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Archive for October, 2013

Parcel RegisterThe Parcel Register Search is relied upon for real estate transactions to learn important information about a property, such as ownership and encumbrances. The real estate lawyer will request a parcel register prior to closing because it currently validates:

  • Who owns the property
  • The type of ownership
  • When the property was purchased
  • Value of the transfer
  • Registered amount of the mortgage
  • Any undischarged mortgages registered against the property
  • Any liens against the property – property tax, condo liens, income tax, etc.  

The parcel register is one of the first property related searches that Real Estate Sales Professionals utilise when conversing with their clients.  This will reduce your expenditure in both time and money, and allow for these resources to be allocated elsewhere. For instance, the profit of the sale may be hindered when the necessary information is not disclosed by the client. With the Parcel Register Search you will be able to obtain the important information. This will also allow you to avoid the potential risks, which can be detrimental to your profit when a deal has closed.

A lien or undisclosed mortgage can result in a deal not closing, or the deal will close but there may not be enough equity to cover commission. All things considered, it is a nominal expense to use parcel registers to ensure that your deal closes safely.

In a LinkedIn Group that we sponsor, a participant highlighted a very common occurrence that we can learn from.

A real estate sales professional had a client, who had to perform renovations on a property before they could list it – the cost of the renovations was about $7, 000. The real estate sales representative extended a loan to the client to pay for the renovations. When the property was sold, it came to light that there were 3 mortgages registered against the property. Once the final balances were sent to the lawyer, there was no equity left to pay back the loan to the real estate sales professional. Fortunately, there was enough equity to pay the commission, which was just slightly less than $7, 000.

This clearly exemplifies the importance of parcel registers because if the information was available, the loss could have been avoided.

Among several other tools provided by Geowarehouse, we encourage you to utilise the Parcel Register search for your benefit.

For more information about GeoWarehouse or Parcel Registers please visit www.geowarehouse.ca or feel free to watch this video about how to request a Parcel Register.

 

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October 21, 2013

Condo Status CertificateWe are happy to report that yes, it is so! We all know that requesting a Condo Status Certificate is probably one of your least favourite aspects of closing a deal. However, now it doesn’t have to be!

Traditionally, the process of requesting a Condo Status Certificate required tracking down the appropriate person at the condo corporation, making your request in writing (usually by fax) and then having to mail payment by certified means before they will even get started on the request. Next you can wait up to 10 days before the Condo Status Certificate is ready and arrange a courier to pick up the massive document.

Seems like a complicated, time consuming way to go about getting something, especially given the fact that it is 2013 and technology makes virtually every other aspect of our life effortless.

GeoWarehouse has made the process of requesting Condo Status Certificates a little bit easier. While many are not fully available for online viewing, they can be requested online through the GeoWarehouse Store.

What does this mean to you? It means that you can simply access the GeoWarehouse Store, request a Condo Status Certificate online, pay by credit card and then either receive it electronically or, if it is not available electronically, arrange to have it picked up.

Yes, it’s that easy!

If you are listing a condo or representing a buyer then you know that you will need a Condo Status Certificate as it provides complete disclosure with respect to the financial standing of the condo corporation. It can also reveal if the condo owner is in arrears on their condo fees. It pays to get it before your deal is finalized as it will make for a smoother closing and help you to identify issues that could come up upon closing once the real estate lawyer gets their hands on it.

If you are a real estate sales professional who does not specialize in condos but it is an area you want to get into, Miller Thompson released a really good whitepaper titled “Condominium Ownership – What You Need to Know”(http://www.millerthomson.com/assets/files/article_attachments3/MT_A-Residents-Guide-Living-and-Buying-a-Condominium_A-Loeb.pdf ). This whitepaper highlights a lot of useful information as perceived through the eyes of a lawyer as it relates to condo purchases. It also highlights the purpose and necessity of a Condo Status Certificate.

Get ahead of issues before they become issues and save yourself time in the process with an online Condo Status Certificate request through the GeoWarehouse store. Visit www.geowarehouse.ca or call 1-866-237-5937.

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Home Insurance Claim

When you are listing a property for a client, knowledge really is power. It is crucial to be able to learn as much about a property that you are listing as possible, even if your client doesn’t have the ability to provide you with all the information you need, either because they don’t know or because they have omitted it. Offers can fall through on inspection when a skilled home inspector comes out and identifies things that your client hasn’t apprised you of.

 

Some examples of potential deal breakers are homes that have electrical problems or homes located in areas prone to floods. Being able to find out all the relevant information on a listing enables you to provide your clients with more value as they will see that you have covered all bases. It helps to identify issues and properly set expectations at the beginning of your client relationship.

Ensuring the above can be accomplished by finding out if a property has had a home insurance claim on it. An Insurance Claims History Report will do just that and many home inspectors request these reports before seeing a home. This enables them to hone-in on things that they should look for when inspecting a home for a buyer. An Insurance Claims History Report can reveal insurance claims for fire, floods and can even tell you if a property has been used as a grow-op.

What begins as a simple act to ensure complete due diligence can quickly morph into a fantastic sales tool. If you request an Insurance Claims History Report on a property that comes up clean, this is information you can share with the real estate sales professionals who represent those buyers interested in your listing. Being able to review a home insurance claims history on a particular property is truly a win-win any way you look at it.

So now the question is how can you request an insurance claims history on a particular property? This is where things get exciting; as a real estate sales professional you likely access GeoWarehouse to perform other searches such as Parcel Registers, or request other reports like the Property Details and Neighbourhood Demographic Reports. Well, now through the GeoWarehouse Store you can request a report by HomeVerified which will review the home insurance claims history on a particular property or even an entire neighbourhood.

Now you can do an even better job for your clients effortlessly. For more information about how you can request a HomeVerfied Report on GeoWarehouse please visit www.geowarehouse.ca or call 1-866-237-5937.

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real estate tools 1        real estate tools 2

 

 

 

 

real estate tools 3real estate tools 4

 

 

 

 

 

Take a look at these 4 pictures. Then think about finding the perfect house for your clients. What do these four images have in common with regard to that search? Noise, air pollution, unpleasant smells…how many of your clients would be happy living in an area with any of these features in their backyard? Probably not too many.

Sure, it may be possible to stumble upon these when you take your client to view a home, but do you really want to even bother taking your client somewhere that has attributes in the neighbourhood that could be deal breakers? If these issues are not identified beforehand, the entire trip to the home could be a waste of your time and theirs.

How can you determine what types of structures/features are in a given neighbourhood without having to drive around to countless areas? How can you find out the undesirable characteristics of an area without the driving and legwork? Furthermore, many of these features may not be visible when you drive down the road where the house is located, but their presence even within a few kilometers may be a big turn-off later on.

Here is where the benefits of aerial imagery come in. From within GeoWarehouse and with the click of a mouse you have the ability to view things from above, at a much wider scale than the local drive would provide. This allows you to knock those properties off the list if there are certain characteristics that you know your clients would not want.

Aerial imagery makes creating the most comprehensive list of potential homes a breeze. Even better, use it in combination with other advantageous real estate tools and save yourself time and money.

For more information about aerial imagery, or any of the GeoWarehouse real estate tools, please contact us at 1-866-237-5937 or visit www.geowarehouse.ca.

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October 1, 2013

Real Estate Branding

 

Your personal brand as a real estate sales professional and your personal recognition plays a vital role in your professional success. Real estate branding is a topic that has been widely discussed in the industry and good real estate branding can lead to increased customer retention, not to mention new business.

Mobile technology and social media has changed the way that your prospects and customers receive information, so being digitally connected to them is critical.

Once you make a connection to a customer you open up a gateway to remarket to them, maintain recognition and be there to support them the next time they are ready to buy or sell. A real estate sales professional who is a thought-leader, providing wise counsel and not just information, sets the stage for life-long learning and life-long relationships.

When trying to hammer out the “brand that is you,” Fast Company released an excellent article with a list of things to consider (view it here: http://www.fastcompany.com/28905/brand-called-you). Here are some quick tidbits:

  1. What makes you different?
  2. What is the pitch for you?
  3. What’s the real power of you?
  4. What does loyalty mean to you?
  5. What is the future of you?
  6. We have added from an excellent TED talk – What is your why? http://www.youtube.com/watch?v=qp0HIF3SfI4

Establishing the brand that is you is only the beginning of the battle – next will be promoting the brand that is you.

How can you promote the brand that is you? By embracing and leveraging the tools that you have available to you, like mobile apps that keep you connected and investing time in your social networks,  making a concerted effort to grow those networks through sharing information that is of real value.

You must remember though that digital networking exposes you to a wide audience and so the information you share is a direct reflection of your brand. Accuracy and professionalism is paramount. You can digitally establish the brand that is you and the public’s perception of your personal brand by putting great consideration into how you go about sharing and engaging and the type of information you publish. The information that you publish and the information you share should be consistent with your core values.

You are on the road all the time so another important factor that may influence the perception of your personal brand is accessibility. Mobile tools that keep you both connected to other real estate sales professionals and the clients you serve are vital in a fast moving market place. Mobility and having instant access to information that enables you to serve your client with quick and accurate information on-the-go enhances your personal brand and credibility.

In a recent article by Ozzie Logozzo, executive director of the Ontario Real Estate Association Real Estate College, there is a great discussion regarding what the brand of a real estate professional could be. Logozzo discusses stigma in the industry and how real estate sales professionals can rise to a standard that changes perceptions of what the real estate professional brand in Ontario should look like.

How do you feel about the perception of what a real estate sales professional is in Ontario? Would you prefer to be judged by the brand that is you or by the brand that has been established for you by the industry? Do you think that there is a perception of what a real estate professional is or is capable of simply in reference to the identification with the words real estate? We’re listening…

If you would like more information about GeoWarehouse or upcoming mobile resources please visit www.geowarehouse.ca or call 1-866-237-5937.

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