1. Not Working with a Realtor as a Buyer
As a buyer in British Columbia, there is no cost for you to have representation on your side. That’s right, you do not pay any commission (it is common practice in BC that it is paid for by the seller). Working with a connected realtor can give you advantages such as preferred access to pre-sale or other real estate opportunities, ensuring a more positive purchase experience. In order for buyers to make an informed purchase, you will also want to have the most perfect information that you can gather. As most sales history transactions is privatized information paid for by real estate licenses and regulated by the REBGV through Paragon, only a realtor will have access to this information. Purchasing and selling property will probably one of your biggest personal purchases. As a buyer, you definitely want to know what you’re getting into before you commit. The only way to know if you are paying a premium or if you are getting a deal is only through current data. A realtor will give you the peace of mind to make your most informed decision.
2. Not Working with a Realtor as a Seller
The real estate market is constantly changing. A realtor is a professional who has a constant pulse on any market changes through monthly statistics as well as through access to privatized recent sales history information which allows them to advise you on the correct pricing strategy. Whether the market is a balanced one, seller's market, or buyer's market, it would require completely different listing strategies to help you maximize your sale price. If priced incorrectly in volatile markets, this could mean a loss often of thousands of dollars. An experienced realtor can advise you on the correct listing strategy to put you in the best position possible.
3. Blind Spots + Red Flags
An experienced realtor can help you minimize risks by helping you review strata documents, diclosure statements, clauses, purchase and sale agreements, addendums, and many other documents, searching for bindspots + redflags. An experienced realtor will have seen many of these documents over the course of their career and will consult on any suggested revisions or addition of information to protect your best interest during your subject period or 7 day rescission period.
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