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Walter Funk Real Estate Group
Real Estate For Sale, Abbotsford Residential Properties For Sale
Walter Funk Real Estate Group

Choosing a Realtor?

Any one of hundreds of realtors in the area would be happy to put their sign on your front lawn. And all of them have access to the same information through the MLS system. So it boils down to a very basic issue, whom do you TRUST to walk you through what could be one of the largest and most significant financial decisions you will make.

Questions to Ask

Your ‘relationship’ with your Realtor should be what drives your decision. Do they instil confidence in you? Do they have your best interests at heart or are they just interested in another pay check? Are you confident that they are committed to getting you the best value for your home and finding a home that is the best home for you? Would you be comfortable working closely with them for the length of the transaction? Do they communicate clearly with you? Do they have a track record of successful sales? Do they have a systematic marketing plan?

Notice that these are mostly relational questions. The least stressful and most successful real estate transactions are the result of a “trusted relationship” between you and your Realtor with an easy and consistent flow of communication. As mentioned earlier, all realtors have access to all the same data so it comes down to your level of TRUST in their ability and your relationship.

About the Realtor

In Canada, any real estate salesperson that uses the title 'Realtor' is a member of the Canadian Real Estate Association and as such, subscribes to a high standard of service and to a strict Code of Ethics. The Standards of Business Practice for Realtors are exact in their intent, and clearly state what a Realtors duties are, and to whom the Realtors owes these duties.

Your relationship with your realtor is defined by a legal term called agency. The essence of this relationship is that you, the principal, have given authority to the licensed agent (the company to whom your individual salesperson is registered), the authority to represent you in your dealings with others. Your agent and their salespeople are legally obligated to protect and promote the interests of you, the principal. Specifically, the agent owes the principal the following:

  1. Undivided Loyalty 
    The agent must protect the principal's interests at all times and disclose any known facts which may influence the principals decision. This has very critical implications for a Buyer.

  2. Obedience 
    The agent must obey all lawful instructions of the principal.

  3. Confidentiality 
    The agent does not disclose any secrets of the principal that may affect the transaction. An example of this would be motivation for selling or how high the buyers will go on their price.

  4. Reasonable Care and Skill 
    It is expected that the realtor exhibits the same level of skill and competence in their activities as would be expected from an average person in their profession. It would not be appropriate, for example, for a residential specialist to tell a client that he/she can handle a complex commercial transaction unless it were true. However the client has the right to expect the same skill level as that of an experienced commercial practitioner.

  5. Full Disclosure 
    The realtor has the legal duty to make absolutely sure that all parties to a transaction know exactly whom the realtor is working for, and the nature of that relationship. The realtor also has a binding legal obligation to disclosure any personal interests that he/she may have in a transaction. The principal must be informed if the realtor or his/her relatives or business partners have any interest in the transaction. This applies to both direct and indirect interests.

  6. Full Accounting
    All of the principal's monies must be held in "trust" in accordance with the Real Estate Act. Monies held in trust can only be paid out according to the principal's instructions.