Realty Corner – First Time Buyer Mistakes

Saying “YES” to buying the first home is hard enough and not doing your homework can add-on costly mistakes…

…where to buy? what to buy?…Will I (we) qualify for the mortgage? At what rate?…What are the costs outside the purchase price?

While family and friends can offer good advice based on their personal experience,  an expert opinion can truly make a difference and potentially save you a lot of $$$…

Ami Fontinelle has written an informative article highlighting some of the common pitfalls to avoid with your first home purchase…

Hope you find the article informative:  10 Worst First-Time Homebuyer Mistakes

Realty Corner – Selling Privately

It is ALWAYS great to save money when we can…and that is the key motivation behind selling your home privately…

Real estate sales persons (myself included) can greatly assist Buyers and Sellers with our real estate education, real estate certification, in-field experience, professional marketing, negotiating the transaction to completion, and access to the MLS while protecting the clients interests….However, there seems to be a growing disconnect between Buyers/Sellers and real estate professional based on the current commission structure…and this seems to be driving more Buyers and Sellers to list and buy privately…

I am all for change and options that will allow Buyers/Sellers to work with real estate professionals while saving money…To gain the clients’ trust, realtors must be able to clearly outline and justify the value of commissions earned…

In the meanwhile, here is a good article on selling privately…there are always pros and cons but saving money always outweighs every one of them…

National Post

Happy Home Hunting…

Realty Corner – Re/Max vs "Part-time" Salesperson

In one ring, it is CREA vs the Competition Bureau.  In another, Re/Max is  taking on (or out) the part-time real estate salespersons.  Michael Polzler, head of Re/Max Ontario-Atlantic Canada has started a campaign against the “part-time” salespersons by stating that “I don’t believe part-time agents can do the job” and “You have taxi drivers with real-estate licences and that’s not cool “.

I know of many real estate sales persons that have a fulltime job, and still put in 30-40 hours a week towards their real estate business (which are more hours than some fulltime sales persons put into real estate).  Does that qualify them as “part-time” or “full-time”?

In my opinion, the decision to go with a real estate salesperson should be based on a salesperson’s ability, competence, and professional knowledge and not whether he/she is in real estate part-time or fulltime.  Many of the “part-time” salespersons are professionals who bring fresh/different perspective and ideas on how to conduct real estate.

Instead of targeting the “part-time” salespersons and as a leading real estate brand, Re/Max (and other real estate companies) would serve the real estate industry better by investing in:

  • better training for the sales persons
  • mentor ship program for new real estate salesperson
  • preserving integrity of the real estate profession
  • brainstorming on how to better serve the consumers while reducing the home selling and buying costs by devising different and more flexible commission structures

The consumer today does a lot of the “legwork” themselves by using the and other readily available online sources.  It is essential that we, as real estate professionals” realize that our role is evolving and consumers expectations of us are changing.

Let us:

  • not get caught up in our working status
  • not be averse to change
  • focus our energy, experience, and market knowledge in assisting the consumer make the right choice
  • be creative in saving money for the consumers
  • assure the consumer of the integrity of our profession

Read the entire article in the National Post.

What do YOU think???

Realty Corner: One Bloor…The Hottest Address???

One Bloor has been talk of the town for some time now…This Yonge Street and Bloor Street intersection is considered one of the hottest, if not THE hottest, address in Canada.

Bazis International could not realize its dream of transforming the intersection.

Now Great Gulf Homes will lead the charge with a 65 storey iconic condominium development with:

–         690 units

–         Units size from 530 SF to 1724 SF

–         Prices from high 300’s to 1.5mil range

–         1bed, 1bed+den, 2 bed, 2 bed+den

–         Opens mid-April 2010

It is an opportunity of a lifetime and an investment like none other.

Call me today to discuss purchase options.

Realty Corner – Competition Bureau vs CREA

The negotiations between the Competition Bureau and CREA have discontinued.  Both parties may be headed to a lengthy court battle…

CREA announced some changes on March 22 to make it easier and possibly less costly for home owners to list their homes on MLS.  However, the Competition Bureau deems the changes as not enough to truly open the market to competition.  Both parties may have their day in court to present their arguments.

In the meanwhile, here is an article from the Toronto Star

Realty Corner – CREA Approves New Rules

CREA is offering real estate consumers more choice on how the home is sold or bought through MLS (Multiple Listing Service)….

Sellers can list for a flat fee…Buyers can request details to contact the Sellers directly….Realtor earns a flat fee…

I agree that there should be more transparency throughout the entire transaction and more options on how the transaction is completed while protecting interests of all involved; Buyers, Sellers, & Realtors…These changes are a step in the right direction…Once these changes are implemented, close and sincere attention must be paid to consumer feedback and experiences to further enhance the realty experience…This will help increase consumer confidence in Realtors and MLS along with greater consumer satisfaction….After all, consumer MUST always come first…

Here are some opinions on the new changes:

The Globe and Mail: CREA apprpoves new MLS rules

The Toronto Star: More access to MLS database for customers

The National Post: CREA fails to go far enough: watchdog

Share your opinions…

In the meanwhile,message me here or catch me @ Raj Bajwa

Realty Corner – Free Enterprise vs MLS ??

Entrepreneur: “Knock Knock
MLS: “Who’s there?
Entrepreneur: “Free Enterprise…Consumer Choice…Competition…The Better Way
MLS: “They are already here…you can keep moving”

Who is really right in this fight? The public eagerly awaits the court decision but that is probably still months (or years) away…

In the meantime, entrepreneurs are trying various different business models with each one hoping that they got it right…Lets wait and see…

Here is a good article @ GlobeInvestor

Catch me on the web @ Raj Bajwa