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Archive for January, 2016

January 25, 2016

geo3Teranet is excited to announce the New GeoWarehouse – everything you loved about GeoWarehouse, only better. We’ve considered the feedback received from our valued customers over the last few years and used it to make a few changes. What kind of changes you ask? Here are just a few of the improvements:

  • An enhanced single search bar makes property searches even easier
    • Quick search by address, name, PIN or ARN
    • View recent search activities
    • Receive real-time suggestions as you type
  • Improved map search
    • Single-click map search
    • Quick links to the Property Report and full-screen Street View
    • Location detection to find properties near you
  • Enriched comparable sales search
    • Quick access to comparable sales search
    • Custom polygon drawing tool
    • Real-time stats

You asked for more, and we are giving you more! Sign up to learn more: http://marketing.geowarehouse.ca/acton/form/1288/0106:d-0001/0/-/-/-/-/index.htm.

Not a GeoWarehouse customer yet? To take advantage, please visit www.geowarehouse.ca today.

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geo2Ahhh the once dreaded property valuation. In the olden days, you had to go through the MLS, one by one, pulling sales comparables to estimate the value of a home for an offer or listing….

Today’s real estate sales professionals access this information at the click of a mouse. Using GeoWarehouse you can both generate sales comparables and use the tool to generate value. Here is a quick training video that shows you how to generate a property valuation in GeoWarehouse.

 

 

Move into the future – GeoWarehouse saves you time and money and makes you more effective and competitive. For more info visit www.geowarehouse.ca today.

 

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geo2The condo market in urban centres like Toronto continue to be hot. With the average price of a single family home exceeding a million dollars in places like Toronto, condos are very appealing for first time homebuyers, couples, seniors and small families.

An individual buying or selling a condo will have different needs than that of an individual or family buying a house.

If you represent a client in the purchase or sale of a condo then you will likely need to obtain an estoppel or condo status certificate. Sometimes real estate sales professionals confuse a letter confirming the client’s financial payment history and standing with a status certificate.

Condo corporations will issue letters confirming that condo fee payments are up to date and that nothing is owing – but this is not a status certificate. A status certificate is the giant 100+ page document that outlines:

  • The financial standing of the homeowner and the unit in question
  • The financial position of the condo corporation – It also reveals how much money is in the reserve fund to cover repairs, special assessments involving repairs that there isn’t money to pay for, pending lawsuits against the condo corporation, etc.
  • The bi-laws
  • Property management and more…

This information is critical to anyone who is going to be buying a condo. If you represent the seller you should obtain one for potential buyers, and if you represent a buyer you should order one for them.

In the past, real estate sales professionals would often leave the ordering of the condo certificate to the real estate lawyer to request. The process of obtaining a status certificate wasn’t an easy one. You would have to write to the condo corporation, pay a fee and then wait up to 10 days for your condo status certificate. Aside from fees to the condo corporation you may also incur currier fees if you are in a hurry.

The good news is, thanks to technology, the process of obtaining a status certificate on a condo in Ontario just got easier because they are now available online.

Since D-Tech’s Conduit became available through GeoWarehouse, subscribers can request, pay for and receive their condo status certificate online.

This greatly expedites the process and saves you and your client considerable time and expense. Not to mention the fact that you are able to offer a better and more competitive service to your clients.

Want to find out more about the reports available through the GeoWarehouse store, including the condo status certificate? Visit www.geowarehouse.ca today.

 

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January 11, 2016

geo1Real estate fraud continues to be a scourge that plagues the real estate industry in general. Real estate fraud costs us all because it leads to more regulation and to lenders ultimately losing most often, which makes them lend more stringently. The only way to combat mortgage fraud is to make it a priority, perhaps through something like a professional New Year’s resolution.

There was a great article in the Globe and Mail that sums up the 6 most common forms of real estate fraud which we thought is worth a second look because being aware of these schemes makes you more equipped to spot them and act accordingly.

Title fraud – this fraud is blatant and generally stems from identity theft. The fraudster will falsify documents, posing as the property owner. Then they arrange to transfer ownership of the property, then they obtain a mortgage against the property and so on… Title insurance is an excellent way to protect clients against this type of fraud. Closely scrutinize ID and match it against a Parcel Register*. Just as the bank will ask you security questions about your history, ask a questionable client things about the history of the property that a fraudster likely doesn’t know.

Home equity and foreclosure fraud: The Financial Consumer Agency of Canada (FCAC) warns that foreclosure fraud occurs when a property owner who is having difficulty making mortgage payments is approached by a criminal offering a loan to cover expenses and consolidate loans, in exchange for upfront fees and an agreement to transfer the property title. However, “in contrast to real debt consolidation programs”, the FCAC says, “the criminal will keep all the payments made by the owner and ignore bills and taxes. The criminal then remortgages the property and absconds with the money, leaving the former property owner without the home but still in debt.” You have to watch out for this because it is more common than you could imagine and is even an area of fraud of interest to organized crime.

Rental/Resale scams – This is where the fraudster steals your listings and impersonates you re: posting your listings on other websites to get calls from tenants and buyers to extract money. What to do – Google yourself every single month, as well as the addresses of your listings. This will not only catch this type of fraud but will also help you identify if there is anything negative online about your listing.

Knowing what types of fraud exist is half the battle. We hope we’ve helped when it comes to your New Year’s resolution to fight fraud with these quick tips.

To learn more about tools to help combat fraud, please visit www.geowarehouse.ca today.

*An official product of the Ontario government pursuant to provincial land registration statutes.

 

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geo1Your life is fast paced. You have to navigate between driving in new leads, representing buyers, dealing with showings and open houses, negotiating offers and more – we don’t need to tell you, you know what a day in your life looks like…

The faster you can get your job done, the better. Thankfully, gone are the days of having to manually go through MLS listings to research properties and generate sales comparables thanks to technology bringing us new tools and capabilities that do more.

In today’s market, many real estate sales professionals perform property searches on any deal because they: validate homeowner information, registered mortgages, property sales history, sales comps, neighbourhood demographics and more…

A property search is a must because is serves so many purposes:

Representing a buyer

Property searches are used:

  • As a marketing tool
  • As an information tool for clients
  • When a client wants to make an offer you can check the property to ensure that there is equity to cover closing costs, including your commissions

Representing a seller

Property searches:

  • Enable you to verify that your client is the person listed on title
  • Enable you to check if the property has sufficient equity to pay you
  • Can be used as a marketing piece in open houses and to send to other real estate professionals

Running a property search means that you will waste less times on deals that are no good and even mitigate the likelihood of taking on a client who plans or is in the process of committing real estate fraud. You also become more efficient because instead of looking for the information in many different places the property search consolidates everything into one report. It is also an amazing marketing tool.

Property sales reports can be used to send to buyers who are in the market, either by email or as discussion tools when on the road with clients (if you don’t already have the ViMO app). Your property details report represents excellent value to sellers because it is a report that can be generated at a click and emailed to the buyer’s real estate sales professional.

With a property sales report from GeoWarehouse, you can be sure that all the relevant and required information you need is obtained, protecting both yourself and your clients.

Not a GeoWarehouse customer yet? What are you waiting for? Find out more today about all the benefits of the tools available through GeoWarehouse, including the property sales report. Visit www.geowarehouse.ca today.

 

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