional Standards Committee and as chair and committee member of the PEI Real Estate Association (PEIREA). Melanie’s unparalleled experience, focus on clients, and forward-thinking approach are the driving forces behind the Impress Island Realty brand.


Opened in 2019, Impress Island Realty is a unique boutique firm that provides a comprehensive range of real estate services. As a locally owned and operated business, the business is entirely independent of any corporate hierarchy, which allows Impress Island Realty to offer tailored programs and services that meet our clients’ needs.


At Impress Island Realty, they are dedicated to providing exceptional customer service and professionalism. No real estate experience is average, each one is unique, and the team is committed to delivering above-average representation for all types of transactions, regardless of the size or value of your property.


As a community member, Melanie has served on the PEI Business Women’s Association Board of Directors, the PEI Real Estate Association Board and Professional Standards Committee, and she currently serves as a board member and treasurer for the Mid Isle Matrix Hockey Association.


Outside of work, Melanie is a proud mother of two teenagers, two German Shepherds, a cat (Mr. Socks), as well as being married to her (long suffering) husband Paul. Her and her family are also a billet family for the Charlottetown Islanders and host players in their home for the duration of the QMJHL season.


When she’s not working, she can be found at the soccer field, hockey rink, or one of the island’s many spectacular beaches.


Melanie’s commitment to the client experience is paramount and feels privileged to have supported so many wonderful clients over her extensive career.


The role of a great Realtor® is imperative to the transaction to ensure the best experience for everyone involved and I am truly blessed to have supported so many wonderful people from all corners of the world. I have had, and continue to have one incredible career.

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The Low Down on HOA’s

What Is a Homeowner Association (HOA)? 


Understanding Homeowner Associations (HOAs)

A homeowner association (HOA) is an organization that creates and enforces regulations and guidelines for a planned community, subdivision, or condo building. Anyone who purchases property within the HOA’s jurisdiction automatically becomes a member and must pay HOA fees.


Some HOAs are more lenient, while others are very strict with what members can do with their properties. Knowing whether a property comes under an HOA’s jurisdiction is important information to have during the buying process, and it is essential to ask your Realtor® this question.


HOAs are usually formed within communities or neighborhoods of recreational properties (cottages), single-family homes, or multiple-unit buildings such as townhomes or condominiums. The association is run by the community’s residents, and membership is a requirement to buy a home within the community.


An HOA generally has a board of directors or governors that enforce and oversee the HOA’s rules and regulations. An HOA typically describes its rules as restrictive covenants, which may include conditions for owners about the maintenance of their properties and allowances within a sub-division or building. These conditions can include structural restrictions, such as the type of fences or landscape allowed, or aesthetic choices like the color of paint on a house.


HOAs collect monthly or annual HOA fees that depend on factors such as the type of property, the number of properties in the HOA, location, amenities offered, and operating expenses. These fees contribute to the association’s reserve fund, which is set aside for major renovation projects or emergency use.

HOAs can impose fines on homeowners who are in breach of the rules or damage any common areas. In addition to imposing penalties, HOAs can also place a lien on a property if a homeowner falls seriously behind on their dues.

Pros and Cons of an HOA

Pros:
  • Set and enforce community rules
  • Protect property values
  • Provide services, amenities, and facilities
  • Offer self-governance

Cons:

  • Impose fees, dues, and assessments
  • Maintain restrictive regulations
  • Operate inefficiently
  • May be run amateurishly or ineptly

Knowing the ins and outs of an HOA can help you make informed decisions when purchasing or selling property within its jurisdiction.

If you have any question pertaining to HOA’s please reach out to me without obligation.

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Can the New PEI Rent to Own Program Help You?

With the population increase in Prince Edward Island through migration and immigration, the dream of home ownership has been dwindling away for many islanders. Despite efforts to build new houses, demand can’t meet supply which in turn has created well documented record breaking house prices island wide, making that life goal near impossible for many people.

To help support islanders with the dream of homeownership the government has initiated a new rent to own program for qualifying buyers and properties. So, if you’re looking to buy, I would encourage you to check it out!

For more information on this please see attached link from the Province of PEI

RENT TO OWN PROGRAM HERE 

If you have any questions regarding the market and support with your exciting first home purchase, as a first time buyer and residential sales specialist I am on hand to help you make your home dreams come true in 2024!

Want to know more? Have more questions? Need Answers?…

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