REALTORS We Do the Homework

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Things to Consider: Buying

When you’re buying a home you need pertinent facts about the house, the neighbourhood and the community. For example, is the asking price too high? Was the house ever a grow-op? Is there convenient public transit? Can you build a second storey? Are you allowed to rent out the basement?

There are countless questions when it comes to buying a house, and your REALTORS® know how to find the answer. They do the homework so that you can make an informed decision—and get the best possible outcome.

Questions to ask when buying

  • Has this area ever flooded?
  • Can we rent the basement out?
  • Can a housing development spring up in those fields?
  • Where exactly is the property line?
  • Is overnight street parking legal for owners?
  • How close will the new highway be?
  • Can we put an addition on the house?
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Things to Consider: Selling

If you’re selling a home, there’s a lot to be done and a lot to know. For example, you want to present your home in its best light so that you can realize its full value. But do you really have to renovate the kitchen—or will simply painting it do? What is your house really worth? Do you have to include all your fixtures in the deal? Should you accept a low bid—or wait for a better offer?

There are countless questions when it comes to selling a house, and your REALTORS® can help you with the answers. They do the homework so that you can achieve the best possible outcome.

Selling You Home

Questions to ask when selling

  • Is it worth updating the kitchen before we list the house?
  • Is staging the house worthwhile?
  • My neighbour’s yard is a junk heap. What can I do about that?
  • The windows are pretty old—is that a problem?
  • Do I have to include all of the fixtures?
  • Can we change the closing date?
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How REALTORS®
do the Homework

REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering. They can also identify the complex financial and legal issues involved in a real estate transaction.

To become a real estate professional, Ontario REALTORS® must study extensively, achieve a minimum of 75% on exams, and become registered with the Real Estate Council of Ontario (RECO). And to maintain their registration they have to complete professional education modules every two years throughout their careers.

With a REALTOR® at your side, you can have all the facts you need to make an informed decision. They do the homework sothat you can achieve the best possible outcome.

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How REALTORS® help

Select a question on the left to view the answer.

  • There is a lot of information available online. How do you determine which information is valid and which information may be misleading or incorrect when you are not a real estate expert? A REALTOR® can provide the expertise you need.

    REALTORS® know current market conditions and trends. They have access to the real estate boards’ MLS® Systems. They can pre-qualify and guide you through the emotional adventure of setting a price, walk you through the offer and do all of this according to a strict professional code of ethics. REALTORS® have the training, the experience, the negotiation know-how you need. This is one of the biggest financial transactions in your life. Let your REALTOR® do the homework and help you avoid costly mistakes.

  • When you find a REALTOR® who is right for you, then absolutely, you can use that same REALTOR® for both selling and buying a home, especially if you’re staying in the same town or community. Your REALTOR® is familiar with your ownership needs and can help you find the ideal property. Additionally, you’ll save time in working with one REALTOR® instead of two. And even if you’re moving to another market, your REALTOR® can still be a big help by referring you to an experienced REALTOR® in that community. As for whether you'll save money, real estate fees or commissions are completely negotiable between you and the individual brokerage.

  • It depends on a number of things – economy, market conditions, interest rates and location - not all of which are controllable. REALTORS® can use their resources and do the homework to find how quickly homes in your area have been selling, and for how much. A REALTOR® can help price your home to sell and provide advice to help with a quicker sale.

  • Is their house identical to yours? Same upgrades? Same lot size? Is the market the same now as when the other house sold? What is the competition? REALTORS® do the homework and can calculate your home’s value within your market. Using the extensive background information available to REALTORS® through a real estate Boards’ MLS® System, they can compare your home to a collection of similar homes that have recently been sold in your area. No two homes are the same, but REALTORS® are very good at adjusting their calculations according to the differences. Working with a REALTOR®, you can set a fair market value on your home to get the most out of interested buyers.

  • REALTORS® take their responsibilities seriously. It is their duty to make reasonable efforts to discover the relevant facts about each property and disclose any that may be of concern. There is an ethical obligation on the REALTOR® to disclose. As part of the REALTOR® obligation, they will do the homework to ensure that the property has not been used as a grow-op.

  • What is my home worth?
  • Do I really need a REALTOR®?

    There is a lot of information available online. How do you determine which information is valid and which information may be misleading or incorrect when you are not a real estate expert? A REALTOR® can provide the expertise you need.

    REALTORS® know current market conditions and trends. They have access to the real estate boards’ MLS® Systems. They can pre-qualify and guide you through the emotional adventure of setting a price, walk you through the offer and do all of this according to a strict professional code of ethics. REALTORS® have the training, the experience, the negotiation know-how you need. This is one of the biggest financial transactions in your life. Let your REALTOR® do the homework and help you avoid costly mistakes.

  • What can a REALTOR® do for me?
  • Can I use the same REALTOR® to sell my house and buy the next one?

    When you find a REALTOR® who is right for you, then absolutely, you can use that same REALTOR® for both selling and buying a home, especially if you’re staying in the same town or community. Your REALTOR® is familiar with your ownership needs and can help you find the ideal property. Additionally, you’ll save time in working with one REALTOR® instead of two. And even if you’re moving to another market, your REALTOR® can still be a big help by referring you to an experienced REALTOR® in that community. As for whether you'll save money, real estate fees or commissions are completely negotiable between you and the individual brokerage.

  • What neighbourhood is right for me?
  • How long does it typically take to sell a home in my area?

    It depends on a number of things – economy, market conditions, interest rates and location - not all of which are controllable. REALTORS® can use their resources and do the homework to find how quickly homes in your area have been selling, and for how much. A REALTOR® can help price your home to sell and provide advice to help with a quicker sale.

  • How much house can we afford?
  • The people down the road got a lot of money for their house – could I expect the same?

    Is their house identical to yours? Same upgrades? Same lot size? Is the market the same now as when the other house sold? What is the competition? REALTORS® do the homework and can calculate your home’s value within your market. Using the extensive background information available to REALTORS® through a real estate Boards’ MLS® System, they can compare your home to a collection of similar homes that have recently been sold in your area. No two homes are the same, but REALTORS® are very good at adjusting their calculations according to the differences. Working with a REALTOR®, you can set a fair market value on your home to get the most out of interested buyers.

  • Was there grow-op activity in this house?

    REALTORS® take their responsibilities seriously. It is their duty to make reasonable efforts to discover the relevant facts about each property and disclose any that may be of concern. There is an ethical obligation on the REALTOR® to disclose. As part of the REALTOR® obligation, they will do the homework to ensure that the property has not been used as a grow-op.

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About OREA

The Ontario Real Estate Association represents over 64,000 brokers and salespeople who are members of the province’s 40 real estate boards. OREA serves its members through a wide variety of publications, educational programs and special services. The association provides all real estate registration courses in Ontario. OREA.com

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