I Love Bubble Tea Vancouver

September 7 2015

Introductory guide to navigating this hot market

ftyang Archive, Business Seminar Business Seminar, Gary Wong, I Love Bubble Tea Vancouver, Social butterfly Club 0

Date: September 3, 2015

Name: Introductory guide to navigating this hot market

Presenter: Gary Wong

Entrepreneurs often find there is a strong connection between real estate market and their business industries. However, many of them do not understand how to navigate the current real estate market. Social Butterfly Club Meetup Group and Bubble Tea Vancouver invite Gary Wong, the author of “The Book on Vancouver Real Estate” to share inside tips, guides and strategies to analyze the real estate market. In this presentation, Gary Wong will provide some guideline for entrepreneurs who are looking for some introductory knowledge about real estate.

Gary Wong is the author of “The Book on Vancouver Real Estate”. Wong is a full time land-development realtor, licensed under MacDonald Realty, that focuses on structuring, negotiation, implementation and acquisition. Moreover, Wong has the passion to help his clients to find the right property that aligns with their long term vision. Wong is certified in negotiation, and is awarded 2013 MacDonald Realty Sales Achievement Award and 2014 Award of Excellence.

Start of Real Estate Journey

Gary Wong shares before he became a professional realtor, he was having a hard time climbing the corporate ladder in his job position. Wong decided to go back to school to pursue MBA program for further education. After completing MBA program, the reality hit him and realized practical experience in real estate career is far beyond what he expected. Therefore, he decided to start his realtor career from scratch.

“Only can absorb when you admit you know nothing”

Wong was inspired by Jeremy Lin Youtube Channel and decided to take change his approach in his real estate career. He began to ask himself an important question: “How do I compete?”. He created his career with a simple business model that helps other, serves other, and add values to other.

The business model helped Wong gained market recognition. Afterwards, he met his first mentor and published his first book.

Wong’s Real Estate insights

First time home buyers need to watch out for pre-qualify. Wong emphasizes pre-qualify is just an estimate figures and it is not guarantee. Wong suggests all first time home buyers to get a written confirmation letter from lenders. They should also watch out for letters that contain “subject to”.

Many buyers use building war strategy. In this strategy, Wong believes buyers should figure out the market value first and their willingness to pay. The bidding war usually have subject offer and subject free bids. Ideally, subject free bids will win; however, if buyers can incorporate seller’s interests into the offer, they will increase the chance of winning the bid. Wong suggests buyers to photocopy their bank draft to show commitments to sellers, which can increase the chance of winning the offer.

Wong introduces three types of mortgage brokers.

Mortgage broker who are working with independent brokerage firm
Bank Mortgage broker who are promoting their bank products
Bank Specialist who receives commission

Wong recommends buyers should never shop for the rate. They need to find the terms that fits their needs.

Simple Techniques that save thousands

Wong suggests buyers to look at the features and add values to it. They must be picky because they can find opportunity to squeeze something out to indicate to seller that it is moving condition. Wong also suggests all buyers to find a backup plan and never lock themselves into one offer.

Buyers should initiate home inspection. Home inspection can identify unknown issues and it is a good way to gain advantage in negotiation. Buyers can use the strategy of exaggerating the issue to push pressure on seller during negotiation. A concept Wong wants all his buyers to know is “expanding the pie”. This means they need to incorporate other services other than price. Buyers need to think outside of the box and figure out how to benefit sellers.

“Swap tangible with tangible”

Wong recommends buyers to submit two kinds of offers. The first offer should have the condition of subject to everything, and the second offer should be low price with subject free. This is a strategy to signal sellers that buyers are willing to adapt risks with low price. Furthermore, Wong believes time kills all deals.

The main benefit from a home inspector is to analyze the depreciation reports. The report contains problems with they building and plan to fixe it. Depreciation reports are mandated in the bylaw; however, home inspector cannot give any appraisal.

Wong suggests buyers to get home inspector every one and a half years. Wong believes all buyers should keep “3 always” in their mind during home inspection.

Always get home inspector
Always be there during the home inspection
Always choose a good home inspector

It is important to read strata documents because the documents can give buyers the right information and condition about the property. Meeting minutes, AGM, and strata plan are also important. However, buyers need to be aware that if the condition is not in bylaw, strata cannot force it. But bylaw changes all the time.

The Right Realtor

Wong believes there are 5 main characteristics that realtor should have
Knowledgable and able to educate
Willing to find answer
Disclosure and ethical
Build long term relationship
Confident

Many buyers have difficulty to choose either to rent or buy properties. Wong shares a benefit that most people do not know about renting is that based on statistic, landlords usually charge below market rate on rent. In addition, it is not easy to kick tenant out of the property.

As for buying the property, buyers need to remember buying a home is not an asset, it is a liability.

Winter can be a slow season on real estate market and spring can be a high season on the market. Wong believes the real estate market is very similar to any business cycle, which means there is pros and cons in every season. To determine the best time to buy or sell, Wong provides an advice of “Buy when you are ready and sell when you are ready”.

Real estate investing is not simple. Wong indicates it depends on situations, conditions, and goals. There are many ways to invest in real estate. The bottom line is, entrepreneurs usually charge high rent by providing additional services to add values to clients.

As for pre sell properties, Wong suggests entrepreneurs to select the right units that provides more values in the future. As for town house or apportionment, Wong believes it is not a good investment for short term flipping. Moreover, entrepreneurs should renovate to add value, and not just do it for no reason.

Oil tank inspection is also important, especially for 1970 or older buildings. The life span of the oil tank is 25 years, which means oil tank might leak. If oil tank leaks, it might create potential lawsuits.

Another advice from Wong is not to low ball the offer. Sellers are emotional and buyers should be careful not to jeopardize the offer. There is bargain everywhere. People see overprice listing and they walk away. Mark people will give offer to overprice listings because of no competition. Many people believes in Feng Shui. Sellers should take caution to people who use Feng Shui during the negotiation.

Sell for top dollar

Wong has some tips for sellers to increase the impression of their properties.

Make property as neutral as possible
Provide professional staging and photography
Focus on benefits and not the feature
Paint a vision for the buyers
Forecast of the real estate market in Vancouver

During early 2015, the Canadian government announced the decision to cancel China investment option for immigration. Many people predict the real estate market will drop significantly. However, the market did not slow down.

Wong analyzes that when China’s market goes up, people will buy and invest oversea properties. As a matter of fact, when China market goes down, people will still buy and invest oversea properties. This means the market in Vancouver will still go up. In addition, since the market is high, many locals are selling their homes for profits. The market will still go up and the competition will increase significantly.

March 15 2015

Power and Influence – Leadership concepts that earn greatest respect & drive

ftyang Archive, Business Seminar Business Seminar, I Love Bubble Tea Vancouver, Ryan Thomas 0

Date: March 5, 2015

Name: Power and Influence – Leadership concepts that earn greatest respect & drive

Presenter: Ryan Thomas

Many leaders are facing a lack of employee momentum problem in their organizations. When leaders are not receiving the mutual respect from their team members, they are frustrated and question their leadership strategies. This presentation is hosted by the meetup group called “I love Bubble Tea”. This seminar invites Ryan Thomas, a national officer from Canadian Forces, to share his knowledge of how the leadership in army supports leadership development. He also published his leadership book, “Become a Natural Leader: What a former army officer can teach you about leadership”. In this seminar, Ryan Thomas will explain the difference between management and leadership. Leaders will learn the simplest method to earn respect; moreover, leaders will improve their strength, motivation, and their identity.

In 17 years of military training, Ryan Thomas served as captain for 11 years. After the completion of his army, he participated in local dance community, accepted Sales Manager role in Australia, and educated leadership concepts in Canada. Thomas believes the passion in communication comes from the words people are using. While training in NLP program, he understands the importance of relationship building, which helps him develop the impact of combining leadership and military.

Is leadership important?

Thomas believes people are the social creature. They tend to be in small group that looking for direction. People need leaders. When organizations do not have leaders, the operation productivity will not be effective. In the end, hierarchy will be formed.

Many leaders think leadership is equivalent to management; however, Thomas emphasizes manager is not always equal to leader. In Thomas’s experience, he explains that he had to choose a direction to serve oversea or Chilliwack. He selected Chilliwack and accepted the instructor role to see day-to-day operation. As an instructor, Thomas trained to handle stress, become solider, and earn respect. Afterwards, he accepted another role of Assistant Operating Officer in Edmonton.

The way to earn respect is a big deal

The way to earn respect comes from action. Thomas shares his colleague from army to his respect from losing a limb and still returns to war. Another colleague accepted the duty in Afghanistan and lost her 2 team members. Thomas indicates in leadership, principle is all the same.

“You cannot force people to give respect; they need to earn it first”

In the military, it is mandatory to complete the leadership courses. The course contains military responsibility, professional development, physical fitness, curriculum activities, and bilingual language. After 5 years of taking leadership courses, the true leadership starts. With all the military leadership training, Thomas encountered many personal leadership challenges.

Thomas shares an example of women issue. Thomas faces a woman who do not feel she has been respected and challenge the issue with unnecessary force. This results of women in anger. Nevertheless, Thomas recognizes he has leadership issue. While he researched the woman’s history, he changed his approach to dissolve the problem. Thomas believes it is important to understand and be accountable.

Thomas shares another example in the military service. Thomas encounters a man with 3 harassment complaints. He could not talk or communicate with people. After the investigation, he realizes he is the one with the problem.

Thomas believes leading by example is important. He is inspired by a military leader who takes the time to know his troops. He manages to encourage army of 1000 to run together. He is also inspired by another military leader that creates the friendly atmosphere. The leader creates the trust and allows others to trust her. People respect back and create more respect between her and her troops.

“If you have a problem without a solution, you are just whiny”

Leadership culture

All leadership concepts are the same. Thomas believes leaders need to inspire people with values and allows values to become a part of the company. Leaders must recognize other values and encourage them to be the character of the company.

Leadership management

Management is given to people to manage the resource. This includes tasks, roles and responsibility. However, leadership is different because it is lead people with values. In the economy, big business and investors will find ways to create system to generate profit without the leaders present. As for employees and self-employees, they need to be present to generate profit.

Thomas believes it will not work if leaders cannot treat people as resources. In fact, leaders need to treat people as a part of system that helps them earn profit.

How do leaders earn respect?

Thomas believes feedbacks from success and failures are significant. Without feedbacks, people might not be effective in military. Thomas provides a simple list for leaders to identify people who respect their role.

Not Respect	Respect
A lot more drama	Not abuse system
Arguments	Inspire to work
Against system	Offer feedback
Bare amount of effort	Extra effort and offer new solutions
Ineffective employee	Job opportunities

Thomas also shares 3 ways to recognize people who give leaders respect.

People who will ask advice
People who will invite conversation
People who will stop talking when leaders are talking

Thomas shares three ways to earn respect

Lead by example
Accountability
Listening

People give respect when leaders perform the tasks in front of their team members. It is important to show people how leaders want them to become. It is necessary to learn the ability to recognize leader’s mistakes. In addition, leaders cannot be controlled by ego. Many people feel weak if they admit their mistakes; nevertheless, Thomas believes in the long run, people will obtain the strength to face the future challenge. It is proportional.

During the interaction, it is leaders’ responsibility to ensure the team understands. It is leaders’ responsibility to reconsider the value from communication. Therefore, leaders need to listen and consider others perspective. Thomas suggests leaders to reevaluate and ensure what other’s need and allow them to be heard.

Leadership assertiveness

Thomas illustrates there are 4 types of people. Passive people have no real boundaries. They believe they are nice people and people will be nice to them. Aggressive people are violent. They force people and people fear them. Passive aggressive people are the combination of passive and aggressive characteristics. They are too afraid to bring it up, but they always say something aggressive. Thomas believes these three types of people are manipulative. Leaders need to become assertiveness people. They are responsible their own believe, actions, and desire. Others can decline, and they can decline others as well. They create their own boundaries with no emotion behind. Thomas believes assertiveness people will earn respect. Assertiveness people shift their relationship and filter out all the negative people in their lives.

Leadership change life

Leadership changes Thomas’ life. In the military, there was a time he felt a complete failure due to his personal issues. He could not handle the stress and started to quit on every opportunities. When he was depressed, his supervisor, Captain Steve Parker, encouraged him to seek for help to resolve issue. That was his first time in military that feels people are listening to him and care for him. He pulled himself out. Up until this day, Thomas is still respect Captain Steve Parker.

“You need to step up or else you are hurting the team”

Questions and Answers

The most pressured moment in Thomas’ military life is when one of the officers’ personal information got leaked. He needed to calm down and control the situation. Even though he was not responsible for the situation, he was accountable for the result.

Many leaders treat work as friends. Thomas feels it is difficult to separate friendship and work. This is a part of his personal leadership style. Thomas believes leaders can still be respectful leaders but they do not need to know all the details from their team members. Create positive communication is what matters the most.

In corporation, employees will see their boss’s effort. The leaders in corporation need to create social atmosphere. Leaders need to demonstrate they are working the extra effort for their corporation values. People respect leaders who they are standing on their values.

The next step in leadership

Thomas illustrates the common leaders’ leadership pattern.

Stimulus -> Habits -> Behaviors -> Awareness -> Punish

A majority of leaders punish themselves based on the awareness they react, but they are not changing the behaviors in the long run. Instead punish, Thomas suggests leaders to reward awareness. By rewarding awareness, it will eventually change the behaviors.