Real Estate Talk:
Your broker works for you!
Why a real estate broker you are not contracted with rarely bring buyers to your house for sale
By Joseph Marovitch
I am often requested by sellers, who have brokers, to bring my clients to their property for sale. The sellers assure me that commissions are protected.
If you have a broker working to sell your property, that broker should be spending all their time and resources selling your property. They will meet potential buyers face to face, send out letters and flyers on your behalf, place ads in papers, prepare email or mail weekly newsletters, prepare packages for regular mail, arrange visits, perform follow-up calls, check the market for competition that can affect your price, and prepare monthly reports to track campaign progress.
These are but a few services your broker performs. I did not mention paperwork, forms, negotiation, follow-ups with inspectors, notaries and mortgage brokers and the list does not end. Now, if your broker has five or six other homes listed then the broker must place all their efforts and concentration on every one of the clients that they represent.
The broker works for the listings they have been contracted to sell and have a commitment with, not sell homes for other sellers and their brokers, thus neglecting their own listings.
A broker is mandated to represent and sell the seller’s property. When another seller asks a broker, “why did you not bring buyers when I had my house on the market for the last six months with broker x?”, the answer is the broker is busy working for, representing and campaigning to sell their clients property. The broker works for the listings they have been contracted to sell and have a commitment with, not sell homes for other sellers and their brokers, thus neglecting their own listings.
Brokers will work with buyers; however, the buyers are usually clients for whom the broker has sold a home and is now finding their client a new home.
For a broker to work solely with a buyer whom they do not know well, it is advisable that the buyer and broker meet in person to see if there is chemistry between the two parties.
The broker must explain broker etiquette and the rules required, such as a buyer using a broker to search for a house must always make it clear to any broker they meet either when calling for information or upon entering an open house, that that buyer is represented by another broker. All communications after the first meeting with a broker who is not representing the buyer must be between the listing broker, the broker selling the property, and the selling broker, the broker representing the buyer.
If a buyer does not make it clear to a selling broker that the buyer is represented, the buyer cannot be represented by the chosen broker since there is the chance the chosen broker will not be paid.
‘Brokers will work with buyers; however, the buyers are usually clients for whom the broker has sold a home and is now finding their client a new home.’
If the broker or buyer is not certain they can provide what the other requires, it is best to find another broker.
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Next article: Timing between selling your last home and taking possession of your next one
State of the market
Cases of COVID-19 are rising in Quebec but the market does not appear to be slowing down in certain areas as there continues to be an exodus to the countryside including the Laurentians and Eastern Townships. More and more people have re-evaluated their lives during the pandemic and have decided it is time to go back to nature, enjoy more peaceful surroundings and perhaps live happier and longer. The market is slower in the city, but the countryside is on fire.
The Montreal market is tough as many are uncertain if things are safe. Many remain home and work from home, and many go out, but the result is increased cases of COVID-19. Unemployment remains higher than average as income remains lower than average making for a difficult situation for landlords. It is a fog out there, which will eventually clear up.
‘Unemployment remains higher than average as income remains lower than average making for a difficult situation for landlords.’
Remain cautious, wear masks, and wash your hands often. If we can take these precautions, we may overcome this situation. If people cannot do this, maybe they can get a pass and move over the border.
Have a great week!
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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 firstname.lastname@example.org