BUYING OR SELLING A HOME

Buying or selling a home can be a lengthy and intimidating process - one you may be nervous about embarking on. Fortunately, a member of the Ottawa Real Estate Board (OREB) can help you turn your needs and wants into reality. He or she will not take it for granted that you know all the ins and outs of the buying or selling process, but will provide you with a full explanation of what to expect - so you're not faced with any surprises along the way. Every OREB member is also a REALTOR® - a qualified real estate professional who is a member of the Canadian Real Estate Association, the Ontario Real Estate Association and their local real estate Board and, as such, subscribes to a high standard of professional service and to a strict Code of Ethics.

BUYING A HOME

What you need: To begin, a real estate professional will assess your needs, so that he or she can help you find the right home. They may ask why you are moving, as well as where you want to live and what type of house is best for you. There are plenty of housing options available in the marketplace - new homes, resale homes, townhouses, condominiums. A real estate professional can help you choose the one that best suits your current and projected lifestyle, and will also explore any time constraints you might have (perhaps imposed by the need to relocate for employment, or a growing family), your current financial situation, and any future plans that might affect your decision.

What you want: A real estate professional will help you identify what you want in your new residence, and compare your needs, wants and budget with what is available on the market. Your requirements may include a minimum number of bedrooms, a building style (bungalow; ranch), or a particular neighbourhood. You may want to be close to work or family. Perhaps a finished basement is a must-have, or a double garage.

How to find it: All OREB members are entitled to use Ottawa’s Multiple Listing Service (MLS®) system, a cooperative selling system that includes an inventory of listings of participating REALTORS®. The MLS® system allows for cooperation between all OREB members, no matter which company they work for. The Ottawa Real Estate Board administers and operates Ottawa’s MLS® system, while the Canadian Real Estate Association owns the trademark and licences its use to Boards and Associations across Canada.

If you are working with an OREB member to buy a property, the MLS® system is a valuable research tool. They can input your criteria (neighbourhood, number of bedrooms etc.) and generate a list of all currently-listed properties that meet your needs. The MLS® system provides detailed information such as room-by-room measurements and specifics on the property condition, renovations, property zoning and rental rates. Through the system, OREB members can also access the sales history of a home in order to see how many times it has changed hands and at what prices.

Part of a real estate professional’s service includes accompanying you as you view houses and helping you assess their suitability and price. As an expert on a property, he or she can provide important facts about the neighbourhood, the cost of heating, the condition of the furnace, and so on.

How to close the deal: So you've found the right house and you want to make the sellers an offer. How do you do that? Your real estate professional will assist in writing up and negotiating your offer, acting as a mediator to head off potential conflicts between you and the seller, and drawing up a legally binding contract.

How to pay for it all: Real estate professionals have broad and current knowledge of the financing choices available to home buyers - and there are many of them. The process can be confusing to buyers. At your request, your real estate professional can assist you in evaluating mortgage options and obtaining financing at the most attractive prevailing rates and terms.

Usually, a real estate professional will be paid from the proceeds of the sale. The listing agreement states the fee that he or she will receive for his or her services.

Buying a home can be an exasperating and time-consuming experience - but if you enlist the services of a professional member of the Ottawa Real Estate Board, who understands the market, knows exactly what is available, and can match your needs and budget to your new home efficiently and effectively, the process can be exciting and fulfilling.

SELLING A HOME

As a seller, your relationship with your real estate professional is vital - so meet with several before making your final decision. A good place to start is in your neighbourhood. Check the FOR SALE signs to see who’s doing business in your area. Ask them about their track record, their knowledge of neighbourhood selling prices, and why you should list with them. Choose someone you feel comfortable with; one who will handle the sale of your home as if it were their own.

What you need: One of the first things a real estate professional will ask is why you are selling your home. He or she will also explore any time constraints you might have, your financial situation, and any future plans.

What you want: Arriving at an accurate estimate of value for your home is one of a real estate professional’s primary tasks. It involves analyzing your home and comparing it to other, similar houses for sale or recently sold in the neighbourhood. It may also include a broader market survey, and members of the Ottawa Real Estate Board can access sales statistics available from the Ottawa MLS® system to provide a more accurate picture of what your home can sell for. In the end, you will be sure the price you set reflects the true value of your home under current market conditions.

Marketing your home: Depending on your circumstances, and on the prevailing market, your real estate professional will develop a marketing plan that may include:

• An Open House: There are two kinds of Open House: one is solely for other real estate professionals, so they can assess your home against the needs of their clients; the second is an advertised Open House for all potential buyers. In either case, your real estate professional takes care of all the details and acts on your behalf at your home while you spend the Open House hours elsewhere.
• Listing on Ottawa’s Multiple Listing Service (MLS®) system. If you are selling a property, listing with a member of the Ottawa Real Estate Board who provides MLS® services means your property gets maximum marketing exposure to all other members of the local Board. Ottawa’s MLS® system provides other members of the Board with detailed information about your property. Every OREB member has the opportunity to find the right buyer for your property. This kind of marketing can be very helpful, especially if you are trying to sell a property quickly.
• Advertising: Effective newspaper advertising, tailored to your home and local market, can be placed for you by your real estate professional. Advertising forms commonly used can include lawn signs, direct mail flyers featuring your home, and online advertising on property search websites. If you work with a member of the Ottawa Real Estate Board and your property is listed on Ottawa’s MLS® system, your home will appear on the Board’s public website, OttawaRealEstate.org, and on the Canadian Real Estate Association’s website REALTOR.ca.

Selling tips: Whether or not your home shows well to prospective buyers can determine how long it stays on the market and the price it sells for. Your real estate professional can give you tips - fresh paint, flowers, keeping the house clutter-free and rearranging furniture - to improve the marketability of your home and create a good first impression.

Get serious: Real estate professionals know how to separate "lookers" from "buyers." He or she will "pre-qualify" potential buyers to save wear and tear on your home and lifestyle, and to ensure that only serious offers are tendered.

How to close the deal: real estate professionals are experienced in arranging financing and closing deals. On your behalf, he or she will assist in negotiating a better offer, acting as a mediator to head off potential conflicts between you and the buyer, and drawing up a legally binding contract.

Professional service: When you decide to work with a real estate professional to sell your home, you will sign a listing agreement. This is a legal contract that gives your real estate professional the right to act as your exclusive agent in the sale of your house for a specified period. The listing agreement spells out exactly what he or she will do on your behalf, and he or she will take all the time necessary to explain it to you. The agreement will also specify the amount of professional fees to be paid to your real estate professional from the sale of your home. Fees can be set as either a flat dollar amount or a percentage of the selling price of your home.

Most of the actual work done to accomplish the sale is carried out by real estate professionals operating in a broker's name and for whose actions the broker is legally responsible. A real estate professional’s fees are normally shared with the broker who supplies such essentials as office support, training and consultation services.

Selling your home is a major undertaking. A member of the Ottawa Real Estate Board can ease this sometimes risky, difficult, and frustrating process. A real estate professional has the skills, experience and knowledge to effectively market your home at the best advantage to you.