Estate Board – Director - BC
During my time as Managing Broker, I also became a Director at the local real estate board. It was an interesting insight into the workings of the board – the various committees – the functions of the Executive Officer and the board’s relationship with the provincial Council.
The underlying theme in all this was to ensure that the consumer was well serviced by the real estate industry and well protected. The real estate boards are always prepared to answer consumer questions and to deal with complaints. It is their high priority to resolve such issues.
It was also a time when many internet suppliers were opening real estate websites. The Directors were exposed to many presentations illustrating how these internet websites would be of benefit to the REALTORS® if they listed their properties on these sites through the real estate board. There were many such sites in the making. After many discussions within the board and with other boards, it was concluded that the boards MLS® System was the best vehicle for REALTORS® and for consumers.
Over the years, the MLS® System has been updated and made more user friendly. Consumers can access listed properties on www.realtor.ca. It is the best consolidated list of properties available to the consumer. The MLS® System is financially maintained through fees charged to its licensed members – REALTORS® and real estate boards.
REALTOR® - BC
I have been a REALTOR® in two provinces and three cities. Victoria, BC is my current city. As with many self-employed professionals, a change of location means starting over and developing a new business base once again.
I have done commercial real estate over the years and am registered as a Commercial REALTOR® in Victoria. I now do selected commercial businesses and properties such as Bed & Breakfasts, RV Parks, equestrian properties, hobby farms, kennels, residential acreages and waterfront properties. Of course, residential properties are a large part of my work as well.
The company, I initially joined in Victoria, had several offices and often required an extra Broker to fill in during vacations and other absences. Consequently, my Broker’s license remained active over the years.
More recently, I joined DFH Real Estate Ltd. and now work as an Associate Broker/REALTOR® - without Broker responsibilities - but fully engaged in real estate sales.
The Beginning
You have decided to buy a home. Renting is no longer an option. You want to build some equity for the future. What can you afford? Small house? Condo? Where do you begin?
You have been living here for 25 years. You brought up your children in this home but now they are gone and have their own lives. This house is far too big for the two of you and it requires too much care.
You are thinking of selling and buying a condo. Which should you do first - sell or buy? Where do you begin?
Your family is increasing. You need more space. What is your home worth? Can you afford a larger home? Where do you begin?
You are being transferred and have to find a home in a new city. Your company is allowing you several days for ‘house shopping’. You will have to locate a REALTOR® to assist you. Will the REALTOR® accommodate you with the time you require? Where do you begin?
With the exception of a transfer, most consumers are able to look for a home on a more leisurely basis. As the thought of buying materializes, many consumers start browsing through real estate papers and other real estate publications. They may access the various internet sites including the MLS® System - www.realtor.ca - to see what properties are available in their neighbourhood of interest. Some may drive around favourite neighbourhoods to check out homes with for sale signs.
There are many ways to proceed but the most effective way is to find a REALTOR® that you are comfortable with and in whom you have confidence to represent you.
Consumer Concerns
Some consumers avoid contacting a REALTOR® because they are uncertain of what this entails.
Seeing All Listed Properties
I have had clients who asked me up front if I would show them other properties besides my own listings or the company’s listings. The misconception is that REALTORS® don’t wish to show other properties or that they don’t have information on other companies’ listings. The fact is that all REALTORS® have access to the information of properties listed on the MLS® System. REALTORS® often promote their properties to each other in the hope that one of them may have a suitable buyer for the property. REALTORS® are a cooperative group.
Availability of Information
Similarly, others only contact listing REALTORS® because they feel that REALTORS® from other companies may not have all the information and, specifically, may not have some helpful inside information that would assist the buyer. Personal information about the seller cannot be disclosed by the listing REALTOR® to a potential buyer or to any other REALTOR®. But, all property information must be shared.
Obtaining Addresses
Other consumers like to use the real estate paper and do their own drive-bys before they contact a REALTOR®. Often the address is not in the paper so they call the real estate office with the listing and ask for the address. If the MLS® number is in the ad, they can search it on www.realtor.ca and generally find the address. Because there are several days of lead time required to publish a paper, in a fast market some of these properties might already have pending offers. This is a very time consuming way to search for properties.
REALTOR® Fees
Another drawback for some consumers deals with their uncertainty of how a REALTOR® gets paid. This is easily clarified. In most instances, when I represent a buyer, my fee comes from the proceeds of the transaction. The listing REALTOR’S® Brokerage has a listing contract with the seller which specifies the dollar amount or the percentage of the selling price that the Brokerage will be paid upon the completion of the transaction. Out of that, it stipulates the dollar amount or percentage of the selling price that will be shared with the cooperating Brokerage - if different from the listing Brokerage.
The respective REALTORS® also have agreements with their Brokerages as to what percentages they will receive for their services. These agreements vary within a real estate company and among real estate companies. By the time the property is on the market, these contractual fees are already established, and, in most instances, are outside the buyer’s sphere of influence.
‘Pushy’ REALTOR®
Consumer concerns wouldn’t be complete without addressing ‘pushy’ REALTORS®. For the most part, this perception is generally due to the buyer and the REALTOR® working at different speeds. Some consumers only take a few moments to go through a home and decide whether
