BUYING OR SELLING A HOME

Buying or selling a home can be a lengthy and intimidating process - one you may be nervous about embarking on. Fortunately, a REALTOR® can help you turn your needs and wants into reality. A REALTOR® is an experienced real estate professional: a member of the Canadian Real Estate Association, the Ontario Real Estate Association and their local real estate Board, who subscribes to a high standard of professional service and to a strict Code of Ethics. Your REALTOR® will not take it for granted that you know all the ins and outs of the buying or selling process, but will provide you with a full explanation of what to expect - so you're not faced with any surprises along the way. Whether it's your first home or your last, a REALTOR® has the experience, skills and knowledge to help you meet your goals.

BUYING A HOME

What you need: To begin, a REALTOR® will assess your needs, so that he or she can help you find the right home. They may ask why you are moving, as well as where you want to live and what type of house is best for you. There are plenty of housing options available in the marketplace - new homes, resale homes, townhouses, condominiums. A REALTOR® can help you choose the one that best suits your current and projected lifestyle. A REALTOR® will also explore any time constraints you might have (perhaps imposed by the need to relocate for employment, or a growing family), your current financial situation, and any future plans that might affect your decision.

What you want: A REALTOR® will help you identify what you want in your new residence, whether that includes a pool, a particular building design, a certain number of bedrooms, or a specific neighbourhood. You may want to be close to work or family. Perhaps a finished basement is a must-have, or a double garage. A REALTOR® will compare your needs, wants and budget with what is available on the market.

How to find it: One of the most valuable tools in a REALTOR®'s arsenal is the Multiple Listing Service (MLS®) system, a member-based service paid for by the REALTOR® members of the local real estate Board. The MLS® system allows for cooperation between all REALTORS®, no matter which company they work for. The local real estate Board administers and operates the local MLS® system, while the Canadian Real Estate Association owns the trademark and licences its use to Boards and Associations across Canada.

If you are buying a property, the MLS® system is a valuable research tool for your REALTOR®. They'll input your criteria and generate a list of all properties that meet your needs. The MLS® system provides REALTORS® with access to detailed information such as room-by-room measurements and specifics on the property condition, renovations, property zoning and rental rates. Through the system, REALTORS® can also access the sales history of a home in order to see how many times it has changed hands and at what prices.

A REALTOR® will accompany you as you view houses and help you assess their suitability and price. As an expert on a property, he or she can provide important facts about the neighbourhood, the cost of heating, the condition of the furnace, and so on.

How to close the deal: So you've found the right house and you want to make the sellers an offer. How do you do that? REALTORS® are experienced in arranging fair deals. Your REALTOR® will assist in negotiating an offer, acting as a mediator to head off potential conflicts between you and the seller, and drawing up a legally binding contract.

How to pay for it all: REALTORS® have broad and current knowledge of the financing choices available to home buyers - and there are many of them. The process can be confusing to buyers. At your request, a REALTOR® can assist you in evaluating mortgage options and obtaining financing at the most attractive prevailing rates and terms.

Usually, the REALTOR® will be paid from the proceeds of the sale. The listing agreement states the REALTOR®'s fee.

Buying a home can be an exasperating and time-consuming experience - but if you enlist the services of a REALTOR® who understands the market, knows exactly what is available, and can match your needs and budget to your new home efficiently and effectively, the process can be exciting and fulfilling.

SELLING A HOME

As a seller, your relationship with a REALTOR® is vital - so meet with several before making your final decision. A good place to start is in your neighbourhood. Check the FOR SALE signs to see which REALTORS® are doing business in your area. Ask them about their track record, their knowledge of neighbourhood selling prices, and why you should list with them. Choose a REALTOR® you feel comfortable with; one who will handle the sale of your home as if it were their own.

What you need: One of the first things your REALTOR® will ask is why you are selling your home. He or she will also explore any time constraints you might have, your financial situation, and any future plans.

What you want: Arriving at an accurate estimate of value for your home is one of your REALTOR®'s prime tasks. It involves analyzing your home and comparing it to other, similar houses for sale or recently sold in the neighbourhood. It may also include a broader market survey, using sales statistics available only to qualified REALTORS®. In the end, you will be sure the price you set reflects the true value of your home under current market conditions.

Marketing your home: Depending on your circumstances, and on the prevailing market, your REALTOR® will develop a marketing plan that may include:

An Open House: There are two kinds of Open House: one is solely for REALTORS®, so they can assess your home against the needs of their clients; the second is an advertised Open House for all potential buyers. In either case, your REALTOR® takes care of all the details and acts on your behalf at your home while you spend the Open House hours elsewhere. Advertising: Effective newspaper advertising, tailored to your home and local market, can be placed for you by your REALTOR®. Lawn signs and direct mail flyers featuring your home are other forms of advertising frequently used by REALTORS®. Listing Choices: Your REALTOR® may recommend an exclusive listing - which gives him or her sole authority to offer your property for sale for a specified time - or a multiple listing via the local real estate board's Multiple Listing Service (MLS®) system. The MLS® system is unique to the real estate industry in that it encourages a high degree of cooperation among salespeople. If you are selling a property, listing with a REALTOR® who uses the MLS® system means your property gets maximum marketing exposure to all other members of the local Board. The MLS® system provides other members of the real estate Board with detailed information about your property. REALTORS® everywhere will be trying to find the right buyer for your property. This kind of marketing can be very helpful, especially if you are trying to sell a property quickly.

Selling tips: Whether or not your home shows well to prospective buyers can determine how long it stays on the market and the price it sells for. Your REALTOR® can give you tips - fresh paint, flowers, keeping the house clutter-free and rearranging furniture - to improve the marketability of your home and create a good first impression.

Get serious: Professional REALTORS® know how to separate "lookers" from "buyers." Your REALTOR® will "pre-qualify" potential buyers to save wear and tear on your home and lifestyle, and to ensure that only serious offers are tendered.

How to close the deal: REALTORS® are experienced in arranging financing and closing deals. On your behalf, he or she will assist in negotiating a better offer, acting as a mediator to head off potential conflicts between you and the buyer, and drawing up a legally binding contract.

Professional service: When you choose a REALTOR®, you will sign a listing agreement. This is a legal contract that gives your REALTOR® the right to act as your exclusive agent in the sale of your house for a specified period. The listing agreement spells out exactly what your REALTOR® will do on your behalf, and he or she will take all the time necessary to explain it to you. The agreement will also specify the amount of professional fees to be paid to your REALTOR® from the sale of your home. Usually fees are set as a percentage of the selling price of your home.

Most of the actual work done to accomplish the sale is carried out by real estate professionals operating in a broker's name and for whose actions the broker is legally responsible. A REALTOR®'s professional fees are normally shared with the broker who supplies such essentials as office support, training and consultation services.

Selling your home is a major undertaking. A REALTOR® can ease this sometimes risky, difficult, and frustrating process. A real estate professional has the skills, experience and knowledge to effectively market your home at the best advantage to you.