62/ JULY 2010 THE RIDER
REAL ESTATE:
“WHY YOU NEED A REALTOR”
regulations and fiduciary duties. Our local boards also have strict by-laws and rules which are above and beyond the rules already enforced by the Real Estate and Business Brokers Act and RECO , our licensing body.
By Teri Davidson.
There’s an ad running on my favorite radio station right now that drives me crazy. Bought and paid for by a local “private for sale” company it quotes
We are strictly gov- erned by our licensing body and must adhere to strict
A real estate salesper- son must work under the umbrella or employment of a Broker. Brokers have a higher degree of education and in most cases own and operate their own compa- nies. If more than one Bro- ker own or are partners in a real estate company then the partners must appoint a Broker of Record this being the person who is responsi- ble to RECO for all actions taken by the real estate bro- kerage.
Then there’s the practi- cal aspect of selling homes, the experience of the day to day dealing with people. The knowing of what other homes have been sold for, why the ones that didn’t sell , didn’t. There’s the putting together of mort- gages, home inspections, water and septic issues , environmental and conser- vation applications, zoning, planning and subdivision requirements or covenants. Lot’s of legalities. But the biggest challenge of all from my perspective as a broker is the psychological aspect of how people feel and why they make the choices they do. Communi- cation is vitally important. With a such an impor- tant decision in the either purchasing or selling of a home people are nervous and need constant reassur- ance. This is the biggest and most important role the
Ottawa Valley
realtor plays and the reas- surance comes from an experienced and educated perspective. Empathy as to how each side is feeling is key to understanding and continuing a good working relationship. In the real estate world no one gets it all their way. It is a world of compromise on both sides much different than the legal practitioners world where compromise is the end result after months or years of negotiation and lawyers fees. In real estate you have to negotiate right away or the transaction is lost and the buyer or seller moves on, potentionally leaving you with your home unsold or your dream home not purchased over minor issues.
To simply put a sign up on your home and wish for the best is like playing the lottery. Usually you get no where and very rarely do you win. If your home is immaculate in every sense of the word, the layout is perfect, the price is right on ( and how will you deter- mine this?) and most importantly the people like you ( ridiculous but true) they may make an offer. O course the offer usually reflects the absence of com- mission so the seller doesn’t come out ahead financially.
Then the house inspec- tion has to be perfect. I can tell you that no house is completely up to code unless it has just been built and those homes sometimes have what home inspectors deem to be construction faults. Most buyers then feel they should have their purchased home brought up
to code. Without a realtor to help the buyer appreciate that the normal issues that all homes have are accept- able and to also help the seller understand those which aren’t normal need to be corrected the transac- tion usually ends because no one is playing middle man with no reason to favor one side or the other. Mortgaging is another factor. I recently represent- ed a young couple who listed and sold their current home with me and pur- chased a 10 acre property out in the country. They had their own banker with whom they arranged the mortgage and all went well. The bank approved them for the purchase, they sold their home for the price they wanted and clos- ing was to be two months forward. Seven days prior to closing their bank repre- sentative called the couple to tell them the mortgage had been rescinded because the 10 acres was being used to grow crops which was indicated on the appraisal the bank had just then ordered. The young woman purchaser called me in tears. I was in Florida at the time but I always take my blackberry and respond to calls and concerns the same as I would at any time. I remember distinctly it was November 10th at 7pm in the evening. My first call was to the appraiser. As a long time real estate broker I know all the appraisers in my area very well. She was dismayed by the banks response to the one word used to describe the proper- ty and promised to call them the day after the next
as November 11 is Remem- brance Day, and the banks are closed. I then called one of the best mortgage bro- kers in our area. She called me back in less than 5 min- utes, had a different appraiser out to the 10 acre property the following morning at 8:30 am , had a new mortgage approved by 3pm that day and all was ready for closing in 5 days! And all of this on Remem- brance Day when the banks are closed....unbelievable! But part of a normal work- day for the teamwork and expertise of the real estate practitioner.
It’s examples like this, and I have enough of them
to write a book, or at the very least to feel confident enough about the qualifica- tions and the need of hav- ing realtor representation in all home sales transactions to say maybe a chicken should have lips..might make eating that chicken feed a whole lot easier!
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Teri Davidson is Broker/Owner of Associate Realty Brantford Inc. locat- ed in Brantford, Ontario at 134 King George Road.. Teri’s been a licensed real- tor for 34 years and has served in various capacities as a member of the Brant-
ford Regional Real Estate Association both as director and committee chairperson over the span of several years. She also has the dis- tinction of being “CANADA'S MOST REFERRED REALTOR “ for the past twelve years. Teri and her family own and operate “WHITE HOUSE FARM” in Ancaster, Ont. where they raise Registered AQHA and APHA Ouarter and Paint horses as well as American Kennel Club Registered King Sized German Shep- herd dogs.
You can reach Teri at teri-
davidson@rogers.com.
Erin, Caledon & Surrounding Areas
Durham Region
75 First Street, Suite 14,
Orangeville, ON L9W 2E7
Erin: 519-833-0569 Tor: 905-450-3355
jguagliardi@royallepage.ca www.jacquelineguagliardi.com
Orangeville Area
Real Estate Agent Directory
Put your business here for only $22.50 per issue!
Simcoe County Brant County
Teri Davidson Broker/Owner
29 yrs full-time experience • Canada's Most Referred Realtor
Serving: Brant, Haldimand, Norfolk, Oxford, South Dumfries, North Dumfries, Ancaster, Flamborough, Cambridge and Woodstock.
Associate Realty Brantford Inc.
519-752-4116 • (519) 647-3330
teridavidson@execulink.com
Southwestern Ontario
www.murraygibbons.com
• Serving South Western Ontario • 30 Years Experience • International and local clientele
All types Farms, Rural, Residential, Development Lands
MURRAY Gibbons, B.Sc., Agr., Broker of Record
Great Lakes Realty & Auctions Inc. Waterford, Ontario
Office: 519-443-6443 or Cell 519-757-5595 Email:
murray@murraygibbons.com
Kawartha Lakes
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