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.

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.

How does a REALTOR® assess the right price for your home?

To attract buyers and ensure you receive a price that works best for you, your Realtor will help establish your home’s current market value. "Market value" is what you could expect to pay for a property of that kind.

Realtors have access to information from various sources to help establish market value. Realtors can:

• Review the stated value on your current BC Assessment Property Notice

• Review recent sales and current listings history for properties like yours

• Do on-site inspections, examining the exterior and interior of your property in detail, noting new features that could affect the property’s value

• Give you information about the current economy and how it may have affected the value of your property e.g. an improving economy may mean rising prices, while a declining economy may mean falling prices

Based on this information, your Realtor can provide an estimate of the value of your property and then, together, you can establish an appropriate asking price.

Most successful home sellers have something in common: they use a Realtor to help them through the complex process of selling their home.

A Realtor determines the value of a property by scrutinizing the most recent comparable market data for homes sold in a neighbourhood using the MLS®. A Realtor also physically examines the exterior and the interior of a property, architectural styles, renovations, views, landscaping and neighbourhood zoning.