When considering buying or selling real estate there is always the question looming in regards to hiring a Realtor®. Here are some frequently asked questions that may help you make the right decision when considering an agent to represent your interests.
What do Realtors Do?
Just about everything, from helping you sift through the thousands of purchasing possibilities to explaining the sometimes very complex ins and outs of the various transactions involved. A realtor has generally been there and done that, so if they are good at what they do, they can help you sift through complications, find the property that fits your needs, negotiate a deal or conversely present comparables and suggestions on the how and why of setting a marketable price for your home.
Essentially professional Realtors® are there to protect and promote your interests and in assisting you in cooperation with other agencies during your real estate transaction. The Real Estate Council outlines the requirement and licensing for Realtors® in British Columbia.
Real Estate Council of British Columbia: www.recbc.ca
Are Realtors required to have a License to practice Real Estate in BC?
Yes they are, before an agent receives their license they are required to pass the Real Estate exams and then be licensed by the Real Estate Council of British Columbia, who are responsible for supervising the practice of every licensed Realtor® in British Columbia
The Real Estate Council of British Columbia: www.recbc.ca
Requirements for becoming a licensed Realtor®: www.recbc.ca/licensing/carreer
Are Realtors Members of a Professional Associations?
Vancouver Island Realtors are generally members of professional organizations; the two organizations on Vancouver Island are the Vancouver Island Real Estate Board (VIREB) and the Greater Victoria Real Estate Board (VREB). Other geographical areas also have similar associations. Our local association has been on Vancouver Island for 40 years and is a member of the Canadian Real Estate Association (CREA). However the fact that a Realtor® may belong to a local organization does not restrict them from assisting in purchases in other parts of the country.
Do Realtors Adhere to a Code of Ethics?
Absolutely; and if they do not, don’t hire them and don’t be afraid to ask them about the code of ethics up front. If a Realtor is found to be engaging in questionable or illegal activity, their license may be revoked and as well, they can very well be putting you in a very dangerous position. The pledge to the realtor code of ethics is mandatory for licensing requirements.
What commitment do I get that Realtors will do as they say?
Get it in writing, but if your Realtor® is good at what they do, they will automatically offer to put it in writing for you, without asking. Having said that there is no problem with you shopping around for the right Realtor®. There are certain duties that a Realtor® may perform for you, and that is a little different from the obligations they have to you. It is a good idea to have these duties and obligations stated clearly before you embark on your relationship with your Realtor®.
How will Realtors help me through the process of buying or selling property?
Every real estate transaction is different, from purchasing a piece of raw land to buying your 10th multiplex or commercial property. The best asset you have in your Realtor® is the ability to listen to your needs and explain all your options. The Canadian Mortgage and Housing Corporation lists some interesting questions for consideration.
How do Realtors® keep us informed as to what is going on?
Just like every real estate transaction, each real estate agent does things a little differently, some are great verbal communicators whereas some are better at email or written communication. No matter what, the communication should be based on the client’s needs.
What do Realtors® do to stay on top of changes in the industry?
Many real estate management companies require their agents to meet mandatory professional development requirements. Under the real estate act the province requires realtors to participate in ongoing education. The local real estate boards and the companies the Realtor® belongs to may demand additional requirements also.
However; I know of several agents that go way above and beyond the scope of requirements and are in a constant state of upgrading their knowledge and skill.
British Columbia Real Estate Services Act: www.bclaws.ca
What is the MLS®?
Multiple Listing Service (MLS®) is a Canadian cooperative marketing system with public access that Realtors® use to help clients buy and sell properties. Through the MLS system you can access information on properties for sale all across the country, searching by location, description or by price.
How much will this cost me?
Your agent can explain the costs involved. Again with every transaction the costs will vary. There are a number of expenses that are associated with the transfer of property in British Columbia, your agent will assist in making you aware of a number of expenses that you may not expect. Keeping in mind that the costs of purchasing one home may be completely different to the costs of purchasing the home next door to it and the rules do change from time to time along with the laws governing those rules, it is your agents job to keep on top of the changes and to refer you to a lawyer or notary should the need arise .
Can my Real Estate Agent do all my paperwork?
Be prepared, although your agent is working for you there is some things they are not licensed to do, for instance; all transactions are required to be registered and only a lawyer or a notary can do that, often the bank requires you to have an inspection done and only a qualified home inspector or appraiser can do that. Real estate agents are also not bankers or mortgage brokers so you will need to consider that you will require a team of people to complete your transaction. Having said that; your Realtor® will assist you in making sure you are working with the right people for the job and help you in organizing your team so that everything goes smoothly.
Do you know any good Realtors®?
www.gocampbellriver.com Includes a complete and comprehensive listings of all Realtors® in Campbell River, as well as many other professional services you may require during your transition, including; mortgage brokers, movers, insurance providers, agents, notaries, lawyers, appraisers, storage facilities, inspectors, engineers and bankers. We also have complete listings of the Municipal and Regional District government agencies should you require the advice of your local government officials.
Real Estate in Campbell River
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