Our guest today is Shaun Cunningham, a realtor with the central branch of RE/MAX in Edmonton. Shaun is here to discuss the current market issues and how he initially got into real estate.
[0:18] What got you into real estate?
- I was in the auto industry for 12 years and just transitioned from cars to houses. It was an easy move.
[0:30] Are there any skills from the auto industry that have helped you in real estate?
- Whether you are selling a car or a house the end goal is the same: To help the client accomplish their goal and help them get it done.
[0:50] Is there an area of the city that you focus on?
- Most realtors focus on where they live, so I focus on Northeast Edmonton. Of course, we can go anywhere; I do business all over.
[01:23] I’ve heard that we are at a record low of inventory right now.
- What’s happening is a perfect storm because sellers don’t want to list when it’s 30 below outside, and with interest rates going up in November, people pre-approved before that are running out of time to find something so there are a lot of buyers looking to buy.
[02:55] Do you think we are heading towards a more balanced market?
- I think it will stay a seller’s market for the next few months, depending on interest rates.
[03:38] How do you think this pandemic spring will compare to the 2 previous ones?
- It depends on how many people are going back to the office. Many are working from home permanently and want more space, etc.
[04:52] What else are you seeing in the market?
- $300,000-$400,000 was the the hot price point, but due to low inventory this has changed now to $400,000-$500,000.
[05:50] Are you seeing a lot of people moving here from out of the province?
- With the prices so high in Ontario and B.C. there is a lot of interest from people moving here from those provinces.
[07:06] What prompted the move to real estate?
- I had plateaued in the auto industry, and there is no better feeling than giving someone the keys to their house.
[08:24] What are the major stressors you come across?
- Going through the process with clients, every step has the potential to go wrong. You need great people like home inspectors and lawyers to help you reduce the stress for everyone.
[09:34] What was your most frustrating day?
- A day of possession, the clients and I pulled up to their new home and the entire driveway was filled with garbage.
[13:05] What’s the best real estate advice you’ve ever received?
- Focus on the client.
[15:07] What do sellers need to be aware of?
- Getting property reports done on time, residential measurement standards, and material latent defects.
- It’s also essential to get sewer lines checked. They can be a costly future problem.
[20:25] How do you manage buyer expectations?
- Communication is key in every transaction, making sure they are well informed throughout the process.
[24:32] What do you say when clients want to get aggressive and drop conditions?
- I give them all the information and explain what could happen if you don’t do the necessary things.
[25:20] Are you expecting a turnaround on condos?
- We need to improve buyer confidence to change it.
RE/MAX Real Estate – Central Branch
#200, 10835-124 Street,
Edmonton, AB T5M 0H4
Cell – 780.265.0165
Office – 780.488.4000
Email – firstname.lastname@example.org
Website – www.shaun.cunningham.remax.ca