In my real estate activity in Vancouver and being a REALTOR®, I constantly meet people who ask many questions in regards to real estate activity and market. As a licensee of a trade services in BC, prior to offering any real estate services, it is my obligation to define my relationship with the consumer and make sure the conversation is not vulnerable on both sides.
If this casual conversation with a stranger I just met, is in regards to market and trends, then it is not an obligation to have them go through the required disclosure forms. But if gets a bit more in-depth and the person is disclosing further sensitive and private information, or simply I start to give advice, that would put us on an implied agency whether we have established it on the paper on not. Hence it is important to have the consumer fully understand the limitation of the conversation.
As I meet people, whether a referral, old client, and or simply meeting someone new, I’m careful not to provide advice but the factual information is currently available. Further I asked them if they are not in an agency relationship with another Vancouver real estate agent, then I can provide valued services and advice after they review the disclosures required.
This morning, I visited my dentist for my scheduled check up routine and as we are conversing with my mouth open and drooling, the real estate conversation came up of whether it is good for him to sell his condo in Vancouver downtown in Yaletown location. I know my dentist is not working with another agent and am not breaching any existing relationship, so I put my hands in my pocket and grabbed my phone and opened the Council app for the disclosure of Representation in Trading Services form. Despite my dentist being my previous client, I yet have ended that agency relationship when the previous transaction ended and now must establish a new one. I handed the phone to him and we start discussing his options in establishing a relationship with me.
Although the forms do not require his signature and just an acknowledgement, he reviewed and signed the forms so we could get into details and discuss his options.
In general, every homeowner who is thinking of selling and relocating is wondering with a shift of the real estate trends and market and the new data which was just released from Vancouver Real Estate Board and MLS® services, should they sell their property now or wait.
To response, it is important to understand the following:
- Market trends and real estate data update
- Seller expectation adjustment based on the market demands
- Seller motivation and reason for selling
- Discussing all expenses such as:
A) Real Estate Broker Commissions
B) Taxes and income taxes
C) Lawyer fees
D) Repair and renovation
- Season activity and the timing of sale
In the next chapter I’ll discuss all the above in detail so a homeowner who is planning to sell his Vancouver house or condo, can make better decision based on the facts above.
Wondering what your property worth today and how much is the value of your home in Vancouver? Go to my site at https://www.whatisyourhomevaluetoday.ca/