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Archive for the 'Property Valuation' Category

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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geo1This week we are getting back to basics! Why? Well, when it comes to this topic, it is one that real estate professionals get confused with all the time. Property title search or Parcel Register*: many think they are one and the same when in fact they are quite different.

The Parcel Register* is an electronic document that contains the transfer and financial history of a property -along with a host of other important information. Often when real estate sales professionals refer to getting a title search, they actually mean Parcel Register*. However, a Parcel Register* is actually just a part of a property title search.

Real estate lawyers commonly perform a full property title search as part of a real estate closing with the Parcel Register* being one element of the full search. Title insurance however has eased this burden and often real estate lawyers won’t perform a complete title search as many things are protected by title insurance. That being said, they will always obtain a current Parcel Register*.

The Parcel Register* is actually one of the most helpful documents in the real estate process because it contains the most current information available and includes a lot of useful information. Some examples include:

  • A legal description of the property and property identification number
  • The legal homeowners of the property
  • The type and percentage of ownership
  • A history of property transfers and transfer amounts
  • A history of registered mortgages and registration amounts
  • Any property liens and more

This is a great way to validate that your client is the legal homeowner. You can also validate that there is enough equity to pay for your services and that there are no financial issues present that you aren’t aware of – not to mention those instances which sometimes arise where something shows up on title that the client is unaware of. This is why many real estate sales professionals will obtain a Parcel Register* when engaging a new client.

You can help your client dig deeper – this is a great practice in due diligence.

Anything registered on a Parcel Register* contains a registration number. You can then use the registration number of any transfer or charge and request the according instrument image. This will enable you to see the document that was registered and the name and contact information of the representative of the party who registered. You can use this to help your client resolve issues that could cause a problem on closing before it gets that far.

So, when you want to verify something simple, know that you don’t need a full property title search to do it. A Parcel Register* can often give you the pertinent information required without doing a full property title search.

GeoWarehouse gives you easy access to the Parcel Register*. To find out more visit www.geowarehouse.ca.

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

 

 

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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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