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If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.
Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten. Please do not use without permission. Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.
What's Your Commission? On Hiring a Realtor Based on their Fee...
I always say (oh well maybe somebody did say it before me) - if the Realtor cannot negotiate their own Commission then how are they going to negotiate the best price possible for your home? Negotiation skills. I would think, given a choice - you would want an aggressive negotiator, not someone that either doesn't believe in their own ability or the value of your home!
The question that begs to be asked is....Why do some Real Estate Agents offer Discounted Fees? Is it because they're the Good Guy? They just want to see more money in your pocket then theirs?

Well there could be a number of reasons:
- they feel that's the only way they can compete
- they have poor negotiation skills
- they have trouble justifying their own worth
- they're hoping to make up for it in volume
- the agent is desperate - any commission is better then no commission
- qualifications/experience of the Realtor
- you're willing to do the marketing instead
- they feel sorry for you
- they believe in pro bono
- having a sign on your lawn is more important then the commission

So let's do a little review.
Did you know that the commission the seller pays is split between the Selling Agent (the person with the buyer) and the Listing Agent (the person with the seller). So if the commission is 6% then typically 3% will go to the Selling Agent and 3% will go to Listing Agent. Sometimes we Realtors assume that you know that! However I'm pretty sure that some of you think we get the whole kit and caboodle!
Do you know that there are Real Estate Companies out there that Do Not put your home on The Mutiple Listing System (MLS)? They have this 'exclusivity' thing happening. They think that their paycheque might be a lot bigger if they do not have to co-operate and share their commission if they get to to List AND Sell your home. Be sure to ask them what portion of the commission you are paying will be going to the Selling Broker. How much longer do you think it will take to sell your home if it's only YOUR AGENT that's trying to sell it? I think I read somewhere that it's like 16:100 odds.
When looking at an MLS Listing - the Selling Agent can see the commission they will be paid. It may not show up on the Public Version - but that information is disclosed in the Realtor's version. Note: It's the Selling Agent that reviews the properties for sale in the MLS and most often choose those they deem appropriate for their buyer. Guess what? Herein lies the conundrum.
Now put yourself in the Selling Agent's shoes. You can sell House A or could sell House B. But house A will pay you $1,000, $4,000, $7,000 or MORE! You have mortgage payment, bills, & children to support. Which house would you like to sell?
Did you know that unlike Doctors, Lawyers and Government Employees - Realtors are not paid per hour. But we do take all the risk by putting our time & money into advertising YOUR property in order to get it sold. Chances are we also have an OFFICE cost, MLS Fees, Board Fees and more! Do you know that we only get paid if the Seller sells and the Buyer buys? If they don't our costs are not recovered.
So no - commission is not regulated - there is no set rate if you're selling your home - but it IS a good idea that the commission you're paying the Selling Realtor is in-line with the rest of the comparable houses on the market. Market slow? Well in that case you might even consider offering a greater sales commission or a sales bonus. You say WHAT??? But look at it this way. For every week/month your home doesn't sell - how much will THAT cost you? You get to choose!
Still think you'd like to go with a Discount Broker?
*Please note - this is not meant to suggest that the Commission fee charged is the only criteria - there are many, many different aspects to hiring the right Realtor. Please check out these posts:
Is It Wrong to Work With More Then One Realtor?
Speaking of Statistics...What's the Difference Between Median Price and Average Price?
Don't Have a Site Survey - Title Insurance - Should You Get It?
If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.
Copyright © 2009 By Liz Moras, All Rights Reserved. All photos by Liz Moras ( except the one's I'm in!). All information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.. 
How do I Find a Good Realtor I Should Work With?
It's a common question - and perhaps not one always asked of THE Realtor - but definitely one discussed amongst the public! I just did a post - Is It Wrong to Work With More Then One Realtor? and one question begets another. It reminded me of a conversation I had recently.
I was working my mall shift at the Kiosk the other day ~ and chatting with a customer and she asked..."But How do I find the Good Realtor?".......And I thought to myself - the choice Must be confusing for people! If you don't have someone you know recommend one - and if you don't want to solely rely on the ads in the Real Estate Weekly what do you do?
Well I can tell you what you Don't Want to do! And that's choose on the basis of the Lowest Commission and Who Suggests the Highest Price for your home! But that's the subject of another post. This one is about what you Should Do!
Some people go for Experience - believing that is the KEY! And it could be - but brand new agents can be amazing as well. There's something about enthusiasm and thinking anything is possible - that can be pretty powerful!
I'm a big believer in Enthusiasm: When an agent shows excitement about your home it'll come through in every conversation whether it be on the phone - at an open house - or through their advertising! They'll be able to convince both Realtors and Customers to view the house but still make recommendations to show your home in it's best light!
Marketing has always been important ~ but these days a Web presence is critical! I believe one of the first things you should do is GOOGLE them.
Google their name, their company and things like 'Your Town/Community Realtor' and see what comes up. Ask the Realtor if they BLOG, evaluate their Website (because of course they HAVE to have one)....Ask them to show you how they market other homes - that'll give you a pretty good clue! If you're not computer savy then ask a friend that is!
Find out where the Realtors advertise ~ Real Estate Newspapers have become passe in some communities so don't be surprised if they don't advertise in newspapers - but let them show you how they will market your property. In the same way Open Houses can be a good tool in some areas and yet not in others. So ask questions and ask why. Ultimately you want to get to the point where you trust the Realtor in their choice of marketing !
Communication: You want an agent that can tell you The Good, The Bad and the Ugly! A phone call after each showing is not too much to expect, nor is a monthly report outlining showings, ads placed, feedback, etc. You should be able to expect a return phone call within a few hours - but some Realtors don't work Weekends or evenings - so make sure you know what you can expect.
All that being said.......I find Intuition and 'Gut Feelings' can also be a powerful factor. You'll know if you feel uneasy about the potential association or if there's a mutual respect and camaraderie. My best advice? Research, Ask Questions And then go with your Gut Feeling!
If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.
Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten. Please do not use without permission. Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.
Is It Wrong to Work With More Then One Realtor?
Home buyer: " Is it wrong to work with more then one Realtor at the same time? I'm trying to follow proper home-buying etiquette. My friends tell me it's O.k. as long as I keep track of which Realtor showed which property. That way, if you end up purchasing, the correct Realtor is compensated. I've not signed any exclusive contracts with any Realtor.
Is it OK as long as I make sure both Realtors realize I'm working with another agent as well? Some people have told me that Realtors know customers might be working with others, and it's not a big deal."
Isn't that a good question? As a Realtor, I definitely have a 'biased' perpective and answer to that question. But since the question involves 'working with a Realtor' - who better to answer it? :)
1.)Yes - if you're working with Realtor's in two different Cities - where each has their own area of expertise! Go ahead and Use 2 Different Realtors! As a matter of fact your local Realtor can probably refer you to a Realtor in the city you're moving to.
2.)If you are Selling Your Home and Buying again - it is possible to work with a Listing Agent to sell your home and a Buyer's Agent in the purchase of your new home. Often these 2 Realtors can even be a part of a team where they tag-team each other.
More importantly however, is the Buyer asking about this from a legal or moral/ethical perspective?
First of all I want to say that Real Estate Associations in each Province and State have their own rules. There used to be 'threshold' rights in British Columbia. This is where the Realtor who introduces you to the house - is the Realtor who gets the commission. However it's not so cut and dried anymore.
If you signed a Buyer's Agency Agreement - then you are under 'contract' to work with that and only that Realtor. If for some reason you choose not to - then your new Realtor may very well end up getting paid by YOU or not at all! And YOU will be breaching a contract to work with another agent. This can get ugly ... and no one wants "ugly" ...
However if you have No Contract - Let me Tell you You some Reasons Why it is NOT a good idea to work with more then One Realtor!
Home Buyers often call on signs and advertisements and talk with MANY real estate agents until they find a home that they want to buy ... and then just work with the listing agent to buy the home. Sometimes this is not a good idea, as the home buyer may not get the best deal if the listing agent is looking out for the best interest of the seller ... not the buyer.
Or the Buyer may work with several different Buyer Agents to see who will find them the best deal. This is ALSO not a very good idea for a couple reasons ...

1. First of all all Agents have the same access to the same homes for sale via the local MLS. They all have the potential of finding the "best deal".
However Agents only get paid when they successfully find a home for a home buyer ... and it closes. All the up front work of finding the home is done without pay and in good faith that the home buyer that they are working with is using them to represent them. If a home buyer is not disclosing that they are potentially working with other agents, then the Buyer Agent does not have the ability to fairly weigh out the situation and determine whether or not they want to work with that home buyer.
There Are some exceptions though:
Finding ONE agent to work with is generally going to be your best bet.
If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.
Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten. Please do not use without permission. Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.
Don't Have a Site Survey? - Title Insurance - Should You Get It?
Why Do I need a Survey Certificate?
Well an up-to-date building location survey provides assurances as to the:
A survey is not required if you are purchasing a townhouse or apartment. If a "survey certificate" isn't readily available - you can opt out to purchase Title Insurance Instead... go to www.firstcanadiantitle.com.:-)

Title insurance protects the insured from title defects and survey defects. Most lenders will accept title insurance in lieu of a survey. Title insurance protects the lender against:
Fraud & Forgery Impersonations
Title Defects
Survey Problems
Title insurance can be purchased for a one-time fee, payable when the property is purchased. Depending on the premium you pay, it protects your lender only, or both you and your lender.
A title insurance company issues the policy, and the policy remains in effect for as long as you own the property. Note that a new policy may be required if you change mortgage lenders.
For more information about title insurance, please visit the websites for some of Canada's major title insurance companies:
Click here for premiums charged by First Canadian Title.
Also see:
Is It Wrong to Work With More Then One Realtor?
Speaking of Statistics...What's the Difference Between Median Price and Average Price?
Don't Have a Site Survey - Title Insurance - Should You Get It?
If you or someone you know is thinking of Buying or Selling property in Cultus Lake, Chilliwack, Hope, Abbotsford, Langley or anywhere in the Fraser Valley Area of B.C. - or if you would like more information please give Liz Moras of Landmark Realty Chilliwack a call at- 604-799-0459 or e-mail at lizmoras@gmail.com.
Copyright © 2009 By Liz Moras, All Rights Reserved. All photos taken by Liz Moras and copywritten. Please do not use without permission. Information provided by this author is only an opinion, it is not guaranteed, may be based on information collected from several sources, and may be time sensitive. It is not necessarily representative of the opinions of Landmark Realty Chwk. Ltd.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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