Tag Archives: realtor

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.

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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.  

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3 reasons that ‘for sale’ signs are here to stay


“I don’t want my neighbours or tenants to know that I am moving, it’s none of their business.”

“The for sale sign is not aesthetically pleasing.”

These are excuses sellers have given us when we talk about putting a “for sale” sign up on their lawn. We’re here to tell you that lawn signs are a great marketing tool and there are no disadvantages to having a for sale sign up in your front lawn, only benefits.

  1. Identification Point. Real estate agents are bringing their buyers to countless of properties throughout the week. Having a “for sale” sign on your property makes their job a lot easier and your home more inviting. Same goes for people who are from out of town/not from the neighbourhood.
  2. Attract attention. If your property is located on a main road, having a for sale sign markets you to all the individuals that pass by on this road. Perhaps they are interested in purchasing a property in your neighbourhood and haven’t had the time to start looking yet- your house could be their start and potentially end point.
  3. Neighbours. Although your neighbour won’t be buying your house, they are great for referrals. If your neighbour has friends or relatives looking to move into their area, your property is automatically on their radar, even if they are not looking for listings.

In the end, you never know who will see the sign and having one is better than not. If you list with Residencity, we will strongly suggest that you should have a sign on your property. Call us at 604.288.9166 or email us to see what else we can do for you.

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Why you should pick a realtor who will give you an unconditional release?


It’s been two months with your real estate agent and you’re not happy with their work. You still have one more month to go as the you have signed a three month listing contract. You would like to leave this agent but how do you go about terminating the contract? Cancelling your contract can only be done with the consent of both the seller and the real estate agent and there are two types of cancellations: conditional release and unconditional release.

If you were to sign a conditional release, you would have to wait until the end of the existing contract (so another month), before listing it again with another broker unless you want to run the risk having to pay two commissions. Why is this? The conditional release is structured so that the broker retains the right to be paid a commission up until the existing contract’s expiry date. This is why there’s a possibility of paying two commissions if you relist within this time after signing a conditional release.

On the other side of the spectrum, we have an unconditional release. This is considered the ‘no strings attached’ option which gives the property owner the ability to sell, relist, do anything they want free of the former agent and without a penalty. More often than not, agents will just let you go, but some will charge you a cancellation fee. We believe that any real estate agent who is confident in themselves and their work will always give you and unconditional release if it comes down to parting ways.

At Residencity, you will always get an unconditional release if you decide not to sell your home or are unhappy with our services. We are confident in our team and do not believe in the system of conditional release. Interested in more of what we do at Residencity? Give us a call at 604.288.9166 or email us to see what we’re all about.

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Don’t Be Fooled – Agent recommendations by family and friends may not be the best for you


A large part of business in real estate is driven by referrals so don’t get yourself caught in one just because it is your relative or a friend. Your friend from Coquitlam may be an excellent agent when buying properties in Coquitlam but he may not be the best agent to buy with in Vancouver as he will not have the area expertise that a local agent would have.

You will not know if you had a bad referral until it’s too late which is usually after the sale.  Here’s what to do if you are recommended a real estate agent

  1. Make sure to compare at least two other local real estate agents to the one recommended to you before you hire them as your agent.
    Your friends and family might have had a positive experience working with that realtor but you want to make sure that they have your best interest at heart rather than someone who just wants to close a deal. You want to pick a realtor agent who can create the most opportunities for you in the market.
  2. What kind of marketing skills do they have and what are they going to do for you?
    Another thing to consider is how will they present and advertise your property? Are they going to be present at open houses answering questions? Will they present themselves or your property? How the agent presents and markets your property impacts how others view your house and the potential of the amount of offers you receive in return.
  3. What is their level of knowledge of the area you are planning to buy in?
    Hiring an agent based in Richmond that your friends recommended when you are looking to buy in Kitsilano may not be the best idea. Unless the agent has had at least 10 transactions in that area in last 2 years, it would be wiser to seek out an agent who primarily deals with properties in that area.

Hiring a friend or a family member might save you on commission, but there is a high chance that you will miss out on maximizing the value of your house due to inexperience.

Looking to sell your property? Call Residencity at 604.288.9166 or email to set up a consultation and we’ll start with a free pre-inspection of your home.

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Low commissions & discount brokerages: you get what you pay for


In BC, the most commonly used commission rate is 7% of the first $100,000, then 3-3.5% on the rest of the amount. Real estate agents have full control over their commission rate, regardless of who they are working for and some brokerages will go even as low as 1%.

  1. Lets talk about how commission works
    Real Estate Agents get paid to work and having a standard commission always helps. To agents, a 3% commission is a lot more attractive than 1% and if anything, is more of an incentive to show your property to their buyer. Although the Real Estate Council prohibits real estate agents to from doing this, some agents would rather show properties with standard commissions as this directly affects their paycheque.
  2. The resources available & marketing power of these agents are usually a lot less smaller. Less commission typically results in less resources for marketing and sometimes you as a seller may be asked to pay for marketing when is the real estate agent’s responsibility.

At Residencity, we offer a full commission to the selling agent ensuring that we do not deter other Real Estate Agents as they are the ones with majority of the buyers

We differ by utilizing a standardized 6 step process that we follow for every listing we receive regardless of marketing conditions, property size or location. 

With service from all of our agents, top of the line marketing from professional staging to enhanced MLS listings to professional photography and videography, all of this should automatically lead selling your home for a higher price. Give us a call at 604.288.9166 or email us to set up a consultation and see what we can do for you.

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Does the real estate brokerage matter when selecting an agent? (And what you should be looking for)


If you ask any of us here at Residencity whether the real estate brokerage matters when you are looking to hire, we’re going to tell you that it’s the real estate agent that matters, as they are going to be the ones doing the job, not the brokerage they work for.

A real estate agent should not be selected depending on the size of brokerage or how well known it is. A large firm demonstrates how well they recruit and keep agents, perhaps better training and support services, but this is not indicative of the quality of work that the firm does, as well as the agents. Each agent will have different accomplishments and methods of selling properties and it is important to find one whose style matches yours.

Choosing a real estate agent is similar to selecting a post-secondary institution. As a recent graduate out of high school you plan to study at UBC.  Are you choosing UBC just because it’s a well-known university or because of the degrees and programs offered?

In the end, the name of the real estate brokerage does matter to an extent, but should not be a major deciding factor when selecting your agent. Upon selling a house, real estate agents are the ones that the sellers thank, have a lasting connection with and recommend to their friends, not the real estate brokerage. It is important to keep in mind that there will be good brokerages, satisfactory brokerages and that it is important to do your homework on the real estate agent and assess what they have done, and are willing to do for you.

This brings us back to Residencity. We are a small team that values service above everything. We do a pre-inspection, staging, high quality photos and video as those are the things that are going to make your house stand out beyond the others. Call us at 604.288.9166 or email us for a consultation to see what we can do for you.

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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.

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“It’s about the sale, not the amount it sells for”


The real estate industry is designed to focus on increasing the volume of transactions rather than delivering a quality product. A real estate agent is only invested in 3% of your property (the commission you are paying them) and they are focused on speeding up that process in order to get their 3% as soon as possible.

Here are some examples of how real estate agents have done so:

  1. Nike would never sell a $100 pair of shoes without a professional images but houses which are worth millions get posted on MLS® with poor quality images or none at all.
  2. When buying a car, it is expected that it will have a mechanical and/or accident report (if second hand). Properties get put on the market everyday without having passed any inspections or reports. The buyer is supposed to do the due diligence.
  3. Properties are sold in days and sometimes even on same day the listing goes live. The seller believes they got a good deal but the truth is, they may have been able to get an even better deal, had the property been on MLS for a week.

As you can see, the real estate industry is is designed to move houses as quickly as possible and for agents to earn commission. Things that will maximize your selling price such as taking the time to get professional photos done, providing a pre-inspection report and letting the property sit on MLS for a few days, often slows down the process. A top Realtor understands the importance of taking a bit of extra time marketing the home properly. 

At Residencity, we believe that it’s about the amount that your property is going to make you, and not so much about closing the sale so that another notch can be added to our beltThis matters to us because it can mean the difference of adding or missing out on several thousand- even hundred thousand dollars to your property.

This is why we have come up with a standardized 6 step process which we use for every listing that we acquire. We start with a consultation, then a home inspection, home preparation (photography, videography, staging, aerial, 360 tours etc.), open houses, offer presentations and finally, closing. We want to ensure that the price you sell for is the price you deserve. Call us at 604.288.9166 or send us an email to see what we can do for you.

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How do real estate agents get away with crappy photos?


Have you ever found it unusual that in the age of digital imagery, many properties are still presented online with a meagre handful of photos, if any at all? Our lives are entwined with photos and imagery; smartphones are everywhere, and social media like Facebook, Instagram, and Snapchat have become ubiquitous, multi-billion-dollar companies. Yet somehow, the real estate industry tends to lag in grasping the full importance of quality photography for listing a property.

So how is it exactly, that a real estate agent might get by without so much as a single photograph for something as big as the sale of your home?

  1. Agents are freelancers and can choose to do as little or as much as they see fit when listing a property. It is critically important to find an agent that believes in the importance of listing photography.
  2. Brokerages have zero control over agents’ marketing efforts when listing a property, or on behalf of a seller. They do offer incentives to promote an agent to get more photos but cannot force a set standard.
  3. The only entity that can mandates a requirement is the local real estate board, and their base requirement is: a minimum of 1 photo of the property

At Team Residencity, we believe that professional photos are key to marketing your property and we have listed photography standard practice. Our marketing team will evaluate your property, and choose the number of images that is right for your listing. 15 images is the bare minimum but some properties may warrant as many as 40 images. Additionally, we utilize cutting-edge Matterport 3D scanning technology to further enhance the buyer’s experience online. Call Residencity at 604.288.9166 or email to list your home with us.

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