How To Pick A Realtor

Applicable to anywhere you are. Here's a post from a Realtor in Toronto.

There are thousands of realtors in Toronto. Here’s how to pick one.

With more than 34,000 active agents working in the Greater Toronto Area, you should be able to find exactly the right person you need to help you buy a home. Here’s how.

BY: DAVID FLEMING

I’m not the right realtor for everyone. No one is. In a sea of more than 34,000 active agents working in the Greater Toronto Area, you should be able to find exactly the right person you need to help you buy a house or condo, or to help you sell your home. But I’m of the opinion that many of those 34,000 realtors aren’t worth their salt, and at the risk of angering my industry colleagues, I’ll go on record and say there are just too damn many of us.

You need to know how to sort through the crap. There are a host of considerations, but the most important one is fit. You’ll need to work with this person for weeks and weeks on end—the buying process can drag on for months, and the selling process, if done correctly, should include a month of preparation before a home goes on the market for one to four weeks. Would you feel comfortable driving around for hours with this person, or spending several evenings examining your home with them? Here are some other important factors you should keep in mind when choosing a realtor:

Experience. Sorry to say, but a scary number of twentysomething agents watch too many real-estate TV shows and think that drinking Starbucks and driving a Mercedes is all the job entails. Make sure your realtor has pounded the pavement for at least a few years. On the flip side, if your realtor talks about being the No. 2 salesman in the company back in 1988, perhaps the old-timer isn’t as in touch with today’s market as he or she should be.

Knowledge. A smart realtor knows the whole city and does not “specialize” in one particular pocket. Technology has changed the industry and made it easier to keep track of what’s happening across Toronto. What good is your buyer-agent if they know Riverdale and Leslieville, but have no idea what’s going on west of Dufferin?

Business model. Your agent is also a part-time nightclub promoter? Really? Is that who you want representing you in your largest purchase or sale? The idea of a part-time realtor is a dream, save for those sixtysomethings who sell two properties a year for their families. Make sure your realtor works full-time—and in this market, that means 50 hours a week.

Marketing/advertising. If your listing agent says, “This property will sell itself. There isn’t much to do here,” run. The reality is, a major part of a listing agent’s job is figuring out how to effectively market the property. The question you need to ask listing agents is, “How are you going to make my property look better than what it’s actually worth?”

Reputation. There are some realtors so well known that their names alone will bring in more for a property. Names and brokerages are brands that have value, like Nike or Coke. Cooperating agents know that you can’t mess around with them and you can’t lowball them.

Trust. There is a difference between a consumer advocate and a salesperson. Many realtors are just after the next paycheque. But there are also realtors who recognize the value in satisfying their clients. Do you trust that your realtor will give you brutal honesty when you need it most? Try getting a recommendation from a friend, or group of friends, who have all used the same realtor and would use him or her again.

Volume. You’re not out of line if you ask your agent how much business they do. It’s an important question, and you need to know if he or she only had one listing last year, or if he or she did 60 deals and is at the top of the company.

With almost no barriers to entry in our industry, I suspect that the number of active realtors will continue to grow, before shrinking rapidly if and when the market ever corrects. This is all the more reason to choose your realtor carefully, and ensure you’re in good hands when you make one of the largest financial decisions of your life.

RE/MAX Report: Canadian Farm Land Commands Top Dollar

For immediate release

Unprecedented demand and record prices continue to

characterize the market for Canadian farmland in 2012

Mississauga, ON (September 10, 2012) -- Soaring commodity values and limited supply continue to push Canadian farmland values to new heights, with price per acre now commanding top dollar in most markets across the country, says RE/MAX.

The RE/MAX Market Trends Report, Farm Edition 2012, highlighting trends and developments in 16 markets throughout Canada, found that prices have increased almost across the board this year with only the Annapolis Valley, parts of Windsor/Essex, and the Fraser Valley reporting levels on par with 2011.  Tight inventory has been an issue in all markets, restricting year-over-year sales activity to a large extent.  While low interest rates, high commodity prices, and nutrient/supply management requirements have been the primary factors fueling the trend toward expansion, increased advancement in farm equipment has also been behind the push for additional acreage.

“The global desire to ‘bury money in the ground’ is not without merit,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.  “Investment funds are taking a hard look at farmland as a result, with well-known asset managers calling farm returns among the best investments out there.  And while this endorsement has attracted a growing number of investors to the Canadian market, it has also provided little incentive for farmers to sell productive farmland. In fact, the reverse is true, with many looking to further amass parcels of land and expand existing operations.”

Percentage increases in land values—in some cases, close to doubling year over year—have not gone unnoticed.  Price per acre this year ranges from as low as $800 in Saskatchewan and Southern Alberta, to a high of $40,000 to $60,000 in the Fraser Valley, with Bruce/Grey/Huron, Kitchener-Waterloo, Woodstock/Stratford, and London-St. Thomas chalking up some impressive gains over last year’s figures.  Some markets have experienced multiple offers on farmland. Even south of the border, where overall real estate prices have plummeted over the past five years, farm values have steadily increased.

“Farmers have yet to be deterred from expanding their operations, despite rising values and tight supply,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Pent-up demand has been building, with some farmers making their move after years of sitting on the fence, waiting for prices to correct.  Most now believe that there is room for further growth, given the upward momentum of commodity values.”

Poor crop yields elsewhere have also served to accelerate demand for Canadian farmland.  Weather has been instrumental, playing a substantial role in driving wheat, corn, barley and other crop prices higher this year—given extreme cold in some areas of Europe and hot and dry conditions in South America and parts of the southern United States.

Lending institutions, particularly those servicing the farming industry, are tuned into growing global demand, so cash-crop farmers have had little issue with financing, especially given today’s low interest rate environment.  In some instances, banks are vying for business.  Financing is decidedly tighter for non-supply managed operations, particularly beef and hog.

The RE/MAX Market Trends Report, Farm Edition 2012 noted that population growth—forecast to outpace increases in food production in years to come—would contribute to higher prices moving forward.  Ongoing urban sprawl is also expected to drive price momentum, with workable farmland often worth only a fraction of the same land’s development value.   Weather, war, and other natural disasters will also hamper existing production, making farmland an increasingly prized asset.

Highlights

§  Cash-crop land remains most sought-after, but a good market exists for poultry and dairy.  In some markets, beef and hog operations have been impacted by the high cost of feed and market prices, which has eased demand somewhat.

§  Locals are driving the bulk of sales across the country.

§  Investors account for a small percentage of farmland buyers, but are a growing presence in the market, from small, individual investors to wealthy business people and large corporate/commercial investors.  Investors were noted in South Simcoe, Chatham/Kent, Woodstock/Stratford, Windsor/Essex County, Bruce/Huron County, Southern Saskatchewan, Central Alberta, and the Fraser Valley.

§  Some farmers are expanding into less traditional markets, investing in and improving inferior farmland.  Others are enticed by value, spurring migration to more affordable markets such as Grey County, New Liskeard, Northern Alberta and Saskatchewan. 

§  With private deals, exclusive listings, auctions and tendering, it’s clear that many properties never make it to the open market.

RE/MAX is Canada’s leading real estate organization with nearly 18,900 sales associates situated throughout its more than 720 independently-owned and operated offices in Canada.  The RE/MAX network, now in its 38^th year, is a global real estate system operating in 87 countries, with close to 6,300 independently-owned offices and over 87,700 member sales associates.  RE/MAX realtors lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management.  For more information, visit: www.remax.ca.

For more information:

Christine Martysiewicz                                                                                                  Eva Blay/Charlene McAdam

RE/MAX Ontario-Atlantic Canada                                                                              Point Blank Communications

905.542.2400                                                                                                                      416.781.3911

Use Bidding War clause if you are ever suspicious - Multiple Offers

Great advice from real estate lawyer and author Mark Weisleder - "This offer is being submitted on the basis that is is part of multiple offers. If the seller receives no other offer by 10 pm, the seller or the the seller's salesperson will notify the buyer or the buyer salesperson and the buyer will have one hour to revise or revoke their offer. If the seller accepts the buyer offer, the seller shall provide, within 24 hours, the name, address and phone number of the salesperson and brokerage company that submitted the competing offer."


To read more from Mark - read his story from Moneyville below

One of the best-read Moneyville stories last week was the article about the couple who bid $90,000 over the asking price on a $1-million Toronto home in the belief that they were in a bidding war. They were shocked to find out they were the only bidders.

The seller was eventually persuaded to accept half that — $45,000 over asking, but the question remains: how did this happen?

According to the law, in a bidding war, the agent must tell everyone how many offers have been received for house. But the agent is not allowed to give out the buyers’ names or say how much they have bid.

In Toronto, a practice has developed whereby the buyer’s agent calls the seller’s agent and tells him that they plan to bring in a formal offer later that day. But that doesn’t mean they have to do it. If the would-be buyer changes his mind, he doesn’t have to bid.

What this means is that the seller may get a handful of these so-called “registered offers” during the day — with no guarantee any will be actually presented later. Even so, the listing agent, to create a sense of urgency, will usually tell potential buyers he is expecting offers.

Buyers should understand this and safeguard themselves.

I developed a bidding war clause a few years ago that is widely used. The clause says the buyer is presenting his offer based on the assumption that multiple offers will be presented to the seller that same evening. The clause goes on to say that if the seller receives no other offers by a certain time, say 10 p.m., the buyer can change his mind, cancel the deal or change the price.

If the seller accepts the buyer’s offer, he must provide the buyer with proof he has received another offer. This means providing, at minimum, the name, address and phone number of the real estate agent who presented the rival offer.

By using this clause, the buyer has assurance that if his offer is accepted, the seller will have to prove that he indeed did have at least one other offer available.

If this kind of clause had been used in the recent case in which the buyers offered $90,000 over the asking price, then the buyers would have been able to cancel their offer once they found out that no other bids had been received.

So could these buyers have complained about the behaviour of the seller’s agent?

In my opinion, if the seller’s agent knew that other offers were not coming in and that the buyers mistakenly believed that they were in a bidding war, that’s unethical. You cannot mislead a buyer just to get a higher price.

Could the buyers have cancelled the deal? This is a difficult area of the law. If the buyers could prove that the seller misled them, maybe. Or if it could be proved that the seller knew the buyers were mistaken when they presented the offer, it is possible the buyers could claim this was a legal mistake. However, this will involve legal fees to attempt to sort it all out.

In this recent case, the parties settled the matter by having the buyers agree to pay $45,000 over asking. This was probably better than paying lawyers to figure it all out. Still, by using a bidding war clause whenever you are suspicious about the possibility of a bidding war, you can successfully avoid this happening to you.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com

Council Approves 2012 County of Simcoe Budget

Council Approves 2012 County of Simcoe Budget - FOR IMMEDIATE RELEASE


Simcoe County Council today approved a $400-million budget for 2012 which 
responds to the growing demand for regional human services, makes investments in needed capital infrastructure and addresses challenges from continued growth and the economy.


“Simcoe County’s 2012 budget is a sound financial plan that meets the needs of our residents across all 18 area municipalities,” said Warden Cal Patterson. 


“As we continue along our path of long-term fiscal stability, we also 
recognize the increased need for social assistance programs, required investment in our long term care homes, and continued improvement of our infrastructure.”


Residents will see a 1.5 per cent increase on the County portion of their municipal property taxes in 2012, an impact of approximately $7.97 on a property assessed at $200,000. While the increase is lower than the
Consumer Price Index (CPI) and Cost of Living influences, it still addresses the increasing needs of our residents and our growth related infrastructure.


“County Council worked diligently through this challenging budget process while keeping the wellbeing of our residents at the forefront of every decision,” said Deputy Warden Harry Hughes. “Council was eager to approve the 2012 budget prior to the new fiscal year, which places us in a good financial position with respect to seeking tenders for capital projects.”


2012 Budget Highlights include:
Total County Expenditures for 2011: $400 million:

• Ontario Works $94 million
• Long Term Care $71 million
• Transportation and Engineering $45 million
• Solid Waste Management $47 million
• Social Housing $32 million
• Paramedics $37 million
• Children and Community Services $23 million

The County of Simcoe is composed of sixteen member municipalities and provides crucial public services to County residents in addition to providing paramedic and social services to the separated cities of Barrie and Orillia. 


For more information contact:
Lealand Sibbick, 
Deputy Treasurer
705-726-9300 ext. 1174


Jennifer Straw
Communications Co-ordinator
705-726-9300 ext. 1036

Economic and Tourism Strategies That Will Guide The Region (Political View)

These words are not my own and directly from an Official Authorized Political Party,  Cal Patterson, Warden of County of Simcoe

The County of Simcoe is taking action to spur economic growth across the region.

With a comprehensive economic development and tourism strategy approved by council this year, the Economic Development Office will work with the 16 local municipalities, the cities of Barrie and Orillia, and other business service providers, to help our communities thrive and grow. One goal is to showcase the county to the world, and highlight the significant and unique benefits of the region as a location for new investment.

Council’s 10-year economic development and tourism strategic plan was developed through an extensive process that invited public input.

Roundtable sessions were held in Alliston, Stayner, Midland and Severn Township, with community and business-based economic and tourism stakeholders. Consultants also conducted a series of one-on-one interviews with key stakeholders. An online survey process was developed and hosted on the county's website, and an e-mail link to the survey was sent to chambers of commerce and boards of trade.

In early 2011, consultants hired by the County held interviews with mayors, deputy mayors and chief administrative officers of our partner municipalities, in order to gather input directly from each, on behalf of their specific jurisdictions.

By the time the process was completed, 250 individuals had provided input into the development of our new strategy. Based upon the research and community consultation process, several key themes emerged, for which the consultants provided economic development and tourism recommendations.

These major themes include:

• Create a value proposition for regional economic development cooperation.

• Provide compelling and co-ordinated marketing and promotional efforts for the county.

• Advocate on behalf of regional priorities.

• Capitalize on post-secondary institutions to support regional innovation, education and workforce development.

• Provide strategic support to small and mediumsized enterprises.

• Foster a health services and medical technologies cluster in the county.

• Support growth in regional tourism, agri-tourism and cultural development.

The strategy also includes specific goals that the county's efforts should always be striving to achieve. One of the key platforms of the strategy is to work closely with post-secondary institutions, government agencies and the business community, to try and find new ways to grow commerce in the county. The strategy is a road map that identifies strategic directions and builds off of existing strengths, as well identifying new and emerging opportunities on which to base the future prosperity of the county.

The insights we have gained from business and community stakeholders will be of tremendous value as we move forward, and will assist the county in developing a foundation for economic growth over the coming years. As always, council will continue to build strong partnerships in our communities, because we are all in this together. We know that we can go further, and realize greater success, when we work together.

When community partnerships come together, that’s when we can realize strong economic growth, create jobs for residents and build prosperous communities.