This is version 2.0 of our Oasis Realty Ottawa blog and we are keen to get it ramped up again. (we lost about 5 years worth of posts due to a misunderstanding between us and our website supplier…ugh! …not all their fault but it was surprising there was no way to go back and repatriate the content)
We think we can have a valuable role in creating a forum for consumers and Realtors to discuss real issues in today’s Ottawa real estate scene. Many professionals in the business don’t have time to blog or don’t have much latitude, due to employee contracts, corporate brokerage policies or management practices. Many others prefer to focus strictly on marketing and lead generation using their blog.
We hope to emulate in some small way, the super blog by a Realtor colleague in Toronto, David Fleming who has done a fantastic job in “telling it like it is” in Toronto real estate. He doesn’t pull any punches, either….something that is not possible for 95% of Realtors out there who are effectively muzzled or controlled, since everything they write or post, is subject to some management or corporate policy, scrutiny or legal potential. We encourage everyone to check out https://torontorealtyblog.com/ for an interesting perspective on the GTA market and real estate in general.
We think we have some real insight to offer, with over 15 years of industry experience and 12+ years running our own small brokerage. We have worked with 2 major corporate franchise brokerages prior to launching our own brokerage, so we feel we offer an interesting perspective.
We encourage you to submit questions and issues you would like to hear about it and we will address them, if we believe they are topical and of interest to other consumers. So what are your thoughts on the Ottawa real estate market? What have your experiences with Realtors been? What surprises, confuses, entertains or ticks you off about how real estate is done?
We look forward to hearing from you!
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 oasisrealty@rogers.com
What is something every real estate novice should know?
Gosh, there are so many things. Here are just a few:
Buy the worst house in the best neighborhood, not the best house in the worst neighborhood. It’s a cliche, but true. The neighborhood and location comes first.
If you’re rehabbing a house, understand that there’s a substantial difference between rehabbing for a rental and rehabbing for a buyer. You’ll spend a lot more rehabbing for a buyer.
If you’re rehabbing a home, always keep the end customer in mind. Don’t rehab to your tastes. Rehab for what the renter or buyer wants and expects in that type of property.
If you get prequalified or preapproved for a certain amount, that doesn’t mean that’s what you should spend. That’s the absolute maximum. Do your own calculations on what you can reasonably afford to spend. Then don’t exceed that, even if it’s substantially below your prequalified or preapproved amount.
The individual real estate agent is far more important than the brokerage he/she is with. Choose the agent, not the brokerage.
When buying, always get a home inspection. Always. Even with new construction. The home inspection won’t catch everything (and may, in fact, miss some important items). But always get a home inspection.
When buying, always buy title insurance for yourself. Your lender will require that you buy title insurance for the lender. That’s to protect the lender. You absolutely need title insurance yourself . . . to protect yourself.
Understand that everything is negotiable. That goes from your agent’s commission to the price of the property. Suppose a property has a listing price of $200,000. The agent advises you to make an offer at or near $200,000. That may be good, professional advice. But feel free to offer less. Sometimes substantially less.
If you’re buying, always be represented by your own agent. Some buyers think that if they don’t have their own agent, they’ll somehow get a better price. That’s absolutely false. The commission has already been negotiated between the seller and the seller’s agent. That’s not going to change, whether you have, or don’t have, your own agent. Besides, your own agent can provide tremendous value and advice.
Understand that real estate agents aren’t permitted to offer legal advice (unless they’re lawyers; few are). On the other hand, few lawyers know much about real estate beyond the law. That is: Don’t expect lawyers to provide advice on prices, offers, etc. Understand the role of each.
When buying, understand what’s important and what’s not. A house’s paint and carpeting aren’t important. They can easily be changed. However, room positioning and traffic is quite important can be very expensive to change. The size of the yard and where it is in relation to house placement can be very important and can’t be changed. On the other hand, the placement of bushes and flowers isn’t as important and usually can be easily changed. A first-time home buyer doesn’t need the latest stainless steel appliances and granite countertops. They’re nice, but you can easily get by with less; spend your money on important things.
There are plenty of other things a real estate novice should know. But those are 11 really important ones.
a lot of interesting content provided, thanks, Sandra!