Archive for the 'Real Estate Listing' Category

When you get a new real estate listing, you want to get it on the market as quickly as possible. But before you can do so, there are steps you need to take — specifically, property investigation.

Investigating a new real estate listing can take up a lot of time and money. But there are ways to speed up the process and save big.

Consider these tips to create a more efficient due diligence process:

  1. Check how much other homes in the neighbourhood sold for.

Knowing how much other houses in the area have sold for can give you a good idea of how your new listing stacks up. Technology makes this easier than ever. For instance, the GeoWarehouse Comparable Sales Report lets you perform a property search by radius, sales time-frame, and price range.

  1. Find out what previous buyers got for their money.

Sales history data can help you uncover how much previous buyers paid for your new listing. These figures can be found in tools such as the GeoWarehouse Property Details Report.

  1. Track area house price trends.

Perhaps you want to cast a wider net than just the neighbourhood and see how the city is forecasted to change. Reports, such as the Teranet House Price Index (HPI) can give you a city-wide, provincial, and even national look at home price trends.

  1. Use AVMs to quickly get an estimated valuation.

Automated valuation models (AVMs) can give you an idea of what a property is worth almost instantly. Tools like the GeoWarehouse Property Details Report or the Client Report can provide MPAC assessment data, Land Registry information, pictures of the property, and more.

  1. Check if instruments are registered against the property.

If the property has a lien, multiple mortgages, or another instrument registered against it, you’ll want to know about it. That’s where the GeoWarehouse Parcel Register* comes in. This real time, up-to-date report lets you exercise due diligence by identifying registered encumbrances and obtaining an instrument number.

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

  1. Look at neighbourhood demographics.

Demographic data can tell you who lives in the neighbourhood — age distribution, marital status, owned/rented properties, average household income, and more. This can help you target your marketing and understand what buyers might be attracted to the neighbourhood and the listing. GeoWarehouse’s Demographics Report puts all this information at the tip of your fingers.

Some important property information can be gained by simple footwork — driving around the neighbourhood, walking through the house, etc. — but technology is letting you delve deeper, faster. Tools, such as the ones provided by GeoWarehouse, give you a new level of due diligence that can help you investigate real estate listings and determine property valuation quicker than ever, saving you time and money. It’s a win-win!

Learn about how you can harness the power of GeoWarehouse for yourself 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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