Real Estate Talk:
Why use a broker to sell?
A few major advantages to using a broker to sell property
By Joseph Marovitch
March 23, 2022
With so much information made available online, many ask why use a real estate broker to sell a property. This is a good question. Today, we have the University of Google offering degrees in real estate, medicine, car repair, dentistry, psychology and almost everything else.
However, Google information, though sometimes extremely useful, without experience and training can be a risky and expensive way to go when it comes to finance, law, medicine and real estate, to name a few areas of required expertise.
Here are a few major advantages to using a broker to sell property:
Responsibility of the broker
- Verify measurements and have professional photos and video of the property prepared
- Accurately describe the property in all ads, websites and brochures
- Analyze the market and compare past sales to accurately price the property
- Prepare and implement all documents for offers, counteroffers, and conditions
- Negotiate on behalf of the seller to acquire the best price and conditions in an offer
- Facilitate the work and ensure the deadlines of the inspection, mortgage broker, surveyor, notary and any other professional required to achieve the goal of finalizing the sal
- Both maximize exposure and target the right audience for the property being sold via ads, newsletters, websites, Centris, flyers and social media
Brokers are obligated to undergo and pass a series of courses to maintain and update their knowledge of every aspect of real estate, from inspection to lakefront bylaws.
A broker will guide the seller through every step of the transaction, from explaining, preparing and implementing documents such as a promise to purchase, counteroffers and amendments, to navigating issues from inspection, the mortgage broker and notary. The broker’s obligation is to overcome all obstacles right up to the signing at the notary and handing over the keys.
A broker’s knowledge and experience will protect a seller when completing the seller’s declaration, stating the condition of the property to the best knowledge of the seller to selling without warranty, if required, when the property is inherited or the seller is moving away or does not want to deal with issues at a later date. In many cases, brokers at their own expense will offer insurance protection to the seller in the event the buyer, for some reason, cannot sign at the notary due to sickness or death.
Real estate brokers are subject to the Real Estate Brokerage Act, which stipulates stringent bylaws and ethics brokers must adhere to for the protection of the public. A licensed broker is pledged to a code of conduct respecting the rights and obligations of buyers and sellers. In the event a broker should knowingly or not cause damage by deterring from the code of ethics, there are strong fines and other punitive actions that can occur.
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: Reasons to purchase with a broker
State of the market
In recent articles in various publications, opinions vary regarding the market. Some economists state sales are dropping as demand begins to diminish. Others state more property will enter the market as restrictions are removed. Yet, more offer the opinion that interest rates will rise much quicker, thereby, slowing the demand to purchase. This broker is reticent to offer an opinion at this time due to several observable facts:
- Yes, interest rates are rising
- Demand still appears to be high
- Prices keep rising
- As of late, with masks and social distancing removed, there is an upswing in hospitalizations and deaths which is also occurring in Europe and the US.
Interest rates are rising, but demand still appears to be high and prices keep rising.
With these four facts, it is difficult to say where demand will move to. It is too early to make predictions without knowing the long-term effects of removing COVID-19 restrictions. We know COVID-19 is not going to disappear and that we must learn to live with it, however, we do not know if a fifth, more deadly wave will hit. Everyone is cheering and celebrating the removal of restrictions but are we pre-mature in our celebration? It feels a little like there is still a war out there, but we are acting as if we won.
It may be wise, despite what the rule is, to continue to social distance and wear a mask. What is worse than being wrong a 5th time?
Have a great week and stay safe.
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Feature image: Kampus Production – Pexels
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible for, Joseph applies this to his present real estate broker career. Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or email@example.com