S E L L E R â€™S G U I DE METRO VANCOUVER PROPERTIES GROUP
R E / M A X C r e s t R e a l t y We s t s i d e | R E / M A X C r e s t R e a l t y RE/MAX Masters Realty | RE/MAX Metro Realty | RE/MAX Central Realty
8 LOCATION S TO SERV E A LL O F YOUR REAL ESTATE N EEDS West Vancouver
North Vancouver Crest North Vancouver
Crest Westside Beach
Vancouver East Crest Westside 7th Metro
Crest Westside MacDonald
Vancouver West Central
CONTENTS Introduction - Welcome to Selling a Home
Commitment - Building a Winning Relationship
4 Factors that Affect Saleability
10 Steps to Selling Define Your Goals Select a REALTOR® Price Your Property Prepare Your Home Market the Home Show the Home Ask for Feedback Negotiate the Offer Remove Subjects Close the Deal
9 10 12 15 16 19 22 25 26 29 31
Common Mistakes for Home Sellers
Local Community Involvement
A Home Seller’s Glossary
RE/MAX Seller’s Guide
RE/MAX Sellerâ€™s Guide
I N TR O DU CTIO N Welcome to Selling a Home Your home or investment property is usually one of your most valuable assets and I recognize that the decision to sell one of these is a big decision with many factors to consider, both logically and emotionally. I appreciate you considering entrusting this important task to me, and thank you for your time. This booklet is designed to help answer some of the more common questions that may come up, and help prepare you for our meeting. I hope you find it helpful and informative.
RE/MAX Sellerâ€™s Guide
C O M M I TM E N T Building a Winning Relationship Working with a REALTOR® who understands how to market your home is one of the key advantages of working with a real estate professional.
My Commitment To You To execute my responsibilities in accordance with your instructions, including complete disclosure, loyalty, confidentiality and accountability in line with the Real Estate Board of Greater Vancouver’s Code of Ethics. •
To Understand Your Requirements. Timeline, expected return, and important considerations.
To Research The Market. To understand your competition.
To Give Unbiased Assessments On The Value. By providing you comparative statistics on similar properties recently sold.
To Ensure Your Family’s Safety. Reviewing prudent safety precautions to ensure your valuables, including pets, are taken into consideration when the home is being viewed.
To Act As Your Consultant. Providing the right advice through experience and knowledge when receiving offers to purchase.
To Review Feedback. I will follow-up with emails and phone calls to all REALTORS® who show the property. Feedback will be provided to you on a regular basis.
To Negotiate On Your Behalf. All offers will be presented to you promptly and negotiated with your best interest in mind. Ensuring the best possible price and terms are in line with current market conditions and your objectives.
To Recommend Professional Service Providers. From financial options to home-related services.
To Closing. Working beside you throughout the entire process, keeping you informed and knowledgeable about your commitments to timelines.
In short, I will provide you with comprehensive, high-quality seller’s service. After all, the buyer has their own representative working for their best interests — shouldn’t you have an expert on your side?
RE/MAX Seller’s Guide
Your Commitment To Me When working with clients to help market their home for sale it is important to me that we form a strong relationship of commitment and understanding. This will help us maximize the opportunity for selling your home for the best price and I only ask that you: •
Ensure that we take the time to prepare your home ready for sale.
Allow me to prepare a comprehensive marketing plan before we list your home for sale.
Ensure that I am able to access your property (at suitable times) to show to prospective buyers.
To be your known REALTOR® of choice.
To negotiate on your behalf with buyer’s agents.
To advise if my service level falls below your expectations. RE/MAX Seller’s Guide
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IM P O RTA N T CO NS I DE R ATIO NS Before we start, I ask my clients to review these considerations — as they make a significant difference in the success of this process:
GO OD P HOTOS MATTER . As more buyers are being introduced to properties online, professional pictures and videos matter. Ensure your home has been properly de-cluttered and consider staging tips that will make the rooms appear larger. AN M LS LISTING ISN’T EN O UG H. Your home needs to be effectively marketed to the right home buyers - whether that is through advertising, social media, the Internet, or direct mail. It is important that your home is viewed by as many potential buyers as possible, in order to maximize the revenue return. I S YOUR PRICE RIGHT? A home is likely to attract the most interest within the first two weeks it is listed. If the home is overpriced, buyers will move on. Be realistic when you set a sale price. Check out the competition and see what recent sales have been in the area.
ACC ES S AVA I LA B IL ITY. You never know when a potential buyer will want to see your home. Having a comprehensive schedule of available viewing times can make all the difference. UN D ER STA N D P OSSIB L E DOW NFA L LS. It’s never easy hearing negative remarks about your home, but knowing is half the battle. Get feedback from your agent from potential buyers who have seen your home. The feedback provided could be helpful in the next showing. C HO OS I N G THE RIG H T AGE NT. Never forget the agent you choose is there for you. They are your number one ally. The right agent will guide you through the selling process and any answer questions you have. They have just as much invested in the sale of your home as you do. If they can demonstrate why they are the perfect agent for you, then hire them. Always trust your instincts.
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4 FACTO R S TH AT A FFECT THE SA L EA B ILI TY O F YO U R HOME PRICE POINT I will provide you with a price range in which your home should be listed, based on the current market conditions. By providing relevant information, and helping you analyze and interpret it, you will be able to determine if now is the right time to sell your home or investment property. MARKET CONDITION S The real estate market is always fluctuating both locally and abroad. As a RE/MAX Agent, I will be able to discuss the pros and cons of listing during varied market conditions. My goal is to be your “Trusted Advisor” for all of your real estate needs, now and in the future.
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PR O PERTY CO N DIT IO N The condition of your property will have a lot to do with the selling price and how quickly it will sell. If there are minor repairs, or if professional staging is required, I will be there to assist and offer my guidance and network. MA R K ET EXPOSU RE Unlike the previous three factors, our main focus will be on the factor we can control – market exposure and negotiating offers. I want to get the most qualified buyers into your home, in the least amount of time, and with minimal inconvenience. My clients enjoy a comprehensive marketing plan, combined with tried and true techniques that will get their home noticed and sold in any market.
1 0 STE P S TO S E LLI N G YO U R H OME 1. Define Your Goals 2. Select a REALTOR® 3. Price Your Property 4. Prepare Your Home 5. Market Your Home 6. Show Your Home 7. Ask for Feedback 8. Negotiate the Offer 9. Remove Subjects 10. Close the Deal
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1. | D E F I N E YOUR G OALS D ETERM INE WH Y YOU A R E S ELLI N G YO UR HOM E Before you start to think about all the things that need to be done, take some time to reflect on why you are selling and clearly define your goals. Everyone has different reasons. As you start to go through this process of discovery, focus on what is important to you and your family, this will help streamline the process. These are six important questions to ask yourself: xx Is there a time line? xx Are you relocating? xx Are you looking for a bigger home or to downsize? xx Looking for a different neighbourhood? More city, more suburban? xx Looking for different amenities? xx Are financial considerations relevant?
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5 Important Considerations xx Do you understand the associated costs? xx Is this the right time for you to sell? xx What are the present market conditions and the implications to your sale? xx Does your homeâ€™s equity give you an advantage? xx What are the current mortgage interest rate options compared to your rate and commitment? Recognize that every market is different and the selling process can be a sprint or a marathon - be prepared for both.
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2. | S E L ECT A R EALTOR ® Deciding who represents you is the most important decision you will make in the home selling process. As a RE/MAX real estate representative, I am here to help you. ACT AS YOUR MARKET I N G MA N AG ER : • Set a competitive market price. • Advise you on how to showcase your home and highlight its best features. • Develop a professional and personalized marketing strategy. • Communicate with you regularly, and provide feedback on influences that may impact the market value of your home. I N TRODUCE QUALIFIED BUY ER S : • Work with the industry’s most productive Buyer’s Agents. • Confirm each buyer has been pre-qualified prior to viewing your home.
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S ERV E AS YO UR EX P E RIE NCE D NEG OT IATO R : • Advise you on the merits of the offers submitted. • Represent your best interests at all times and keep your goals in full view. ACT AS YO UR C LOSING CO O RDINATO R : • Send all documents out on time. • Deliver the keys to the buyers after title has transferred and funds are ready to be issued by your lawyer or notary. • Follow-up with any loose ends prior to and after moving day. • Provide you with helpful tips on moving that can make the day go smoother.
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3. | P R I CE YOUR PR OPERTY The first thing buyers want to know is the price. With that in mind, we need to ensure that your property is on the market for a price that will attract buyers, while still providing you with a good return. WHAT IS MARKET VALUE? Deciding on the true market value is where my expertize will come into play. Regardless of its original price, or even the improvements you’ve made over the years, the market value is based on what buyers are paying at the time your home is on the market. OVERP RICIN G YOUR HOM E The rule of thumb is that buyers look at about twelve properties before they make an offer. This will give them a great idea of whether or not your property is well priced. If it’s priced too high, you’ve just lost a potential buyer. If the home has been priced too high and later you lower the price, they may wonder what is wrong with your home. Pricing your home reasonably the first time is critical to attracting the right buyer at the right time.
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4 . | P RE PA RE THE HOM E Begin this process with one simple idea: “This is not my home; it is a house.” For this Seller’s Guide, I have broken down this process into three levels. Discuss with your REALTOR® what level is required to get the most value for your home. L EVE L 1: THE BAS ICS • De-clutter • De-personalize • Deep clean L EVE L 2: BEYOND THE BAS I CS • Paint the walls neutral colors • Change room decorations and themes • Make minor repairs as needed L EVE L 3 : WAY BEYOND T H E BAS I CS xx Major renovations • Finish the basement xx Other repairs
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xx Think of this process as a head start to packing. xx Even though some repairs seem minor, they can become a major factor in determining whether the buyer will actually buy. xx Pay particular attention to rooms that smell - odors are completely disenchanting. xx Don’t forget about the outside - this is the first impression. xx Scrutinize the home. If you were a buyer, would you want to buy this home? You have lived here and you know all the pros and cons. Highlight the pros and help eliminate the cons. xx I will also provide you with access to RE/MAX’s exclusive “Are You Fit to Sell” videos and checklists to help get your home ready for the market.
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WH E R E D O BUYE R S COME F ROM?
Real Estate Agent
Friend, Relative, or Neighbour
Yard Sign/ Open House
Home Builder or Their Agent
Directly from Seller
Print Newspaper Advertisement
This representation is based in whole or in part on data generated by the National Association of REALTORSÂŽ (NAR), which assume no responsibility for its accuracy. Updated December 2016.
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5. | MA RK ET THE HOM E A sophisticated and professionally prepared marketing plan is essential to maximizing exposure; it needs to be a carefully prepared and strategically implemented. • • • • • • •
Yard Signs and Directionals Marketing Collateral For Your Home Public and Private Showings Local Advertisements Networking and Referrals Virtual Tours through Online Video Marketing Web Exposure
O UR DIRECT APPROACH Professional promotional materials that are directly mailed are one of the most powerful ways to spread the message that your home is for sale. Your neighbours will be first to tell their friends and family about your home – they already love their community and are your biggest advocates!
LISA GROTH AND R E / M A X R E A LT Y S E R V I C E S
THE POWER OF RE/MAX A N D R E / M A X R E A LT Y S E R V I C E S
My goal is to become your preferred REALTOR® of choice. By working with the most innovative real estate brokerage in Vancouver, RE/MAX Realty Services, I can offer you a platform of services that will raise the marketing of your home to a new level and allow me to exceed your expectations.
When you choose Lisa Groth, you also choose to work with one of the most elite and sophisticated brokerages, RE/MAX Realty Services.
Selling homes today is as much an art as it is a science. Entrust me with the duty of taking care of all your real estate requirements; from the smallest detail to the most important transaction of negotiating your final contract. ~ Lisa Groth
Y O U R D E D I C AT E D R E A LT O R ® A N D PA R T N E R I N VA N C O U V E R
RE/M A X R E A LT Y SE RV I CE S: »
Is the #1 real estate office in Vancouver
Was the #1 office for Sales Volume in Vancouver in 2015
Offers real estate experience that is unsurpassed
Boasts networking and teamwork that is unmatched
Features extensive support services for all your real estate requirements
Ensures access to a full concierge of preferred service providers and local experts
VA N C O U V E R LISA GROTH
REALTOR® RE/MAX Realty Services
623.293.0172 Lisa@LisaGroth.com www.RealtyServices.com RE/MAX Realty Services 441 Taft Avenue Glen Ellyn, IL 60137 630.790.1776 Each Office Independently Owned and Operated.
PRESENTED BY LISA GROTH Your Vancouver Home Specialist
Published by REAL Marketing (REM) | www.REALMarketing4You.com | 858.847.8631 | ©2016
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24 / 7 W E B EX P OSU R E With nearly 94% of home buyers beginning their search on the Internet, you will want to ensure that your home will receive maximum Online exposure. As part of my marketing plan, your home will receive unparalleled exposure among consumers and real estate professionals across the globe.
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LO CA L EX P E RTS, GLO BA L LY CO N N ECTED When you sell your home through a RE/MAX Agent, you become part of a worldwide sales force. You will be tapping into the world’s most effective referral network and enjoying the benefits of the most powerful real estate brands. Go Global - Go RE/MAX!
OVER 100,000 AGENTS IN OVER 100 COUNTRIES NORTH AMERICA | United States of America | Canada | Mexico | CENTRAL AMERICA | Belize | Costa Rica | El Salvador | Guatemala | Honduras | Nicaragua Panama | SOUTH AMERICA | Argentina | Bolivia | Brazil | Chile | Colombia | Ecuador | Guyana | Peru | Suriname | Uruguay | Venezuela | CARIBBEAN | Antigua and Barbuda Aruba | Bahamas | Barbados | Bonaire | Cayman Islands | Curacao | Dominica | Dominican Republic | Grenada | Jamaica | Puerto Rico | St. Barthelemy St. Kitts & Nevis | St. Lucia | St. Martin | Trinidad & Tobago Turks & Caicos | US Virgin Islands | EUROPE | Albania | Austria | Belarus | Belgium | Bosnia & Herzegovina Bulgaria | Croatia | Czech Republic | Denmark | England | Estonia | Finland | France | Germany | Greece | Hungary | Iceland | Ireland | Italy | Latvia | Liechtenstein | Lithuania Luxembourg | Malta | Montenegro | Netherlands | Norway | Poland | Portugal | Romania | Scotland | Serbia | Slovakia | Slovenia | Spain | Sweden | Switzerland | Wales MIDDLE EAST | Bahrain | Egypt | Israel | Kuwait | Lebanon | Oman | Qatar | Saudi Arabia | Turkey | United Arab Emirates | AFRICA | Algeria | Botswana | Cape Verde | Mauritius Morocco | Mozambique | Namibia | Seychelles | South Africa | Zambia | Zimbabwe | ASIA/PACIFIC | Australia | Bhutan | China | Guam | India | Indonesia Japan | Micronesia | Mongolia | Nepal | New Zealand | Northern Mariana Islands | Philippines | Republic of Palau | Singapore | South Korea | Sri Lanka | Thailand
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6. | S H OW THE HOM E Sellers place a lot of pressure on themselves when showing their property. Here are a few things to keep in mind to generate the best first impression and increase your chances of receiving those all-important offers. • • • • • • •
Let Your Agent Handle It Be Flexible Quick Clean Climate Control Animal Care Light the Way Communicate with your REALTOR®
TIP: keep a box for personal items, when not in use keep them in a closet or drawer.
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The “Show Home” Ready Checklist YO U H AVE 10 M I N UT ES : Make the beds Grab a basket/box and throw all personal items of clutter in there and put it in the back of your car Empty all the garbage Make sure the bathroom towels are clean, straightened, and they match Put down all the lids to the toilet Wipe down all counter tops and sinks Turn on all the lights in the house Make sure the house temperature is comfortable Make sure the home smells good YOU HAVE ONE HOUR: Do everything on the ten minute list, PLUS Vacuum all carpeted areas Sweep all surfaces Clean all mirrors Give the toilets a good clean and wipe down Clear kitchen counters and wipe down Laundry should be clean and put away Sweep the front doorway and shake out the mat
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7. | AS K FO R F EED BACK It is important to hear feedback on your property, whether it's good, bad or ugly. The information provided could be helpful in the next showing. Following an open house or buyer showing, talk with your REALTOR® to measure your home’s reception and consider recommendations. xx Are you getting a steady stream of people to Open Houses, Brokers Opens and Caravans? What is the typical number for comparable homes? xx Find out what feedback was given to your REALTOR®. Use this feedback to enhance your home’s presentation for future showings. Your REALTOR® may have some ideas on how to spruce up your home’s presentation factor. xx Could your home use an incentive to entice more buyers to come for a look? xx What other marketing strategies does your REALTOR® suggest to attract more buyers? xx It is important to keep things in perspective following an open house or a buyer showing. Remember that home shoppers need time to process what they have seen and maybe time to look around at other homes before making such a big decision. xx Be patient. Be open to feedback and continue to maintain an open dialogue with your REALTOR®.
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8. | N EGOT IATE THE OF F ER The most complex moment in the sales process is when you get an offer on the home. There are many components to an offer and your REALTOR® will explain the entire process so you are comfortable with all the steps involved. There are two types of offers. An offer with or without conditions: an offer without conditions is known as a firm or subject-free offer, and one with conditions is known as a conditional or subject offer. You can reject or accept the initial offer. If you agree to some points of the offer but not others then you can submit a counter offer. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations altogether. CO UN TER OFFERS Counter offers are generated by the seller after a buyer has submitted an offer to purchase. Typically, counter offers will state that the seller has accepted the buyer’s offer subject to particulars such as: xx Higher price (if buyer’s offer doesn’t match sale price) xx Increase the amount of the deposit xx Refusal to pay for certain reports or fees xx Altering closing and/or possession dates xx Modifying the contingency time frames xx Excluding personal property Counter offers can go back and forth several times. Just remember that time is of the essence. Counter offers contain expirations, which means you as the seller can accept another offer while the buyer decides if they will sign the counter offer.
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Not in town? Not a Problem! While Real Estate will always be about building and maintaining personal relationships with our clients, it’s not always possible or convenient to get together to sign or exchange documents. With your convenience in mind, and a conscious effort to reduce our industry’s carbon footprint, our associates are committed to investing in technologies that will make your transactions as easy and paperless as possible. Whether it’s electronic signature software and apps, cloud storage solutions that make sharing and storing of transaction paperwork fast and easy, smart phones and tablet computers to help service you on the go, or video chat and email solutions that make communications from anywhere in the world feel like you’re right next door, our agents use cutting edge technology solutions that help make your buying or selling experience a breeze - no matter where you are!
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9. | RE MOVE SUB JECTS Once both parties accept the sales contract and its subjects, they will start to work towards removing these conditions within a specific time frame. Your REALTOR® will advise you on what subjects can be removed based on the results once the appropriate due diligence has been completed. Ideally, both parties should have been able to negotiate a reasonable time to remove these conditions. An experienced REALTOR® will be able to advise you on the right course of action should the subjects not be removed by its due date.
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1 0. | CLOS E THE D EAL Once all subjects have been removed the sale is considered final. The final documents will be sent to your lawyer/notary to prepare the necessary documentation pertaining to the sale of your home. Your lawyer/notary will forward these important documents to the buyer’s lawyer/notary for final execution. Your lawyer/notary will arrange with the buyer’s lawyer/notary to pick up funds and then you will be notified when that the sale is complete. Your REALTOR® will contact you to handle any further requirements, such as transferring the keys to the new owner.
Understanding Your Fees In order to provide the best service and exceed expectations, I feel it is important to explain how the commission you pay on the sale of your home is apportioned to the various parties involved.
Personal Fees Business & Marketing Expenses REALTOR® Fees Buyer’s Brokerage Good Service Doesn't Just Happen. As your REALTOR®, I invest both time and money upfront into selling your home. I’m not paid a salary and only get paid when your transaction is closed and the title of the home is transferred. When a brokerage fee is earned, it is shared between the real estate companies involved in the transaction.
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COMMO N M I STA K ES BY H OM E S E L L E R S 1. Not Hiring a Professional – You need the expertize of a REALTOR®. Sellers who try to sell their home themselves take longer to sell and for far less. 2. Not Pricing The Home Correctly – Overpricing or underpricing can be a costly mistake. It’s critical to know the market and review comparables to know what price your home needs to be set at to sell. 3. Neglecting Necessary Repairs – It will always cost you less out of pocket to fix things ahead of time rather than having buyers request that you fix it through their vendor of choice. 4. Not De-cluttering – One of the least expensive improvements you can make to your home is to de-clutter and create a sense of space throughout your home. 5. Getting in the Way of Negotiating – Too many sellers take negotiating personally and lose out on creating a win-win deal. 6. Failing to Complete a Full Set of Disclosures Prior to Closing – Be upfront about any of your home’s issues; this will save you money and time. 7. Overlooking Fees and Extra Expenses – Request a list of fees and expenses before closing. Review these with your REALTOR® and discuss them ahead of time. 8. Not Hiring a Professional Photographer – More than 90% of all buyers start their home search online so make sure you leave a great first impression. 9. Not Trusting or Communicating with Your REALTOR® – They are your biggest ally. Trust them to guide you through this process. Be open and honest as you can and allow them to do their job.
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Featured Suppliers: Metro Home Services The GetMetro.ca Preferred Supplier Program connects our agents and their clients with the many high quality service providers that have been used and recommended by our company and its associates over the years. If you are looking for a reliable referral in any of the categories listed below, please visit www.GetMetro.ca! • • • • • •
Lawyers Notaries Mortgage Brokers Insurance Providers Financial Advisors Architecture and Design
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• • • • • •
Builders Home Inspectors Cleaning Services Contractors Decks and Fences Flooring
• • • • • •
Handyman Services Landscapers Oil Tank Removal Plumbing & Heating Roofing, Siding and Gutters Windows
R E / MAX CA N A DA VS. T H E I N D UST RY BUYERS & SELLERS WHO KNOW THE BRAND1
AGENT EXPERIENCE (IN YEARS)
BUYERS & SELLERS WHO KNOW THE BRAND1
100% 80% 60% 40% 20% 0%
Sutton Better Homes HomeLife & Gardens
Data is year-end 2015, except as noted. Coldwell Banker, Century 21, Better Homes and Gardens and Sotheby’s data is as reported by Realogy Corporation on SEC 10-K, Annual Report for 2015; Keller Williams, Royal LePage, Sutton and HomeLife data is from company websites and industry reports. 1. MMR Strategy Group study of total brand awareness of real estate organizations among buyers, sellers, and those planning to buy or sell. 2. Based on lists of countries claimed at each franchisor’s website, excluding claimed locations that are not independent countries (i.e. territories, etc.).
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2 0 16 BR O KE R AG E P E R FO RMA NCE VANCOUVER & THE FRASER VALLEY MARKET SHARE LISTING AND SELLING ENDS COMBINED, MARKET SHARE BY UNITS
25% 20% 15% 10% 5% 0%
Royal Royal Macdonald HomeLife Century 21 Coldwell Regent One Percent Banker Park Realty Realty Le Page Pacific Realty Realty
#1 Sales Group Worldwide 2009, 2010, 2011, 2013, 2014, 2015, and 2016 This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vacouver, Fraser Valley, Victoria, and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy. Data is reflective of data pulled between December 2015 and December 2016.
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RE/MAX OF GREATER VANCOUVER & FRASER VALLEY BY THE NUMBERS
NUMBER OF ASSOCIATES
NUMBER OF SALES
AVERAGE NUMBER OF SALES PER ASSOCIATE
AVERAGE NUMBER OF SALES VOLUME PER ASSOCIATE
TOTAL REPORTED SALES VOLUME
14.9 $12.52 Million $24.46 Billion
This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vacouver, Fraser Valley, Victoria, and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy. Data is reflective of data pulled between December 2015 and December 2016.
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2 0 16 BR O KE R AG E P E R FO RMA NCE
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#1 Sales Group Worldwide 2009, 2010, 2011, 2013, 2014, 2015, and 2016
T HRO U G H O UT M ETR O VA NCOUV ER 25%
West & North Vancouver Market Share
Angell Royal Hasmar Pacific Realty
Burnaby, Coquitlam, & New Westminster Market Share
5% 0% RE/MAX
Royal Macdonald Pacific Realty Realty
Royal Le Page
Richmond Market Share
Royal Royal Pacific Realty LePage
Downtown, East Vancouver, & Vancouver Westside Market Share
#1 Sales Group Worldwide 2009, 2010, 2011, 2013, 2014, 2015, and 2016
Royal Macdonald Pacific Realty Realty
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LOCAL COMMUNITY INVO LV E ME N T RE/MAX understands that building a great neighbourhood starts with supporting local programs and organizations that make a profound difference in everyday lives. That’s why we put our hearts, our dollars and our efforts behind a wide number of incredible worthwhile charities, right here at home.
CHI LD R EN ’S M I R AC LE N ETWO R K
RE/MAX is the exclusive real estate partner to the Children’s Miracle Network, a charitable organization consisting of 14 children’s member hospitals in every province treating more than 2.6 million children each year. Throughout our twenty-year partnership, $44 million has been raised by RE/MAX agents who make a contribution with every home sold through the Miracle Home Program.
BAC K PAC K BUD D I ES
At RE/MAX, the needs of children at risk have always been our 1st choice for charitable giving. Backpack Buddies feeds our kids at risk who without this program, go without nutritional food on the weekends. Through the Kids Helping Kids initiative, bags of food are prepared and delivered to recipient schools for children to take home on Friday’s after school.
SO LD O N SAV I N G LI V ES
You can help improve the quality of life for those living with HIV/AIDS by choosing a RE/MAX Sold on Saving Lives agent. Participating RE/MAX agents have pledged to make a donation to the Dr. Peter AIDS Foundation on behalf of each home sold. By buying or selling with a RE/MAX agent who supports Sold on Saving Lives, you are making a choice to help those living with HIV/AIDS.
O R G A N D O N O R AWA R EN ES S
RE/MAX is committed to help raise awareness of the ongoing need for organ donation. Canadian Association of Transplantation assists Canadians in making informed decisions regarding organ, tissue and bone marrow donation. Visit their website, www.transplant.ca, for national information regarding organ and tissue donation.
Q UEST FO R EXC ELLEN C E ® S C HO LA R S HI P
Quest for Excellence is a bursary program for grade 12 students in Western Canada, established by RE/MAX of Western Canada to recognize the success and ongoing pursuits of students in regards to leadership and community contribution initiatives.
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A H O M E S E L L E R ’ S G LO S S A RY When buying a home, it’s important to understand some of the key concepts and terms. Throughout the purchase process, your REALTOR® will be available to explain any unfamiliar terms you encounter. That said, here is a short list of terms you’ll want to know: Abstract Of Title – A complete historical summary of the public records relating to the legal ownership of a particular property from the time of the first transfer to the present. Agreement of Sale – Also known as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller and buyer agree to transact under certain terms spelled out in writing and signed by both parties. Amortization – The process of reducing the principal debt through a schedule of fixed payments at regular intervals of time with an interest rate specified in a loan document. Appraisal – A professional appraiser’s estimate of the market value of a property based on local market data and the recent sale prices of similar properties. Assessed Value – The value placed on a home by municipal assessors for the purpose of determining property taxes.
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Closing – The final steps in the transfer of property ownership. On the Closing Date, as specified by the sales agreement, the buyer inspects and signs all the documents relating to the transaction and the final disbursements are paid. Also referred to as the Settlement. Closing Costs – The costs to complete a real estate transaction in addition to the price of the home. This may include: taxes, title insurance, appraisal fees and legal fees. Closing Date – This is usually the date that the legal ownership of the property transfers from the seller to the buyer. Conditions or Subjects – Items that are usually put in place to protect a party’s interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes. Some of these conditions could be “subject to financing approval”, “subject to the strata council allowing pets”, “subject to the buyer’s house selling”, “subject to an approved home inspection”, etc.
Contingency – A clause in the purchase contract that describes certain conditions that must be met and agreed upon by both buyer and seller before the contract is binding.
Easements – Legal right of access to use of a property by individuals or groups for specific purposes. Easements may affect property values and are sometimes part of the deed.
Counter-Offer – An offer, made in response to a previous offer, that rejects all or part of it while enabling negotiations to continue towards a mutually acceptable sales contract.
Fixed-Rate Mortgage – A type of mortgage loan where the interest rate does not change during the entire term of the loan. The rate is locked in at time of closing.
Conventional Mortgage – One that is not insured or guaranteed by the federal government. Debt-to-Income Ratio – A ratio that measures total debt burden. It is calculated by dividing gross monthly debt repayments, including mortgages, by gross monthly income. Deposit – A deposit provided from the buyer to the seller as a token of the buyer’s assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Your agent can assist you in proposing a certain and appropriate amount for the deposit. Equity – The value of the property less the loan balance and any outstanding liens or other debts against the property.
Home Inspection – Professional inspection of a home, paid for by the buyer, to evaluate the quality and safety of its plumbing, heating, wiring, appliances, roof, foundation, etc. Homeowner’s Insurance – A policy that protects you and the lender from fire or flood - a liability such as visitor injury or damage to your personal property. Inclusions and Exclusions – These are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces. Lien – A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don’t make the mortgage payments.
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Market Value – The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value. Possession and Adjustment Dates – When the buyer takes possession as specified in contract of purchase sale and adjustments are made for prepaid taxes, maintenance fees, etc. They are usually the same date. Possession Date – The date, as specified by the sales agreement, that the buyer can move into the property. Generally, it occurs within a couple days of the Closing Date. Pre-Approval Letter – A letter from a mortgage lender indicating that a buyer qualifies for a mortgage of a specific amount. It also shows a home seller that you’re a serious buyer. Principal – The amount of money borrowed from a lender to buy a home, or the amount of the loan that has not yet been repaid. Does not include the interest paid to borrow. Purchase Offer – A detailed, written document which makes an offer to purchase a property, and which may be amended several times in the process of negotiations. When signed by all parties involved in the sale, the purchase offer becomes a legally-binding sales agreement.*
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Purchase Price – The amount that the buyer is offering to pay for the property, usually dependent on market conditions and may differ from the seller’s current asking price. There is no “normal” amount or percentage that a price will differ from its asking price, as the final price will be determined by many factors, including the seller’s motivation and how close the asking price is to actual “market value”. Terms – An offer includes certain “terms”, which specify the total price offered and how the financing will be arranged, such as if you will arrange your own with a financial institution or mortgage broker or if you wish to take over the seller’s mortgage (assumability). Title – The right to, and the ownership of, property. A Title or Deed is sometimes used as proof of ownership of land. Clear title refers to a title that has no legal defects. Title Search – A historical review of all legal documents relating to ownership of a property to determine if there have been any flaws in prior transfers of ownership or if there are any claims or encumbrances on the title to the property. * The purchase offer and contract procedures vary by region.
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