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Archive for May, 2016

geo3Yes, it’s true, the new GeoWarehouse is only a few short months away. You asked and we listened so you will see many new features that simplify the work you do inside GeoWarehouse when working on a deal.

One of these new enhancements is an enriched comparable sales search. We have worked hard to help you get to the comparables you need in the quickest and simplest way. Some highlights:

  1. Quick access to comparable sales search as soon as you have identified a property
  2. A custom polygon drawing tool making it easier to identify and isolate the areas you want to focus on
  3. Real-time statistics right beneath your search result

Finding good comparables when researching a property just got easier! Prior to the official release of the new GeoWarehouse, we invite you to participate in GeoWarehouse Collaborate.

Visit http://www.gwcollaboration.geowarehouse.ca/ to learn more.

 

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May 16, 2016

geo2You worked hard to convince the client that listing with you is the way to go, and no all that’s left to do is prepare the listing agreement and determine a sale price. Until… your client tells you that they think their home is worth far more than it is.

This happens all the time. There are so many reasons that clients think that their homes are worth far more than they are:

  • What their neighbours tell them – the person across the street listed for…
  • What contractors tell them – I did some improvements to the home…
  • Too much TV –home renovation television convinced them a new coat of paint added another $25k on their home’s value

This a delicate conversation because a home is the biggest investment most people will make and telling them that it is not worth what they think could result in them wanting to work with a real estate sales professional who agrees with them.

  1. The best way to have this conversation with a client is to be well researched before the conversation even happens. Look at the sales history on the home, run neighbourhood comps but select some individual comps that are indisputably similar to the property in question.
  1. When you go to speak with the client put on your listening ears. Your client will be more likely to accept what you have to tell them if you have heard them out completely – even if you don’t agree with them.
  1. Present the evidence – don’t just tell them you have performed research and believe a good list price is $___. No. Sit down with your client and show them your comps and how you derived the value.

Make sure they understand the cons of listing too high:

  • People may not even come to see the home because their real estate sales professional may tell them it is overpriced and not worth looking at
  • Being on the market too long without selling can actually harm the property’s value
  • If you agree to a higher price they may have trouble getting financed

If they still insist, after leveraging your tools, that the property is worth more all that’s left to do is suggest that they have an appraisal.

Dealing with clients who think that their homes are worth far more than they are is a challenging problem that you face all the time. This is why it is so important to be informed and have access to the best technology to do your homework.

Use GeoWarehouse to derive accurate value estimates to help convince unrealistic sellers. Find out more at www.geowarehouse.ca.

 

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May 9, 2016

geo1So you just landed a new listing and it is time to open the file. So much to do and so little time. From due diligence, to creating, to promoting your new real estate listings – the more efficient you are, the more profitable you’ll be and the better service you’ll be able to provide to your clients.

Every real estate sales professional has their own real estate listings roadmap. When it comes to using GeoWarehouse when preparing your real estate listing there are a few searches we wanted to highlight that you may know are already in your arsenal.

1. Verify who is on title and the financial standing of the property. Anytime you take on a new listing it is critical to ensure that you are dealing with the legal homeowner(s) and that property title is clear of liens or financial issues. The most current source of this information can be found in a Parcel Register*. This is the electronic document that includes current ownership, transfer history, registered mortgages and liens. If you want to know this information as of the date you engage a new client this search is the best way to do it.

2. Review the insurance claims history on the property and in the neighbourhood. This is huge because you are representing the seller in their listing and obtaining a HomeVerified Report is the best way to know the insurance claims history of the property and in the neighbourhood. Not only do you want to know if there is anything your client should be disclosing but in the event nothing surfaces, this is a sell feature. Home inspectors use these reports to learn of possible issues they can’t see and you should be doing the same.

3. If a condo, get a condo status certificate – yes the giant document that tells you everything there is to know about the condo and condo corporation, including the financial status. The beauty of technology is that these are available online in GeoWarehouse so requesting one when you take on a new listing will mean that it will be ready when an offer is presented.

Taking these steps protects you and your clients. You are protected because you have performed comprehensive due diligence and your client is protected because you may uncover something the client wasn’t even aware of. Depending on how long your client has owned their home, they may have no idea that there have been repeated flood claims on the property simply because nothing has occurred while they have lived there. If it is something they were aware of, you are protected.

This also works towards uncovering potential financial issues and issues with title that could interfere with the deal closing. Again, more things the client may not be aware of like liens, a higher than anticipated mortgage, or even a questionable past use of the property.

Including these real estate searches in your real estate listings road map will mean that you have dotted all of your I’s and crossed your T’s.

GeoWarehouse makes it easy. Find out more at www.geowarehouse.ca.

 

 

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Need square footage for your listing form?

We have the answer!

geo1

Find out how you can obtain a Residential Detailed Report in the GeoWarehouse store www.geowarehouse.ca.

 

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May 2, 2016

vimo logoElectronic real estate forms have now been in use for the past year. Real estate sales professionals across Ontario have begun or are thinking about how they can incorporate electronic real estate forms into their day-to-day business and with good reason.

Signing new engagement agreements and negotiating offers digitally removes a painful, paper-laden process. So what’s the best way to go about implementing electronic real estate forms and signing into your workflow?

First things first: if you are planning to go paperless or do more on the go then we highly recommend getting a tablet. Many document management tools are delivered via mobile app so you will need a device in order to use one of these tools. A mobile app will also wow your clients because you will be able to do more when on the road on a tablet than you can your smartphone.

Secondly, consider your tools. While there are generic document management tools that you can use, you can actually cut down on your apps by looking at industry specific apps which also offer electronic real estate forms. The other benefit to industry apps that offer electronic document management is that you can do more in one place.

A great example: Meet ViMO, GeoWarehouse’s extremely convenient partner program. ViMO is a mobile app that was released last year by Teranet and is designed specifically for real estate sales professionals.

While ViMO is actually a marketing app where real estate sales professionals can promote listings, collaborate with other colleagues, and work with clients to estimate their property values or research neighbourhoods, it also offers the unique capability of digital document management, namely electronic real estate forms the ability to sign digitally.

You simply create your forms in ViMO and your client can sign using their finger, right on a tablet.

Implementing the signing of electronic real estate forms on your mobile device is the way to go. Think about all the trips back and forth from your office to sign up a new client, negotiate a listing agreement or offer of purchase and sale. Now you can prepare everything you require, right in front of the client. Think new buyer: when meeting them, ViMO will enable you to create and sign the terms of your representation and then together you can look at properties of interest right on ViMO.

Technology and changes to the laws to move with technology have changed the real estate landscape again and no doubt will continue to do so. Want to stay competitive – think electronic real estate forms.

ViMO is the best there is. Find out more at www.myvimo.ca.

 

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