By Doug Webber & Shae Webber
Certain For Sale By Owner Advertisers would like you to believe that all you have to do to sell a home is advertise on the Internet. These advertisers will even claim to “help you from start to finish” giving the illusion they are able to provide these services.
For Sale By Owner Advertisers are not legally permitted to provide Real Estate services. That is why their advertisements have disclaimers such as “we are not REALTORS®”. If you are able to locate the fine print, another disclaimer may read:
* Only available in participating areas. Services are defined locally and performed by third-party service providers and not the Anonymous Advertiser. These services may include but are not limited to property valuations or appraisal services, pre-sale home inspections, legal services, home staging services or other real estate related services.
Real Estate is a regulated industry overseen by British Columbia’s Real Estate Superintendent. Real Estate is governed by Statute Law, namely “The Real Estate Services Act” (RESA). The law clearly states who can provide Real Estate services. A license to provide trading services is required by anyone who, or on behalf of a party selling, purchasing or leasing Real Estate, provides any of the following services:
a) advising on the appropriate price for the Real Estate;
b) making representations about the Real Estate;
c) finding the Real Estate for a party to acquire;
d) finding a party to acquire the Real Estate;
e) showing the Real Estate;
f) negotiating the price of the Real Estate or the terms of the trade in Real Estate;
g) presenting offers to dispose of or acquire the Real Estate; or
h) receiving deposit money paid in respect of the Real Estate.*
You most likely purchased your home and already know that lawyers, bankers, appraisers and inspectors are involved in the Real Estate process. You have probably heard about home staging and curb appeal. Do you really need to pay up to $1500 for somebody to tell you what you already know?
It is true that anybody can post an ad on the Internet and receive inquiries. But what do you do after that? Does it make sense to repeatedly meet with your lawyer to seek Real Estate advice? A REALTOR® will advise you from start to finish and is available when and where you need them.
REALTORS® provide advice based on experience and knowledge about the local market conditions, trends and history. REALTORS® will take care of the details, letting you focus on your goals. You will need to understand the Law of Agency and how it affects you as a Seller. It is important to understand that Listing REALTORS® have a very different role than REALTORS® working as Buyers Agents. Be clear about who is working for you, and what information you are providing.
Selling your home is important. Getting the right price and terms is important to you. Avoid costly mistakes and unnecessary fees by getting it done right the first time. A REALTOR® will do more than just advertise your home for sale on the Internet. The simple fact is that choosing to hire an experienced REALTOR® to sell your home will protect your interests, reduce your legal risk, and save you money, time and stress.
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Source: RESA, s.1 (definition of "trading services")
The opinions in this article are those of the authors and not those of Pemberton Holmes Ltd.
Information is from sources deemed reliable but should not be relied upon with independent verification.