Interview Questions To Ask Your Next Realtor

Although there are many other selling options, the majority of Canadians choose to use a real estate agent to sell their home. Most Realtors are qualified, educated, and well versed in contract law. They can also have localized expertise in your neighbourhood or market. It is absolutely critical that the Realtor you choose has the skills to get the job done. Selling a home is not luck. There is a reason why 20% of the Realtor do 80% of the work. There is also a reason why year after year the same Realtors are consistent Top Producers. When interviewing your next Realtor to sell your home here are some questions for you to ask him or her;

* How long have you been selling real estate?

* How many homes did you sell last year?

* Are you a full-time agent?

* Is it the right time to sell?

* Do you work solo or as part of a team?

* How do you price a home?

* For the homes you listed in the past year, what was the average number of days they spent on the market?

* For the just mentioned list of homes, what was the average difference between the listing price and the selling price?

* How do you market the homes you list?

* Do you do any social media marketing?

* How do you use the Internet?

* Do you offer virtual tours of listed homes?

* What websites will you use to advertise the home?

* Do you have a website?

* Do you have a feedback system for potential buyers and their Realtors?

* Before you list a house, do you give clients ideas on how to make their home more marketable?

* When you’ve listed a home, how do you report back to your sellers regarding activity on the property?

* Do you have access to other professionals that clients need during the selling process?

* How do you handle negotiations?

* Do you attend inspections and appraisals after an offer is in place?

* How much do you charge?

* Will I have to pay any hidden costs?

* How accessible are you?

* How does it benefit a client if he uses you to sell?

* Why should someone list with you over other Realtors in the area?

* How much professional training do you get every year?

* If a client is unhappy with your service, can he terminate your contract and the listing?

* Do you have a list of references for potential clients?

* What are your thoughts on the real estate market today?

* What else should a client ask you that he hasn’t already asked?

This is just a start, but hopefully it will help you in interviewing Realtors better. Good luck,

Is buying a condo for your college student a good idea?

Sometimes a parent decides to buy a place for their children while they hit the books in university or college. It can be a good alternative to paying thousands of dollars toward residence fees or rent. Just look at the math:

Student rent of $500 a month = $6,000 a year = $24,000 over 4 years of school.

That money could go to your mortgage instead as an investment for you.

In Ottawa, for example, you can buy an older one-bedroom condo for about $195,000. Or, buy a 2-bedroom for $240,000 and let your child’s roommate help cover the mortgage by paying rent. Let’s assume you pay 20 per cent down. Here’s an example of what your monthly costs could total when morgage rates are low:

Cost	1 Bedroom	2 Bedroom
Mortgage payment	$800	$1,000
Condo fees	$350	$450
Property taxes, maintenance	$300	$400
Total	$1,450	$1,850

Think about it: if your child rents a place, your money is helping the landlord pay his or her mortgage and other costs. If you buy a place instead and rent it to them, you have a real estate investment with a guaranteed tenant: your child. If the investment goes up in value, you will make money. Just remember that those gains will be taxed.

Also remember, mortgage rates and other costs change, and these changes will impact the numbers and your decision.

Things to consider before you decide:

You can buy the property in your name, in your child’s name, or both. If you buy the property in your name, you should consider:

• The rental income you charge can pay a lot of your costs. Just remember you have to declare that income on your tax return.
• As a landlord, you can also claim many of your expenses, including mortgage interest. Assess your costs carefully before you buy. They will vary with the local real estate market, mortgage rates and other factors.
• Plan for some vacancies. Your child (or their roommate) may not stay in the condo over the summer break. Are you really going to ask them to pay rent if they are living somewhere else for a few months?
• Remember that you will own a greater share of the equity as you pay off the mortgage. And, the value of the condo may rise over time. This can offset your costs. But whether you do more than break even depends on what happens to housing prices in the area.

There are other benefits, too. Your child won't need to look for a different place to live each year. They also won’t have to worry about subletting every summer. And their furniture won’t be coming back with them if they live at home over the summer break. Not a bad deal.

Remember: you may not make money if you buy a student condo.

But there are other reasons you may decide to go ahead. At the very least, you can provide your child with a nice place to live in a good neighbourhood while they go to school.

Calgary Housing Update

CALGARY’S HOUSING MARKET SET TO OUTPACE 2010

Several Calgary Communities Get a Boost in Sales and Price

Calgary, November 1, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales totaled 16,184 after the first 10 months of the year, an increase of eight per cent over last year.

Over 61 per cent of Calgary’s established communities saw increased sales levels compared to last year. Garrison Woods, Collingwood and Mahogany saw the largest sales increase at 170 per cent combined; nearly half of all Calgary communities recorded price increases, with Shaganappi, Chinook Park and Downtown leading the way with a combined average price increase of 55 per cent.

Top 10 Established Communities
Price Increases	%Change	Sale Increases	%Change
Shaganappi-025	139.58%	Collingwood-418	220.00%
Chinook Park-117	34.02%	Mahogany-375	150.00%
Downtown-001	33.63%	Mayfair-111	100.00%
Elboya-103	32.61%	Roxboro-100	100.00%
Scarboro-011	31.63%	Vista Heights-605	88.89%
Lower Mount Royal-010	28.00%	Hanson Ranch-517	85.00%
St Andrews Heights-413	23.22%	Sage Hill-526	84.00%
Lakeview Village-033	21.31%	Shawnee Slopes_Evergreen Est-151	79.59%
Windsor Park-107	21.14%	North Haven-500	78.57%
Rosedale-406	21.06%	Pump Hill-131	77.78%

“A boost in full time jobs throughout the year is gradually translating into improved sales in the real estate sector,” says Sano Stante, president of CREB®. “Consumers are taking advantage of price stability and a healthy variety of selection. While these gains are moderate, we are set to outpace 2010 sales.”

Single family home sales totaled 988 for the month of October 2011, an 11 per cent increase over October 2010, but continue to remain well below historical levels. Year-to-date sales totaled 11,503, a 10 per cent increase over last year.

October listings have edged upwards over last year’s levels, increasing by nearly two per cent, but year-to-date there are six per cent less listings than levels recorded last year.

“Consumers are feeling more confident about the local real estate market,” adds Stante.

The average price of single family homes for the month of October 2011 was $455,399, while the median price was $395,000, an increase of two per cent compared to last year. This is primarily due to the rise in the number of luxury homes sales. Despite the monthly price increase, however, year-to-date figures remained stable at levels comparable to the previous year.

Condominium sales for the first 10 months of the year totaled 4,681, a three per cent rise over the same period last year. Inventory levels remained at 1,935 units, resulting in months of supply pushing above five months.

“The condominium market has significantly tightened compared to last year, however, moving into winter, we expect to see a rise in months of supply,” Stante says.

Condominium year-to-date average and median prices in 2011 were $288,736 and $262,500, respectively, a slight decline over the first 10 months of 2010. The decline is mostly due to increased sales in units priced under $200,000.

“Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year,” Stante concludes.