Tag Archives: MLS

I don’t want to sell my house anymore. Now what?

You the seller, always has the option of selling the home or refusing any offer made. You do not have to accept the very first offer even if it is for the asking price. The seller always has the right to decide whether they want to continue selling the house or not sell it at all, even after the realtor has put forth the efforts of marketing the house.

Here are the three stages of selling a home and here is when you can or cannot back out of selling your home:

  1. Listing
    • The seller can back out anytime they wish
  2. Offer
    • Seller cannot back out
    • Buyer can back out
  3. Closing
    • Nobody can back out

If in the end you really decide that you’re not ready to part with your home and decide not to sell anymore, then the real estate agent may ask for reimbursement for marketing expenses that have accrued.

What happens after you decide to break up with your real estate agent? Here’s Residencity’s advice on contract terminations: https://www.residencity.com/pick-realtor-give-you-unconditional-release/


A Private Sale With A Real Estate Agent: Worth it?

You’re talking to your friend who’s a real estate agent and you tell them that you’re looking to sell your property in Burnaby. You give them a tour of the home and get all the fine print sorted out. They tell you that they know someone who is perfect for this listing, meetings are held and the exchange happens. This is great, your home has been sold quickly at asking price, without being listed on MLS.

Although your property in Burnaby was sold promptly at asking price, it could have had offers that were even higher, if you had posted it on MLS for a few days. Imagine what you could potentially get when 13000 agents. There is a fairly high chance you would get more than what you got with the 1 agent.

At Residencity, we believe that it is important to let the property sit on the market for a minimum of 7 days. This way, it is shown to real estate agents who also have the opportunity to show it to their clients. We advise that regardless of the market condition, the exposure should still be there to ensure that you get the best selling price.

Call Residencity at 604.288.9166 or email us to list your home with a team that will ensure that your property receives the market exposure it deserves even if there are interested buyers prior listing the property.


What are the 2 most valuable things to real estate agents?

  1. Listing Contract – Where the agents signs the listing with the seller
  2. Sale/Purchase Contract – Where the agents helps facilitate the transaction


Everything else in between the two becomes an obligation. This mentality is not limited to real estate but is present in every business that is backed by a commission based structure.


The real estate agent’s efforts on marketing, open houses, taking phone calls, setting up and being present at showings are not directly related to their commission, but directly impacts the sale price of your home.As the real estate industry is


As the real estate industry is commission based, it’s natural for people to think like this when you relate every task to a dollar.  Everything has bestowed a value and tasks become an obligation when there is little to no value behind it.


This is not to say that people are purposely neglecting steps in between, but that it is just in human nature to want to go for things that provide you with the most value.

So how can you prevent yourself?
 Ask your Real Estate agent for a marketing plan and clearly, ask them what are investments will they be doing in terms of services and products to sell your house 
OR call us at the Residencity Real Estate Team.

The true value of your property is closely intertwined with the steps that your real estate agent takes to market your property and your listing price is directly impacted when components are missed.


Contact us at 604.288.9166 for a free consultation as well as a pre-inspection and to work with a team that truly values the marketing aspect and the ‘steps in between’ of the real estate industry.


Decoding days on the market: does it matter?

You come across a property that has been on the market for many months and still hasn’t been sold. You go inside and the place looks fine, it’s in a good neighbourhood and you’re wondering why an offer hasn’t been made yet. The natural assumption here is that there is something majorly wrong with the property.

Read on for reasons why properties stay on the market for a while:

  1. Property is overpriced in the first place. Properties receive an initial rush of buyers when they’re listed and if the property is over listed, buyers will pass.
  2. There was an existing contract that fell through after many months.
  3. Sellers decided to renovate their home for improvements. The sellers held open houses and discovered that there are a few changes they can make to improve the home.
  4. Poor Marketing.  The seller’s agent is not pulling their weight, there’s poor photography and the seller doesn’t want to have a ‘for sale’ sign.
  5. Seller is not being accommodating. Seller may be hesitant on holding open houses and viewings. They claim that photos are online already and that they don’t want nosey neighbours coming into their home.
  6. Seller being unreasonable. The seller believes that their house is worth every dollar it is listed for and is unwilling to negotiate and sell the property for anything but the list price.  

If you come across a home that has been on the market for quite a while, do not exclude it simply due to how long it has been on the market. It’s also important to also check out the average amount of days that a house is on the market for that neighbourhood, maybe it is typical of them to be on the market for this long. Go see the home, ask the agent questions and call for an inspection to see for yourself if you’re ready to make an offer.

Residencity believes that the number of days a property has been on the market is not a good indicator as to whether there’s something wrong with the home. Call 604.288.9166 or email us if you are interested in selling your home and to see what we’re all about. If you list with Residencity, we can guarantee that your home will never be on the market for that long.


The 3 Types of Real Estate Agents (Which One Are You Using?)

If you go on public sites to search for properties you will notice listings with poor property descriptions, a lack of photos as well as poor presentation of the property.

How do these properties get sold? Regardless of poor presentation, these properties get sold for one reason – by riding the wave of a hot market.

We broke down agents of these listings down into 3 categories:

New or Emerging Agents

 Most new agents may not have money to market a house. They pass their licence and a significant amount of their savings goes towards their education, branding, website, business cards and perhaps leasing a BMW.

An agent gets paid on closing, which is the date the keys transfer and this can take months. They are bogged down with expenses while waiting to receive their pay cheque and it will take a few deals to get out of this cycle to have capital on hand to market a property.

Experienced Agents

Experienced agents evaluate the market conditions and spend accordingly – for the most part.  If the market is hot, they will do a minimal amount of marketing as the property is most likely going to sell anyway.  

If the market is slow, they will cut back on spending as there is a risk that the property may not sell and they would have to take money out from their own pocket.

Professional Agents

These agents have a structure for marketing that they follow each time they acquire a new listing. These are the agents you want to list your property with as consistency is key.

These people have systems in place for every step of the process, from the consultation to marketing to signing the deal.

Where do you find professional agents?

Through your own research, what you want to look for in an agent is consistency.

One way is to go on the agent’s website and look for consistency in the description, lighting, and style of images on the active properties.

Or the easy way is to hire Residency.

At Residency we are all about consistency and having systems in place for the entire sales process. This way we do not have keep making things up as we go along.

This ensures your experience with us is that much more enjoyable.

Call 604.288.9166 or email us to see what we can do for you.


Why are there so many Realtors out there?

There’s a perception that the real estate industry is a lucrative one and that you can make a lot of money. While this is definitely true, success in the real estate industry is something that only less than 10% can achieve. Many get licensed and do okay for the 1st and 2nd year but then change career paths after they have finished serving their friends and family and have run out of clients.

It’s not difficult becoming a real estate agent. Here are the 4 steps:

  1. Language Requirement. English is the language used for all real estate documents set by the Real Estate Council of British Columbia (RECBC), and you need to know enough to have an understanding of these documents. This is evaluated by a Language Proficiency Requirement which candidates must satisfy before registering for the licensing exam.
  • Education of 2 courses. You will need to take a Real Estate Trading Services Licensing Course which introduces you to the legal side of things;  
    • how to write a contract
    • how to interpret contracts
    • what to say and when to say it

After taking this course, you will be licensed to work under a real estate brokerage. Taking the Residential/Commercial Trading Services Applied Practice Real Estate Course builds on your knowledge from the first course.

  1. Find a brokerage, and have them sign your licensing application. The BC council approves your application and you become a real estate agent.
  2. Join a real estate board. This way, you can gain access to online Multiple Listing Service (MLS), Paragon (the dashboard to view sold history and perform detailed searches) and standard forms when performing transactions with your clients.

As you can see from the steps outlined above, the bare minimum you really need is to take a licensing course which is approximately a year long commitment but can be done in as quickly as 3 months. Not too difficult or as lengthy compared to some other professions and there is no other requirement aside from taking the course, being able to communicate, read and write in English.  On average there are 10,000 to 14,000 active members at a time registered with the Real Estate Board of Greater Vancouver.  


1 of the solutions to getting your home sold (and you don’t even need to do anything)

Imagine blow drying your hair in your new home and having the circuit breaker trip: you’re in the dark and you have no idea where the breaker box is, and often it’s tucked away in a dark corner in the basement. Everything you buy nowadays comes with an instruction manual- the drawer set from Ikea, the blender from The Bay and even the second hand car comes with a manual in the glove box. Buying a new home, probably the most expensive thing you will ever own, does not come with a manual.

Whenever someone buys a house, they should always receive a specification sheet. Residencity will provide you with both a specification sheet and a manual. The manual will provide details such as location of breaker boxes, water shut off, instructions for sprinklers. The specification sheet will contain details of the appliances and materials used in the house.

We believe that it is essential to have a specification sheet when selling a home and to find a realtor who will make you one when listing your home. Not only does it contain important notes for the new homeowner, but it can also be used as a marketing piece. Additionally, a manual should be provided upon closing with the rest of the details. The more information you present, the more familiarized potential buyers are with the property, the more likely they are to take interest and present you with an offer.

Specification lists and home manuals are a standard here at Residencity, unlike other real estate brokerages and teams where they are not required and it is up to the realtor if they want to prepare one for their client. As a result, we prepare one for every property that lists with us no matter the price of the home. Call us at 604.288.9166 or email us for a consultation to see what our agents can do to get your property sold.


Decrypting real estate marketing plans

You’ve agreed to list with an agent and their next step is presenting you with their “tried and true marketing plan” that is “guaranteed” to sell your home. It appears that the more there is on the plan, the better the agent is, but not everything listed may be for your benefit. Here are some common methods we see and what they really mean:


1. “Your listing will be posted on a ‘Multiple Listing Service (MLS®)’ or ‘REALTOR.ca'”. This is good, although not the greatest incentive to hire a real estate agent as every agent lists here and it should be expected that your agent will do so.


2.“Your property will be promoted on our social media platforms such as Facebook, Twitter, Youtube and Instagram. How many likes, followers and subscribers do the channels have and how active are they?


3.“Distribution of marketing materials with your home listed around your neighbourhood and at open houses” Ask your agent what type of marketing materials they will be creating and when they will be printed and distributed. To give you a guideline, creating a flyer and sending it off to a printer and courier takes at least 5 days if done diligently.


4.”Professional Photos” This phrase is open to many different interpretations especially in the real estate world. What does “professional” mean to the agent? It can be anywhere from a dated point and shoot camera to smartphone photos. Always ensure that the photographer is a professional real estate photographer. Not a wedding photographer, not someone who photographs headshots, not someone who does sport photography. You want someone who specializes in making your home look good in photographs. At Residencity, we believe that having professional photos is a required component when listing a home.


5.”‘In-office’ marketing’: sending an email to all the real estate agents within their brokerage” The reality is, real estate agents receive countless of emails each and every day and your property will not be a priority. On top of that, agents and their clients already have a specific type of property they are looking for. This really only targets a small niche of buyers and will not add much value or have a great impact on you selling your home.


6.“Additional advertising on websites such as Kijiji and Craigslist to increase exposure on your property” People go on these websites to find pets, free or second hand things and not a house. They may be looking at a house to rent- but these people are not your target audience and therefore this does not hold much value.


7.“We advertise regularly on magazines and newspapers” Again, it is important to think about what they are advertising and the amount of exposure you will get. How often is this publication published? Which publications do you advertise in? How is it distributed?


8.“I am on X buses, X bus benches and X bus stops throughout the lower mainland and people frequently call for neighbourhood listings” What this tells you is that the agents are advertising themselves and not your property. Have you ever seen a bus ad where a property took precedence over the agent? Chances are, most of the calls they will receive are potential clients rather than potential buyers who are interested in your listing.


9.“Your property will be advertised on your agent’s personal website” How effective is it to actually have your listing on your agent’s personal website? How many unique visitors does the site receive and how many page views does it get? Unless the buyer has a relationship with the agent, chances are, their first searches will go to realtor.ca or other MLS pages.


At Residencity, we believe in only doing things that hold a significant value when it comes to selling your home. By that we mean focusing on photography, videography, proper staging, floor plans, feature sheets, aerial/drone imagery and 360 tours- things that will maximize your selling price. If you’re interested in listing with Residencity, give us a call at 604.288.9166 to see what we can do for you.