What do you need to know before committing to a Realtor?

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What do you need to know before committing to a Realtor?

It shouldn't surprise you to know that I have some thoughts about hiring someone to help you out with real estate.  Because I've been helping people with real estate for a long time and I've seen the problems that come with poor vetting.  

What do first-time buyers need to know about their Realtor® before committing?

Your realtor® is your partner-in-crime when it comes to getting a great deal on real estate. Although you have access to more information in the housing market than ever, without the proper training to evaluate, filter and process that information, you are facing overload that will not help you seal a better deal.  This is where a great realtor® comes into play.  Here are some of the most important questions to ask when vetting your real estate partner, especially if you are a first time home buyer.

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What is an Opinion of Value? Sharon explains.

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What is an Opinion of Value? Sharon explains.

Sometimes, before someone lists a property with me, they need to get a sense of the appropriate range of potential values for their property without going through a formal, extensive appraisal process with a Certified Residential Appraiser. 

As a Realtor® and Broker, I can provide an Opinion of Value, which is a review of sales and property data for similar properties in your area.  As part of the Realtor® Code of Conduct, we are prohibited from providing Opinion of Value on properties in which we have financial interests, where we lack the appropriate technical skills and the fee charged for the OPV has nothing to do with the actual value of the property.  

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Buying a new property? Here is what you need to know.

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The first rule of real estate is simple: Never make an emotional decision.  

The second rule of real estate is Murphy's Law: When things can go wrong, they will.  

Realtors® have a code of conduct. I take this very seriously.  It was developed in 1913 and there is a reason we still use it. 

“A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The REALTOR® Code, by setting high standards of professional conduct for REALTORS®, helps to protect Canadians’ rights and interests. It also creates a level of trust between REALTORS® and their clients.”
— Canadian Real Estate Association

But I also see my job as protecting people from the first two laws of real estate: making emotional decisions and avoiding calamity.  Here is the advice I give to my clients when I walk them through one of the most important decisions of their lives. 

Stay Focused on Your Needs.

I did not get into business to lecture first time buyers about how to compromise - I am all about making things happen on your terms.  And I've been doing it for almost three decades in the same small town.  Do not let anyone, and we mean ANYONE, drive you off of your square when it comes to your budget or deal-breakers.   Work hard, be demanding of your help, and stay focused on your budget and your needs - now is not a time to keep up with the Joneses.

We have come up with a pre-form specialized for the first time home buyer. Taking the time to fill this out will give you a leg up in the market and help to organize your thoughts.  Print it out and complete for every new place you look at. 

Get the Right Help.

The people that you bring into your life should be professionals at transferring your strategy into reality. If you find people lecturing you on what you "should have" or about "seller's markets," run, don't walk, in the other direction. There are always deals  if you look hard enough and have patience, and you should always reserve the right to walk away from any team member if they are not giving you the insight that you need.

Know Your Rights.

Learn The Real Estate Council of Ontario's Three Pillars of Protection: Insurance, Knowledge and Professional Standards.

“Knowledge

Real estate professionals must complete courses before they can enter the real estate sector. And once they are in the profession, they complete additional courses every two years to keep their knowledge up-to-date and their skills sharp.

Professional Standards

Brokers and salespersons are required to uphold professional standards that emphasize treating anyone involved in a transaction with fairness, honesty and integrity, and following rules and regulations that are there to protect consumers. In the rare instance that something goes wrong and you want to complain about your representative or the brokerage, RECO will investigate the complaint and take steps to hold the real estate professional accountable for their actions.

Insurance

Deposit insurance provides you with peace of mind knowing that your hard-earned deposit will be held in trust and insured against loss, insolvency or misappropriation by a brokerage.”
— RECO

Making your initial moves in a real estate market is hard, and you are entitled to the protection ensured by working with a great Realtor®. 

Know the Offer Process

This video from RECO is one I send to my clients to help them understand the high level details around the offer process and subsequent transactions. 

Happy buying and selling!

Sharon