Frequently Asked Questions.
This page supplies the answers to frequently asked questions about how a Realtor works. In particular it explains my approach to buying and selling real estate for my clients. As most Realtors are self-employed, they run their business as they see fit and you should check that you are comfortable with their service before making your choice.
General.
Q. I want to find a home or sell my home. Where do I start?
A. You all ready have. If you are on this website you have access to most of the information you will need. When you are ready give Mark a call and he will meet to discuss your requirements and tailor the services he offers to your needs.
Q. How do I find a Realtor?
A. Word of mouth and referral and good methods. If someone you trust had a good experience, it would be worth interveiwing that Realtor to see if you get on. Remember you will be working with this individual closely for months so it is important you gell. Another recommendation may come from your bank or lawyer.
Q. How much does will a Realtor charge?
A. If you are buying nothing. A buyers representative is paid from the listing commission. This is the best deal you will get. You get representation free. This is why it is vital to have a buyers representative when making this large purchase. When selling there is no set fee to list your home. Bear in mind that a low commission will not guarantee you save money. Your Realtor will need to offer a reasonable share of the commission to the Buying agent. Also as the Realtor pays the cost of the advertising, whether the home sells or not, if the fee is small they won't have the budget to give you home the best exposure to the market.
Q. Should I avoid a new agent?
A. Not necessarily. Every agent was new once. You need to check that you feel comfortable they can complete your transaction. If an agent is new and you are their only client they can concentrate on you.
Q. Will a busy agent give me better service?
A. Again you need to interview them and find out how they will work for you. You may find that you deal with their assistant as your day to day contact. You may find you receive formatted generalised emails. Some people are comfortable with this. It depends how much personal service you expect.
Q. How do you work with your clients?
A. When working with a buyer I source listings based on my discussions with the client to find their desires and make appointments to view these and any others that the client has found. I like to work together with my clients and during viewings build a picture of what they are looking for. This can differ from what the client first requested. This way I can find the right home suitable for their needs. When working with a seller I set out exactly what I will do to advertise the property. I keep in contact by telephone to arrange viewings and provide feed-back, and give regular updates by email of interest in the property. I will provide advise on the pricing of the property and general market conditions. Based on the clients instructions I negotiate the best deal, write the contracts, liaise with the bank, lawyer, inspectors etc. and work to keep the deal on time, finding solution to any problems as they occur.
Q. What is zoning?
A. Zoning is designated by the local municipality. It determines what a particular property can be used for. For example R1 is residential, single family. R2 would be residential but allow a separate rental unit. C indicates commercial. It is important you buy a property that is zoned for the use you wish to put it to.
Q. Can I change the zoning?
A. In some cases yes but it is an expensive and time consuming project. Best to get it right to begin with.
Q. Is there a best time of year to buy or list a property?
A. Although the Spring and Summer market are traditionally the strongest times with the most volume, in quieter times your property will have less competition. Equally, buyers should find homes that are priced to sell.
BUYING.
Q. Can you only show your listings?
A. On my Listings page are advertised my current listings. However, I have access to every MLS© listing in Nova Scotia. Most houses have a lock-box fitted by the listing Realtor which enables me to make an appointment and take my clients through that property.
Q. Should I call the agent from a For Sale sign?
A. Calling the listing agent is not the best approach. As explained previously a buyers representative is free to you. The selling agent is obliged by law to get the best possible deal for their client, the owner. They want to get the highest price. Always get the details from the For Sale sign and inform your agent you wish to view.
Q. We are at an open house and we love it, what should we tell the showing agent.
A. As mentioned above the Realtor is working for the seller, so they must report any signs of interest to their client, which would affect your negotiating position. The best policy is to tell the open house agent that you have a Realtor you are working with, ask as many questions as you want, then go and consult with your Realtor.
Q. I'm looking on Realtor.ca or MLS and I see some properties of interest. Should I contact the Listing agents?
A. Talking to a number of Realtors is never a good idea. Contacting the listing agent directly weakens your ability to negotiate. If they start sending you information they could assume an implied contract. I have clients within Canada and around the world that I service by sending them email links to properties of interest. As your buyers representative I am bound by confidentiality and obligated to work for your best interests. Working exclusively for you I have no conflict of interest.
Q. What if see a property miles from Halifax. Are you allowed to show it?
A. I am licensed by NSAR (The Nova Scotia Association of REALTORS®) If I feel a client would be better served by an agent with local knowledge of a particular area then I will refer the client to them. The needs of my clients come first. To this end I have sourced a number of agents who have the same ethical approach to their business, that I feel comfortable to recommend.
Q. Will the home owner be at home when we view the property?
A. The normal practise is for the home owner to leave during the viewing. It is important to respect the home when viewing and I will indicate whether to remove shoes, etc. Children are the responsibility of the parents. Generally viewings are better accomplished without children present, that way the adults can view the property in a relaxed fashion and have time to discuss it's merits. If the owner does remain I will tell our clients to hold any comments untill we can talk outside. There are two reasons for this. One, out of respect you do not want to criticise the persons home. Secondly, if it is the one you like, you don't want to jepodise your negotiating position by enthusing how this is the house you must have. Poker face at all times is called for.
Q. Who deals with the banker, the lawyer, the inspectors and others?
A. You do but I can help you source these professionals and give you the questions you should ask. During a deal I make sure your team of professionals get all the documents they need and tell you what needs to be done and when. You will find I move the process along without you getting stressed and am on hand if you need an explanation or a sounding board.
Q. Do I need a house inspection?
A. You do not have to have one but I strongly recommend you do. It makes up a small percentage of the price but could uncover problems that cause you to pull out of the deal or negotiate a reduction in the price.
Q. What about Well and Septic systems?
A. These are expensive facilities to replace if they fail. Therefore it is strongly recommended you have an inspection under taken. I recommend probably the best service in Nova Scotia. Compared to the price of the property the cost of the inspection is a small percentage but would save a large amount of money if a problem goes undetected.
Q. Do I need inspections on a new build?
A. Problems have been found in new builds, so as inspections are a relatively small cost it is worth having them done.
Q. How do I find a mortgage, a lawyer, an insurer, inspectors?
A. You can allow me to suggest professionals I have worked with in the past. I generally give you at least three choices. I do not receive referal fees from these providers. At the end of the day you are free to choose your own, particularly if you have had a previous relationship with them.
Q. What are closing costs?
A. Closing costs will include Deed Transfer Tax, Lawyers fees, Adjustments for prepaid property Taxes, purchase of oil and/or propane, Title insurance, House insurance, Utility hook ups, moving costs, etc. A general rule of thumb will be around 3% of the purchase price. Make sure you have funds available for these.
SELLING.
Q. How do I sell my property?
A. The most effective way is to have a Realtor list the property on the MLS system. This still remains the most efficient way to get the maximum exposure for your property. You could say I sell the property twice. Once to the buying agent who has clients and then to the actual client.
Q. Does listing with a big Brokerage help sell my house?
A. It depends. Working with Exit Realty Metro there are over sixty agents who will see your property and they have buyers. Also people are drawn to Exit when house hunting due to it's branding. It is the fastest growing real estate company in North America. As agents, our brokerage can provide a lot of support to get your home sold, in the shortest time for the most money.
Q. Where do you advertise my property?
A. I advertise both locally and internationally, in a variety of print, internet and TV advertising.
Q. What determines how quickly my property will sell?
A. There are three things that dictate how easily a house will sell. Location, condition and price. Location is beyond your control but condition and price are the two items you can directly influence to get a quick sale.
Q. Who determines the right price for the property?
A. Although I can do a market analysis of what is for sale and what has sold recently in your area and although you may have a figure of what you think your property is worth, the market sets the price. I normally suggest we set a list price based on our expectations but we react to what the market tells us.
Q. Property not selling, when do I drop the price?
A. If you are not getting viewings or comments come back that the price is too high, you need to consider what your motivation is and how quick a sale you want. If you are going to reduce the price, do it early rather than later when the listing gets 'stale.'
Q. Can you help me prepare the property for sale?
A. Yes, I have prepared a Fact sheet with helpful tips.
Q. Will I have to deal with a lot of people and their agents?
A. No, I take your instructions and then act as the point of contact during the transaction. You talk only to me, or your lawyer about anything that is important to you and we deal with the other side. I am there to act solely in your best interests and to give advise where appropriate.
