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Archive for June, 2017

Happy Canada Day from GeoWarehouse

Author: GeoWarehouse
June 26, 2017

Happy 150th Birthday Canada!

Enjoy the Canada Day celebrations with family and friends, check out some fireworks and fill up on some great food! GeoWarehouse is proudly Canadian!

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Real estate fraud costs the industry more and more each year. A recent article in the Globe and Mail revealed that Equifax found that the number of mortgage applications flagged as potentially fraudulent has risen 52% since 2013 in Canada – that’s a major concern for all real estate sales professionals.

Typically, you, as the real estate sales professional, are the first professional in a chain of professionals who work on a real estate transaction to encounter a fraudster. This places you in a position to save yourself and the professionals you work with a significant amount of time and potential financial damages by identifying when something nefarious is taking place on a deal.

A property’s sales history is one way to quickly identify real estate fraud. Here are some tips on how you can use the property’s sales history to identify fraud:

  • Has the property changed hands several times in a short period of time?
  • Is the previous owner a corporation or have a series of previous owners been corporations?
  • Are strange entities on title, such as a mortgage holder?
  • Are the sales prices on property transfers strange and not consistent with similar properties in the area?

These are all things that the mortgage lender will likely look at. They are fraud indicators and could impact mortgage financing after you have done all the work to get the property sold and to negotiate the offer and acceptance. These are also things that mean the time may be right to ask further questions and start digging deeper.

How about identity theft? A fraudster may be able to obtain identification in someone else’s name – but will they likely know information about a property’s sales history that only a homeowner would know? Maybe not. Asking questions in this regard can be quite revealing.

When strange things come up on a property’s sales history, does it always mean that fraud is taking place. Often no, and many incidences can be explained with a little more research. However, sometimes those things that seem problematic, are. This is your signal to ask your client or the other real estate sales professional further questions and perform further due diligence. When no fraud is present, key questions will have been answered so you can package a stronger deal. If real estate fraud has taken place, your questions and increased due diligence will hopefully result in the fraudster running for the hills, leaving you and your colleagues and clients out of harm’s way.

The tools available from the NEW GeoWarehouse make identifying fraudulent activity using the property’s sales history easy. Find out more today by visiting www.geowarehouse.ca or calling 1-416-360-7542.

Source: http://www.theglobeandmail.com/real-estate/mortgage-fraud-rising-in-canadas-hottest-housing-market/article33570435/

 

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In this week’s edition of training time we help you to quickly access all the information you need in order to be able to quickly perform a search using the map in the NEW GeoWarehouse. The NEW GeoWarehouse includes enhanced capabilities, making performing a search that much easier. It’s so easy that you may not even need this training content, but we are covering it anyways!

Here are some resources you can take advantage of:

  1. Not yet a GeoWarehouse customer yet? Find out more about this amazing tool by visiting www.geowarehouse.ca.

     

 

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June 12, 2017

If you haven’t already noticed, the brand new Teranet-National Bank House Price Index launched last week. Tried, tested and true – our methodolody is relied upon by many and the changes to the application make accessing the information you need that much easier.

Check out the new website at http://www.housepriceindex.ca/.

Interested in learning more about the Teranet-National Bank House Price Index?

Check out this quick video that walks you through our methodology.

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HPI Has a Brand New Look and Feel

Author: GeoWarehouse
June 9, 2017

We are pleased to announce that HPI has a new look and feel, including a brand new website! We hope you enjoy the experience. Check it out at http://www.housepriceindex.ca/.

Interested in learning more or taking the new Teranet-National Bank House Price Index for a test drive?

Watch this quick video:

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We often blog about ways to know more about a deal you’re working on, being more efficient and cross-purposing your research tools to market new business – but how about cutting expenses? We dedicate this week’s blog to looking at how you can reduce costs and expenses related to your work.

Aside from marketing, the next biggest account you face as a real estate sales professional is the time you spend on the road. Showings, open houses and travelling back and forth from your office leads to time spent, gas, vehicle mileage and vehicle maintenance. These expenses add up and are nothing to sneeze at.

The easiest way to cut down on these expenses is to do more on the go, reducing time spent having to go to the office to perform research and prepare documents. Here are 3 ways that you can do it:

Invest in a tablet and technology to perform research when you are on sales calls. This makes investigating a potential listing’s property value, generating sales comps or neighbourhood demographics and more, right on the spot, quick and painless. Checking information on a property you are showing while at the showing makes the most of each appointment and directly cuts down on time in the office. At open houses, quickly look up answers to all questions asked about a property or the community without having to ‘get back’ to interested parties.

Sign documents electronically. Now that you are able to sign documents electronically, take advantage of it. Cut that extra trip to the office and a second client appointment by preparing and signing documents electronically when you are at a house that your client wants to make an offer on. You will also be able to secure more new client engagements as you can act as soon as the client indicates that they would like to move forward vs letting the prospect go home and potentially change their mind.

Communicate electronically. Gone are the days of faxing (or at least they should be). With electronic document signing capability, you should be able to swiftly send the documents to the other side of the transaction and also back and forth between you and your client. You can also share PDF reports.

You can also cut down on the tools that you pay for by choosing tools that do more. You should be able to research a property, a homeowner and prepare all documents in a single place.

Current GeoWarehouse customers – make sure to give these new opportunities a try. Not a GeoWarehouse customer yet? Find out more about this revolutionary new tool by visiting www.geowarehouse.ca.

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