Why Use a Realtor

Why Use a REALTOR?

Not every real estate salesperson or broker is a REALTOR®. That term and the familiar Block “R” logo are trademarked by the Canadian Real Estate Association (CREA) in association with the National Association of REALTORS® in the United States. CREA also owns the MLS® trademark. Both trademarked logos can only be used in Canada by members of CREA who accept and respect a strict Code of Ethics. The MLS® database is operated by member boards in various provinces and in Ontario by real estate boards belonging to the Ontario Real Estate Association (OREA). The boards provide an ongoing inventory of available properties and ensure maximum exposure of properties listed for sale. Most resale homes in Ontario are listed and sold through the MLS® systems of a member real estate board.

website group peopleFor peace of mind, ensure the individual seeking to represent you is both a registrant of the Real Estate Council of Ontario and a member of OREA – permitted to be called a REALTOR®. Check the RECO website for a searchable list of registrants.

The Role of the REALTOR® The typical actions, research steps, procedures, processes and review stages taken by a REALTOR® to complete a successful residential real estate transaction depend on the transaction. Some tasks may take minutes, hours, or even days to complete, while some may not be needed. These tasks reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, understanding the importance of having help and guidance from someone who fully understands the process – a REALTOR®. REALTORS® are pledged to uphold the stringent, enforceable tenets of the REALTOR® Code of Ethics in their professional dealing with the public. Remember, not every real estate registrant holds REALTOR® membership or MLS® access; make sure yours does!

Pre-listing Activities

1. Make appointment with seller for listing presentation

2. Send seller a written or email confirmation of listing appointment and call to confirm

3. Review pre-appointment questions

4. Research all comparable currently listed properties

5. Research sales activity in the area from MLS® database

6. Research days-on-the-market for similar properties, location and price

7. Review property tax roll information

8. Prepare Comparative Market Analysis (CMA) to establish fair market value

9. Research property’s ownership and how it is held (deed)

10. Check municipal tax records for lot size

11. Verify the legal description from public records

12. Check Planning Department of municipal offices for current zoning

13. Check for land use restrictions or special zoning

14. Verify legal names in the Registry Office (or deed)

15. Prepare listing presentation with researched materials

16. Drive by the property to assess the curb appeal, compare with others in neighbourhood

17. Start formal office file on the property

18. Confirm school district and effect of schools on the property value

19. Determine whether property is subject to a shoreline road allowance (if applicable)

20. Review all pertinent information to ensure that it’s complete

Listing Appointment

21. Explain the various agency relationships using Working With a REALTOR® pamphlet

22. Give the seller an overview of current market conditions and projections

23. Review sales representative and brokerages credentials and accomplishments

24. Review and confirm all legal descriptions and ownership details

25. Measure exterior and establish the square footage above grade

26. Confirm lot size from owner’s survey – if no survey is available, make a note on the listing

27. Discuss with the seller the possibility of seller take back (STB) and other options

28. Review any appraisals that may have been made

29. Present CMA to the seller including comparable sold properties, current and expired listings

30. Offer pricing strategy based on experience and current market conditions

31. Discuss a marketing plan to meet the goals of the seller

32. Explain the advantages and power of Multiple Listing Service®

33. Explain the use and power of web marketing and www.realtor.ca

34. Explain the work both the salesperson and brokerage do behind the scenes and availability

35. Explain the sales professional’s role in taking calls and screening for qualified buyers

36. Present and explain the marketing plan

37. Review and explain the Listing Agreement and get signatures and provide copy of same

Updated June 22 2016

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