Vacation properties have been around for decades, but their popularity has sky-rocketed over the last few years. What’s driving that trend, and how is it changing the current market? Heather Bayer, co-founder of Vacation Rental Formula, joins us for a deep dive into the dos and don’ts of vacation property investment, how the sharing economy has affected the way vacation rental businesses operate, and the responsibilities all owners have to their guests and neighbours. From helping your clients find their own vacation property, to what the next year may hold, Episode 18 of REAL TIME is a must-listen for the latest trends and insights.
Erin Davis: Welcome to REAL TIME, a podcast for REALTORS® brought to you by CREA, the Canadian Real Estate Association. We are all about sparking conversations with inspiring people about all things Canadian real estate and topics that impact REALTORS®, and really all of us. I’m your host, Erin Davis and our guest for episode 18 of REAL TIME is actually a host in a lot of ways, and you’re going to find our chat fascinating. The appeal of vacation properties skyrocketed during the pandemic as Canadians look to create memories close to home. This scramble for real estate dovetails with another phenomenon, vacation rentals and the sharing economy.
With record numbers of people looking to get away close to home, can any property become a vacation property, and what are the pros and cons of investing in one? In episode 18 of REAL TIME, we take a closer look at the trends and opportunities with Heather Bayer. She’s a vacation rental expert, speaker, podcaster, broadcaster, and mentor of short-term rental managers and owners. Heather Bayer is also CEO of one of Ontario’s leading cottage rental agencies. We’re thrilled she could carve out time to be with us on REAL TIME during one of her busiest seasons ever. Thank you, Heather, for joining us. This feels like a virtual vacation and no matter the time of year, I think we can still all use one. I appreciate your time.
Heather Bayer: You’re absolutely welcome, Erin. It’s an absolute pleasure to be here.
Erin: You’ve been in the vacation rental business for more than 20 years. How did you get into the industry, and what makes you so passionate about it? Tell us your story, Heather.
Heather: What it was, it was very much by accident. I’ve been a serial entrepreneur since the 1980s. I love to start-up businesses, but until 1998, I’d had nothing to do with hospitality apart from partaking of it myself. In fact, at that time, back in 1998, I was running a management training company, I had a psychotherapy and hypnotherapy practice and happily hypnotizing people and running my training and it was great.
Then the adventure started. My brother was getting married in Midland, Ontario. Of course, as you know, from my accent, you can probably understand, I was in England at the time. He was getting married in Ontario. A week later, my niece was going to be married in Ann Arbor, Michigan. We had a family of 12 Brits and Scots, and we planned this two-week adventure and my brother organized our accommodation in Ontario. It sounded absolutely marvelous when he told us. It was a four-bedroom cottage on a pristine lake, and that’s all he said, and it’s something we never experienced before and we just couldn’t wait for this to happen.
What he conveniently forgot to tell us was that it was a water access-only property. Although we were ferried across to this cottage on this very nice motorboat by my future sister-in-law’s stepson, all we had after that was a tin boat with a nine horsepower motor, which was meant to ferry us back and forth to the mainland and the motor kept going wrong and things were happening. He also neglected to mention that the cottage hadn’t been occupied for the previous six months. At least it hadn’t been occupied by humans and it was overrun by mice and for the first three days, we cleaned the place.
Which sounds like a complete nightmare, but in fact, it was probably the most amazing vacation we’d ever had. We swam in the morning at dawn with the loons, I’m getting poetic here. We sat around the campfire telling stories and roasting marshmallows, and it was bliss, idyllic. On the last night, my sister and I sat on a rock and we were having a gin and tonic and looking out over the most amazing sunset, and I just said, “Hey, we could do this. We could actually buy a property and rent it out and do it much better”.
My husband always raises his eyebrows. When I always say those four words, “I’ve got an idea”, he wants to run a mile. I went back to UK and decided we’d go into the travel industry, and I was going to source the best in Ontario cottages and rent them to the British market. Oddly enough though, in a couple of years we did that, we got more business coming from Toronto, calling us in the UK and trying to rent a cottage two hours north of them.
Eventually, I moved out in 2003. I’d had enough of going backwards and forwards to Ontario every six weeks to buy another property because we kept buying them. We had six at one point and I was also looking at third-party properties and managing them from England. My husband had been in the UK military in the RAF for 35 years and it was time for him to retire. We said, “Hey, let’s move to Ontario.” That was the start of the adventure and here we are 18 years later.
I now run one of Ontario’s most popular rental management companies along with my business partner. We have 160 properties and I’ve written a book about how to rent. I have a podcast with 400 episodes and nearly a million downloads now, and I live, eat and breathe this business. Yes, the passion that started in 1998 has not waned one iota since then.
Erin: What an incredible story. I’m still stuck on the hook that you were a hypnotherapist and a psychotherapist because I want that in everybody that I know, oh my goodness, boy, you changed lanes in such a big way. Of course, the whole world did in the past year and a half, Heather, with COVID-19 having such a major impact on travel and tourism. What have been the immediate effects on Canadian vacation rentals that you’ve seen?
Heather: It’s been a story of famine and feast really because it depends where you are. Here in Ontario, we serve a domestic market, so 90% of our travelers come from the major cities from Toronto, with less so from Ottawa, but it’s domestic. When the borders closed and people couldn’t go traveling, they decided that they would stay at home and do the staycation, and that turned out to be the best year in 2020 for us. This year, 2021, it is just as busy, if not busier. We’ve never had busier years. However, that’s not the same for every part of Canada because there are areas that don’t have that high level of domestic travel. They have more international travel people crossing over the border.
For example, property managers and owners, let’s say in Canmore and Banff, less likely to have a domestic market because it’s only an hour or an hour and a half away from Calgary. People are more likely just to do a day trip rather than to book accommodation because the majority of their business comes from the US. Many of the managers I spoke to have told me about the famine effect. It’s been the same in the urban markets for those who had properties say in downtown Vancouver or in Toronto or in Montreal because people weren’t visiting the cities anymore. It has been either feast or famine.
Erin: Do you expect, Heather, the pandemic to influence any long-term trends even after we returned to, “Normal”?
Heather: The issue of what’s going to happen next year, don’t we all wish we had the crystal ball, and people say, “when we returned to normal”, always waving those air quotes to normal, we look at it two ways. We’ve had to explain to a lot of new owners this year when they bought properties and they paid a lot of money for it, and they are coming into it at a period of the highest rental rates we’ve ever seen.
We raised our rates between 25% and 30% this year just to remain competitive, and owners have come in saying, “This is amazing. I’ll feed this into my spreadsheet.” We’re going, “Whoa, whoa, whoa.” 2022 could be very, very different because we don’t know what’s going to happen when international travel helps people to move south and move east and west, just go away from where they’d been stuck for the past 18 months.
On the other hand, some people have found the secret door to what’s in their backyard, which is lakes and areas of pristine natural beauty that they may not have even realized was so close to home. Yes, a crystal ball would be fantastic. I’m ever the positive. I always have a glass completely full, and I am suggesting that we will probably maintain some good rates next year, good occupancy, but there’s always a but isn’t there? We’ve also had this massive increase in rental inventory as well because everybody that’s come in and bought properties has been wanting to rent it. We’ve got a large inventory too. There’s a lot of moving parts in this and we have a lot of fingers crossed right now.
Erin: In talking about the prices of cottages and cabins having skyrocketed by as much as 30% and I’m sure you’ve seen percentages even higher than that, Heather, does renting the property suddenly make owning more realistic for the average Canadian?
Heather: I think it’s the only thing people can do unless they’ve got oodles of money and can maintain two properties, one of which they just spent way over the odds to get hold of, I think they have to rent. In the past, rental was seen as something that you did to just fund the project, fund the renovation or a new deck but now, the buyers that I’ve been speaking to over the past year see it as an absolute part of their investment strategy and it has to be built in to ensure costs are covered.
There’s the mortgage, there’s taxes, there are all the costs for rentos because many people have bought properties that need significant renos to be able to be put into the rental market. Yes, renting does make it more realistic.
Erin: Coming up with three kinds of rental property buyer. Are you one of them or perhaps one of your clients is? As we mark a year and a half of CREA REAL TIME episodes, why not take the time to do a bit of a deeper dive into some of the fascinating and still very timely chats we’ve had? REALTOR® Chris Jovic is an expert in his field on sustainability and you probably saw him quoted on CBC just last week in a piece about climate change and homeowners’ protection. You’ll find him in Episode Two of our first season. Subscribe, so you don’t miss any of our talks. Go to Spotify, Apple, Stitcher, or visit CREA.ca/podcast for more details.
You have cited that there are three types of buyers, can we break it down into the three, and then we’re going to focus on one of them in particular because I know you’ve piqued a lot of people’s interest in this today, Heather? Let’s dive into that a little bit, shall we?
Heather: Buyers come in many different shapes and forms but you can usually put them into three separate buckets and the first one is the traditional family buyer. This is usually people who’ve been brought up going to the second home, whether it’s on Vancouver Island, whether it’s in Ontario, whether it’s in Nova Scotia, it doesn’t matter. They’ve had the second home that they were brought up as kids going to on vacation.
As these kids have now grown up into adulthood with their own families, they want to recreate that and we see a lot of those, “We want to buy something so our children can experience what we did when we were kids”. Sadly, I don’t think it’s going to work out that way because when those parents were kids, there was no internet, technology wasn’t as it is now and I think it’s a little bit of a pipe dream expecting that their kids will be just as happy with some water and some sunshine and not have YouTube and TikTok however-
Erin: Logging on meant actually putting wood in the fireplace.
Heather: I love that. The second group are the retirees. The ones that are looking at it and thinking, well, if I don’t buy in now, I’m not going to get into it in the future and I want to retire to this place. They want to get in early, buy what will be their second home, and use rental to pay off as much of their costs as possible until the time comes for them to sell their primary home and moved to it. We see quite a large proportion of those as well and while they’re not using it, they’re going to pay for it by rental.
Then the third type are the pure investors and Airbnb has delivered us a lot more investors because it’s made it so much easier for people to get into the business and taken a lot of the work away from it. An investor can come in, buy a property, perhaps engage a co-host, somebody who will manage it for them online, and then they just sit back and take the money and that’s a very lucrative business if you’re doing it in the right area.
Erin: It sounds very lucrative. It sounds very attractive and now we’re going to focus on that, let’s hone in on number three, that third group. What would you say, Heather, are the benefits of owning or managing a vacation rental and don’t forget this woman has been doing this for 20– and I’ll say 20 odd years because I’m sure they have been odd, my dear.
Heather: Still are.
Erin: I bet you. Every day, a new adventure, if you want to call it that. All right, what are the benefits of owning or managing a vacation rental, Heather?
Heather: The benefit, certainly from an investor standpoint, is over a period of time, that property is going to increase in value, that’s basically it. When I started to invest here in Ontario, it didn’t take very long for my investment to increase in value, and I was able to use rental to pay all the costs involved, and the capital grew, and I sold each one for a nice profit, but that didn’t take very long. Now I think the benefit is only if the investor is going to be in there for the long haul because we don’t know what’s going to happen with property values.
There’s benefits to doing it yourself. There’s two models of running a short-term rental business. I say business because every single person who buys a property to rent is going into business. They’re joining the travel and tourism and hospitality business. Something I always say to my owners when we first take them on board as property management clients, is regardless of whether you’re doing it yourself or you’re using a property management company, you’ve now entered the hospitality industry and there’s huge responsibilities that come with that.
Erin: That really does seem like an aha moment, I think, for a lot of people, that suddenly you are part of the hospitality industry, you’re not just mom and dad renting out a cottage on an island or something, you’re part of a much bigger picture.
Heather: Yes and mom and dad did it 20 years ago and they just put the sign on the lawn or a classified ad in a newspaper but now to achieve success, it has to be done professionally. Every part of it has to be done professionally. From the photos that are taken, to the amenities that are offered, to the level of communication with guests. It’s no longer the quick phone call with somebody saying, “I want to rent your place” and you saying, “Yes, come and give me $750 at the door when you arrive on vacation and leave it as found.”
I’m glad I experience that actually because I remember arriving at so many properties to find that the previous guests hadn’t cleaned it so I had to start cleaning it myself but that was the way it was then. Now, it is so, so different. People are expecting– let’s talk about the guest expectations because guests, we don’t call them renters any more, they’re guests and they have massive expectations.
They expect their vacation rental to be as well presented as a good or top class hotel or resort and any deviation from that brings a complaint and that brings me to something else is that we live, eat and breathe by reviews. Anybody going into the business now has to understand that that you can’t go into it half-hearted because the moment somebody gives you a negative review, wherever you are, whether it’s on Google or Airbnb or VRBO, that almost can spell the death knell for your business at the very outset.
Erin: Coming up the pros of hashtag book direct. How many people use the bigger companies and why your client may want to go his or her own way or not? Whether it’s by a lake or walking distance to the best mall in the city, the heart of your home is the living room, we get that. It’s why REALTOR.ca Living Room is your source for free engaging content for your social feeds. From key 2021 housing trends to design tutorials, Living Room is here to bring you entertaining and inspiring articles. Pull up a chair and join us there, won’t you?
Now back to Heather Bayer, CEO of one of Ontario’s leading cottage rental agencies and our guest on REAL TIME. What share of vacation properties are independently owned and managed, do you think, Heather, versus those managed commercially or by an agency?
Heather: There’s two ways of renting out a property: one is the do-it-yourself model and the second one is to go with a property management company. I don’t think I’ve seen any real statistics that show what that ratio is. I would say it’s somewhere around 70% independently managed and maybe 30% are managed by professional agencies. I could be way off whack there but that’s what it’s certainly what it seems to be here in Ontario when I look at the wealth of properties that are available on some of the major listing platforms.
By listing platforms, I mean platforms like VRBO, what used to be Home Away, what used to be Canada Stays, they change every month, it seems and, of course, Airbnb, but if you go through Airbnb listings, you’ll see probably about 70% of them are managed by the owners and probably about 30% are managed by agents.
Erin: Do independent investors compete with property management agencies for the same business, do you think?
Heather: Oh, yes, absolutely. Yes, we all compete for the same travelers. I think what we have as property managers that stands us out is that we have much better marketing clout. We don’t have to just sit on Airbnb or VRBO. Every property management company has their own website; they go for the direct bookings. In that way, we tend to achieve many, many more repeat guests because we are encouraging people to come back to us. If you’re advertising on one of the major platforms as an independent owner, somebody will see your property and then perhaps go on to another property and never come back to you again.
At least with an agency, as a guest, they’re probably going to stick around with that agency if they get really good service. About 70% of our guests are our returnees every single year, not necessarily to the same property but they come back to our company every year. That’s the same for many of our competitor companies.
Erin: Well, and that’s the best review you can possibly get, isn’t it? That and referrals, right?
Heather: Oh, absolutely. When we have guests who are now on their 16th, 17th, 20th visit, and they post that on a Google review, you don’t get that if you are doing your own advertising. That’s a benefit. That’s real benefit of going with an agency. I always talk to new owners just about these two different options they have and suggest that, start with an agency and get your feet on the ground of this hospitality while somebody is holding your hand and they’re helping you through absolutely everything, they’re dealing with the issues that come up, but then sharing why those issues came up and how you can prevent them in the future.
We have a lot of owners who come to us maybe for the first one or two years and then go, “Right, I’m ready to take the training wheels off now”. They go off, they create their own websites, and love doing the marketing and management themselves. You have to bear in mind that it’s not just a matter of posting a listing on one of these websites, you have to expect to hear from your guests, sometimes 10 times a day with the most minor things.
Erin: Okay, the questions and I’m sure a lot of them have to do with things that maybe perhaps city dwellers have never seen before like there’s a skunk in the yard, what do I do? Or there’s squirrels or whatever, you’ve probably heard them all, Heather, I’m sure.
Heather: Well, yes. Just recently, “There’s a bat in the bedroom”.
Erin: Oh, how lovely.
Heather: Guest woke up in the night, and there’s a bat flying around the bedroom. This is two o’clock in the morning. Now we have a 24-hour call answering service and somebody will answer the phone at two o’clock in the morning. We were talking these guests through their panic and their fear and anger because we had let this bat in apparently.
Erin: Yes, really, your fault. That has to be something that a potential owner who’s looking to have guests in their property is going to have to be able to commit to. You are basically on call 24/7 or you’re not giving people maybe what they’ve come to expect.
Heather: That’s exactly it, Erin. We are on there 24/7 and I noticed last night, my customer service manager was still answering texts at half-past eleven about how to get the Wi-Fi to work in a property. For that guest, it is hugely important to them. They might be night people and they’re going to spend the evening and night working and they need that Wi-Fi. Yes, if you’re doing it yourself, you’ve got to have somebody who’s able to deal with those things at any time because we live in a 24-hour society and we can’t just say, no, you’re only allowed to have an emergency between the hours of this and this and your emergencies can only be in these categories.
Erin: Yes, that’s right. Because people aren’t all just there to kick back on floaties. There are people like us who work from remote locations and need that Wi-Fi. Okay, well, you know what, we’ve talked about remote locations in terms of truly rural and remote but can any property like a condo be a vacation property, Heather?
Heather: Any property. You’ve talked about RVs and trailers and things being turned into rentals. Yes, there’s tree houses and there’s yurts and air streams. Absolutely anything can be out there now as a short-term rental property, providing it meets with local regulations and that’s the big, big issue right now. Cities, townships, municipalities across the world are getting into the idea that this industry must be more regulated than it currently is.
Erin: Do you agree that it needs more regulation?
Heather: I do. I do agree that it needs some regulation. I’m fully in favor of licensing properties because I believe that a licensed short-term rental property that meets the proper safety regulations, et cetera, meets occupancy limits, is a responsible rental. The whole issue of responsible versus irresponsible rental is what has made some of these municipalities and townships go this route anyway. I’m in Huntsville, Ontario, we have a great system, every short-term rental property has to be licensed, somebody will come out to the property and check that there are fire extinguishers and CO monitors, et cetera. Check for egress.
You can’t rent a place with a bedroom that has no window, that hasn’t got the two methods of egress, for example. Once you’ve gone through the licensing, then it goes up on the township website and the guests actually pay a 6% hospitality tax to stay at that property. That tax goes to the township. Now, there’s arguments against this, but quite honestly, I think fair regulation is what we all need.
Erin: It is because there will always be those who ruin it for the rest of us and you also have to make peace with the neighbours too, in terms of occupancy and noise. We’ve all started to see signs in different areas that say “Ban short-term rentals”, and that’s not a nice feeling if you’re going in there for a week or two to know that you’re not welcome. If everybody’s on the same playing field– I do have a question, Heather, how much is the license? Do you know?
Heather: The licensing varies, certainly here, every township seems to have its own. They vary from $500 to $2,000. Once they get up to that level, they are trying to knock out the small players, which I think is a shame, because often, it’s the smaller rental operations that just renting two or three weeks a year to pay some taxes, those are the most responsible.
I think putting a high figure on licensing cuts those out. The people who are buying multiple properties, investing in multiple properties just to yield the greatest income aren’t going to be bothered by $2,000. I prefer to see the lower rate, $300 to $500 on an annual basis to pay for inspection and have some fair criteria for rental. One of them being occupancy so that we don’t see a three-bedroom cottage being open to 20 people, for example,
Erin: Right, there’s that. That’s where their screening of the potential guests comes in too. It goes back to being in the hospitality industry. If you’re just some person who’s playing with a whole bunch of little houses and hotels on the Monopoly board, you don’t really care who goes into them but if you’re invested in that property and in your neighbours, you want to make sure that those people going into that place are not going to be partying at all hours because they’re on vacay, right? Or in the one case, you had someone who was complaining because the guests were too darn friendly.
Heather: This is an issue that you will get in more residential areas where there’s been an influx of short-term rentals where it was all generally nice and tranquil residences, and now you have what they’re calling the revolving door. Every week, a new group arrives. Every week, they’re excited and they can’t wait to get going on vacation, and they meet the neighbours and the next-door neighbour is really friendly and they ask him over for a drink or ask the family for a barbecue. That was when we did hear from one neighbour of a property that said, “I really like having the rentals next door but could you possibly tell them to stop being so friendly?”
He said, “Because if I responded to every request or every invitation for me to come across for drinks and a barbecue”, he said, “I’d never get my gardening done”.
Erin: Oh my goodness, one must have his priorities. Oh boy.
Erin: When we return with Heather Bayer, the important big eight questions a REALTOR® needs to ask if a client is considering buying a property and entering that hospitality business of which Heather speaks. Here’s another number, nearly two million, that’s how many searches there were for REALTORS® on REALTOR.ca in 2020. You can make the most of those visits with the REALTOR.ca tools provided as part of your CREA membership.
What questions should a REALTOR® ask their client to determine what kind of vacation property is going to be the best fit? Because I think if I’m living in, let’s say Toronto, because you’re talking about Toronto and Midland, I think, okay I’d like to get someplace say up in Georgina or Keswick. Certainly, I can’t go in there knowing little but a REALTOR® who’s going to represent you should make sure you’re going to be the right fit for this kind of a position as a hospitality owner. Help us help REALTORS® know what to ask and find the right fits. Would you please, Heather?
Heather: I think it’s really important that a REALTOR® assesses what the buyer’s goals are for rental, is it for pure investment? You want to get the maximum out of the property. In that case, then the property they should look out should be year round not a seasonal property. Also, to find out what level of ownership they want. How much do they want to use it themselves. Because you get to this point where you think, do they want this as a pure rental? In which case they might want an entirely different property from one that they’d want to use themselves.
For example, a nice riverside property that is rentable year-round may suit somebody who wants to get as much rental income as possible because a river property will rent. It’ll rent really well, but it may not suit a family who wants to use a Sea-Doo or go water skiing. They will be better off getting out onto a lake. Whereas rental guests in general don’t have their own boats, so they have different needs. It’s a matter of assessing the needs of the owner and telling them about the different types of things that guests want because often what owners want and what guests want a very, very different.
I actually like to, if it’s okay, I’ve got some questions actually, that an owner would ask a REALTOR®, which is turning your question around a bit, but there’s eight key questions that your buyers could ask. If you can get these answers right, then you’re going to have a happy buyer who buys the right place.
The first one is, they’re going to say, what’s the best area to buy for getting the best rental occupancy? You mention Georgina and Keswick, that may be okay in terms of summer occupancy, not great for the Winter. You might know that to get up somewhere where there’s a ski area, maybe not so much Collingwood, but perhaps up towards Mount St. Louis Moonstone, about two hours north of Toronto, they’re going to get better rental value in that area. It’s about knowing the different areas where they’re going to get the best occupancy.
Second question: what rental rate should I expect in each location? That’s just a matter of researching what’s being charged for different styles and types of property.
The third question is what do rental guests look for in a vacation property in this location? Your knowledge of the tourism demographic is important. If you have that information to hand to know that there’s a strong winter market and to know that you’d need an open source of heat, a fireplace and a sauna, might be more important than a on-suite bathroom, for example. Travelers have very different needs than the second homeowner who’s using it for their own purposes.
The fourth question would be, do you know of anybody who can manage the property in my absence or who can manage a property for me? That’s all about talking to local property managers, rental managers and finding out what services they offer and perhaps going into some referral partnership or something like that. We work with quite a number of real estate agents just on a very flexible basis that really, really helps because they know how we work.
The fifth question we’ve just covered, every REALTOR® needs to know what restrictions there are in any area because these restrictions are becoming more commonplace. Awareness of zoning, bylaw restrictions, anything that’s there and also anything that’s upcoming. It’s always worthwhile really. This is a really good tip that I heard from somebody else is in an area where somebody is looking, go into the municipality or the township website and look at their meeting minutes and just put it in the search box, short-term rental. Something may come up that says somebody raised this and there’s a likelihood that there’s going to be some action taken in the future.
Number six: how is rental income taxed? That’s always good to know because we’re always asked that, I always refer people to an accountant, but you will get asked that question.
Then number seven is knowing what the seasonality of rental activity is in the location. Majority of areas have seasonality built into the rental potential. Just go into the local tourism office. They will usually have that information on the inbound traveler demographic. Low and shoulder season vacancies can really impact a bottom line. Any prospective owner wants to have a clear indication of what they should expect, particularly in areas where there’s a high concentration of rental properties.
Lastly, and I touched on this, is who is this rental demographic? Where did the guests come from? As we’ve seen in the last two years, that is super, super important. Is it a driving location? Is a domestic market? Is it predominantly flying? What’s the age demographic? How long do they stay? Do they stay for short, two nights? Do they stay for weeks?
Those are the eight questions that I think every REALTOR® should be prepared to answer. You could actually create a binder for prospects demonstrates that the vacation rental business and how it’s presented and operated in your area because that’s so invaluable for anybody wanting to invest.
Erin: Absolute gold. There’s more to come including a real eye opener for me and probably for you on how potential property owners can keep their eye on just how many people are in their place. It’s not how you think. I love learning new things through hosting REAL TIME and I hope you feel the same way listening. Here’s another way of tapping into the knowledge of REALTORS® across the country and sharing your own lessons and insights. Visit REALTORS® Corner on CREA Café, a hub of content created by REALTORS® for REALTORS®. Check it out.
We return now to Heather Bayer, vacation rental expert, a speaker, podcaster, broadcaster, and mentor of short-term rental managers and owners. Heather Bayer is also CEO of one of Ontario’s leading cottage rental agencies. She wants us to remind you to #bookdirect.
Before we look back at 2021 and maybe ahead into 2022, let’s talk a little bit about high-tech. You mentioned a binder and there something about holding a folder in your hand and looking through those pages and knowing that your REALTOR® knows her or his stuff when it comes to what you want to know. I can’t even fathom the changes that you’ve seen in the past 20 years in what you’re doing and how it has changed things. How do you anticipate tech is going to further transform the short-term rental industry in the future specifically post pandemic, Heather?
Heather: Tech has come a long, long way. Nowadays there is tech for everything. I was talking to an owner this morning who was talking about how do we know how many people there are in their property? In the past, I would’ve said, well, you don’t, you don’t. Once people arrive, if it’s a remote-ish property, you don’t know whether they brought in 10 of their friends. Now you can use a device called StayFi. That ensures that anybody in the property who wants to connect to the Wi-Fi has to register their email address.
Erin: Oh, that’s good.
Heather: There is another one called Party Squasher. That one just detects how many working devices there are in the property. It would detect how many phones, how many tablets, et cetera.
Erin: Wow. I thought you were going to go with ring cameras and stuff, and that can get hanky, right? People don’t want big brother or sister watching over them, but it’s your Wi-Fi, you’re paying for this? Oh my, that’s fascinating, Heather.
Heather: There’s a third one called NoiseAware. Which I love NoiseAware. This is better for maybe for condos because it measures the decibel level in your home. You can set it to a particular level and for a particular duration. If you’ve got a family in there and they’ve got a screaming baby, then it’s going to register. If that goes on for an hour, you might consider that maybe it’s not a screaming baby, it may be this fledgling party just kicking off.
Erin: Or hit the Mary Poppins App and make her appear and take care of the child. That’s your next thing, Heather.
Heather: As an entrepreneur, I’ve just filed that away.
Erin: All right, so let’s do this. Let’s fast forward a few months. How do you hope to describe 2021 when you look back on the year?
Heather: Best year ever.
Erin: Good for you.
Heather: Well, that’s me. I hesitate to say that because it sounds as my nine-year-old granddaughter goes, “Grandma, you’re bragging”.
Erin: You’re not bragging if you can do it. That’s what I say.
Heather: Exactly. Yes, best year ever, but also, I look back on a year of learning because we’ve had plenty of time to learn. The first six months of our year were canceled, basically. We’ve had everybody out there learning new stuff. It’s also been a year of tolerance. We’ve learned that everybody is so different and people will react to things in very, very different ways. We’ve seen that more so in the last year. I think we’re coming out of this. I’m talking in terms of my company, we’re coming out of it as a kinder, more tolerant and accepting company.
We are far more accepting of somebody who’s going to flip out because the neighbours have a party one night, and we’re far more accepting of somebody who goes bananas because there’s an ant. People are reacting. We used to say they’re overreacting, but no, they’re just reacting a little bit differently to what they would normally do. I really thought about this and I think tolerance is the biggest thing that’s come out of it for us, but also a lot of excitement about getting out of all this and what’s going to happen in the future.
Erin: Oh, I love your full glass, Heather. Thank you. Thank you. Thank you for joining us. It’s been insightful, delightful. I got to give you a plug here because you’re in the midst of writing a course.
Heather: Yes, I am building a course for people who are going into this business, who are going to invest and want to treat it as a business. I wrote a book back in 2005 and then went into the podcast. Now I think I’m trying to get it all down into a really easy to digest course.
Erin: The book was reprinted in 2007, so your message is getting through and the changes, it seems like it’s almost time for a re-up, in your spare time, Heather.
Heather: Well, that book in 2007, when I look back on it, and particularly I look back on the marketing side, and it’s how to write your classified ad.
Erin: Oh my gosh, it was delightful talking to you, Heather. Thank you so much and may the future be as full as you see it. You deserve everything.
Heather: Thank you so much, Erin, it’s been an absolute pleasure talking to you.
Erin: Don’t miss our next REAL TIME Episode. We’re going to the polls in a few weeks, and our CREA REAL TIME Team, along with Alphabet Creative is putting together analysis in real-time as we move into the future in Canada.
REAL TIME is produced by Rob Whitehead and REAL family productions plus Alphabet® Creative. Thanks again for joining us. I’m Erin Davis. We’ll talk to you again soon on REAL TIME.
We might think we know what characteristics define each generation, even when it comes to real estate. Baby Boomers are downsizing, Millennials can’t afford to break into the market, Gen Z are tech obsessed, and Gen X… who are Gen X again? But are any of these prevailing notions true, or are they just stereotypes? In this special episode of REAL TIME, we talk to four REALTORS® from across the country about their experiences with clients of all ages and how each generation is navigating and redefining the landscape. First, we chat Gen X and Gen Z trends with Davelle Morrison and Austin Titus. Later, we explore what’s hot in real estate for Baby Boomers and Millennials with Rob Marland and Tanya Eklund.
Erin Davis: Welcome to REAL TIME, a podcast, the podcast for REALTORS®, and especially in this episode for everyone. Brought to you by the Canadian Real Estate Association. I’m your host, Erin Davis. Delighted to share the messages in today’s episode because they’re issues that affect us all from boundaries to burnout, but with a ton of positive messages and motivation, just what the doctor, this doctor, our guest, Dr. Winny Shen, has ordered to take us through the second half of 2021 and beyond.
While highly rewarding real estate is just one of the many industries that at times can also be highly competitive, fast-paced, and yes, that dreaded word — stressful. In this Episode 16 of REAL TIME, we’re lucky to be joined by Dr. Winny Shen, Associate Professor of Organization Studies at York University, as she shares the latest thinking in industrial and organizational technology techniques for REALTORS®, and all professionals to gain a mental edge by better managing work-life balance, career uncertainty, and interpersonal conflict.
Thank you so much for joining us here today and giving us a different perspective on where we are and where we’re going. Dr. Shen, may I call you, Winny?
Dr. Winny Shen: Yes.
Erin: Thank you. Can you start by defining your field of work and study? Industrial and organizational psychology.
Winny: Yes, of course, Erin. Industrial-organizational psychology or IO psychology, as we often call it, for short, is psychology theories and methods applied to understanding the workplace. A lot of times we think about it in terms of A, our field is interested in helping identify the best people for the job. A lot of times that is, how do we hire? How do we train people so that they can perform these jobs effectively? Also, the other piece is how do we create optimal workplace environments so that people are really motivated and can do well at their job? We’re interested in both that pre-hire piece but also in how can we continue to create a great workplace environment so that workers can really flourish.
Erin: How does this differ from other psychological disciplines, though?
Winny: I would say that IO psychology differs from other psychological disciplines in that it’s a scientist-practitioner model, in that we are trained to be scientists so that we understand data and use it to understand workplace phenomenon. Also, we are trained to be practitioners so that we can also help organizations to address these questions. That’s another one of the differences too, is that most IO psychologists tend to work with organizations or other organizations like trade unions, for example, rather than individuals, though, there are some IO psychologists who work as, let’s say, professional coaches and do work with individuals.
Erin: Putting this into the day to day, can most working professionals, Winny, benefit from a basic understanding of IO principles and how to go about applying them day to day?
Winny: I definitely think so. We spend so much time at work. It really makes a lot of sense to understand how to make the most of this experience. Additionally, our work lives really intersect and affect our other life domains, for example, how we interact with our family, our health, and well-being. It really should be carefully managed, so that we can really ensure that people can meet all of their life priorities. Work is just one major part of that for a lot of people.
Erin: In the past year or so, the lines have become so blurred. We’re going to talk about this as we continue on with REAL TIME. When we’re talking about REALTORS® here, most would characterize themselves as entrepreneurs in a competitive, constantly changing industry. Are there approaches or best practices to finding success, specifically in highly competitive fields, Winny?
Winny: Yes. I think when we look at what makes people successful in, let’s say, highly competitive fields like entrepreneurship, there are a couple of characteristics that really set people apart. First, it’s really important as an entrepreneur, for example, that you are self-driven because you are often running your own little shop in a lot of ways, that you have good stress tolerance in a changing environment. That’s really necessary. We also think it’s really important, or the data has shown that it’s really important to have a proactive personality. If you’re someone who can see the difference between the current status quo and how things you think should be, and really are motivated to close that gap, then you are probably someone who has a proactive personality.
I would also say, though, that there are some maybe pitfalls or things that we should be aware of, that might trip us up in more competitive fields. One of those things is that competition tends to be associated with some greater likelihood of unethical behaviors or misconduct. If we really think about our field as a very winner takes all kind of mentality, then we have a tendency where it’s very easy for us to say things like the ends justify the means, or we might be willing to cut some corners.
I think it’s really important that even though this environment might be competitive, that we need to make sure to think about the long-term consequences of our actions versus really focusing on short-term wins. Because, especially in a field like real estate, reputations are probably very difficult to build but are actually quite easily lost or tarnish. I think we need to be really careful to not think like, “I’ll cut a little bit of a corner here or there in order to make the sale or make something happen,” and lose sight of why we’re doing this job maybe in the first place.
Erin: Yes. That reputation, the integrity that you talk about that takes a lifetime to build up, it only takes now a flash because of social media. All it takes is a couple of posts, and they spread it and they spread it and they spread it. Suddenly, that cut corner turns into something that you really, really wish you hadn’t taken.
Erin: What do you think is the best or most productive way to manage high-stress work situations? I know that that is a big bite to try and digest here. You have looked at this, you’ve studied it. Help give us some ideas, some hacks, if you will, for the best ways to manage high-stress work.
Winny: Yes. I think maybe the first thing to really think about is, not all stressors in our environment are created equal. I think step one is probably to think about, “What are the stressors I’m faced with?” We often make the distinction in the research literature between two kinds of stressors. One set we’ll call challenge stressors. They tend to be stressors that although cause us stress, also push us to grow and develop. A lot of times people would say things like having a little bit of a higher workload or having there to be some time pressure on the job as might be common in real estate or to have a greater responsibility on the job. These are all things that can be stressful, but also really help us to grow and develop and mature.
Now, we might contrast these stressors with what we call hindrance stressors. Now, these stressors are often more roadblocks. They don’t necessarily help us grow. They just prevent us from going where we want to go. Many people would say things like organizational politics, or red tape on the job, or job ambiguity, where you don’t really know what you’re supposed to be doing, those things are hindrance stressors.
I think if you are feeling really stressed, the first thing to do is to think about, “Am I being stressed because these are challenge stressors? I’m faced with a lot of stress, but I think I will come out of the other side of it stronger, have developed. Or am I really just being bogged down by these hindrance stressors? If so, how can I manage them better or how can I get rid of some of them? For example, if there’s a lot of red tape, can I make suggestions about streamlining some of these processes so that I’m not dealing with this much bureaucracy?” as an example.
Erin: Coming up, the power of detachment. This is great. We’re super excited to share that Canada’s number one real estate platform REALTOR.ca now has a new app. Rebuilt from the ground up and designed to reflect the needs of today’s homebuyers, the app helps REALTORS® get connected to more potential clients. Download it on the App Store or get it on Google Play.
Now back to Dr. Winny Shen, who not surprisingly, was named a rising star in 2016 by the Association for Psychological Science.
Part of your message that comes out of your research is one really important word and that is detach. Detach can mean so many different things. It can be detaching from negative social media. It can be detaching from news that is completely dominating your thought process. It can be detaching from those hindrances or challenges too. Tell us about the power of detachment, Dr. Shen.
Winny: I think the power of detachment is really important. What we know is that although, let’s say, challenge stressors often result in better stress in that it might really motivate us to work hard and do our jobs well. Even the benefits of good stress can wane over time if we don’t take time to detach from the workplace. What that really means is, oftentimes, we talk about it as psychological detachment. That you should stop thinking about your job sometimes. That really allows your body and your mind to reset and to step away from being in that stressed-out state all the time because our bodies are really not designed to be stressed all the time.
Even in a very challenging, rewarding jobs, it’s really important to take that step back and recover. That can be if you’re feeling a little bit tired, to taking a quick break. It might mean to detach from work and turn off your email at the end of a workday. It might mean to find time to take regular vacations so that you have a longer period of time away from your work. Probably something that we’re struggling with right now, but I think still important to keep in mind. I think those are some things that we should think about as we try to detach.
Erin: Writing down that time for you in ink instead of always making it something that– it reminds me of a sign that I saw at a gym that– of course, I was walking by at the time. That you always have the time for the things you put first. We all tend, especially when we’re busy and in a super competitive climate that we’re in right now in real estate, to put everything for ourselves to the back burner and then just leave it simmering until the pot is empty, don’t we?
Winny: Exactly. I think in addition to that, sometimes people will borrow against things that are really important to their health like sleep. They’ll be like, “I can just sleep a little bit less.” That can really add up over time in terms of starting each day more and more exhausted. I really agree with you, Erin, in that it’s really important to make these recovery breaks part of your schedule so that you can come back feeling refreshed and energized, as opposed to thinking that these are luxuries. Because I really think that these are actually necessities.
Erin: Yes, and I can hear people thinking, “Oh, yes. Easier said than done because I’ve got a house that’s going to have six offers on it. When am I supposed to take the time?” I guess, what do you do when you’re right now in such a high-pressure situation? Do you just look down the road and say, “It’s okay. I’m going to take a week off, or I’m going to delegate some of my work, but right now I’m going to power through this and that will be my reward.” How important is having that mental reward, that carrot or something to look forward to at the finish line?
Winny: I think it’s really wonderful to have something to look forward to. I think that’s great. The other thing you can try to do is if you do have something that’s really stressful is, I think we do have some power over how we frame the situation. Especially, if you’re feeling stressed because of some of those what we talked about earlier hindrance stressors, I think you could potentially try to reframe that as a challenge stressor. Look for a silver lining or something to think about, “Can I think about how this could make me grow, even if this is a difficult or maybe currently unpleasant situation?”
That might also be helpful in terms of helping you get over that short-term hurdle. I think that it’s really important to keep in mind that we often don’t. Two people can be faced with the same stressors, but have very different reactions to it. A lot of that is in our mindset. We do have a lot of power in terms of how we think about the situation that can really motivate us to power through them or get through them and then I think we should definitely reward ourselves and regularly plan for some recovery.
Erin: The Dalai Lama said, “If you lose, don’t lose the lesson.” We’re going to talk about that a little later in our conversation. This is me doing time management because we’re about to talk about good time management. Of course, in real estate, it’s crucial. Now, I have to ask you, Winny, is this a skill you just do or don’t have like a talent, or can it be learned and strengthened.
Winny: I think that’s a great question, Erin. There is definitely evidence that time management skills can be trained. I think that it’s helpful for us to think about first, what do we mean by time management? Actually, when we break it down, there’s a couple of things involved. First, there’s a self-awareness of one’s time use. Are you cognizant of how you’re spending your time? If you’re not sure, I would encourage you to maybe do an exercise like a time diary. Spend a couple of days just actually jotting down what you’re spending your time doing.
I think that perhaps you might be surprised. For example, I think, many of us might be surprised, perhaps even in my case horrified, at the amount of time that we’re spending on things like social media, or things that perhaps feel urgent, but actually aren’t very important. Like responding to emails as they come in. I think first is, we have to be able to be aware of our time usage.
Now, the second piece of that is good planning. Are you doing things like setting goals, planning your tasks, making to-do lists? Are you thinking about how you can group tasks together so that they can be accomplished more efficiently together? There are some tips that might be helpful here too in terms of perhaps taking some time at the beginning of each day to make a list. I often also take time at the beginning of my work week to make a list. Then I do build in some slack time for unexpected things that might happen.
Also, I think that that also pushes us to think about how to say no to things. That if our agenda is actually too full, that there’s actually not a very realistic way for us to get everything done, to think about what are things that we actually should work on getting off our plates. Because there’s often some tasks that we find later on that you wonder, “Why am I even doing some of these things?”
Then lastly, I would say that once you have and enact these plans, it’s really important to monitor these time management tasks. For example, are you allocating enough time for some of these activities? I think it’s also really important here, there’s some evidence that we should engage in some contingent planning. The best-laid plans often go awry and so I think we need to anticipate possible interruptions in our work and plan for them.
Especially in a setting like real estate where there might be a lot of things that happen unexpectedly. Your client unexpectedly decides to make an offer, or unexpectedly there’s a new house that comes on the market that they’d really like to see right away. I think it’s important to have an idea of, “Oh, what interruptions might come up this day, and how can I accommodate them?” so that you’re not surprised by them, or that you’re inflexible because you’ve already made a plan and you really like to stick to it for the day.
Erin: I can think of few professions where somebody is almost on-call virtually 24 hours a day. Of course, there’s doctors but if you call a doctor’s office at four o’clock and say, “I need to see you at five.” They’ll say, “Okay, you go here or talk to this doctor or whatever.” It seems like that those unplanned interruptions are almost a fact of life. They really are something that has to be budgeted into that time diary that you so wisely recommend, Winny. That’s a great point.
More great points when we return as Dr. Shen explores the importance of mentors. What to look for, and where to find one? REALTOR.ca Living Room is where you’ll find all things home. From market trends and home improvements to DIY hacks and design inspiration, you’ll find everything that you and your clients need in one place. Now, that’s organization. Something that our guest today, Dr. Winny Shen is an expert in, as Associate Professor of Organization Studies at York University.
Now, many REALTORS® are still new to the profession, having worked in the industry for fewer than five years. For professionals who are just starting their careers, let’s talk about mentors. How do you go about finding one first off?
Winny: Well, I would really recommend new professionals look for a mentor. There’s a lot of evidence that there can be a lot of career benefits of mentoring, both in terms of objective career success, so things like compensation and promotion, but also in terms of subjective factors. Things like career satisfaction and commitment or job satisfaction. People who are mentored typically have much better and more positive attitudes towards their jobs.
Now, I think as you go about looking for a mentor, it’s important to think about what a mentor is supposed to do. A mentor really is supposed to have three functions. First is probably what we think about a lot. A mentor is supposed to help you with career development. This might be someone who can sponsor you in the workplace. Someone whose opinion, other people really would listen to. They should maybe be someone who’s knowledgeable who can coach you in terms of your development.
Some people also say that a good mentor might also be able to protect you. Someone in the workplace who can maybe stew you away from problematic issues or difficult encounters, that might be another function a mentor can serve. Or someone who can help you gain challenging opportunities or increase your exposure or visibility. There are a lot of things I mentor can do to help us in terms of career development, but also for most people, we also want someone who’s there to support us more broadly.
A lot of people would say that in addition to maybe someone who’s helping you in your current job or in your current career, that really, you’re looking for someone who could help you grow as a person. A mentor might be someone who can be a good sounding board, provide you with counseling, someone who is a friend who’s gives you respect and support or someone who really is another source of acceptance and confirmation. I think it’s also important to think about not only when you’re looking for a mentor, someone who has a lot of expertise, but someone who can also give you that support that’s really important. A safe space for you to develop.
Then lastly, I would say a lot of people say that people who they seek out as mentors are there role models. Look around for someone whose maybe position or you would really like to have it in the next 5 to 10 years. Someone who you really admire. I think that when you keep these things in mind, sometimes you’ll be lucky and you’ll find one person who can fulfill all of these roles, but sometimes perhaps you might have to think about having a board of mentors instead, or multiple people who together can fulfill all of these functions that great mentors really do for us.
I think you might sometimes need to be open and flexible and think about, “How can I get all of my mentoring needs met?” Sometimes that might be through multiple people, and sometimes through peers as well. We usually think about mentors as someone who’s more experienced, but I think we can also learn a lot from people who are going through the same things as us at the same career stage.
Erin: Well, then on the other side of this, there are definite benefits, I’m sure, to being a mentor, if you’re a seasoned professional, as of course, many REALTORS® are. What are some of the pluses of being a mentor yourself because of the three steps that you’ve mentioned, develop, support, role model, those things that a mentee is looking for. It sounds like a lot. Tell us, what’s in it for the mentor?
Winny: Yes, I think that’s a great point. Now the research evidence really suggests that mentors also benefit from this arrangement or relationship, and that giving others career advice can sometimes really help us with our own career success. Sometimes it’s a bit of a mirror in terms of, “Am I following my own advice? Am I spending my time in the right places?” Sometimes it helps us reflect.
Also, I think people often reaffirm the value of the work that they’re doing, as they go through this mentoring relationship. I think that as we move on in our career, a lot of people find it really important to give back. Mentoring is a really great way to do that, and there is also some evidence that mentors can also reap financial benefits, for example, salary, promotion rates from engaging in this too, because I think, it also speaks well to your expertise, but also perhaps your character, if people know that you are a sought-after mentor.
Erin: Say I’m new in the business and I’ve had this happen to me in my own career, in radio where people finally approached me and said, “Well, I didn’t want to talk to you because I figured you’re so busy and I see this and this and this, and I figured you’ll never have time for me,” when quite the opposite was true, because it’s exactly, as you’re saying, Winny, when you get a chance to look at what sparked you, what gives you joy in the job that you do, then it’s a gift to you to be able to go back and say, “Yes, this is why I love this. This is what you’re going to love too.” How do you go about approaching someone that you want to be your mentor? I can recognize how that would be intimidating for some people. Do you have any advice on that?
Winny: Yes. When we ask mentors, what are they really looking for in a protégé or a mentee, the number one thing most mentors say is that they’re looking for someone who’s willing to learn. I think that you really need to express your interests and your desire to grow and learn as you are approaching your potential mentor. I think that you will be surprised at how open and interested people are in being able to help you in your developmental journey. I’d really suggest that.
Now, I would say that if a mentor seems really much more interested in themselves than perhaps you, then perhaps they’re not a good mentor. I would also say that probably a mentor that’s accessible and available is also a really critical ingredient. That although someone who’s perhaps really well-regarded, but too busy to really have much time for you may or may not be a great mentor for you. I think it’s really someone who is going to be as invested in this relationship as you are.
Erin: We’ll be back with Dr. Winny Shen in a moment. Embracing the change. As you sip your latte or grab a traveler, remember, there really is a place where everybody knows your name or soon will. I don’t mean Cheers. CREA Café is a cozy place for REALTORS® to connect and stay up to date on the latest industry happening over a virtual cup of coffee or whatever you like. Pull up a stool and join the conversation at CREACafe.ca.
Now back to our conversation on REAL TIME with Dr. Winny Shen, Associate Professor of Organization Studies at the Schulich School of Business York University. Do you remember a book called, Who Moved my Cheese?
Erin: Yes. Well, perhaps you can sum it up better than I, but it’s just like, “Okay, that happened, now, how do I keep up or get ahead of that? How do I find my cheese again?” There’s a reason why this book resonated so clearly some 20 years ago. The benefits of working in a competitive industry like real estate can be great, but there can be a lot of cheese moving, a lot of uncertainty, shifting market forces, commissions-based earning, et cetera. How can professionals overcome uncertainty and embrace the change?
Winny: Uncertainty is something that’s very difficult, for most of us, but first I would say is to think about, the emotions you feel. I think probably when most of us are faced with uncertainty, the predominant emotion that most people feel is anxiety. Really nervous about what’s going to happen. I think there’s another opportunity or option here. Another emotion that’s associated with uncertainty is hope actually, because maybe we’re a little bit fearful at what will happen. We don’t know what will happen, but perhaps we are also hopeful that the ending will be positive.
I think that when we’re confronted with these negative feelings, I think sometimes maybe it’s useful to take a step back in terms of, “Okay, but could we see how this could turn out well perhaps?” That hope might also sustain us because often hope is what allows us to think about how we’re going to move forward. I would say that that would be one.
I think also is that in a competitive industry like real estate, I think you have to take some risks. That’s just part of the job. I think in order to take risks, though, we really need to look for an environment that provides us with psychological safety. How can you surround yourself with people, perhaps in your agency or otherwise, who really gives you this sense of psychological safety, who will still support you when the risks you take, perhaps don’t pay off, and that really gives you the courage to take these risks in uncertain environments?
Erin: Then that way what’s perceived or what you may perceive as a failure, doesn’t hit as hard. Going back to the Dalai Lama saying, “If you lose, don’t lose the lesson.” There are many perceived failures in competitive places like real estate. Lost or fewer clients, rejected offers, lower than expected sold prices. Are there ways to rebound from “failure” to move ahead and to take that hope or experience and move on with that? Tell us what the research says. Will you please?
Winny: Yes, of course. One interesting thing is that in the face of difficulties or failures, we often feel negative emotions, but what seems to separate people who bounce back more quickly from the people who have more difficulty bouncing back or are less resilient, is that the people who are more resilient also experienced positive emotions in addition to those negative emotions. That suggests to me that, A, it’s really important for us to try to look for that silver lining. “Is there something that could be learned? I’m not happy perhaps that this didn’t go well, but maybe it was better that it happened now rather than later, and that there are some lessons I can take from this.”
I would also say that it’s important in the aftermath of perceived failures or events that don’t grow well, to engage in maybe a debrief. I think it’s important even in the face of failure to acknowledge perhaps what did go well. Some things didn’t go well, but perhaps you did do some things right and that you should carry those things forward. To think about what did you learn from this? Perhaps create a plan in terms of what you want to try next time if faced with the same circumstances.
I think once you’ve engaged in that cognitive reflection process, it’s important to not ruminate about it. You’ve thought about it, you’ve tried to gain the lesson from it, but then sometimes we can’t let it go. We rehash it and we relive it. I think that that rumination can be really problematic. I think we also need to move on from those failures when we can and part of doing that also, I might suggest, is that we should try to be self-compassionate.
I think that sometimes a lot of times I would argue we can be our own worst critic. What self-compassion really refers to is not that you’re letting yourself get away with it, but more that you’re not kicking yourself while you’re already down so that you’re as kind to yourself as you might be to someone else who’s going through a difficult time, that you experience a sense of common humanity. Failure is part of being human and recognizing that that is a very human experience. Also, to acknowledge but maybe not judge your negative emotions and that together that allows us to get through difficult times a bit more quickly or easily.
A technique I often use myself is to think about what I would say if my best friend told me about this failure. I think a lot of times when we take that other perspective, we’re actually very supportive. We understand that this failure while difficult maybe not completely under their control or maybe not as bad as we’ve made it out to be. When we put ourselves in that situation, sometimes we’re really harsh. I think if you would be kind to your best friend, then I think that you should extend that same kindness to yourself. Someone who you should love just as much as your best friend.
Erin: To me, the piece of advice that sticks most often is that from doctor, speaker, author, Bernie Brown who says if you were driving along in a car and the person in the passenger seat was saying to you what you say to yourself, you would pull off and say, “Okay, the ride ends here. Get out.” Maybe that’s what we have to think of. That best friend that you’re talking about, Winny, as well. Don’t let her talk to you like that. Just pull over and let them out and drive. Just go. Right?
Erin: We’ll return with Dr. Shen in just a moment. One of my favourite sayings is you always have time for the things you put first. Putting others before ourselves is what REALTORS Care® is all about — a national guiding principle celebrating the great charitable work done by the Canadian Realtor Community. Help raise awareness for the charities and causes closest to your heart by sharing your story using #realtorscare on your favourite social media platforms.
Dr. Winny Shen is our special guest for this Episode 16 of REAL TIME. We’re talking now about a sign of these times. — how to watch for it, and how to take care of it in yourself.
COVID 19 of course we’ve heard the word burnout a lot. That’s not a new word to us. The New York Times did a piece a few weeks ago where they called what we’re going through languishing, but of course, with REALTORS®, they’ve reported feeling burnt out before the pandemic. What is this languishing, this burnout? How can it affect us professionally and personally, Winny?
Winny: When we’re talking about burnout, what we’re referring to is usually the state of exhaustion. That exhaustion is mental, physical, emotional, and it’s typically caused by excessive and prolonged stress.
There’s three symptoms that tend to go together to create this burnout experience. First is emotional exhaustion. You’re just completely tired, fatigued, you’re wiped out.
The next is the sense of depersonalization or cynicism where you’re really starting to feel detached from your job and the people in it. You feel the sense of rejection and alienation, and perhaps this is your way of disentangling or distancing yourself from a very stressful job.
Then, this third piece is a reduced sense of personal accomplishment or just the sense of ineffectiveness. “I’m just no good at this.”
I think when we think about burnout or languishing, it really refers to the fact that our tank is on empty. We’re running on empty. It really can affect us both professionally, it makes it difficult for us to do our jobs, to enjoy doing our jobs. It also really affects us personally particularly in terms of our health and well-being. This prolonged sense of being on empty is really associated with some negative health outcomes.
Erin: Are there some techniques to help mitigate or avoid workplace burnout either for yourself personally or among your employees and co-workers? If you can see it happening what are the steps that you take?
Winny: I would say that the best probably tip is prevention. Preventing this from happening altogether. If we think about burnout as being on empty, then we have to think about the importance of refilling our tank periodically so it doesn’t get to that point. We’ve already talked about earlier the importance of recovery but this is an important piece of that too. Taking breaks, taking time off of work, taking vacations. Those are all potentially activities that can help refill your tank.
Now, let’s say that you, unfortunately, have reached a state of burnout, there are some things that seem to help. In terms of yourself, as we referred to earlier, this is another time where being self-compassionate seems to really help, and in particular, it helps with exhaustion. Giving yourself that grace, that kindness, when you’re exhausted to say like, “Yes, you are at this low point,” and not to beat yourself up or perhaps push yourself when you have nothing left to give is an important pause that might allow you to reset.
Not only the self-compassion help though but actually there is some evidence that giving compassion to other helps. As we talked about earlier, part of this experience of burnout is this feeling of alienation or separation from the people who are doing this job with you. You can think about it when someone offers you compassion or empathy about what you’re going through, that really helps to reform that social connection to the people on the job and helps you feel like you belong there again.
I think if you see people in your work environment who are very burned out, I would suggest that you offer them compassion. That empathy can really help them gain that important resource in terms of feeling like they belong, which is actually a very fundamental human need. We all need to feel like we belong.
Erin: Sometimes I find that it takes us out of ourselves, out of our grief of what the past year should have been or whatever it is that we are going through to turn our attention to others. You’re talking about others in the office but it reminds me too of all the good charitable work that REALTORS® do across the country which is highlighted by REALTORS Care® through CREA. Just helping the community and doing what you can to help others because somebody’s always got it worse than you. That’s a perspective too that can open your eyes to just shift that feeling that you might have. It also speaks to the cynicism or the detachment like, “Ugh, what’s it all for?” You remember, you’re reminded what’s it all for through things like REALTORS Care®.
Winny: Exactly. I think it’s part of rebuilding that connection and that meeting to stop that process where I think part of that is you’re trying to protect yourself by detaching from this very stressful workplace or work experience, but I think when we’re reminded about the other people who are in it with us or the other people that benefit from what we do that can give us a renewed sense of energy that can help us overcome the sense of burnout.
Erin: Next up, has work-life balance become more of a reality for you, or the rainbow unicorn we’re all just dreaming of? Dr. Shen answers that in a moment.
The keyword of 2021 so far, haven’t you found, has been connection? Your opportunity to do that, connect with potential homebuyers and sellers plus a chance to take advantage of a deep chest of tools and resources, is as close as your keyboard at REALTOR.ca, Canada’s trusted real estate resource. We’re glad you’re here today as we continue our conversation with Dr. Winny Shen on REAL TIME.
Dr. Shen, Winny, you and I are both talking to each other from our homes today, and many of the people who are listening to us, thank you so much for listening to REAL TIME, are also listening and working from home. Really, is work-life balance achievable? Is this a thing or have the past 14-15 months, whatever it’s been now, have they blurred the lines so completely that it’ll never be seen again, and maybe that’s not a bad thing? What do you say about work-life balance?
Winny: Yes, work-life balance is I think this very interesting idea or concept. I think one thing that’s really important to keep in mind when it comes to talking about work-life balance, is that this is really a subjective judgment. It’s whether or not you think that you’ve achieved this. When we ask people about what they think about when it comes to work-life balance, they’re often talking about three things.
First is are they happy and satisfied in these multiple aspects of their lives like work-family, for example, but maybe other domains that are important to them as well? Do they feel like they are giving enough attention to all of these life priorities? I think that’s really important. It’s not equal attention. I think that that’s probably not always possible, but enough. I’m not neglecting anything that’s really important to me. Also, am I performing well, handling the responsibilities of these different important life domains adequately?
I think that if you feel like, “Yes, I’m keeping all these balls up in the air well enough,” then I actually think that you have a work-life balance. I think that what’s difficult is that sometimes we have these ideas or externally imposed standards about what work-life balance looks like. I actually think that it looks different for every person because what’s important to every person is different. If you are living your life in accordance with your priorities, such that you’re giving time, and you feel like you’re doing fairly well, in all the areas of life that’s important to you, then actually, I think that you are very lucky and you have actually achieved work-life balance.
Erin: You break us into groups. There’s the segmenters and the integrators. One example of this that I think can illustrated very clearly is, “Okay, who is sending and taking emails at 9:00 PM when they should be watching Dateline?” Tell me how the two different groups function and is there an either side that has a more competitive edge or is more mentally stable or balanced in their job or does it not really matter? It’s one size doesn’t fit all and whatever fits you.
Winny: Yes, I think that’s a great question, Erin. I would say that an integrator is someone who likes to combine multiple aspects of their lives, for example. It’s someone who maybe wouldn’t mind writing an email as they’re watching Dateline at night. They don’t find that to be intrusive at all. Whereas someone who’s a segmenter definitely prefers that there be strong boundaries around the different aspects of their life. They might like to really only do work during certain hours, and only to be purely, let’s say, with their family during certain hours.
I think that it’s really interesting, because, for example, integrators seem to be bothered less by things like really late emails, or pressure to respond quickly. Whereas people who are segmenters are a little bit more sensitive to that. I would say that if you are a segmenter, you could think about setting some boundaries, and we can talk about boundaries in terms of time. You could have certain off-hours. I know for realtors, that’s difficult.
I think you can think about, “Okay, well, I’m just not going to check email every five minutes, even if I’m just going to check email every hour,” that’s still a boundary. I think that there’s that. There’s also some evidence, just that not being present can be not a great thing, right? That our phones can maybe take us away from what’s happening around us. Even if you’re someone who’s very comfortable, you’re an integrator, you’re comfortable hopping back and forth, there might be some times where the people around you really appreciate your undivided attention.
It’s really interesting. There’s actually some research that shows that, let’s say we’re having a conversation, just having the phone on the table, even if I don’t look at it makes that conversation less enjoyable. I think that even if you’re a busy realtor, it might make sense for you to say, “Okay, I’m just going to give you my undivided attention, I’m going to put the phone away in another room,” even if it’s just for 15-20 minutes, undivided attention, that really makes the most of your time with the people you’re with. I think it doesn’t have to be a lot of time, if that’s not your preference, but I do think some time where you’re completely off of work is probably appreciated by the people around you.
Erin: I know that our time with you is most definitely appreciated and we have a few more things that we’d like to cover with you, Winny. This is so enlightening, encouraging, it’s just everything today. Thank you so much for taking time to talk with us. Many realtors work within a team, right from the jump. How would you characterize a healthy working relationship?
Winny: I would say a healthy working relationship is one that’s based on trust and commitment. That one, that’s really where people are not doing things in a very tit for tat way. Like, “I’m only doing this with an expectation of something in return.” I think that we have to have these healthy work relationships where you know that other people are committed to being in this relationship, building this relationship with you and that you can be vulnerable with knowing that they won’t take advantage of you. I think that’s really at the heart of a healthier working relationship.
Erin: Or marriage for that matter.
Erin: Yes, the give and the take. It’s going to ebb and flow, and some days it’ll be different. What are the benefits of proactively and continuously fostering strong professional relationships with your colleagues?
Winny: I think there’s a lot of evidence, actually, that the people we surround ourselves with, or our networks, including at work, are really important for our professional development, our professional careers, not surprisingly, people with a lot of connections often are in a good way when it comes to the workplace, especially in a very interpersonal job like real estate. Also, we can think about how people who can connect different people, I think, are actually really valuable connectors in relationships. I think it’s really important to think about the people we surround ourselves with.
Also, there’s a lot of evidence that what often makes workplaces go around and work, is people’s willingness to go above and beyond what’s exactly in their job description. How we’ve all benefited from someone who was willing to teach them something, even if that wasn’t part of their job description, or someone who was willing to stay late to help us do something, or someone who was just willing to help. A lot of that, our work lives are just made better by having these people we can count on to go above and beyond for us, but also for our organization. I think those are all great reasons to ensure that we try to build strong relationships with others.
Erin: What about the mindset of self-reliance? In self-driven professions like real estate, success is often linked to how hard and how often you work, how visible you are, you’re out there all the time, but this mindset of self-reliance can make accepting help difficult, or even perceived by some as a weakness. What are the drawbacks of this line of thinking, Winny?
Winny: I think that it’s a little bit of a trap to think that way. First, I think that it’s probably to some extent, not entirely true. It also makes it very difficult for you to delegate work, everything stays on your own plate. That really contributes to, I would say, a pretty problematic long work hours culture where we valorize working a lot or being busy. Sometimes even when we take a step back, we realize that that’s misaligned with our life priorities or goals.
My friends and I sometimes talk about this funny phrase when we feel like someone is working too hard or has this, “I got to do it all” mentality. We’ll tell each other, “Your job doesn’t love you back.” I think that’s sometimes important to keep in mind that– especially also given that we know that one of the things that make human life so fulfilling is these connections. That going it off alone you might be curtailing some of those opportunities for you to build those relationships that a lot of people actually find to be the most meaningful part of their work.
Erin: One of the ways I think that you’ve suggested is to turn it around and think about how you felt when people asked you for help. For those who are giving, it often feels really good fulfilling and just adds to the joy of the job.
Winny: Oh definitely. I think that oftentimes when we’re asking, we’re often afraid that maybe we’ll be a burden. I think when we take that mindset, when we think about all the times when people have asked us and all the times where it wasn’t a big deal or we were very happy to help, I think maybe we’re overestimating sometimes that people would be unhappy to help when I think the fact is that most people are actually very happy to help.
Erin: As are we here on REAL TIME, which is why when you go to crea.ca/podcast, you’ll have at your fingertips a wealth of wit and wisdom like we’re hearing today from designers to panels to marketing wizards, tech, and tips for great reviews. It’s all right here. Just subscribe on Spotify, Apple, and Stitcher, and don’t miss an episode of REAL TIME.
Back to our conversation with Dr. Winny Shen as we continue with our in-depth and the illuminating look at how in high-pressure careers, we can get in the right headspace to overcome challenges and thrive as professionals and peers.
I have to have a difficult conversation with you right now, Winny. It’s about difficult conversations. How do you go about having those, even if you get along great with your colleagues? How do you do that, and anticipate a positive outcome?
Winny: I think it’s really important to have open lines of communication. I think that sometimes we have a little bit of an ostrich mentality. When something doesn’t go right, we’re like, “Maybe it won’t happen again. We can just let it go and we won’t have to have this difficult conversation.” I think the data suggests that what will happen often instead is that we end up having to have that conversation later on when things are actually more serious.
If you put yourself in the other person’s shoes, it probably is much more difficult not to be defensive when someone confronts you with what feels like a long laundry list of transgressions. Like, “Here’s all the evidence of all the things that you’ve done wrong or I’ve disliked.” Whereas I think if you were just approaching someone with one small thing, they wouldn’t necessarily feel that way.
I think another important element and this is more general psychology, perhaps a clinical psychologist would say something like this, is I would be really careful about the language you use when you’re having these difficult conversations with people. I think it feels very different for a receiver to hear something like you were being inconsiderate versus, I felt hurt when you said X. How you say it I think really can affect how other people react to it.
I would spend some time thinking about what is it that you actually want to convey. You could also even think about, if you’re less comfortable, maybe writing a letter to someone, where you can feel like you have the time and the space to really put things down in a way that really accurately reflects how you feel. That might be a strategy too if you’re a little bit afraid of saying the wrong thing in the heat of the moment.
Erin: Yes, and you can edit it endlessly so that it ebbs and flows, and accentuates the positive and all of that. Those are some wonderful tips. Now, I’m going to ask you for a resource. Your favourite website or book or a place that people can go to really explore some of the things that we’ve talked about today. The entrepreneurship, the teamwork, and leadership. The turning things around and seeing hope where there was burnout or languishing or however you want to call it. What are some of your go-to sites? If you weren’t already an expert in it, Dr. Shen?
Winny: I would say that I have a couple of recommendations. Dr. Kristin Neff who’s done a lot, an expert in self-compassion, does a lot of great work. Her website, which is selfcompassion.org, has a lot of great resources. Some exercises you can walk yourself through, actually evidence-based, in terms of how you can improve your self-compassion. If you’re looking for maybe some tidbits in terms of evidence-based things to think about as you’re approaching your work, For the Love of Work is a wonderful podcast hosted by Dr. Sonia Kang.
If you’re looking for even smaller tidbit, my personal friends, Keaton Fletcher and Maryana Arvan also host a podcast called Healthy Work where they summarize very briefly some new emerging research that people are learning about work, a lot of it also focused on stress. You can hear a little bit about what experts are learning and finding about how to manage work stress. Those are some of my own personal go-tos.
In terms of perhaps thinking about relationships, Adam Grant has a really great book on just Give and Take. Those are some things that I think would be good food for thought as you move forward.
Erin: All right, selfcompassion.org for a website, podcasts For the Love of Work and Healthy Work, two separate podcasts, and Adam Grant’s book. What did you say it’s called again, please?
Winny: Give and Take.
Erin: Give and Take. Wonderful. Before we give our thanks and take our leave, let me ask you if you don’t mind, how are you hoping to describe 2021 when all is said and done?
Winny: Well, given how the pandemic has really upended work, I really hope that we all take the time to reimagine what the future could be. I’m a big believer that work can be a big plus in people’s lives. That it can give us a lot of meaning. It can give us financial security. I also think that how work is now is perhaps not how work is optimally. I think the pandemic has really forced us all to re-examine our life priorities and I really hope that we can imagine work in a way that ironically perhaps works for more people and really allows people to live more their values. Also, that we can build the workplace back in ways that are more equitable.
I’m personally thinking very much about some of the research about how the pandemic has really eroded some of the progress we’ve made in terms of women’s workforce participation. I really hope that at the end of 2021, we can say, “This was a very difficult year, but it’s actually caused us all to grow and be more resilient, and actually face work with a more positive mindset.” It can be a positive stressor as opposed to I think a hindrance stressor for a lot of people using the language earlier on.
Erin: Thank you so much for ending on such a positive note. We so appreciate your time and your wisdom today.
Winny: Thank you so much for having me, Erin.
Erin: What a great talk, and we’re so grateful to Dr. Shen for being here with us. We invite you to join us next time for Episode 17 of REAL TIME. We’re going to have a fascinating panel discussion on the generational influence on Canadian real estate as one generation moves into retirement, the one coming up, takes its place as primary market contributor. How Realtors and homebuyers are navigating this landscape. Don’t miss it. For more, visit crea.ca.
REAL TIME podcast is a presentation of CREA, the Canadian Real Estate Association, produced by Rob Whitehead for Real Family Productions and by Alphabet Creative. I’m Erin Davis, and we’ll talk to you here next time.
Erin Davis: Welcome to REAL TIME, a podcast especially for and about REALTORS® brought to you by the Canadian Real Estate Association. I’m your host, Erin Davis. Today we have a guest who’s going to open the doors and open our minds to the possibilities of PropTech. Think you don’t use it? Think again. Nikki Greenberg is a PropTech entrepreneur, architect and real estate futurist. She joins us now on REAL TIME. Welcome, Nicki, joining us from Sydney, Australia tomorrow.
Nikki Greenberg: Thanks so much for having me. Yes, it’s tomorrow from me already with the time differences.
Erin: You’re in Sydney, Australia, and we’re in Sydney, British Columbia. We’re just one wrong airline ticket from being together.
Thank you so much for joining us. I know this is going to be enlightening. You’re a passionate advocate of property tech. Let’s start by defining it. What is PropTech?
Nikki: That’s a great place to start and I am very passionate about PropTech. It really is an emerging field and to some of the listeners, if they haven’t heard about it before or if they’ve only started hearing about it recently, there’s a reason for it because the term actually really came to its own maybe about three, four years ago. There were different versions being thrown around. Is it Cretech, is it Retech, is it PropTech? PropTech is the term that essentially stuck around being short for property technology.
Now, there’s a few things that I just want to explain to your listeners just to essentially set the stage because there are concepts that I will be referring to later in just understanding exactly what PropTech is. The thing about PropTech is that it’s really made up of three different verticals. You have real estate, you have technology and you have venture capital and where those communities converge is where you have PropTech.
What’s quite interesting about this is that because you have these three different communities, they also come with different languages and different ways of working. That’s one of the challenges, especially for real estate professionals coming into this industry and trying to understand the whole PropTech ecosystem is not necessarily a language or a way of thinking that we’re used to because we’re often used to talking to engineers and real estate agents and other real estate professionals. That’s one of the things that is often a barrier to people initially becoming involved, is that it is quite a different ecosystem.
The second thing that I want to just point out is that purists believe that PropTech does actually need to be a technology, which means that it’s something that is a hundred percent pure tech, no hardware, no spaces. It’s not about the physical, it’s about the digital, but for most people within PropTech, there’s an understanding the ecosystem essentially has two sides.
There’s the technology itself, pure technology and then there’s another side which is essentially tech enabled real estate. What that means is that it’s real estate that is operated through technology and that it wouldn’t be able to operate in such a way if there wasn’t this new generation of technology that’s come out. Examples of this co-working or co-living because these are actual spaces, but it’s the technology that allows them to work.
The third thing that I want to just point out also is just an understanding about PropTech versus regular technology in real estate and why there’s a bit of a differentiation. We have obviously working in real estate, there’s always been technology at our disposal. This is nothing new. Then we pose the question about, okay, well, if we’ve always had technology, then why is this whole area called PropTech? Why is there a whole different field? Is it just a buzzword or what’s going on?
The thing about PropTech is that PropTech really describes this new generation of technology that’s come out using AI or machine learning or very user-friendly interfaces that’s not talking together, that work on the cloud that embrace IOT. It’s essentially this new generation of tools that we get to use in our industry that just has a fresh approach is user first and is super smart. I know there was a very long explanation that I just really wanted to set the stage for your audience.
Erin: Thank you for that. I appreciate it, especially with the focus on the real estate industry and the relationship of PropTech and the real estate industry. How does real estate influence other aspects of PropTech?
Nikki: With real estate, what we’re talking about it’s really about having fixed assets. What you’re talking about in PropTech is you’re talking about technology. We’re having this relationship that goes on that’s symbiotic and reliant upon each other. As I described before, what we can have happening is that you can have take enabled real estate that relies on the technology, but then on the flip side, you also need to understand that the technology itself and technology providers also need to have space around them. In the real estate industry, we also want to be thinking about the needs and the spatial requirements for those tech companies.
Erin: How has PropTech evolved over the last decade or so? You’ve even talked about the different conversations. Well, what are we going to call it? It’s so new that it’s still got that new baby smell to it. How have you seen it evolve over the past decade or has it been with us longer than that? Now we just have a name for it and we’re able to put it in a column, Nikki.
Nikki: I think that’s great. I love the idea of the new baby smell. There’s a few things that have happened in the past few years that really differentiate this new generation of technology. Some of them being the move to us using smart phones for everything and having these as devices. Our traditional technology has been operated through a desktop computer and it might be on the windows operating system, for example, whereas with PropTech, what just starting to do is understand that a lot of the technology is working off our smartphones and devices.
Another move is also using the cloud increasingly. That means that we’re not having to be storing our documents in a fixed location. Then of course around the cloud, there’s all that hard infrastructure that’s needed in terms of data centers. This new generation of technology is– and as the internet has really come into its own is that it’s all internet first. We’re not talking about local technologies, we’re talking about networks and devices and information being able to connect across geography, which is something that’s quite interesting and definitely wasn’t part of the earliest software.
One of the other big trends we’ve seen over the past especially over the past decade is the rise of the shared economy. This tech enabled real estate that’s come through. A lot of it has existed before but this is a formalization of some of it such as before there was co-living, there were roommates and before there was co-working, there was sharing an office space, but now what it is it’s about really formalizing the brands and creating productizing what’s available to benefit the consumers
Erin: Just to dumb it down for me anyway, Nikki, what is the difference between co-living and roommates since you brought up that example?
Nikki: With co-living, there’s some great brands around it and essentially what’s happened there is that the operators have created consistency. There’s always been a demand and a market to share a space with someone for various reasons, an obvious one being students wanting to share the costs of renting a place where they could get a nicer three-bedroom place rather than a one-bedroom place to have a sense of community.
Now there’s always been these benefits, but what happens is that when you do have an informal setup, there’s disadvantages to it. Number one being consistency. You don’t know what you’re going to get, being able to find what you need. Again, in informal economies, you might be able to find a flat-mate, but where are you really going to look? You’re looking at a few different places.
In formalizing and productizing some of these concepts such as co-living, there’s certain advantages that come out and then by building brand loyalty and understanding the customer and creating beautiful products that compete with each other and do so in an elegant way that puts the customer first. Then there’s also ways of then expanding upon the offering to keep getting better and better and better. The flip side of that is that if you have a share house with say, five people living in it, there’s no incentive for the share house to get any better, but when you have a co-living situation, there’s always learnings and data that comes through to be able to offer a more and more optimal experience.
Erin: When you talk about embracing PropTech for the workplace and sharing workspaces and that sort of thing, how much do you think PropTech has been fueled by so many people working from home during the pandemic? Is this it’s moment? When you look at zoom, for example or the technology that you and I are using today to be talking to each other from different hemispheres, how important has that been in pushing forward PropTech into the 21st century and into this decade?
Nikki: You’ve absolutely recognized the trend that’s happened. A lot of the conversations that I have, have been with both real estate operators and owners and with technology companies. What the technology companies were finding is that with lockdowns that have happened and the move to working remote and this need to work in a more digital way that some of the barriers to adoption of their technology were removed and that clients that they’d been speaking to for quite some time suddenly came back to them and said, “Aha, now I get it.”
The interesting thing is that this has actually happened across a few different types of technologies. One of the first to really feel the upside of that was around tenant management apps and being able to communicate with people in workspaces because there was a need, a recognized need that if you do have a class, an office building, for example, you want to be able to communicate with the people within the building, whether it’s messages around how to use the lifts, different hours of access, also to be able to let them know about new procedures and also community activities that might be going on. They definitely felt an upside.
Another area that felt an upside very quickly was really around health and wellness providers because again, with the return to the office, there were concerns around indoor air quality, for example, and a need to start understanding some of the health ramifications of these spaces. They certainly came into their own.
Then of course, within the venture capital landscape, there’s been a lot of investors that have either been in the area for a while or are starting to enter the area. Again, there’s just been this reckoning of understanding. Well, real estate is fundamentally changing as a result of the pandemic and technology can provide a lot of the solutions that we need.
Erin: Coming up, fun with Nikki, as she looks at advances in the world of architecture and digital construction design. First, we are super excited to share that Canada’s number one real estate platform, REALTOR.ca, now has a brand-new app Rebuilt from the Ground Up and designed to reflect the needs of today’s home buyers. The app helps REALTORS® get connected to more potential clients, download it on the app store or get it at Google play.
Now back to our guest on REAL TIME, futurist and PropTech entrepreneur, Nikki Greenberg. Let’s talk about construction because this is one of your many wheelhouses, Nikki, as an architect. What can you tell us about advances to the design process?
Nikki: This is a fun one, and I honestly, I wish some of these tools were around when I was working as an architect some years ago, but there’s been a lot of advancements that have been happening especially in automating and generating designs. There’s a few tools that come to mind and I apologize to listeners, I don’t tend to mention companies by name. Often that come across as a recommendation and I don’t want to do a disservice to anyone because there are different companies working within the space.
There are certain tools for example where you can find a building site and then essentially plunk on digitally a model and then figure out, okay, well, what happens if there’s retail? What happens if there’s commercial? What happens if there’s apartments? You can start actually moving this model around within the envelope of what’s permitted by the building code to start getting actual feasibility studies.
As an architect, when I used to have to do these things, it would take hours and hours and hours and hours because one little change would affect everything. To be able to just do an automated model is fantastic. There’s other models that are out there that can look at a city, for example, and identify opportunities for investment sites, just realizing that they’re underutilized.
There’s tools that now can generate, for example, an office layout. You can just give the tool essentially a full plate and the parameters and then in the background, the robots do the work and before you know it, you can have different options of office layouts. There’s a lot that’s been happening in that regard. For me personally, I think it’s fantastic because what you’re doing is you’re taking out a lot of the repetitious work and you’re able to give more options quicker which is something that I think is very exciting and then essentially frees us architects out to do some of the more fun and creative stuff.
Erin: Well, as someone who can look at a layout for a house that’s going to be built or go and stand among the studs and the construction workers and not have a clue which room is the powder room, which room is the living room, I think that this has to be a really wonderful thing even for home buyers, quite apart from the commercial applications of this, just to help somebody like me recognize, okay, that’s where the master bedroom should definitely go.
Nikki: Yes, absolutely. There’s been fantastic 3D renderings and software to create 3D models of spaces that have been around for a while. The technology has always been there. It’s just been around adoption and just for there to be somewhat of an education around the developers, for example, on understanding why it is worth investing in these tools, but also a comfort level for our real estate agents and their clients to be able to look at digital models and to be able to read them.
We’re so used to, especially in residential real estate, for example, that you can go into a house or into a new development and I spent most of my career working in new developments off the plan. There was always this desire to go into a newly built building or a newly built apartment to get a sense of what it feels like, what it looks like to see the finished product, and that if you were looking at computer-generated images, that you couldn’t really get a sense because as people, we’re so tactile, we love being in spaces.
I think with the pandemic because we’ve gotten more used to doing things front of the computer that being able to watch a 3D tour or a video tour of a space, we’re starting to get more comfortable with understanding what it means or what it feels like and being able to interpret things in a video or in a digital way, and letting that at least be that first point of interaction.
I think even just over the past year, the changes that we’ve seen with 3D tours with more 3D models and that being widely adopted by residential real estate has been absolutely fantastic. I honestly think that it is going to continue on for quite a while because for customers there’s such a huge benefit in that being the first way to view a space before you get in your car or get on the subway and go over there.
Of course, also for the real estate agents to be able to get more qualified leads that understand the space, they’ve seen it before, and then you’re only taking somebody in for a walkthrough that already has a sense of, “Okay, this looks to be what I want.” There’s only a few factors that had really need to get a sense of. I think it’s really been a game-changer.
Erin: While we still have our virtual hard hats on here. Let’s stay with construction for a moment, Nikki, and I’ll ask you, are there new materials or processes that didn’t even exist 10 years ago?
Nikki: Yes, look, there’s technologies and processes that have been around but not adopted. One of the emerging areas that I’ve seen a lot bit of attention given to is around 3D printing. Now, 3D printing has actually been around for quite a long time and it’s been experimented within construction applications, but now what’s happened is that it’s been seen on some live projects around the world. That one’s getting a little bit of attention. Modular is getting a bit of attention, prefabrication, factory fabrication is getting some attention there as well. Now, again, these are technologies that have been around for a while, but the benefits and the cost-benefit of using them or the appetite for risk wasn’t quite there.
I think there’s certain things that we can definitely keep our eye on. Some of the processes have been changed around a little bit. I get quite excited about the number of companies that are now using drones to do building surveys and they can do site surveys so they can measure the site levels and they can actually also fly these drones around buildings looking for defects, seeing if they’re being built as per the drawings, being able to document these buildings in three dimensions all through an operator that’s sitting essentially with a joystick being able to do this. There’s incredible stuff that’s coming and I think it’s exciting that we are on this adoption curve to see where we might land up.
Erin: While you’re talking about 3D printing, just a little sideline here because I find it fascinating. What is the first thing comes to mind when you think of a construction site and something that has been 3D printed? What’s most common out there, Nikki?
Nikki: I’ve seen 3D printed buildings that have happened. Personally, I think that the buildings that I’ve seen, they’ve been single-family dwellings in low-cost situations. I’ve seen those popping up in little communities as test cases. Personally, I think in those applications, I don’t think that printing by a 3D printer is something that necessarily needed to happen. I think that those same dwellings could probably have been constructed at a lower cost, quite honestly, through traditional construction.
I think what’s more exciting though, is that you do see some 3D printing of different design objects and different ornaments, for example, because when it comes to 3D printing, it’s endless. As soon as you can create something in a CAD program or Rhino or whatever it might be, to be able to produce that straight away and let it come to life without having to think too much about the construction or the materiality of it is something that’s just can be rapidly prototyped and tested and come to life.
Erin: Oh, it’s fascinating and limitless really, which I hesitate to ask you this because everything has been growing so exponentially, Nikki, but what do you think is in store for the builders, planners and architects of tomorrow?
Nikki: That’s a good question. I think with building and construction, it is still a very traditional skill-based industry. Even with the advances that we’ve had with the internet age and with material science and everything else that’s come through, the way that we build hasn’t really changed all that much. It’s still very much manual process.
Also, because it’s often based on both skilled labor and also unskilled labor to an extent. There tends to be that cost trade off, which is something that’s looked at as an essential priority. I get excited about different processes that can be digitized or roboticized, I suppose you could say. One of the technologies that I heard about recently, it sounds so vanilla, but I think it’s absolutely brilliant is that again, it was a drone that could render and paint the outside of buildings.
The reason I find this quite interesting is that one of my next-door neighbours went through the exact same process these past couple of weeks. I just saw how the how the trades people had to put up scaffolding and then they had to come in and they had to do put the first layer of render, then they had to scrape it then two days later, come in and do the second layer and then they had to come in and do some painting.
They were there for about two weeks doing a very simple process and, of course, constructing and dismantling the scaffolding around and then the cost associated with that. To be able to just have a robot that can come in and is using its “laser beams” to be able to assess and measure the building surface and where there were defects and where it needs to go next to actually analyze it and essentially do so in a very robotic manner without being burdened by scaffolding or by gravity is something that I think is absolutely brilliant.
I think we’ll start probably seeing more chunks taken out of the building process that are very labor intensive or have safety concerns. In terms of the whole construction process, being completely overhauled is something that I think we’re not going to see for quite a few generations if at all.
Erin: There is no place like home and there have been incredible advances that Nikki looks at in a moment. Want the latest scoop from news and stats to trends and happenings in the industry? Well, make your way to CREACafe.ca, a cozy place for REALTORS® to connect on the latest info and industry developments. That’s CREACafe.ca.
Now back to PropTech, entrepreneur and futurist, Nikki Greenberg on REAL TIME. Let’s bring it on home here for a little bit and talk about home ownership. What technologies, Nikki, have significantly impacted the way we interact with our homes?
Nikki: Look with technology in the home, it’s something that’s really evolved through the ages. Let’s not forget, electricity hasn’t actually been around all that long. There’s many people ordinarily live in New York. The building that I lived in for quite some time predates electricity. You have to remember that even that it was an advancement. Of course, then we’re coming into having the internet. The changes that we have in the home haven’t been all that significant even though the opportunities are there. There’s some people in the home, all of us we have appliances and we have TVs. We might have a clicker for our garage, if you’re in a detached dwelling. That’s all commonplace.
The next generation then it becomes okay, well what about automated blinds for an example or what if I can start to control my lights from my phone or voice command? The adoptions haven’t been that significant in our homes themselves, but there are few exceptions.
First exception obviously is with the cloud and all of that information being stored there, we’re now able to work from home, we’re now able to access everything from anywhere, our photos, no matter where we are in the house, for example, for us being able to, if we wanted to do everything from our phones. There is a whole generation of IOT, the internet of things, different appliances that you can control through your phone. Again, being able to control your stereo or control the lights or being able to change channel on the TV. You can do everything from your phone.
The next generation that we’re already moving into, is voice control. This is, again, increasing on the adoption curve. Anything from, I can’t say its name aloud or you’ll hear my phone responding on an apple device. Hey, S… These smart hubs that let us control our smart appliances by using voice such as asking for a timer to go on or a TV to go off, a light to go on or light to go off and so on and so forth.
This is very rudimentary in the way that most of us use it if at all and this is where it starts getting exciting, it’s when we start moving up that adoption curve and where the technology is heading. With voice command, and this is something that I find to be incredibly exciting is that the way it’s moving is that at the moment, it’s a little bit in our face. We know if there’s a Google home or something to that extent in the room, and we’re very self-conscious of it. We’re worried if it might be recording us or listening in on private conversations.
What’s going to start happening with a lot of this technology is that it’s just going to be omnipresent and it’s going to be part of our lives. You won’t be thinking when you walk into a room, you won’t be searching for light switch anymore. You’ll just know to give that command of turn on the lights. You won’t expect to interact with switches, you’ll expect to interact with technology in our most natural way, which is through a conversation. The technology is there and again, it’s about the adoption.
The next step after that is about our home starting to learn from us. Rather than me coming home every day at the same time, turning on the lights, my home will know that I tend to come home at a certain time and come in with the settings and the music and the scents or having dinner ready for me just intuitively. That butler service that you always wanted to have, that invisible helping hand that’s there for us. When that starts to happen, we start seeing this ease of use and this incredible level of dare I say, customer service, that’s being provided by the technology and that benefit, then there’s going to be a greater comfort in us.
As I mentioned, at the moment, there is a little bit of a fear factor around giving up some of the privacy to some of these devices and them listening in our conversations. When we start getting the benefits back, then we’re going to start living in a dare I say, a more seamless, integrated way with the technology that we talk to or the technology that’s just there for us in the background, just being part of our daily lives in our homes.
Erin: It seems to me that what we’re heading into now is far less passive than what we’ve been through before. We’ve all got the devices that we talk to and give us timers and the song and the time and the weather and all of that stuff that we want. Now, if you want things that are going to bring the lights on or do the things that these devices can also do, you have to go out to your local high-tech store and buy the parts and learn how they operate.
Is that holding us back at all do you think, Nikki, because it’s like, I’m going to have to spend some money, I’m going to have to figure out how this works and it’s not just like suddenly having your home connected to the internet.
Nikki: I think yes and no. Yes because as you’ve described let’s use smart lights as an example, you do need to go out to the hardware store and you need to make some changes and learn to use your light in a different way. The reason I say no is that so much of this technology is designed to be incredibly user friendly and consumer friendly. If I just use the example of the light bulb, what’s happening now is that if you want to have a light that you can control from your phone, you’re not having to go there and buy a fixture to go into a ceiling, take out your existing fixture, put it in, rewire it, get the electrician in and lo and behold, you have a new setup.
All you’re doing is you’re going into just any store that has consumer goods and you can just buy a smart bulb and you just put it into existing fixtures. There’s an understanding about making it easy and working with what’s there already.
Now, what we tend to see a lot when we have technology improvements coming along and we see it on our phones, is that when something comes, then it’s already built in, you start using the features. An example is the health trackers on our phones. I never needed a pedometer, I’ve never wanted a pedometer, but there’s a pedometer on there now that I know it’s there, I actually do every day I go and I check how many steps I’ve done. Some of the stuff’s going to be increasingly commonplace and it’s just going to essentially slip into our lives.
Erin: That’s more of the passive that I’m talking about. That if it’s there we’ll go, yes, okay, maybe I’ll try this. Let’s talk about embracing and adopting PropTech. Do you think that the real estate industry truly has embraced PropTech, Nikki?
Nikki: I think it’s still early days and there’s a lot more that can and will be happening but real estate hasn’t changed that much. Buildings are buildings and the way that we use buildings hasn’t changed very much. If you look at photos from the 1920s, you’ll see people coming into office buildings in suits and ties and sitting down at desks. There might be the typists pool, meeting rooms, boss has his corner office, that hasn’t changed all that much until recently.
What’s happening is that even though the way that we live and the way that we work and the types of activities that we do, even though that is changing and becoming more technology first and the way that we shop is another example, the way that we order food, the way that we cook, the way that we work out, we can work out or using Pelotons or doing a yoga session with an instructor in San Diego, live and working out at home.
Now, the way that we live has changed much and we’ve been very accepting of our spaces very much being the same as they’ve always been but what’s happened now is especially with the lockdowns and people having to work remotely and our way of living being so fundamentally different, there is going to be a larger push from the consumers for the real estate industry to engage more with technology. It’s going to go from a nice to have add-on to something that’s being essential.
Erin: Nikki’s traveled and worked worldwide but how do countries compare when it comes to grabbing on to and implementing property technology? We’ll find out in a moment.
We’re all looking for connection these days and I don’t just mean a great Wi-Fi signal when you’re working, but real heart connection. REALTORS® across Canada are committed to supporting the causes and charities closest to their hearts. Get inspired by incredible stories and follow REALTORS Care® on Facebook, Instagram and Twitter and by sharing your own using #realtorscare. Thank you for what you do for us all. Now back to our chat with architect, entrepreneur and real estate futurist, Nikki Greenberg.
You’ve lived and worked around the world. Right now, as we’ve said, we’re speaking to you in Sydney, Australia, you’ve been everywhere, you’ve lived in Manhattan and many more stamps on your passport, Nikki, how does adoption vary globally?
Nikki: It’s a good question. Look, I do believe that across geographies, there are differences some of them cultural differences. We know that Asia has always had a reputation for being very technology first — Japan, Korea, Hong Kong, Shanghai, there have been these cities that are just very techie by nature. The general population has just always had this great embrace of technology. Those countries tend to be the leaders.
Now, China is quite interesting. There’s a lot of technology that’s coming out of there as they become entrepreneurs and huge companies that are coming out from there. Hong Kong has always relied on technology to a huge extent but then when you look towards the other extreme such as Africa, I actually, I was born in and grew up in South Africa. I can definitely speak to their context as well. When you’re looking at developing countries where people are working very hard just to put food on the table and a roof on their heads but yet everybody has a mobile phone.
There’s a lot of what we refer to as leapfrog technology, where it’s technologies that may have been invented in developed countries, and then over time, as it becomes more accessible and less expensive, is then available to these emerging economies, that the adoption rate is incredibly high because the technology’s there to solve problems. At that end of the spectrum, there’s an expectation from consumers, again, just in line that the properties and the offering is in line with technology. Then in between, we have Europe, you have the US, and the technology, adoption in real estate is now increasing, increasing and increasing.
Now, having said that, of course, there’s certain personalities from different ages, different demographics, different locations, et cetera, that do tend to embrace technology earlier than others. There’s always been a product adoption cycle, and that’s still there but what we’re seeing now is that the comfort level around what technology is and as the technology evolves also to be easier to use, and a lower adoption curve.
We’ve now removed the barriers or some of the barriers or perceived barriers rather, to the adoption, which means that the use of it is broader and more commonplace. We’ll see that increasing and increasing across the globe, wherever there’s internet and there’s greater internet at greater speeds being offered to more and more people everywhere.
Erin: What do you see as technological and socio-economic trends that are forming today, Nikki, that are going to impact our living and working spaces over say, the next decade?
Nikki: This one trend that I love to talk about, and it just summarizes a lot in a very simple statistic. What we’re finding is that by 2030, 75% of the workforce will consist of millennials and Gen-Z. What you’re seeing here is that it’s a group of people that really embrace technology and expect technology to be part of the way that they live and that they work and are uncompromising.
They expect that the physical in-person experience and the digital experience will work together. What we’re really going to see and what we need to realize is that, as we’re looking at workplace as an example is that we need to be designing for them, we can’t be designing for generations gone past or ways of working gone past because that has fundamentally changed.
My advice to anybody that’s in commercial real estate, for an example, is to if you have kids or if you have grandkids or friends or whoever it might be that all between the ages of 9 and 25, just get a sense of what matters to them and get a sense of how they’re using technology and what attributes are they looking at in places? You might find, for example, that they sit on the sofa and that’s where they do their work. I’ve definitely seen that if you’re doing homework with a friend, that even if the friend’s in the same room, that they’re still communicating with them through their computers, which is just something that comes naturally to them.
Definitely keep an eye on what they’re doing and how they’re thinking about technology and also some of the attributes. Another status power that I also like to throw in and trying to think about is that within the group of Generation Z, I believe the statistic is that 46% of them plan to become entrepreneurs and 57% of them, if I’m not mistaken, plan to invent something that will change the world. This is really who we need to be thinking about as our future customers and also our future workforce that is going to be changing the way that our spaces operate.
Erin: That is fascinating. When we think of the younger generations like Gen-Z and millennials, we think of more eco-conscious, are we becoming so as homeowners and buyers that you’ve seen, Nikki?
Nikki: I’d like to think so. We’re definitely seeing in consumer goods that there’s more that appeals to the eco-conscious and sometimes it falls into the category of greenwashing, that it’s presented as being better for the environment, but isn’t necessarily such. It’s a tricky one because by nature, a lot of us do care about the environment and say that we care about the environment. However, the sad thing is that on the flip side, and I’ve definitely seen this through my career is that consumers aren’t necessarily willing to pay more for a greener solution, which becomes one of those tricky obstacles to get around.
One of the exceptions is again, coming back to Generation Z, and they are these like eco-conscious climate warriors, we saw them definitely with the climate protests is that they see global warming as something that is very real and something that is affecting them directly because the consequences are happening within their lifetime.
For them, you’ll find a lot of them will actually come and they will ask about the sourcing of materials, they will ask where the electricity is coming through. They will actually look at the origins of certain things. They do want to have vegetable patches and sustainable materials and it’s something that’s not a passing fad, but something that is really important to them and their livelihoods.
In terms of attracting and appealing to Generation Z renters and buyers, this is something that does interest them, does appeal to them, but they’re also pretty savvy and they understand when something is just being used as a marketing ploy or when it’s something that really is ingrained and is something that is of benefit to the environment.
Erin: Savvy, is the key word there. How about life in dense urban cities where smaller homes are more affordable? Are you seeing people using PropTech to live simpler or with less? The Marie Kondo idea has been around now for probably, I guess about five years, is PropTech in line with that idea of minimalism?
Nikki: Absolutely. There’s a few different ways that it’s been done and where there have been benefits that I’ve seen. One of them that I absolutely love and it’s basically is the shared economy and the idea of as a service, you don’t need to own, you can share. Obvious examples of this being, we all know Uber, you don’t need to own a car, you can just call an Uber to get around. There’s basically and especially in New York, there’s a service for everything.
As I described earlier in my apartment, I don’t have a washing machine, so I send my laundry out, somebody else does it for me. There’s rent the runway, I don’t need to keep buying beautiful outfits, I can loan an outfit. There’s solutions where I can actually store my winter clothes somewhere else and then on my app, I can order my clothes back into my apartment when I need to change between my summer and winter gear, for example.
There’s on-demand cleaning services, there’s on-demand pet walkers, there’s on-demand toolboxes so that you don’t need to own your own tool collection for something that you only use maybe once or twice a year. There’s on-demand everything, so very much this getting away from needing to own things and instead being able to share and just pay for things as a service and as you need it.
One of the other things that I quite like is going essentially to another extreme is that there’s been a resurgence of robotic interiors that let you reconfigure spaces such as having a bed fall down from the ceiling and it’s stored up in the ceiling during the day so that you have more usable space during the day or being able to slide wardrobes backwards and forwards to change the configuration of a space in a small setup.
There’s a lot of different things that are coming or rather they’re already here, but the adoption is increasing or what it means is that we can own less, have more space, be able to be more mobile. If you’re renting and you’re moving fairly often to be able to come into furnished apartments, for example, or there’s services that you can hire furniture packages that are pre-styled instead of going out of buying every single item. There’s this wonderful rise of there being a service for everything and whatever your heart desires, there’s a technology that’s there to just make your life simpler.
Erin: Of course, commercial properties have kept up with this evolution too, haven’t they?
Nikki: Oh, yes absolutely. Co-working spaces or flexible offices being a prime example, tenants apps, where you can order every single amenity, ghost kitchens where you can have food being delivered up to your office from restaurants that don’t even exist, everything just done on the click of an app. Now that’s really where things are heading is app first, own less.
Erin: Did you catch that? App first, own less. Back to Nikki in a moment about repurposing buildings, mall meet school and more.
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Back to, Nikki Greenberg, now. She’s been incredibly enlightening as a real estate futurist, entrepreneur and architect. Here’s the rest of our talk. Are there opportunities to repurpose these spaces beyond traditional work environments?
Nikki: Yes. This is something that’s been discussed at length in New York especially. With the pandemic that’s been happening, the occupancy in Manhattan has really dropped. The statistic that I heard is that the peak of 2020 saw office occupancy sitting at around 15%, which is very concerning for great industry. There’s been talk about for office buildings that haven’t been developed having a change of use to residential. There’s a housing shortage in Manhattan, so that being an option. There’s been talk around repurposing offices to again, residential or to logistics centers.
It extends beyond offices as well. I’ve recently heard about some shopping malls that were being repurposed as schools, which I thought was actually quite a nice idea because you still have a public space for the community to gather and in a shared space and also some of them being repurposed to as logistic centers for e-commerce.
There’s discussion around repurposing and changing spaces for use. I’m absolutely a big believer in it. It’s easier said than done. There are zoning requirements, there are building codes, you do have fixed infrastructure and mechanical workings, piping, et cetera that’s not that simple to move, but there is opportunity, I think by just putting on a bit of a creative lens and having a sense of simple supply and demand.
If you have falling demand for something, but you have a rise in demand for something else, then wouldn’t you want to shift over to the area that’s in higher demand if it’s at all possible?
Erin: Your vision and your excitement and your enthusiasm for everything PropTech is really contagious. I’d like if you could, Nikki, offer any advice to REALTORS® to help them better understand new PropTech trends.
Nikki: I will say that it’s a journey. Technology and especially PropTech, it’s new to everybody. None of us were born knowing about PropTech. It’s only something that’s emerged in the past few years and it’s changing constantly. If you’re coming into it fresh and this is very new to you, don’t worry, we’ve all had to learn. Right at the start I said when it comes to PropTech, we’re really talking about these three communities or real estate, investors and technology coming together.
Now, the technology crowd didn’t know anything about real estate either when they came in. It’s learning process. I think the first thing is realize, if this is new to you and you don’t quite get it, you’re not alone. It’s been the exact same thing for everyone.
The second thing I’d suggest is go out there, look on Google, subscribe to different newsletters. You can always go onto my website, nikkigreenberg.com, keeping it very simple, I have some fun ideas there. There’s great conferences that happen, there’s a lot of webinars and just start getting a sense of what’s out there and what’s the conversation that’s happening? Very soon, you’ll start to notice some of the patterns and the trends that emerge. You’ll start being able to piece together an understanding of the ecosystem.
If you do have particular needs that you’re trying to solve and you know what they are, go on to Google, see who’s providing those solutions and hop on the phone or organize a meeting with some of the technology providers. The sales reps, they’re fantastic, they’re very happy, a lot of them, to give up their time and expertise to really explain not just their own technology but why the technology is needed and the benefits to you.
They’re there as a resource, they’re very interested in adoption of their products and a lot of them, they’re very patient because they do have the enthusiasm to get their products being used. They also do have an understanding that there is a learning curve for the users of their products as well. Use them as a resource and just be okay with taking a risk. Try something out. You might find, for example, if you’re using a technology in your office operations, if there’s something that you want to try, test it, see if it works.
A lot of the technology that’s out there, they’re done on subscription models, which means that you’re paying month to month, so you’re paying a small amount every month instead of investing tens of thousand dollars in setting something up and then being locked into it.
In summary, it’s new to everyone, don’t be scared of it, start educating yourself, familiarize yourself with some of the products and be okay speaking to the sales reps to help them bring you on this journey. Then finally, just be okay testing stuff. That’s the way that you learn. If it’s not the right thing for you, try something else. It’s not a one size fits all. It’s a process and the technology keeps changing and it keeps getting better. It’s designed more and more to be more user-friendly and easy for both you and for your customers.
Erin: Oh, thank goodness. I’m glad to hear that. Just a tip or two, if you have them, Nikki, on how REALTORS® can educate their clients on what to expect.
Nikki: I think what I’d say is my top tip would be to let them know that the technologies that are coming out are designed to be user-friendly and to be useful. I like to use the example of the butler that’s there in the background just attending to every need.
Secondly, again is just letting them know that sometimes there is a learning curve and that even if something is a little bit clunky at the most because it’s an emerging technology, it will get better in time, but it’s fun to just test something out and learn from it. It’s all a growth process. The beautiful thing about the technologies coming out now is that you’re not necessarily locked into it. You don’t have to put in a whole new light fixture to get a smart light, you can put in a light bulb. You can have a subscription service to a software instead of buying a whole enterprise package. There is flexibility to just try things out and let your customers know that it’s just better to just start dabbling and learning. It’s exciting too, to get a sense of where the technology is, where it’s headed and how it can be helpful to us.
Erin: You have been amazing because coming into this, PropTech, I thought were some kind of EDM, Electronic Dance Music or something. This has been absolutely fascinating and it’s opened all kinds of doors and windows to opportunity to just look and see what’s next and give it a try, be like a toddler with an iPhone and push all the buttons and see what happens. We did and we reached Sydney, Australia. Look at that, but before we let you go, you’ve done all this looking into the future, Nikki, we’re going to ask you to take one look ahead a little bit and think how you would like to describe 2021 when all is said and done.
Nikki: That’s a good question. I think when all is said and done because our world has been so fundamentally disrupted by the pandemic, we have an opportunity right now to build back better. I think 2020 was about dismantling and 2021 is about repairing in a better way. I just hope that we, as an industry, do seize upon this opportunity because it’s a once-in-a-lifetime chance to do things in a better way.
Erin: That is a great metaphor for all of us in all ways, the dismantling and the rebuilding. What did you want your life to be? Because here you’ve got a chance to start again from the ground up. Nikki, thank you so much. This has been wonderful, and we are so grateful to you for taking the time and sharing your wisdom with us here today on REAL TIME.
Nikki: Thank you so much for having me as a guest. I love talking about technology and I hope that your listeners and yourself will have found my insights useful and that you’ll just go out and buy some smart bulbs and just start dabbling in your time off. It’s a lot of fun, there’s so much we can do and it’s been an absolute delight joining you. Thank you so much for having me as a guest.
Erin: Thank you to Nikki Greenberg and to you for making time for REAL TIME. Join us on Episode 16, when we’ll talk about the psychology of real estate with Dr. Winnie Shen. She’s got a lot of great information and ideas to implement in your work and home lives.
CREA REAL TIME podcast is produced by Rob Whitehead and Real Family Productions and Alphabet® Creative. We invite you to our previous episodes. Thanks for sharing these REAL TIME podcasts with your coworkers, your friends and fellow REALTORS®. I’m Erin Davis.
Investing in real estate for the first time can be equal parts exciting and intimidating. And for some, it can feel like a distant dream. In episode 14 of REAL TIME, author, mentor, former TV host and Broker/Owner Sandra Rinomato tells us how to turn that dream into a reality. What fears or misconceptions are holding first-time buyers back? What should REALTORS® do differently with new buyers? Sandra shares her advice to help break down the process and get to the root of the first-time buyer’s needs, providing actionable tips along the way.
What is the relationship between our homes and our mental and physical well-being? Are there changes we can make to infuse a greater sense of joy into our living spaces? How can we reimagine the things we already have to elevate our homes aesthetically and functionally? In Episode 13 of REAL TIME, designer and TV host Tiffany Pratt talks about connecting more deeply with our homes to improve well-being and live a beautiful life, no matter what ‘beautiful’ means to you. Because in her words – be it through colour, texture or personal items that invigorate our spirit – “our homes should make us feel something.”
“You have to be part of changing the culture. If you want racist speech or actions to be unacceptable, you have to be one of the people saying it’s unacceptable.” In Episode 12 of REAL TIME, we discuss racial biases and opportunity gaps facing BIPOC professionals in Canada. Joined by Dr. Hadiya Roderique – speaker, researcher and author of the viral article “Black on Bay Street” – we look at ways to address racism in the workplace and other interpersonal settings. How do we recognize it? What does it mean to be an ally? How do we improve to be more diverse and inclusive? Join us for a critical conversation with input from REALTORS® who’ve experienced racism or bias firsthand – and their advice on how we can do better.
Last year, the COVID-19 pandemic quickly underscored the importance of “home” as refuge. As a result, Canadians started making their homes a larger priority, as demonstrated via record home sales, shifts in the types of homes purchased and a boom in home renovations.
Listen in as we discuss this change with Canadian designer, artist and TV host, Steven Sabados, and further explore ways we can make the most of our homes in 2021.
2020 has been an unprecedented year in almost every regard.
In this episode of REAL TIME, we discuss the impact COVID-19 had on Canadians, how housing markets responded, how REALTORS® have adapted and what it all means moving forward. Join us as we dive deeper into these topics with insights from industry experts David Coletto (CEO, Abacus Data) and our own Patrick Pichette (VP, REALTOR.ca) and Shaun Cathcart (Senior Economist).