The Top 5 Questions Everyone Wants To Know About Their Vancouver Real Estate Realtor But Are Afraid To Ask

1.  How Do Realtors Get Paid? How Much Do They Charge?

Buyer’s agents:  It’s FREE to use a Realtor to help you buy a place.  The Realtor gets paid by the seller. Listing agents:  Listing agents get paid by the seller when they sell your home.  It’s laid out in the listing contract that you sign. There is no regulation for how much Realtors can charge you.  Buyer’s agents are FREE 99% of the time as they get paid by the seller.  Listing agents can charge you in any structure they want. There are many creative fee structures, but typical commission structure is 7 – 8% on the 1st $100,000 and 2.5 – 3.5% on the remaining. Example:  if your Vancouver Realtor sells your home for $1,000,000, you’d be charged $7000 – $8000 (7 – 8% on $100,000) plus $22,500 – $31,500 (2.5% – 3.5% on $900,000) = $29,500 – $39,500. This does not include GST and the Realtor does not get paid this.  This amount is paid to the real estate brokerage who then takes their cut and pays the Realtor.

2.  How Do I Choose A Realtor?

To answer this, I’ll give you a few things on how NOT to choose a Realtor. Number 1:  Don’t choose a Realtor just because they are a relative, friend or you know them. Number 2:  Don’t judge a Realtor by what you see.  Just because their signs and flyers are everywhere just means they’re good at spending money, it doesn’t mean they’re going to provide you the service you need. Number 3:  A busy Realtor isn’t a bad one.  A busy Realtor with good time management is better than a Realtor who has tonnes of time but poor time management.  Having said that, don’t choose a Realtor who’s TOO BUSY for you. Number 4:  Don’t choose a Realtor SOLELY based on the years of experience.  Some new Realtors are often more informed than those in the business for years.  It’s not so important how much the Realtor knows but how willing the Realtor is to find out the answers to questions. I prefer a Vancouver Realtor who’ll do what it takes to find the answer than one who’s been in the business for years but won’t take the steps to find answers. Bottom Line:  There’s no 1 size fits all.  Some want the cheapest, some want the consultant type, some want the nurture and care, some want the super fast paced type, etc…

3.  How Much Is My House Worth?

Let me ask you. When do you want to sell your home?  If you want to sell it now, then I can do a market evaluation.  But if you want to sell your home 6 months later, then a market evaluation should be done 6 months later.  An outdated evaluation is as useful as outdated stock prices.  It’s a nice to know, but that’s about it.

4.  Should I Buy Or Sell Now? When Is The Best Time To Buy Or Sell?

It depends.  There are pros and cons to buying and selling at different times of the year.  I go into detail in my blog post and video. The simple answer is buy or sell when you’re ready to buy or sell.

5.  I Want To Invest In Vancouver Real Estate, How Should I Start? Where Should I Invest?

Do you want to invest for cash flow?  Asset appreciation?  Is there a focus on 1 or the other? You should start by talking to a Realtor who specializes in this area.  Your Realtor should understand the market, supply and demand, cash flow analysis, creative financing, and many types of creative real estate investing. The most important thing in Vancouver real estate investing is doing your research and due diligence and working with a team (Realtor, accountant, lawyer, home inspector, property manager, etc…)

Testimonial

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We were very fortunate to have Gary be our realtor selling our condo. Gary proves to be the best realtor ever that we had worked with. Gary was very personable and having our best interest in heart through the sale process. Gary was very ethical and having great negotiation skill. Gary understands the market through his extensive and indepth research and experience. He guided us throughout the sale process. We highly highly recommend him to anyone that’s selling and buying real estate.

Gina Yu & David Meng

Vancouver School Board

Wanna know what school catchments are for that home?

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Market Statistics

Which neighborhoods are hot and which are not?

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Where Do I Go To Find A Good Realtor?

 

 

 

How would you know if you found a good Realtor?

How do I go about finding a good Realtor?

 

Question:  What are the qualities of a good Realtor?

Answer:  The first thing is I’d ask around.  I ask for referrals from those around me.  Chances are is that if my friend had a good experience with that Realtor, there’s a good chance that I’ll have a good experience with that Realtor.  

However, I would recommend interviewing different Realtors.  Not all Doctors and Lawyers are created equal, the same goes with Realtors.  I would look at their website, their branding, hear what they have to say and ask about how they do their business.  

A caveat is that a Realtor with a poor website doesn’t mean they’re a bad Realtor.  But if the Realtor has an exceptional, phenomenal website, chances are that the Realtor is a pretty high performance individual because they care a lot about their branding.  

Once again, I’d recommend talking with different Realtors.  Many operate their businesses quite differently.  Some clients require a lot of hand holding and nurture and so they might be best with a Realtor who can cater to that.  Whereas, some clients just want the job done as fast as possible, and want to be as hands off as possible, and so these clients may prefer a Realtor that can cater to that style.

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Is There A Real Estate Bubble In Vancouver?

 

 

 

The Media Has Talked About It For Months

Is There A Vancouver Real Estate Bubble?

What Are The Economic Factors Behind It?

Why Have The Prices Gone Up So Much?

 

There are a number of factors that speak to where the Vancouver Real Estate Market is going.  Some say it’s overpriced, some say it’s unsustainable, some say there’s a bubble.  

Here are a few key points I’d like to point out:

  • Late 2014/Early 2015, Government CANCELLED the Immigration Investment Program which basically allowed foreigners to come to Canada, give the government $800,000 as an interest free loan, wait a few years, and then they’d get their Permanent Residency status along with the money back
    • The RESULT:  initial panic by those NOT in the real estate industry, but many experts in the real estate industry said that this wasn’t going to affect the market a whole lot as it targeted the extremely wealthy foreigners and that it may slow down the market for the extremely high end homes in the $5M plus range.  Currency was still good, in the end, it didn’t affect the market.
  • My Understanding of the China Market:  when China’s economy is doing well, people go abroad and buy real estate property in Canada, US and Australia, when China’s economy IS NOT doing well, they do the same thing.  

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How To Use Other People’s Money To Buy Real Estate

 

 

 

You’ve Heard Of The Zero Money Down Real Estate Investing?

Does The Word JV or Joint Venture Comes To Mind?

How Does It Work?

How Do I Find The Investors To Partner Up?

 

There’s a great book out there, “Money, People, Deal” by Stefan Aarnio.  Basically it says that if you have 2 of the 3 (Money, People, Deal), the 3rd one will come.  So if you have the deal and the people, the money will come OR if you have the money and the people, the deal will come.

Sometimes, you ONLY just need to find the DEAL and the other 2 will show up.  “If you build it, they will come” from The Field of Dreams.  In real estate investing, if you find the deal, often times, the people and money will come to you.  

So, how does it work?  

Many people ask me, 

 

But I Don’t Have The Money

 

It can still work if you don’t have the money.  The investors will put up the money and you will then do ALL THE WORK and you’d take a cut of the profits.  That can be negotiated depending on a variety of factors, how lucrative the deal is, your track record, etc…

 

What If I Don’t Have A Track Record?

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