Myth # 1
"Selling a Home is as Easy as Putting up a Sign and Collecting Money."
Myth # 2
"Having any company put my house on the MLS is the same as hiring a Sudbury Realtor®"
Houses placed on MLS from sources outside the Sudbury Real Estate board usually don't appear on the system used by local agents and buyers.
While any registered brokerage can put your home on the Multiple Listing Service (MLS), only members or subscribers of the Sudbury Real Estate Board can put your home our local system.
For example, a brokerage from Toronto can put your Sudbury listing on the MLS, but unless that brokerage has subscribed to be a member of the Sudbury Real Estate Board it will show up on the Toronto Real Estate Board...not Sudbury.
So, what's the difference?
Well, As Sudbury Realtors® we have an internal real estate system that we use to view local listings. It's this system that is widely used to identify properties that might be a fit for potential clients.
Further, we are able to set up searches with specific requirements that will notify clients of potentially suitable homes, using the data of this internal system.
Myth # 3
"Realtors® will say anything to sell a property."
We won’t...in fact we can’t!
Sudbury Realtors® are trained, educated professionals and are held to standards through the Real Estate Council of Ontario (RECO), a not for profit consumer protection organization which regulates the trade of real estate on behalf of the Ontario government.
Further, any proven violations can result in penalties. Anywhere from fines, to suspension of licence, to full-on banning of the offending salesperson!
We take our jobs seriously, and work hard to ensure that we follow the rules and guidelines as set out by our governing organizations.
Myth # 4
"Realtors® are lazy...it's a cushy job!"
Being a Sudbury Realtor® is basically a 24/7 job!
The lifestyle of a Realtor® is unique. For many of us, there is no "start and finish" to our days or weeks. Nights, weekends, holidays...they're all fair game in the world of house selling.
What's further is that none of us know when that call or text will come. Late at night watching the big game, during dinner, at the mall, at the beach...the technology in our profession has evolved to where you can be accessed virtually anywhere.
But we've all chosen this profession for a reason, and regardless of the day, time, or circumstances, you'll often find us doing our best to serve our clients 24/7.
Myth # 5
"I won't use a Realtor® buy a home...it costs too much!"
Actually it doesn't! In fact in most cases hiring a Realtor® to help you purchase won't cost you a penny!
When you complete a transaction, and are represented by a Realtor®, you don’t always have to cut them a cheque on the spot! Buyer’s agents can be paid through proceeds of the transaction*
So here is how it works: When you purchase a home, there are typically two Realtors® involved. One represents the buyer, the other represents the seller. The buying agent is paid commission through the selling agent brokerage. What this means is if you are looking to purchase a house, it typically won't cost you a dime to hire a Sudbury Realtor®. Plus you get all the incredible benefits of having a real estate professional represent you throughout the process.”
*This is not an industry standard for every real estate transaction. In certain instances, the buyer’s representative will be paid by the buyer. Each real estate transaction and its payment process is unique to the sale or acquisition of real property.
Myth # 6
"If my house doesn’t sell in a week my Realtor® isn’t doing their job."
While sometimes properties do sell quickly, residential properties in Sudbury usually take somewhere between 60 and 70 days to sell.
If every home sold in a week, life would be easy! At any given time, there are likely somewhere between 2,000-3,000 properties on the Sudbury Real Estate Market. That’s a lot of choice for any buyer! On average a home takes somewhere between 60 and 70 days to sell in our market.
However, each property has a unique set of challenges. Location, condition, similar houses for sale, layout, time of year, and of course pricing, all have major impacts on how long it takes to sell a property.
By trusting the sale of your property with a Sudbury Real Estate professional, you can overcome many of these challenges. We are well trained and experienced in how to approach selling virtually any property to ensure it gets sold in a timely fashion.
Myth # 7
"Realtors® are just employees of a big corporation."
We are actually individuals working under a brokerage, handling a lot of our own marketing and administration. While we are associated with a national franchise or independently owned brokerage, we each run our own business.
So here is a clear(er) description of how real estate brokerages work. There are several national brands as well as variety of independent firms throughout Sudbury. The national companies have brokerages that register under them - that’s where the local brokerages come from. Within each of those brokerages, there is one Broker of Record who manages the brokerage, and a number of Realtors® who work as individuals for that brokerage.
Confused? Check out these examples:
1) ABC Realty is a national brand that is licensed to trade in Ontario. In Sudbury a man named LeBron McDavid decides to open an office under that company named ABC Sudbury Realty. LeBron is registered as the Broker of Record. He then can attract local Realtors® to join his brokerage, working as individuals.
2) David James is an independent real estate agent and opens up a new, independent firm called 123 Realty Inc. David takes on the role and responsibility of Broker of Record and again, attracts local Realtors® to join his brokerage to work under the banner of his company.
Myth # 8
"You have to sign with a Sudbury Realtor® as soon as you talk to them. "
You have a choice! Buying or selling your home is one of the biggest transactions of your life, and you should be partnered with the right salesperson for you.
For listing or for buying, interview different Realtors® and let them show you all the different skills, abilities and features that they can bring to the table. So take your time…feel free to call, interview, and ask questions of your potential Sudbury Realtor® before signing any agreement.
In Ontario, the most common form used to define an agency relationship with a buyer is called the “Buyer Representation Agreement”. While a signed agreement is preferred, and perhaps most beneficial to the buyer to commit to one agent early in the house search process, it is not required when meeting an agent, discussing needs and wants, having them search for or even show you a few homes.
You can invite a realtor to your home to have a face to face conversation with them. You are not obligated to sign anything in the preliminary stages. You can discuss a variety of items, some examples being, fees, rates, listing presentation and offerings, market knowledge and potential listing price values. Once you have decided on who you would like to represent and sell your home, your realtor will sign a Listing Agreement with you as well as all the paperwork required to get your home ready to hit the market!
Myth # 9
"You have to call the agent on the sign to view a property that is for sale. "
Not true! In fact any registered real estate salesperson can show any listed property, and in many cases unlisted properties as well!
In fact, the vast majority of transactions done in the Sudbury Real Estate market, consist of two separate salespeople working together on one transaction: One representing the seller (Realtor® on the sign) and one representing the buyer.
- If you are already working with a Realtor®, give them a call and they can make the arrangements for you.
- Not working with someone already? Take the time to check out different Brokerages and meet with a variety of Realtors® to find the right person to walk you through this journey.
Myth # 10
"It’s easy to become a Realtor®."
Becoming a Realtor® is not that easy. The whole licensing process for a new real estate professional takes anywhere from 3-5 years and is strictly regulated.
Once licensed, Sudbury realtors are also held to stringent education standards by the Real Estate Council of Ontario – the authority and governing body of the industry. Along with a minimum educational level, you will also be required to pass a written exam and have to undergo a period of supervised practical training before you can even be registered.
The registration education section is administered by the Real Estate Council of Ontario (RECO) and can take up to 18 months to complete. It covers topics such as contract law, real property law, ethics and code of conduct and much more. After completing the registration education, a candidate must then complete an articling phase that can last up to 2 years.
In addition, on a bi-annual basis, all existing registrants are required to successfully complete compulsory courses to ensure up to date information, and continued professionalism. If a registrant doesn’t fulfill these requirements, they cannot practice as a real estate agent in Ontario.