For most people there’s too much at stake in a real estate transaction to not hire a REALTOR. The fact is, most people who try to sell their own home end up using a REALTOR anyway. Before anybody decides to fly solo through this complex, time consuming a

Sun

For most people there’s too much at stake in a real estate transaction to not hire a REALTOR. The fact is, most people who try to sell their own home end up using a REALTOR anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.

Will you really “save” the real estate commission?

When buyers see a home for sale ‘by the owner’, they see a bargain. They imagine the REALTORS fee going into their pocket, not yours.

Are you familiar with real estate law?

Complicated and ever changing, real estate law governs nearly every phase of selling your home. One mis-step, and an entire deal can fall through, or worse, a lawsuit can come your way.

How many potential buyers will you reach?

Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no access to www.mls.ca or the Multiple Listing Service?

Do you have the time?

Promoting a home is a full time job, and you may already have one. Will you be able to take calls at any time? How about screening the callers to figure out if they’re qualified to buy your home? Not everybody who calls is even suitable to walk through your home, but how do you tell?

Do you know the market well enough to get the most for your home?

Lacking years of experience, the average do-it-yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.

What about your selling skills?

If the personalities of prospective buyers rub you the wrong way, can you still deal with them effectively? What about your own defensiveness when you hear negative comments about your home? Best to keep it at arms length through a REALTOR.

Do you have the negotiation skills to keep a deal on track?

When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster. REALTORS keep it professional and are indispensable when it comes to bargaining with buyers.

(Source: Canadian Real Estate Association, www.howrealtorshelp.ca)

© The Vancouver Sun 2007

Sun

The hunt is on! Time for you and your REALTOR to find that perfect home. But first you need to figure out where you want to buy:

Urban – Ahh, the big city. Sure the prices are generally higher, but you can walk to a restaurant, maybe even work. You’ll also have the widest range of housing options.

Suburban – Newer schools, newer shopping centres, bigger yards, bigger homes, no wonder so many people love the suburbs.

Smaller Cities and Towns – There are many wonderful self-contained communities, and compared to the big city, you can save a bundle.

Rural – If you like the idea of owning land, how about a few acres all to yourself? Seclusion is not for everybody, but for some, it’s heaven.

Next, decide what type of home you want.

By now, you probably have a good idea of what type of home is right for you. To familiarize yourself with the terminology, here’s a quick overview:

SINGLE-FAMILY DETACHED

As the name implies, the home is not attached to the home next door. Styles range from a single-story suburban bungalow to a three-story Victorian and everything in between.

SEMI-DETACHED, LINKED OR ATTACHED

Two houses that share a common wall. Usually less money than a fully detached home.

TOWN HOUSE

Also known as terrace or row housing. Several homes with a common style and joined in a row. They usually share walls on both sides.

THE CONDO ALTERNATIVE

Some people can’t wait to start gardening on Sunday morning. If you are not one of those people, it’s just an elevator ride away. Condos also make a great first home purchase because they’re often thousands of dollars less than a detached home.

Now you know what you want, but let’s talk needs.

Are you getting out of a two-bedroom apartment because it’s too small? Then your new home should have at least three bedrooms, and probably have a second bathroom. REALTORS call these must-have features “needs.” Features you’d like to have are called “wants.”

Your strategy should be to find a home within your price range that fulfills all or most of your “needs,” and as many of your “wants” as possible.

(Source: Canadian Real Estate Association, www.howrealtorshelp.ca)

© The Vancouver Sun 2007

Sun

If you’re thinking of selling your home, remember the old saying, “You never get a second chance to make a first impression.” This also applies to your home. Give prospective buyers a favourable first impression and it can lead to a better sales price and less time on the market.

Preparing your home for sale doesn’t have to be costly. It’s about bringing out the best in your home. Here are some tips to help you get started.

START OUTSIDE

An inviting exterior is the first thing potential buyers see. Increase curb appeal with well-maintained lawns and gardens. Plant flowers in beds and add a colourful potted plant by the front door. Get rid of clutter and refuse, repair loose siding or pavement and replace damaged shingles or cracked windows. Wash windows, gutters, mailbox and doors.

GET RID OF THE JUNK

Nobody likes to walk into a home that is filled with clutter. This can make it difficult for a potential buyer to see what your home really looks like. Get rid of clutter in your closets, cabinets, drawers, shelves and on counters. A spacious room is a great selling feature.

CLEAN, LIKE YOU’VE NEVER CLEANED BEFORE

Perspective buyers will look closely at your home. This is one of the most inexpensive ways to prepare your house for sale. Get on your rubber gloves and dust, polish and scrub. Cleaning does not only entail the inside, it is important to have the outside of your house up-to-par. If you don’t have time, hire a professional cleaning service.

DO THOSE REPAIRS

This is the time to do little fix ups. Touch up the paint on the walls, fix broken door handles, repair window latches, and get rid of any stains in your carpet. Fix leaky faucets and put new light bulbs in all the fixtures.

ADD A LITTLE FLAIR

Replace outdated wallpaper, or paint a fresh colour on an accent wall in your home. Create an ambiance for your home with sweet smelling candles and low lighting.

Now that your house is ready to sell, here are a few ideas used by successful sellers to help close the sale.

Play soft, soothing music. Remember to keep the volume down so the REALTOR and prospective(s) buyer can talk while touring.

If you have pets, if possible, try to keep them out of the house. To create a warm and inviting atmosphere, bake cookies or bread.

This wonderful aroma will welcome a potential buyer.

Let in the sunshine. Open some of the windows in your home, lift the blinds and pull back the drapes to create an airy and roomy feeling.

Doing these simple touches to your home can make it more appealing to a purchaser and increase the value.

(Source: Real Estate Board of Greater Vancouver)

© The Vancouver Sun 2007

When it comes to giving, REALTORS are among Greater Vancouver’s most generous donors. A variety of charities, outreach groups and law enforcement agencies across the Lower Mainland benefit from their time, energy and hard work.

Sun

When it comes to giving, REALTORS are among Greater Vancouver’s most generous donors. A variety of charities, outreach groups and law enforcement agencies across the Lower Mainland benefit from their time, energy and hard work.

REALTORS care about our communities. Many live in the very neighbourhoods they rely on to make their living, so it makes sense for REALTORS to participate in local fundraising efforts, as well as regional initiatives that incorporate REALTORS across the Lower Mainland. The largest of these are the Realty Watch program, the REALTORS Care Blanket Drive and the REALTORS Care Endowment Funds for Oncology and Genetics.

In June 2006, the Real Estate Board of Greater Vancouver officially launched the Realty Watch program in our jurisdiction. Together, members of the Fraser Valley Real Estate Board and the Chilliwack and District Real Estate Board are assisting law enforcement agencies from Hope to Whistler to Tsawwassen and everywhere in between.

Realty Watch is a unique community crime prevention partnership. Because REALTORS are constantly on the road and in neighbourhoods during the day and night, they can act as the “eyes and ears” for police. Realty Watch allows police to notify REALTORS about missing persons and abducted children. Within 15 minutes after a police request, a message or “fan-out” can be sent to every REALTOR in the Lower Mainland. That’s more than 12,000 REALTORS. Realty Watch can also target REALTORS in individual communities.

Realtywatch works. In May 2006, Langley RCMP issued an urgent press release to the media and activated a Realty Watch fan-out to all Fraser Valley REALTORS’ cellphones, Blackberries and PDAs about a special needs girl who had been missing for nearly two days. A REALTOR received the text message while with a friend, who knew the missing girl. While the two women were reading the message together, the missing girl phoned. After the police were notified, the girl was returned to her foster family.

REALTORS participate annually in the REALTORS Care Blanket Drive to help many of our neediest residents every winter. This year saw the twelfth incarnation of the event, which collected more than 3,300 bags of blankets, coats, clothing and other necessities, one of the highest number of donations ever received. This worthy endeavour is organized and run by volunteer REALTORS from each geographical region in the Lower Mainland. Items were delivered to local shelters and agencies, including Covenant House Vancouver, the Downtown Eastside Women’s Shelter, the Salvation Army and the Friends in Need Food Bank.

REALTORS organize charity golf tournaments and gala evenings throughout the year that raise thousands of dollars for a number of local charities like the B.C. Children’s Hospital. The REALTORS Care Endowment Funds for Oncology and Genetics are just one example of real estate professionals’ ongoing commitment to community involvement. The endowment funds were created as part of a long-term commitment towards funding critical research and treatment of children’s cancer. To date, almost $400,000 has been fundraised by REALTORS and given to this cause. You can help support this charitable initiative by making a direct donation to B.C. Children’s Hospital, indicating your donation preference to either the REALTORS Care Endowment Fund for Oncology or the REALTORS Care Endowment Fund for Genetics.

For more information on REALTORS Care programs and the REALTORS Care awards, please visit www.realtorscare.org.

For more information about Realty Watch, please visit www.realtywatch.org.

(Source: Real Estate Board of Greater Vancouver)

© The Vancouver Sun 2007

Knowledge and expertise is required to maintain a real estate license. REALTORS are closely regulated and require more training than you may have first imagined. You’re trusting a REALTOR with your most valuable possession, your home. REALTORS take this

Sun

Knowledge and expertise is required to maintain a real estate license. REALTORS are closely regulated and require more training than you may have first imagined.

You’re trusting a REALTOR with your most valuable possession, your home. REALTORS take this responsibility very seriously. Here’s their promise:

Your REALTOR is highly trained.

REALTOR training is so rigorous that a large portion of candidates never complete the pre-registration courses. Those who do pass must master a long, diverse list of subjects ranging from housing construction to family law.

Your REALTOR is continuously trained.

REALTORS must keep pace with the times. All licensed REALTORS must take continuous education courses to make sure their knowledge on subjects like legal issues and technology are up to date.

Your REALTOR is an ethical businessperson.

A licensed REALTOR must be registered under the provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.

Your REALTOR does everything by the book.

REALTORS must adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional Codes of Ethics governing REALTOR behavior. Your interests must always be put first.

Your dealings with a REALTOR are insured.

For your peace of mind, provincial regulators sponsor consumer protection programs that may require, for instance, that REALTORS maintain Errors and Omissions Insurance. Often deposits consumers make in real estate transactions are also insured under these programs.

Opportunity for recourse.

Should you have concerns about the professional behavior of a REALTOR, contact your local real estate board or the Real Estate Council of British Columbia. They take these matters very seriously and will work quickly to resolve any issues.

Your REALTOR will grant you access to our exclusive Multiple Listings Service.

The MLS is the single most powerful tool for buying and selling a home. Your REALTOR will give you access to exclusive features of the MLS system that the public is not privy to.

(Source: Canadian Real Estate Association, www.howrealtorshelp.ca)

© The Vancouver Sun 2007

Sun

There are lots of ways to find a REALTOR. As you drive through prospective neighbourhoods, jot down the names and numbers of REALTORS on the For Sale signs. Open Houses are a great way to meet face-to-face. Make sure to ask your friends or family members. Maybe they have worked with a REALTOR they love.

Interview two or three REALTORS, ask them for references from clients and then pick the REALTOR you like best.

Once you select your REALTOR, you will enter a relationship with a real estate brokerage. The relationship between a real estate brokerage and a client is called “Agency” and there are three major kinds.

Seller (Vendor) Agency

The real estate brokerage and all its REALTORS represent the seller exclusively and it’s their job to get the best offer on the home. They are legally obliged to tell the seller anything known about a buyer. For instance, if a seller’s REALTOR knows a buyer will pay more for a property, they must tell the seller.

Buyer (Purchaser) Agency

The real estate brokerage and all its REALTORS represent the buyer exclusively. They seek out homes that meet the buyer’s needs and help assess the merits and defects of potential homes. They keep the buyer’s information confidential and never disclose information like the maximum amount their buyer is willing to pay. You may be asked by your REALTOR to sign a buyer agency agreement. In fact, in some provinces, REALTORS are required to ask you – for your own protection. This agreement ensures that the REALTOR and the brokerage can look after your best interests.

Dual Agency

Sometimes, a brokerage may have an agency relationship with the buyer and the seller. Both the seller and the buyer must give their informed consent, and the REALTOR must always provide full and timely disclosure of all pertinent information to both parties.

Sell and buy with the same REALTOR?

Absolutely! Especially if you’re remaining in the same community. Your REALTOR is already an expert on your needs, so it can save you a lot of time and energy.

Stick with your REALTOR

One dream, one team. The REALTOR you select will become an expert on your specific needs and tastes. Scattering your time and energy amongst multiple REALTORS will work against your goal of finding your best home. And because most REALTORS have equal access to the same property listings, there’s no real advantage to having multiple REALTORS.

Source: Canadian Real Estate Association, www.howrealtorshelp.ca

– – –

HERE’S HOW TO GET THE MOST OUT OF WORKING WITH A REALTOR:

– make a list of what you’re looking for in a home. Divide it into needs and wants;

– reveal all your needs at the outset. You may change your priorities, but don’t change your requirements daily. Let your REALTOR know your financial capabilities so they don’t waste time showing you homes you can’t afford;

– keep appointments and be on time. Allow enough time to carefully view properties;

– make a list of questions and ask them for every property you view;

– when you find a home you like, review all the details with your REALTOR to ensure it includes everything you want.

– Be accurate, honest, prompt and cooperative. With your help, your REALTOR can provide you with excellent service.

(Source: Real Estate Board of Greater Vancouver)

© The Vancouver Sun 2007

 

And the award goes to….

Sun

Each year, the Real Estate Board of Greater Vancouver celebrates the distinguished achievements of its top-producing members with the Medallion and President’s Club Awards. These awards honour outstanding contributions, dedication and success in the real estate industry.

The Real Estate Board of Greater Vancouver (REBGV) membership is composed of over 8,900 REALTORS. The 2006 Medallion Club qualifiers are selected from the top 10 per cent of REBGV’s top-producing members for that year. The President’s Club qualifiers are selected from the top one per cent of 2006’s top-producing members.

It’s not just in sales figures that a REALTOR’s value can be measured. They are known to be among the most generous contributors to charity, both in volunteering and in money donated, in the Greater Vancouver area. You can count on REALTORS to volunteer in soup kitchens, coach little league sports and help the homeless.

High-volume REALTORS also have an enormously positive impact on the local economy. In 2006, dollar volume sales of homes in Greater Vancouver set a new record at more than $18.2 billion. Based on this figure, Greater Vancouver home sales in 2006 generated over $922 million in economic spin-offs that helped create jobs in other industries.

Please join us in congratulating and celebrating the achievements of real estate’s brightest stars, the Medallion and Presidents club winners.

© The Vancouver Sun 2007

Chad Skelton
Sun

VICTORIA – First-time home buyers, and low-income seniors living in million-dollar homes, received a break from the provincial government Tuesday.

The province announced in January that it would increase the Home Owner Grant threshold from $780,000 to $950,000– so homeowners with houses worth less than that will still receive the basic $570-a-year grant (or $845 for seniors).

On Tuesday the province went further, announcing that the full grant will be available to all low-income seniors, regardless of how much their property is worth.

Finance Minister Carole Taylor said the new rules are designed to help poor seniors who bought their homes decades ago and now face huge property tax bills on multi-million-dollar homes.

“We think this will really help a lot of people to stay in their homes and continue to be independent rather than being forced to sell their home because they are so house-rich,” she said.

The province announced it would also lower the eligibility for property tax deferment from age 60 to 55.

That program allows homeowners to defer paying their property taxes until after their home is sold– at which point the taxes, plus a below-prime rate of interest, are taken out of the proceeds of the sale.

Taylor said in the past the deferment program was not popular with seniors, who worried about leaving debts for their children to pay out of their estate.

But as the baby boomers age, she said, the program has become increasingly popular– especially for those who retire early.

Tuesday’s budget also included an expansion of the First Time Home Buyers program, which allows first time buyers to avoid paying the property transfer tax — which can run as high as $5,500.

Previously, the complete tax exemption was only available to home buyers if the property they bought cost less than $265,000 — or $325,000 if they lived in the Lower Mainland or south Vancouver Island.

Tuesday’s budget increases that threshold to $375,000 for the entire province.

Cameron Muir, an economist with the B.C. Real Estate Association, said the raised threshold should make it easier for first time buyers to get into the housing market, especially in smaller communities.

“For first-time home buyers who are facing an affordability squeeze right now, it gives them a little bit of extra room,” he said.

© The Vancouver Sun 2007