Secondary Suites are they legal or illegal?

Secondary Suites are they legal or illegal?
Real estate professionals must be aware of the risks and issues when marketing properties with legal or illegal secondary suites (basement suites).

“Suite” under Basement Development or by referring to a “suite” with income or revenue producing potential in the remarks or terms of a listing, the Member must ensure that there is a secondary suite occupancy permit otherwise it is not legal.

If they do not have this permit, they may not be covered for errors and omissions insurance by REIX.  RECA may see this action as a misrepresentation.

Lee Bourgeois Edmonton Real Estate Blog

Feedback on Showings

Practice Q & A: Feedback on Showings

 Q: As the buyer’s representative, I am often asked for feedback after showings.

Is this ok to provide?

A: There are some agency issues associated with providing feedback to seller’s representatives.

The buyer’s representative have must act in the best interests of the buyer and should be careful to avoid providing any feedback that might negatively impact the buyer’s negotiating position.

For example: “Yes, the client really liked the property … They were over the moon about the hot tub-pool combination … It’s just where they want to live! Etc.”

As a seller’s rep, you’re ecstatic because you now know some of the motivation for the buyer.

As the buyer’s rep, your client probably won’t react as warmly to this news.

Requesting feedback is a throwback to sub-agency when everyone worked for the seller.

As a seller’s rep, you would love to get your hands on this info. After all, the seller’s rep works for the seller and will naturally try to obtain an advantage for his/her client.

However, if you know for a fact that your client isn’t coming back to the house as a potential purchase, you may want to give feedback but always discuss this with your client first – “Do you want me to provide feedback to the seller’s agent? If so, what should I say?”

More often than not, seller’s reps are probably most interested in feedback on the listing rather than that specific showing, for example, the price is good and the property is in good shape.

Article provided by: AREA hub Monthly

Lee Bourgeois Edmonton Real Estate Blog

Realtor Open Houses

The National Association of Realtors every year holds a “National Realtor Open Houses Weekend” and they spin it as an, “endeavor to promote the message to prospective buyers that homeownership matters.”  The one thing that they do not tell you is that Open Houses do not sell houses, they create leads for Realtors. For sellers who vacate their homes every weekend, that is an expensive and highly disruptive deception.

Sellers, CANCEL your open houses.  Buyers, don’t EVER walk into an open house or set up an appointment with the agent listing the house.
Our data comes from Realtors themselves.  Most surveyed Realtors agree that open houses do not sell houses, that they are a security risk to sellers, that they attract buyers who have little interest in buying the showcased house and that open houses serve to generate business for Realtors, not their clients.  Yet nearly 97% of those same Realtors regularly subject their clients to open houses….
Article taken in part from: CAARE
Lee Bourgeois Edmonton Real Estate blog