How REALTORS® can help you
Whether you’re buying or selling a home, it’s important to understand from the outset how professional representation can help you at every step of the process.
Think of your Realtor as your trusted advisor.
Your Realtor can help you navigate potential pitfalls and fill in knowledge gaps you may have when searching for your first home.
A Realtor is held to a higher standard than required by law. Realtors in Canada are bound by the REALTOR® Code. This code of ethics is another layer of protection on top of the Real Estate Services Act, which governs real estate licensees in BC.
How a Realtor works for you
- Help you adopt a sound negotiation strategy based on industry knowledge and experience and can negotiate on your behalf.
- Help you market your home and become a link with other Realtors to locate homes that meet your needs.
- Recommend other professionals, such as a certified home inspector, lawyer or notary, insurance agents, home movers, or proven contractors.
- Help you analyze housing market trends and find the right home at the right price – or help you get the most from your sale.
Understanding the market and your home
Realtors help you value homes in a changing market. They assess market history and trends by reviewing the most recent home sale data on the Multiple Listing Service® and creating what’s known as a Comparative Market Analysis or CMA.
There’s much you’ll want to know about a neighbourhood as well. Are there schools nearby? How far is it to walk to the nearest amenities? You may also want to know if there are plans to re-develop or re-zone in your neighbourhood of choice. Your Realtor can help with that too.
There are a variety of considerations to examine about the home itself. For example, does it have a buried fuel storage tank, asbestos insulation, unauthorized rental suites, renovations done without a permit, moisture problems, unregistered easements or encroachments, and has the home ever been used as a grow-op or drug lab?
The answer to these questions can have significant financial and legal ramifications.
Helping you with process and paperwork
Realtors help you with the multitude of documents that you need to navigate when buying or selling a home. The contract is the central legal document within a real estate transaction. Realtors use standard contacts which have been prepared by lawyers and tested by Canadian courts.
When finalizing a transaction, it’s critical to know whether adequate financing is in place, when possession and legal title will be transferred, who’ll hold the deposit money, and what conditions will be included in the contract. Realtors are trained to help you with these details.
When you work with a Realtor, each stage of the transaction occurs in front of a well-regulated backdrop created over many years to protect the public. This includes: Realtor insurance, an assurance fund to protect deposits, and multiple avenues of recourse if someone feels their agent did not act within their professional and contractual obligations.
In real estate, professional representation is available at every step of the process. How much or little representation you require depends on your knowledge of real estate and the amount of time you have to dedicate to the process.
Buying a home is an excellent long-term investment. It’s also a milestone moment in your life. Having the expertise of a Realtor working for you will help ensure a smooth and successful experience for everyone involved.