Frequently Asked Questions
Buying or selling a home is a stressful time and you'll probably have lots of questions. We try to answer the more frequently asked questions here, but if you need further information or have a specific question contact us.
"REALTOR®" and "real estate agent" are not interchangeable, although some real estate agents might like them to be. The term REALTOR® is a registered certification mark that identifies the quality of services rendered by licensed real estate agents who are members of The Canadian Real Estate Association (CREA). All real estate agents are not REALTORS®, but all REALTOR® members are real estate agents. REALTOR® members are committed to a strict code of ethics known as the REALTOR® Code, and are the only ones who have the right to list your property on the MLS® Systems of their local real estate boards. To correctly be referred to as a REALTOR®, a real estate agent must be a member of CREA.
You're trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here's what we promise you:
Your REALTOR® is a trained professional REALTORS® take extensive pre-licensing courses in order to obtain credentials for practicing in real estate.
Your REALTOR® is continuously trained.
REALTORS® keep pace with the times by taking continuing education courses to upgrade their knowledge on a broad range of real estate related issues in order to be able to continue to provide consumers with current advice.
Your REALTOR® does everything by the book.
A REALTOR® must be registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.
Your REALTOR® is an ethical businessperson; REALTORS® must adhere to the extensive Code of Ethics of the Canadian Real Estate Association.
Your interests must always be put first. Should you have concerns about the professional behavior of a REALTOR®, Service NL and NLAR take these matters very seriously and work quickly to resolve any issues.
Your REALTOR® has access to NLAR's MLS® System, the single most powerful tool for buying and selling a home.
Your REALTOR® can provide you with exclusive features of the MLS® System, such as immediate notification when new properties are listed. You don't have to wait for it to be posted on a web site.
Many people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.
Will you really "save" the real estate commission? When buyers see a home for sale 'by the owner', they see a bargain. They imagine the REALTOR®'s fee going into their pocket, not yours.
How many potential buyers will you reach? Selling a home takes more than just hanging a "For Sale" sign.
How will you promote your home?
Will you write your own ads?
How will you use the Internet? MLS® and the corresponding web site www.REALTOR.ca have changed the way people search for homes, and it's hard to court buyers without it.
Do you have the time? Promoting a home is a full time job, and you may already have one.
Will you be able to take calls at any time? How about screening the callers to figure out if they're suitable candidates? Not everybody who calls is even suitable to walk through your home, but how do you tell?
Do you know the market well enough to get the most for your home? Lacking years of experience, the average do-it-yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.
Do you have the negotiation skills to keep a deal on track? When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster. REALTORS® keep it professional and are indispensable when it comes to bargaining with buyers.
Here are 10 smart questions to ask. But remember, this is just a starting point. Your REALTOR® should be willing to answer any questions you have. After all, that's why you hire the pros.
How long have you been in the business?
What is your average list-to-sales-price ratio?
How will your marketing plan meet my needs?
Will you provide references?
What separates you from your competition?
May I review documents that I will be asked to sign?
Can you help me find other professionals?
How much do you charge?
What if I'm unhappy with the service?
What haven't I asked you that I need to know?
Members of the NL Association of REALTORS® are are required to adhere to a Code of Ethics and Standards of Business Practice requiring the utmost in fairness, professionalism, integrity and respect. If you have issues with the service you've received by a member of ours, there are a number of steps you can take to resolve the problem. We suggest you follow these steps.
1. Talk to your REALTOR®. Simple issues about service quality, expectations, etc., are best addressed directly with your Realtor. Make them aware of your concerns and explain how you would like to see them deal with the issue.
2. Talk to their Manager or Broker. Salespeople are licenced by the Governent of NL in the name of a broker, who is responsible for everyone licenced in that office. If your Realtor can't solve your problem to your satisfaction, you should next approach their manager or broker who may be able to mediate your issue.
3. Contact us. If the broker can't solve your problem, you can discuss it with us. If we can't help you mediate a solution, the next step is a written complaint.
4. Written Complaint. We are empowered by our members to investigate and impose sanction on Realtor conduct that does not meet our By-laws, Realtor Code of Ethics and Rules of Cooperation. Written complaints are referred to our Professional Standards Committee for review and investigation. This quasi-judicial process is based on the principals of natural justice, ensuring fairness, independence, confidentiality, and equal treatment.
5. Written Complaint to the Regulator. For issues that are outside the jurisdiction of NLAR, Service NL has a complaints process outlined on its website at here.