Real Estate Talk: Importance
of clear communication

Communication and coordination between client-broker and broker-broker

By Joseph Marovitch

June 13, 2024

In my 15 years as a broker, I have found that the broker on the other side is thrilled to deliver good news as soon as possible, such as an accepted offer or a good inspection report. However, on occasion, I have also experienced brokers who do not call back until they must, or do not respond to an email. Usually, this is because they do not have an answer yet, or the answer they have is bad news.

In real estate, it is required to provide prompt transmission of good or bad news, as the information must be applied as soon as possible to the decision-making process.

Generally, people are loath to deliver bad news because they are afraid of the reaction. Good news tends to come quick and direct. Those experienced in leadership positions tend not to have an issue delivering bad news because it is usually to the benefit of the many.

In real estate, it is required to provide prompt transmission of good or bad news, as the information must be applied as soon as possible to the decision-making process. Buyers, sellers and brokers require information quickly, whether good or bad, to plan their next course of action.

When I meet a new mortgage broker, notary, photographer or contractor who wants to discuss ways to further business by working together and cross-referring each other, one of the many items I ask is, if I call that person, will they call back promptly, whether they have good news, bad news, or I just need their service? This is a question every buyer or seller should ask a broker.

Clear and open communication is a gift few have but is a necessity for buyers and sellers with their broker, and between brokers. Without clear and open communication, it is very difficult to coordinate transactions. Transactions in real estate are all about timing – timing in an offer, a counteroffer, and deadlines in an offer. Any deadline in the conditions of a promise to purchase that is not responded to can cause a condition to be automatically satisfied or result in the cancellation of the offer unintentionally.

‘Clear and open communication is a gift few have but is a necessity for buyers and sellers with their broker and between brokers. Without clear and open communication, it is very difficult to coordinate transactions.’

If your broker or other professional cannot do what they say they will do and there is no clear communication because they do not call back, get another service provider.

We all want excellent service. Therefore, when you meet a service provider, ask if they do what they say they will do. If they cannot do what they say, and there is no reasonable explanation for the service not occurring, choose someone else.

Should you have questions or comments, please refer to the comments section at the bottom of the page. As well, to view past articles, click here.

Next article: The summer market and best strategy to buy and sell

STATE OF THE MARKET

According to the Quebec Professional Association of Real Estate Brokers (QPAREB), Montreal home sales increased by 3.6% in May. This may have occurred in anticipation of the Bank of Canada (BoC) interest rate cut. However, the Bank of Canada has now cut interest rates by .25%. The BoC is hedging on whether they will lower rates again this year as they state the economy is still at risk.

However, many economists believe there will be at least four more cuts. If rate cuts occur, then purchasing property later may save buyers lots of money. If the BoC does not lower rates further, this can be an indication inflation is expected to rise, causing values to drop. It is always better to work with what is known than to take a gamble.

‘… if a good rate can be had now then why not take it? Here is one fact that is known now – supply is increasing. This means buyers have more options and more flexibility in purchase price.’

However, if risk tolerance is high then waiting to purchase is the way to go. Yet, if a good rate can be had now then why not take it? Here is one fact that is known now – supply is increasing. This means buyers have more options and more flexibility in purchase price.

Have a great week!

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