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Archive for April, 2016

April 25, 2016

geo44We continue to announce exciting new features that will be included in the NEW GeoWarehouse. Enhanced Map Search is one of them. The NEW GeoWarehouse will include a new single click Map Search. Once you perform a search, quick links to the Property Search and full-screen Street View are available right from the map. Use the new location detection feature to detect properties near you. Awesome sauce!

The NEW GeoWarehouse is only months away but you can take a sneak peak now through the GeoWarehouse Collaboration program portal.

Find out http://www.gwcollaboration.geowarehouse.ca/

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April 25, 2016

Fact: The Parcel Register is the fastest, most accurate and current way to determine if there is enough equity to pay you! Find out more at www.geowarehouse.ca.

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April 18, 2016

geo2Real estate fraud is rampant and emerges in so many forms. The only way real estate professionals can combat real estate fraud is to be aware of it. Due diligence is key in this regard.

Do we need extra due diligence because there are lots of consumers out there looking to mislead you? No. We need to do extra due diligence because fraud can often occur because of an omission that a homeowner sees as innocent. More commonly, some homeowners aren’t even aware of some matters as they relate to their homes.

In the spirit of Fraud Awareness Month, we thought we’d cover some ways that you can use your tools to dig deeper and know everything possible about a deal you are working on.

  1. The property’s sales history – this can reveal a lot, including owners, timing and amounts of transfers. Too many transfers in a short period of time or transfers between parties that are non-arms length could be a red flag and worth inquiring with your client about.
  1. The property’s insurance history – this can reveal problems in a property that the homeowner may or may not be aware of. Repeated claims for the same things are a sign that the property could have issues.
  1. The property’s past use – did you know that there are even searches now that can reveal if a property was previously used as a grow op or meth lab. Knowing if your client’s property or a property your client is buying has been used for nefarious acts is basic due diligence.
  1. Who owns the home – ensuring that your client(s) is/are the only legal homeowner(s) is critical to mitigating real estate fraud. Ask for ID and check ownership independently to be sure.

A big part of catching potential fraud is independently validating the information provided to you. In many instances, issues can come up that are not fraud but could impact your deal. Mitigating fraud has the side benefit of giving you the ability to learn more about your deals and to help your client through resolving challenges.

Even if something does come up on a deal where a client has withheld something, such as not telling you about a lien – finding out through the course of due diligence improves the level of service you offer. A lien won’t go away by itself, so you knowing about it means that you can help the client figure out what to do about it.

Being aware is your first step towards combatting real estate fraud. GeoWarehouse has the tool that make that easy. Visit www.geowarehouse.ca today.

 

 

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April 11, 2016

geo2Condo liens are quite common and something a real estate sales professional should endeavour to uncover as soon in a relationship as possible. You’d be surprised how many homeowners are themselves surprised when one surfaces – but then how many consumers routinely search the titles of their homes? You see, often we expect that the client knows all of their information when sometimes they don’t. Another common example of this is customers incorrectly estimating mortgage balances. Being in arrears on condo fees is another example – or more often than not, that many not be the first thing he or she wants to tell you.

Whether there is a lien or not, you know that if your client is in arrears on their condo fees, they will have to be brought up to date before a real estate deal can close. While many liens can only be uncovered through a Parcel Register*, there is more than one way to learn a client’s status on their condo.

A Parcel Register* is an integral search that a real estate sales professional should make on all deals because other liens or financial encumbrances could come up. Condo status certificates provide the financial status of the individual condo and the condo corporation. Condo status certificates are available online and well worth the investment.

That said, in the case of a condo, you really should obtain both.

This shows your client that you are offering the highest level of service which protects them in the end. You are also protecting yourself by revealing problem deals earlier in the process. The condo status certificate will reveal any arrears in condo fees – whether they have registered a lien or not.

So here is the 1-2-3 on how you can uncover a condo lien:

  1. When in GeoWarehouse performing a search, go to the store and request a Parcel Register* to review any currently registered liens or financial encumbrances. Note: even if a lien doesn’t show up that doesn’t mean the condo fees are current.
  2. Next, go back to your property search and if you see the little icon for Condo Certificate illuminated – that means obtaining the status certificate online is possible.
  3. Next, click the icon. You will be returned to the GeoWarehouse Store where you can purchase a condo status certificate.

So as you can see uncovering a condo lien is as easy as 1-2-3. Protect yourself and your clients.

Visit www.geowarehouse.ca today.

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

 

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April 4, 2016

geo2One very interesting aspect of your job is the process of working with homeowners to know what their home is worth. We are not just talking in scenarios of listings either. Many real estate sales professionals have realized that knowing one’s home value is valuable to consumers and a sales tool. Real estate sales professionals are using home value to go out and talk to clients about selling their home.

Technology has made this so easy because you don’t have to sift through, selecting your own comparables anymore. Your applications can do that for you. When we say applications we mean your apps – like the MLS, GeoWarehouse and ViMO.

Sales comparables present so much value over and above assessing list values. They are an amazing sales opportunities. They can be used to create dialogue that leads to discussions and discussions lead to relationships.

Sometimes, customers think their home is worth more than what it is realistically, which is why home valuation presents value to them. This often starts with a neighbour saying – yeah I just listed my home (at a value way higher than market), then the client thinks ‘wow, my home must be worth that too’. On the reverse, you can provide value to a client who thinks their home is worth less than it is by showing them what counts, property sales in the area. Not just 1 or 2 sales comparables either – using your apps you can look at all comparable sales in the area if you want and generate averages.

How about the consumer who has no idea what their home is worth? The one that you stun when their home comes in at a way higher value than they thought it ever would. These can present huge opportunity because money talks and learning that selling means you could cash in big time creates motivation to sell.

These are all conversations and your sales comparables and home valuation tools are what make you able to have these conversations.

The consumer of today wants value. They are willing to exchange their personal information and consent to market to them for value. Value isn’t a gift card or contest – value is giving them something they really want. You have what they really want, you just have to show them that you do. Approach using home valuation in your marketing with a plan so that you know what you get each time you help someone understand their home value – for example, do you want to get their email, their phone number? Have a plan and follow it through – you have the value you just need to use it.

For more about home valuation made easy, please visit www.geowarehouse.ca today.

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