Buying or selling a property is a significant decision that often involves working closely with a realtor. While most real estate agents provide valuable support, there are certain aspects of the process that they may not readily disclose. In this blog post, we uncover the top 10 things that your realtor won't always reveal when navigating the Canadian real estate market.
1. Market Conditions:
Realtors may not always reveal the intricate details of the current market conditions. As a buyer or seller, it's essential to stay informed about real estate trends, pricing, and market demand. Conducting your own research can give you a better understanding of whether it's a buyer's or seller's market, which can influence your negotiations.
2. Hidden Costs:
Your realtor may not explicitly disclose all the potential additional costs involved in purchasing a property. Beyond the purchase price, factor in legal fees, home inspections, land transfer taxes, insurance, moving costs, and potential repairs or renovations. Familiarizing yourself with these expenses will help you better plan your budget.
3. Property History:
Your realtor might not volunteer information about a property's history, including any previous repairs, structural damages, or previous listings. Be proactive in conducting a background check, reviewing historical listings, and getting a thorough home inspection done to protect your investment.
4. Neighbourhood Insights
While realtors can provide general information about the neighborhood, they may not disclose specific details such as noise levels, traffic congestion, neighborhood dynamics, or potential upcoming developments. Thorough online research, visiting the area at different times, or connecting with locals can help you gain a comprehensive understanding of the neighborhood.
5. Competing Interests:
Realtors generally work for the seller and have a fiduciary duty to get the best possible price for them. This means their interests may not be solely aligned with yours as a buyer. This is why it is crucial to work with a buyer's agent who represents your interests exclusively, ensuring you have an advocate during negotiations.
6. Property Flaws:
Although good realtors strive to present homes in the best possible light, they may not always emphasize a property's flaws or potential issues. It's important to undertake your own due diligence, ask questions, and rely on professional inspections to uncover any hidden defects.
7. Negotiation Strategies:
Realtors may not openly divulge their negotiation strategies, including the seller's motivation or their willingness to negotiate on the price. However, it's crucial to conduct your own research, understand comparable sales, and have a clear idea of your own range. This will give you the confidence to negotiate effectively and make informed decisions.
8. Online Listings:
Realtors often have access to exclusive listings that are not available to the public. They may not always inform you about these off-market properties, limiting your options. Requesting a comprehensive search that includes both public and exclusive listings may yield better results.
9. Third-party Recommendations:
Realtors may have preferred service providers, such as mortgage brokers, lawyers, or home inspectors, whom they recommend. However, it's important to remember that it's your right as a client to choose your own professionals. Research and compare others independently to ensure you're getting the best services at competitive rates.
10. Future Market Predictions
While realtors are knowledgeable about the market, predicting future trends is challenging. Realtors cannot guarantee future property value appreciation or declines. It's important to make your real estate decisions based on your own financial goals and objectives rather than relying solely on market predictions.
Buying or selling a property is a significant undertaking, and it's essential to be well-informed throughout the process. By understanding some of the potential omissions from your realtor, you can enhance your ability to make well-informed decisions. Remember to conduct your own research, and seek the guidance of legal and financial professionals.
-Robyn-
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.