Real Estate is a well-regulated industry in Ontario. The Real Estate Council of Ontario (RECO) regulates the profession and is responsible for administering the Real Estate and Business Brokers Act, 2002 (REBBA 2002) and associated regulations on behalf of the provincial government.
RECO also undertakes research to help understand consumer needs and guide the industry. For example, a recent (late 2014) survey by RECO revealed that 41% of Ontario homeowners and 45% of first-time homebuyers wished they had done something differently when buying or selling their home.
It seems much of their concern revolved around process. Key takeaways from the research included:
- Twelve percent reported wanting a better understanding of the selling process.
- 26% wanted more knowledge pertaining to the buying process.
- A broad range of topics within the process were covered, including the use of home inspections and understanding the various contracts involved in buying or selling.
- The numbers were higher for first-time buyers and sellers, with 32% of this group reporting they did not feel prepared and knowledgeable about the process.
Process… what process?
Whether you’re getting ready to sell your current property or buy your next one, you’re on a journey that is sometimes complicated and often emotionally charged. The resultant process can be quite detailed, and will include many diverse steps.
The RECO research also suggested interviewing real estate professionals as a phase in the process. So, as you interview REALTORS® to help with your purchase or sale, you may want to ask some questions around project management, workflow, timing of various steps, and that sort of thing. You’ll want a real estate sales representative who can anticipate challenges and help avoid surprises as the process evolves.
Personally, I like to take a proactive approach to the process, and have broken it down into a series of 5 stages, including steps around understanding the marketplace, and the legal aspects of closing the sale. I see my role as that of a guide, ultimately ensuring Peace of Mind for clients, and minimizing their potential stress or anxiety.
If you would like to chat about the process, I’d be happy to answer any of your questions. I can be reached at 905-467-0830, or firstname.lastname@example.org.
If you would like to read more about the RECO survey, you can do so here: http://www.reco.on.ca/news-release/how-to-tell-fact-from-fiction-real-estate-council-of-ontario-survey-finds-many-home-buyers-and-sellers-have-more-to-learn-about-the-real-estate-process