Edmonton Homes

Edmonton Advanced Marketing DND BGRS REALTOR

Questions & Answers for Edmonton Home Sellers

Why Use a REALTOR®

The Canadian Real Estate Association (CREA) has established a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures the protection of the rights and interests of consumers of real estate services. As a condition of membership, all Edmonton REALTORS® and licenced real estate agents in Edmonton agree to abide by the Code. Download the REALTOR® Code (PDF).


Selling a home usually requires several forms, reports, disclosures, and other real estate related documents. A knowledgeable and experienced REALTOR® can help you prepare, give you guidance and relevant information such as current absorption rates, buyer or seller comparative market analysis,  and other data to avoid delays or costly mistakes.

What do Real Estate Agents Do?

In the life of a real estate agent, there is much more than showing homes, meeting with buyers and sellers and receiving a commission. Real Estate is not quite like television productions. There is plenty that happens behind the scenes which most buyers and sellers do not see.


If you have ever tried to buy or sell real estate on your own, you may have an idea of how hard real estate agents work. A good Edmonton real estate agent can make the process of buying or selling a home seem simple, leaving the impression that their job is fairly easy. The fact is, this is not at all what really happens. 


Below is a list of activities REALTORS® perform on a daily basis:


Schedule Property Showings

Scheduling showings require contacting the listing agent who will inform their seller they have a showing in order for the seller to vacate the premises prior to the availability of the buyer and the buyers real estate agent. It also gives the showing agent an opportunity to read more

How Real Estate Commissions Really work

Commissions are an amount of money, typically a set percentage of the value of the property paid to an agent or agents in a real estate transaction. Many people think it is the sellers that really pay real estate commissions, but in fact, it is a combination of the seller and the buyer.


The commissions are normally divided equally between the buyers' agent, the sellers' agent and the real estate companies they are working with. Almost everyone involved in a real estate transaction is part of this remuneration including:


  • The buyer who hired the buyer agent for their expertise to help them find their home and negotiate on their behalf.
  • The buyer's agent who is doing historic property research for the buyer, pointing out any flaws in a property, using valuable to time to drive the buyer from home to home, and educating the buyer on all relevant real estate aspects.
  • The seller who hired the sellers' agent for their experience, and negotiate on their behalf.
  • The sellers' agent who provides knowledge in both residential real estate dwellings, real estate contracts, internet marketing ability, connections to other real estate contractors such as photographers, drone photography, stagers, signage and offers access to important real estate tools to help sellers sell their home.
  • The real estate company/Real Estate Broker/Realtor share split can also take a portion of the commission. Quite often the share split or the amount the real estate companies take from their associates will range from 30-50% of the gross commission.

Depending on the real estate company office desk fees and office commission share split, the remainder of the commission is used by a listing agent to cover the costs of a professional photographer, Keyboxes, yard sign, MLS Fees, print material, online advertising and so on.


Although buyers agents do not have as many expenses as listing agents, they are still using wear and tear on their vehicles, paying for their gas, client meals while touring homes, and spend several hours setting up the showings and touring properties.


And of course, we can't forget about the taxman. Revenue Canada wants their share too.


If a real estate transaction falls through - Realtors do not get paid!

How to Accurately Price A Home

Pricing any real estate accurately is based upon a few factors especially in a "downturn", "soft", or "buyers market". There are six key components and real estate tools to help you price your home accurately including:


Your tax assessment is a starting point:


Do not base pricing your home on this alone, Your tax assessment is a good starting point, but may have been over or under assessed depending on the real estate activity in your community over the last few years. Were there lots of homes foreclosed upon near you? Did you originally pay too much for your property when you purchased it?  Were there several homes sales at the turn of the market? All of these factors are taken into consideration when the city does your property tax assessment.  


Knowing your community absorption rate:


A real estate absorption rate is the number of months it would take to sell the current inventory in your community assuming no other homes are added to the market. This is used by real estate agents to predict if house prices are increasing or read more

Can You Afford To Sell Right Now?

Are In-Home Evaluations Actually Free?

View our Videos Below Provided Courtesy of the Canadian Real Estate Association

 
Copyright 2019 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.