There seems to be something of a baby boom in New West’s real estate business.
A seemingly high number of children are following their parents into the often-fickle world of real estate.
Thirty-year-old Jay Hazelwood is one of them. He made the move after working as a mortgage broker, saying he prefers the hustle and bustle of selling real estate.
His mom is RE/MAX Realty Advantage co-owner and real estate agent Alison Hazelwood. She says it’s not unusual for the children of agents to follow their parents into the business, but in New West the recent influx is likely related to the age of the established realtors.
Having Jay onboard has been ideal for Alison, especially as she expands her business with the recent purchase, along with her partners, of two offices in the Tri-Cities.
“It’s nice for our clients to be able to know if one of us goes away, the other one is fully up to speed and can handle any problems that should arise,” she says.
The children of agents will succeed because they know how hard you have to work in the business, Alison says.
“It is really cyclical, and that’s one of the most difficult aspects to get used to,” she says. “It’s not the business for somebody that is looking for something safe and reliable.”
As for the real estate game, Alison says in the last year or so it was in a “soft spot,” but it’s picked up in recent months.
One of the key differences between those who are successful and those who aren’t is being able to keep their heads down and work during the lean times.
In fact, Alison and Jay say that’s when it’s time to work even harder.
“A lot of people have a hard time because they don’t keep the motor running,” Alison says.
Evidently, it steadies the steering when family is helping manage that motor.
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Twenty-year-old Kellie Vallee joined her dad, Dave Vallee, 58, a couple of years ago.
Despite watching him hustle to manage an extremely busy business, Kellie says she was always interested in real estate.
“It’s not 9 to 5, and it’s never, ever boring … ever,” she says, laughing.
For Dave, bringing Kellie in meant he could ponder retirement. “I’m glad Kellie did it because at some point I want to be put out to pasture … I want to wind things down and pursue life after work, with Kellie here there will be a fairly smooth transition,” he says.
Kellie was one of the reasons Dave got into real estate.
The year before she was born, he decided it would be a better route for the family – his wife could stay home with the kids, and he could work closer to home.
He took a leave from his job as a recreation and child-care worker for teenage boys with learning disabilities and dove into sales, but it was a tough start.
“The first year I made minus $25,000, because I had to take $25,000 out of my RRSP to live and pay all of the bills,” Dave says.
But he stayed on and has run the top team in the local RE/MAX Advantage Realty since 2003.
What he liked about real estate – and says he still does – was meeting people and seeing properties.
What’s surprised Dave about his daughter since she entered the business is how much of a “go-getter” she is.
“I thought she might be a little more of a slacker. She’s keen, she’s really on top of everything. She’s getting more and more efficient,” he says.
At a time when most young people can barely manage exorbitant rents, Kellie, with the help of her dad’s good planning, recently purchased a Glenbrook North townhouse.
Her dad started tucking away the child-tax credit for both his daughters when they were young. When they were old enough, the girls started working for their dad – helping to stuff envelopes and other small tasks. Kellie was able to use the savings for her down payment.
In this day of steep property prices, it’s common for parents to help their kids purchase their first place, Dave says.
“Sometimes the parents help them with the down payment,” he says.
“A lot of times,” Kellie adds.
The other option for young people, Dave says, is to use their RRSP. A person can withdraw up to $25,000 for a down payment (though it must be replaced over the course of 15 years to maintain tax-fee status).
For some young people, the best option is to stay at home with their parents long enough to save up their down payment, Dave says.
A nurse he knows who works with his other daughter Carmen at Royal Columbian Hospital is an example. She saved around $40,000 for a down payment on a $300,000 property by living at home with her parents throughout her 20s.
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The one thing almost all of the local real estate agent “parents” said when they spoke with The Record is that it’s best to get on the real estate ladder and to start small with a condo, preferably one that can be spruced up.
That’s what local Realtor Tracey Davies’ son Sean Davies plans to do.
“My five-year plan is to try to buy a condo and probably fix it up and try to make some money on it, and either rent it out or just sell it and move up into a nicer condo,” says the 20-year-old, who works as his mom’s assistant.
Tracey says younger buyers would benefit from laneway homes being approved.
“It might help provide other affordable options,” she says.
Sean joined his mom two years ago, just after he graduated from high school.
“It is a lot of work … I think people don’t understand how much goes into listing a house,” he says, summing up the business that’s been the bread and butter for three generations of Davis’ – his grandparents are also realtors.
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Wes Goss is another real-estate baby with the business in his DNA.
Both his parents, Patti and Ed Goss, have been in the business for decades. But the plan wasn’t for Wes to jump into it.
The 34-year-old worked as a high school teacher in the Vancouver school district for five years before he switched careers. Wes left the stability, benefits and guaranteed lengthy summer breaks for the volatile world of real estate.
But, he insists, he has no regrets.
“It just wasn’t for me – teaching is a job that you have to be passionate about,” he says. “It just wasn’t there for me.”
Today, Wes works with his mom, a RE/MAX Realty Advantage agent. (Wes’s half-brother Adam Goss is also an agent.)
The partnership has been a dream for Patti.
“Over the years, I’ve had a number of buyers’ agents, and it’s just not the same, and since Wes came, I can trust him 100 per cent. And he’s got a really good work ethic, and I don’t have to worry about it,” Patti says.
Like Dave, Patti says she’s also thinking about the succession of her business when she retires, but Wes notes she probably never will.
“It’s hard for her to take a day off,” he says.
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