Real Estate Red Flags (Things to consider when working with a Real Estate Agent) - RE Panel Episode 8
Tuesday Jun 29th, 2021Share
RE Panel Episode 8
[00:00:00] Melody: [00:00:00] Hello everyone. And welcome to another episode of the art E panel. My name is melody and I am a Toronto-based for state agent with forest hill. And I am here today with Elise, Mike, and Davor. In today's episode, the topic will be a bit of a sensitive one, but with the intention of continuing to offer transparency in diversity Institute.
[00:00:23] And therefore we also encourage any comments or questions. Today we will discuss real estate red flags and things to consider when working with real estate. Before I pass it to the amazing panel to discuss further. I just wanted to quickly remind everyone that all realtors in Ontario must be licensed with Rigo to trading real estate.
[00:00:45] Now Rico stands for at the real estate council of Ontario. And this is really important because it is an administrative authority that regulates the conduct of real estate salespeople, brokers, and voltages. [00:01:00] But with this being said, unfortunately, in all industries and we'll find some baffles. So now let's take a deep dive, Mike, and could you please let us know some realtor?
[00:01:14] Mike: [00:01:14] All right, melody. Thank you. And it, I might Chris, by the way, from Royal page in Holton hell's metal town. So no, I'm really pleased. I know that you've mentioned this as sensitive, but I'm really pleased we're covering this topic and, you know, I think I can safely say for all of us that we're of the opinion that most.
[00:01:35] They're good. Right. I mean, you know, and I think many are great. But as you've indicated, I mean, you know, this, like any industry, there are going to be some that are going to cut some corners and, you know, let's focus on some red flags then melody. So, you know, I think from a red flag standpoint, you know, if your real estate agent doesn't answer your questions, that's a red flag.
[00:01:58] And you know, I think one [00:02:00] of the traits that make a quality realtor is that we're a good listener. And good listeners respond. So, you know, that's a key, a key one for sure. If your real estate agent evades issues that you might have it's an issue, in it. Clients need to be the priority for the agent at all times.
[00:02:23] Your real estate agent, doesn't give you an overall picture of the properties that you're considering risks, you know, And you know, our job is you guys know it's to protect our client's best interests at all times. And we need to ensure that you know, that any risks that might materialize you know, that we've kind of identified them for them.
[00:02:46] There can't be any surprises. Our objective is to make their experience as stress-free as possible. And if your real estate agent is quick to make a transaction and appears impatient [00:03:00] successful realtors build relationships. They're not transactional. And you know, for us you know, our business is really belted on exceeding expectations of our client.
[00:03:13] And, you know, with that, one of the positive outcomes of that for us certainly is future business and referrals. But really what we're trying to build with guys is raving fans. And if your real estate agent isn't transparent with you, that is a total red flag, the foundation of our relationship. Needs to be based on honesty and trust and that's a full stop.
[00:03:39] So in summary, melody, I mean, if you're looking for an agent you're looking for one, that's responsive, you're looking for one, that's a good listener, transparent, and definitely is trustworthy.
[00:03:53] Amazing. Thank you so much for providing this. As so for any real estate transaction in any market, we [00:04:00] recommend keeping these important points in my online.
[00:04:03] Melody: [00:04:03] But at least if you can help me with the next but a couple of more suggestions, and then you please share some more suggestions with their audience on how best to protect themselves.
[00:04:15]Elyse: [00:04:15] Thank you. Of course, I can. So my name's Elise Bouwmeester and I work in the Waterloo region with bread and wine Realty.
[00:04:22] So I've been working with a lot of buyer clients lately, and I've been working with the clients who are looking to purchase properties in another province or referring them over to other agents. One thing I'm noticing with realtors is that you know, some are super, super busy, and others. You know, may have a little more time on their hands.
[00:04:41] I find that sometimes some things do get missed and it's not because it's a bad realtor or someone not doing their job. I think just, you know, they'd gotten in a way of doing things. So it's important for clients also to know. But in anything that you do in your life, you should always be reading these documents and not signing anything until you fully [00:05:00] understand what you're reading.
[00:05:01] So yes, the real estate agent should be taking initiative and saying, Hey, let's hop on a Zoom call or I'm going to come to your husband, sit outside. I'm going to go through these documents with you. I'm going to read it. You know, maybe not word for word, but help you understand all of the clauses and conditions that I've added in, but not all people do that.
[00:05:17] Or maybe they'll send the agreement over and say, if you have questions, give me a call. Everyone works a little bit differently. It's your job to know what you're signing before you sign the document and always ask questions. Don't just nod and say, yeah, I understand what you're saying. If the title search clause doesn't make sense.
[00:05:34] Explain it to me like I'm five. So always, always, always be asking questions. You can ask for, you can ask your agent for references as well too. You don't have to do everything on your own. So if you want to get a home inspection, you don't have to just turn to Google. We can be a host of information.
[00:05:51] So ask your real estate agent, if they've used somebody in the past, or if family members used someone in the past, or if they have some referrals that they can send out [00:06:00] you can also ask once you've sent in your offer to see a confirmation that your offer has been registered. So you can find a lot of this information on the Rico rep website, and it's open to the public for you to go on and take a peek and know you're.
[00:06:16] Make sure most importantly, that you get to know the real estate agent that you're working with before you sign that buyer representation agreement, or listing representation agreement, make sure that it's a good fit and that you guys get along because you're really going to spend a lot of time with that person.
[00:06:32] And if you guys don't jive right off the hop, then there's a lot of real estate agents out there. They can make a referral. There are no hard feelings. It is what it is. We want to get them. As much as you want to get along with us, it has to be a very organic relationship. So just make sure that you do your due diligence and know that there are lots of real estate agents out there.
[00:06:51] And, you know, there are lots of different types of people and you should do your homework and make sure that it's a good fit before you go and sign the documentation. So thanks melody.
[00:07:00] [00:07:00] Melody: [00:07:00] Absolutely. Thank you so much, Elise. That's great advice. And I hope our audience is feeling even more empowered and better prepared to face those state markets.
[00:07:08] And even if it is their first time, but let's say something just doesn't feel right to somebody. And they want to know how they can get in touch with someone to speak about this. So Davor, could you please let us know what they can do and who they can speak to determine.
[00:07:27] Davor: [00:07:27] Yes, thanks melody. And to expand on what at least just mentioned there's this really, I I'm, I'm having a hard time believing that any agent would go and, and just deliberately do anything to, to, first of all, jeopardize their client relationship.
[00:07:42] And ultimately to jeopardize their livelihood because they are facing if faced by disciplinary commission, then they face losing their license and consequently their, their livelihood. So I don't think anybody in their right mind is going to deliberate to do that. I mean, it's just bizarre to me to even think that now, but [00:08:00] if something happens, it's usually just happening because of the lack of information, lack of sharing information, and misunderstandings do happen.
[00:08:10] And and sometimes, sometimes there's, there's a lack of training as well, which is what we get throughout our schooling in the process of becoming a real estate agent and throughout our careers with the tables, the doorways catch up courses and refresher courses that we get through our real estate boards.
[00:08:31] I've just finished a couple of the, to my board. So, you know, I'm freshly trained up. So what I would do and what I would suggest is you work up the pyramid. So you would obviously bring up your concerns for your agent because that's the first person that you're in contact with. We, you tell them, you know, that doesn't really sound good to me, or I'm not really sure about that.
[00:08:53] Can you explain this communication? I mean, as Mike said, we're in relationship building. This is not a transaction.
I [00:09:00] mean this is an emotional process. You're buying a house, you're selling a home. I mean, there's, you know, it's the family thing. So we, as agents need to communicate clearly and effectively between each other and with our clients.
[00:09:12] So communicating with your clients in that way. Provides more information to them. They might be okay with whatever it is that you provide. If they're not, they can bring it up to your broker. Broker of record, being the managing kind of person of the brokerage.
They need to follow a few thousand legislation, not Reba McEntire, not two countries in here, but the, the real estate broker act of 2002, then governed us as professionals.
[00:09:41] We all have to follow a guide. I mean, this is a habit. Legislated and, and regulated industry that we're in. So there are regulations that we have to follow and the broker is the managing director of the business, we could, the brokerage would lack the customer service to be on [00:10:00] the level.
[00:10:00] So he would, he or she would want best for their clients. So they would work really hard to resolve the issue, whatever the issue. Yeah. If, however, we're still not satisfied, you can always go to Rico, which is the enforcement bond of the, of the real estate council of, of of of Ontario. And they enforced Reba on the 2002 legislation and make sure that all of us within the industry follow the rule.
[00:10:28] So you can go to the, to the complaint process, even though you're not really sure what it is. I mean, you can still file a complaint and they have a full organization of people dedicated to sorting that out and finding out what's wrong and who made a mistake and what the mistake is. I mean, again, I cannot stress enough.
[00:10:46] It's a heavily, heavily regulated and legislated industry. So I mean, everything needs to be above board. That's why we go through such a rigorous process of getting trained. And registered and, you know, we have, we have all [00:11:00] these regulations, we need to follow it. So I mean, you know it, it, it rarely does happen, but I mean, it does happen sometimes.
[00:11:07] We cannot, you know, close their eyes to it. It does happen. And in my personal opinion, it is mostly due to misinformation or lack of information being shared. So yeah, there is, there's definitely a course of action that the client can follow. To remedy the situation and the, and the end to their best interest.
[00:11:30] And I suggest they do that. And every properly trained real estate agent and broker will assist them in that way.
[00:11:41] Melody: [00:11:41] Amazing. Perfect then. Well, thank you so much to the panel today for offering so much guidance and advice. As you mentioned at the beginning of this video and our aim is to provide as much transparency in the industry as possible so that everyone has an equal opportunity.
[00:11:58] And as we say so that there is [00:12:00] a fair and equal playing field for every transaction. So thank you so much to everybody for watching this video today. And we look forward to discussing and sharing another important real estate topic. Aye.