1. Buyer’s Agency: This arrangement involves the agent exclusively representing the buyer.
2. Seller’s Agency: In this scenario, the agent’s sole focus is on representing the seller.
3. Limited Dual Agency: This form of agency involves the agent representing both the buyer and the seller, navigating both sides of the transaction.
4. Professional Service/Customer Status: This status applies in situations where there is no formal agency agreement in place, such as interactions with an agent during an open house.

Let us dive into reviewing what I consider to be the most significant advantages of Buyer Agency.

Firstly, a notable aspect that buyers frequently overlook…

 

No Cost

Engaging a selling agent during the home buying process might not result in a windfall of riches for you. Instead, it is the agent who reaps the rewards. While some buyers may believe this grants them exclusive access to advantageous deals, in reality, it resembles entrusting a fox to safeguard the henhouse.
Buyer’s agents serve as invaluable allies in your quest for a new home, coming to your aid without any additional financial burden. Their primary objective is to navigate the complexities of the real estate market, ensuring a seamless journey towards securing your ideal residence.

Inventory advantages

A buyer’s agent functions as your dedicated real estate expert, guiding you through a myriad of options to discover your ideal home. Leveraging their expertise, they meticulously sift through listings to curate a collection of properties that align with your budget and location preferences. By entrusting them with this task, you expedite your house-hunting process and receive a curated selection of premium choices tailored to your preferences.

The inside track and local knowledge

Teaming up with a buyer’s agent who’s in the know about your dream locale can spice up your house-hunting adventure! They’re like your personal tour guide to the hottest neighborhoods and top-notch service gurus. With their little black book of contacts, you’ll unlock a treasure trove of professionals, from inspectors to garden gurus, making your home-buying journey a breeze!

Experienced market analysis

Crafting a compelling offer entails delving deep into market insights, sales data, and the aspirations of sellers. A proficient buyer’s agent will leverage this valuable information to develop a strategic plan, enabling you to navigate the current dynamic market adeptly and formulate standout offers.

Articulating and facilitating the inclusion and deletion of crucial purchase conditions.

Steering through the maze of dropping conditions and adding must-haves to your deal is key! Your trusty agent will have your back, making sure your wish list and timeline get the VIP treatment.

Negotiation Skills

Empower your buyer’s agent to demonstrate their negotiation prowess as they engage in a strategic exchange with the seller’s agent. This dynamic interaction aims to secure the most favorable deal for you while ensuring your best interests are protected.

Fear of the Unknown?

When it comes to obtaining your dream home, buyer’s agents serve as adept real estate professionals, adept at navigating market intricacies and opportunities to help you surmount hurdles. Leveraging their specialized expertise, they can forecast costs, pinpoint distinctive neighborhood characteristics, and strategically outperform competitors, facilitating the attainment of your perfect home.

Someone working for you, and YOU ONLY!

Buyer’s agents are dedicated professionals focused on protecting and guiding clients through the complex realm of property transactions. Serving as diligent partners, they keep clients well-informed throughout the process and secure the best deals. Teaming up with a buyer’s agent means enlisting a real estate advocate who works to find your ideal home and ensure fair transactions. It’s like having a personal property expert solely dedicated to your interests. Therefore, when considering a significant investment like buying a home, rely on exclusive representation to realize your property dreams.

TreeTop Haven is looking for a new owner

Click the image below for the full listing real estate video

**Please click here for full listing information**

TreeTop Haven is currently listed as a SHARE SALE for $1,399,900. ASSET SALE options are available by mutual agreement.

Please contact Melanie Press 902 394 7071 for more information and to book your showing appointment of this one of kind island business.

The Canadian real estate sector has been attentively observing the legal dispute involving the National Association of Realtors (NAR) in the United States, where a substantial $418 million settlement has been agreed, to be paid over a 4 year period.

♥ Follow Me on all my socials HERE and get in touch ♥

Thinking about starting real estate business, becoming a Realtor® or even trying to navigate the labyrinth that is real estate, takes courage and a specific mentality to be able to deal with the highs and lows of the business.  Where Every client and every property tells a unique story, being a Realtor® is a profession that demands resilience, adaptability, and a touch of magic to ensure a successful and seamless transaction for every client.

After a very varied 28-year career, I wanted to share some of my confessions about the industry. What kind of person makes it in this business and the attributes and skills you need to develop to help you on the way. Some, I do very well, some I really struggle with, even after all this time.

1. The Balancing Act:

Realtors® are the virtuosos of multitasking, juggling the needs of buyers, sellers, lenders, and inspectors. Each day is a tightrope walk, balancing the delicate art of negotiation with the demands of paperwork, ensuring every ‘i’ is dotted and every ‘t’ is crossed.

It’s all too easy to drop the ball, we are only human. Being stringent with paperwork, communication and the process of each transaction is key and managing how you effectively communicate is paramount to ensure the best interests of your client.

A golden rule which has served me well and I always stress this to new agents is, get everything in writing, from everyone. Have a paper-trail for everything – you never know when you’ll need to rely on that old text message.

2. Embracing the Rollercoaster:

Real estate is a rollercoaster ride, filled with highs of successful deals and lows of unpredictable market shifts. The job of a Realtor® often revolves around navigating these peaks and valleys, maintaining composure while riding the waves of uncertainty. I get as emotionally involved as the next person. I love my people and I’m a mama bear for the underdog and those who entrust me to look after them, but you have to keep the emotions in check, which can be really hard.

Another golden rule to remember during more charged times is, ‘cooler heads prevail’. Step away from the rollercoaster and view a situation from a different angle, it will always serve you, your sanity and your client better.

3. The Power of Networking:

I am actually quite a shy person, that will surprise many, but honestly, I find meeting new people or putting myself out there very hard indeed, and it can give people the completely wrong impression of me. Despite this, I understand the importance of networking. Building relationships with other professionals in the industry, from fellow real estate agents to mortgage brokers, is a secret sauce to success. Word-of-mouth referrals and a strong professional network can open doors that no amount of advertising can

If you struggle like I do, there’s lots of different ways to get yourself out there. Try volunteering your time in the community which is a great way to get out there and supporting and paying back your community with your time and resources.

4. Emotional Investment:

Beyond the paperwork and negotiations, realtors invest emotionally in their clients’ dreams the biggest feelings include the heartfelt joy of handing over keys to first-time homeowners and the disappointment of navigating through unsuccessful bids. Empathy becomes a powerful tool in understanding and fulfilling the emotional needs of clients.

5. The Dance of Market Trends:

Adapting to ever-evolving market trends is a constant in a Realtor’s life. From mastering the art of virtual tours to understanding the impact of economic shifts, we will confess that you have to commit to continuous learning and flexibility and that it’s required to stay ahead in the game.

6. Ties That Bind:

Realtors® are often the glue that holds transactions together navigating the intricate dance of negotiations, inspections, and appraisals, highlighting the pivotal role Realtors® play in ensuring a smooth process for both buyers and sellers. Done well, the relationship with your client should last way beyond the completion of the transaction.

7. Late Nights and Early Mornings:

Many Realtors® can share tales of burning the midnight oil, drafting contracts, and preparing for showings. The commitment to client success often means sacrificing personal time for the sake of the job.

In conclusion, these few little confessions of mine provide a tiny glimpse into a profession that extends beyond the glossy exterior of property listings. It’s a world where passion meets pragmatism, and every deal is a unique story waiting to be told.

The realtor’s journey is not just about buying and selling homes; it’s about turning dreams into reality and navigating the business of real estate with honesty, grace and resilience.

Unfortunately, you’ve put your beloved house on the market, hoping to sell it quickly, however, weeks have gone by, and there’s not a single offer in sight. Even showing requests are running dry, and you’re left wondering what went wrong.

Why isn’t your house selling? Don’t worry; it’s not too late to turn things around. The longer a house sits on the market, the more concerned buyers become about what’s wrong with it.

Here are the top 13 reasons why your house might not be selling and some actionable steps you can take to get your sale back on track:

1. The price is too high

This is a common reason why homes struggle to sell, and the same holds true for most other items. Every item holds value, and the worth of your home is based on what a buyer is willing to pay and what the bank will lend against it. While we appreciate your attachment to your home and your belief in its high value, setting an inflated price can deter potential buyers. To attract buyers, adjust your asking price by comparing it to similar homes in your area. Avoid the pitfall of overpricing as it can be detrimental.

ALWAYS get at least 3 valuations on your home and ask for evidence of value. Don’t fall into the old trap of ego boost pricing and agents buying your listing with the promise of achieving a higher price UNLESS they have an offer in hand.

 

2. You missed the market’s peak

 

3. You have a specific problem to address

 

4. Your home is unconventional

5. Your listing photos are not on point

 

6. You’re not marketing your home effectively

Your home might be fantastic, but without proper marketing, it may not attract buyers. Enhance your home’s visibility by listing it on prominent real estate platforms, leveraging social media, and displaying “For Sale” signs and flyers in your local area.

7. You’re working with the wrong buyers

 

8. Your curb appeal is no good

 

9. Your staging is non-existent

 

10. Your marketing needs a makeover

In today’s digital realm, buyers are scouring the online marketplace to discover their dream homes. Get yourself a top-notch sales agent who knows the ins and outs of your area. They’ll help you identify your home’s selling points and craft an irresistible marketing strategy.

 

11. Your listing description is too blaaaaaa

 

12. You’re getting bad advice

 

13. You’re a helicopter seller

Starting a real estate journey can be a goldmine, but only if you play your financial cards right from day one. After meeting all the educational hoops and acing that exam, get ready to invest wisely in your future success in this thrilling industry. 

Real Estate Education, Licensing and Initial Costs.

When stepping into the real estate industry, it’s crucial to anticipate a range of expenses to kickstart a successful professional journey. Below are the initial costs that new real estate agents should budget for to excel in their career: 

• Real Estate Career Prep Course $250.00

• Pre-Licencing Course $3,500.00 Plus HST

• New Member Initiation Fee (one time) $ 550.00

• Errors and Omissions Insurance Initiation Fee (one time) $100

• Errors and Omissions Insurance $515.00 (plus HST on management fee – prorated)

• CREA New Member Fee (one time) $200 plus HST

• Salesperson Licencing Fee $200 (for two years)

• CREA Member Dues $310 plus HST (prorated)

• Salespersons Bond $150 – $250 (depending on the insurance company you use)

So for the initial start up you are looking at around $5,875.00

 Then you with immediately start to incur, monthly:

• PEIREA Dues of $74.00 plus HST

• MLS® Provider Fees $17.00 plus HST

• GEOLINC Access Fee $15.00 plus HST

• Plus and monthly dues or desk fees from your Brokerage.

 

Brokerage and Desk Fees

When starting your real estate career, the brokerage sponsoring you will typically impose either a fixed or graduated commission split on each property transaction or a flat brokerage fee. Brokerages might also mandate a monthly desk fee that includes resources such as office space, supplies, mentorship, and access to collaborative teams.

It’s advisable to have savings to cover your expenses and ensure timely payment of all dues each month. It can be discouraging to land your first deal and then have a significant portion go towards settling outstanding expenses with the broker.  

REALTOR® Association Fees

Membership in Canadian Real Estate Association (CREA) offers a plethora of benefits, including marketing support, exclusive designations as a REALTOR®, a vast professional network, advocacy, research resources, and advanced training opportunities.  

Errors & Omissions Insurance

Becoming a CREA member provides access to top-notch Errors and Omissions (E&O) Insurance, offering protection against claims of negligence in client services.  

Health Insurance and Life Insurance

Since real estate agents usually work as independent contractors, obtaining a suitable health insurance plan is crucial to reduce possible medical expenses and a life insurance policy is prudent (and tax deductible) for people in business.

  

Continuing Education & Professional Development

Continuous professional growth and keeping up with market trends are vital for a thriving career in real estate. In Prince Edward Island, Continuing Education courses are mandatory to uphold agents’ status. While most courses are free, specialized designations and certifications that boost networking, broaden knowledge, and attract specific clients are available for a fee through CREA.

  

MLS® Fees

The Multiple Listing Service® (MLS®) network helps real estate professionals link buyers with residential properties. Usually, brokerage firms grant access to the local MLS® and are billed by the governing association, so in PEI, The Prince Edward Island Real Estate (PEIREA).   

Marketing Expenses

Allocating funds for marketing initiatives is essential for promoting a new real estate venture. This includes expenses like a real estate website, email services, online advertising, business cards, social media tools, mailers, signage, and promotional materials. Even though referrals and repeat clients are significant for REALTORS®’ business, it is crucial to make initial investments in advertising to establish a solid client base.  

Mileage and Vehicle Expenses

Many Realtors® feel the pinch when it comes to their trusty wheels, especially with gas and maintenance bills skyrocketing. These costs add up fast due to agents zooming around like speed racers, clocking over 40,000 kilometers annually. Keeping a keen eye on the budget for fuel, repairs, and TLC is key to smooth sailing.

Income Tax Considerations

Self-employed real estate agents need to factor in self-employment income taxes when planning their finances. To maximize tax advantages, it’s crucial to keep detailed records of deductible expenses like fuel, mileage, repairs, office supplies, software acquisitions, real estate brokerage fees, and marketing costs.

By planning wisely, agents can manage initial start-up expenses efficiently, paving the way for a smooth shift from being a real estate learner to a seasoned professional. Having a thorough grasp of budget needs is key to easing the transition into the realm of real estate entrepreneurship.

And in conclusion…

Starting a real estate gig is like launching your own enterprise – it’s all about having those coins stacked up to weather the stormy first few months. Thinking of diving into the real estate world? Drop me a line in secret to chat about the ups and downs.

 The real estate realm loves to flaunt its perks while sneaking the downsides under the rug. Sure, curveballs might pop up, but let’s try to dodge them like a pro!

What Is a Homeowner Association (HOA)? 

Understanding Homeowner Associations (HOAs)

With the population increase in Prince Edward Island through migration and immigration, the dream of home ownership has been dwindling away for many islanders. Despite efforts to build new houses, demand can’t meet supply which in turn has created well documented record breaking house prices island wide, making that life goal near impossible for many people.

To help support islanders with the dream of homeownership the government has initiated a new rent to own program for qualifying buyers and properties. So, if you’re looking to buy, I would encourage you to check it out!

For more information on this please see attached link from the Province of PEI

RENT TO OWN PROGRAM HERE 

If you have any questions regarding the market and support with your exciting first home purchase, as a first time buyer and residential sales specialist I am on hand to help you make your home dreams come true in 2024!

Want to know more? Have more questions? Need Answers?…

Winter has proven to be an excellent time to sell your home and waiting for the spring market could mean you missing out on a great selling opportunity.

Two of the best reasons to consider a winter listing are:

 

Less Buyer Competition

Listing in the winter can give your property more attention. Since many people consider spring to be the best season to sell your home, many homeowners wait to list their homes until then. This increases the amount of inventory buyers have to look at.

With fewer homes available in the winter, this may be a better time to put your home on the market.

Serious buyers only!

If a buyer is house hunting in the winter, they’re ready to move. Prospective buyers who shop during the winter months don’t want to miss out on the perfect home by taking the chance that another buyer will purchase the home before spring.

In the spring, the flood of new houses on the market coupled with freshly warmed weather can create a lot of “thinkers” who aren’t really ready to buy.

In short, winter buyers are more likely to pull the trigger on making an offer on your home.

So, you have decided to list during the winter. Here’s some key things to keep on mind before welcoming interested buyers in.

Set the Temperature

While you may be trying to economize, it’s important to remember that you want buyers to feel warm and welcome the second they walk in the door. Keeping your home warm (but not hot) is one way to make it easier to connect with it.

Handle the elements

If you live in a climate with snow and ice, it’s crucial to avoid potential obstacles or safety hazards. Your sidewalks, driveway and doorstep should remain clear, giving potential buyers easy access to the house and helping them avoid a nasty fall.

Prioritize coziness

Buyers want to feel warm and cozy the second they walk into your home. Add blankets, rugs, candles and pillows throughout the space. If you have a fireplace, make sure it’s pumping out heat and light during showings.

Be mindful of holiday decor

Even though it’s the holidays, it’s important to pay attention to what’s on display throughout your home. While buyers don’t expect you to avoid seasonal decor, you may want to keep it as neutral as possible. For Keep it simple and tasteful.

If your listing extends into January, make sure new photos are taken without the decorations so your listing does look dated.

Better still, if you know well in advance that you will be listing in the winter, ask you Realtor® to offer two versions of your video tour to show the home at its best in the summer and the winter.

Show buyers how your home looks like during other seasons

To give buyers an idea of what the home looks like during other months, you may want to provide a photo album for them to browse. This will give them an idea of what they can expect when spring arrives. In the album try to highlight your curb appeal, gardens, patio, decks and other exterior features. You can do this with the listing photos as well.

If you have any listing questions, need to discuss the current local market, reach out to me in confidence on 902 394 7071 or email melanie@impresspei.com

As we enter the busy Fall selling season (yes, I know Summer was short), many of you may be considering a change in lifestyle. Downsizing is one of those changes and is something we all have to consider at some point in our lives and it’s a time most people really look forward to.

The thought of less space, less cleaning, less maintenance, more money in hand and more time to enjoy the things that really matter. Whether downsizing or not, decluttering the things that no longer serve us will lift us emotionally and make life that little bit easier.

Clutter is not just the stuff on on the floor – its anything that stands between you and the life you want to be living 

– Peter Walsh

There are some important things to think about when downsizing, it should never be a quick, spur of the moment decision.

Think about the space you enjoy in your current home and the areas you simply couldn’t live without. For example, a common one is an office area. You may not need a room dedicated as a home office, maybe just a small nook, but, nonetheless, accommodating for that space is very important in your new home, don’t feel you have ‘do without’. Downsizing is not giving up what you need more letting of go of what doesn’t serve you.

The trick to downsizing is starting early and focus on what you want to keep NOT what you want to get rid of.

Make an inventory of what you have and sort according to your 3 R’s…Recycle, Reuse, or Refuse.

If you haven’t used an item in the past 12 months, the likelihood is you won’t use it again. Maybe sell it or donate it?

For clothing, if something hasn’t been worn for the past season, you probably won’t be wearing it. Sell it or donate it!

Online buy and sell sites including Facebook Marketplace and Kijiji are full of eager buyers looking for your unwanted items. Just think of all those money-making items gathering dust in the corners of your closets.

Think also, about all your sentimental items or family heirlooms. If you are considering leaving those items to your loved ones, why wait? Give them to them now and enjoy seeing them use and love them like you have.

There are many local charities in need of clothing, furniture and utensils. If you don’t wish to sell your unwanted things, this is a great option and you’ll be helping someone who truly needs this support.

Baby Steps

Give yourself time and take that time to truly consider all you have acquired over the years.

When downsizing your belongings, make a room list and tackle each one at a time, this is not an overnight job.

Think about your new lifestyle. What are you looking forward to most? Here are some things to consider for your new home.

Style of Home

It’s important to remember that downsizing doesn’t necessarily mean just a smaller house, a condo or apartment might suit your needs better.

If you’re planning trips away for extended periods of time, a ‘lock it up and leave’ home may just be what you’re looking for.

Outside Space

Even the smallest of yards require some maintenance. Decide whether this is something you wish to take on yourself or hire a gardener and the costs associated with that.

If gardening is a hobby, you may not want to give up that outdoor oasis, you can still downsize house space and retain outside space.

The size of your property and what your requirements are for the long-term need time for some serious consideration.

Bedrooms

This is a big one to consider and it is completely dependent on whether you expect regular family visits. A large principal bedroom and guest bedroom would suffice; however, we often deal with people buying something in the hope that family or friends visit.

Options

Take the time to look at different property styles. Maybe consider renting over buying using your valuable equity to gift loved ones and/or to plan adventures for yourself.

By owning your home, you will always have that valuable investment, that will continue to grow over time. If you don’t need your equity right away, this is always the best option and the best investment.

The best advice I can give is you are downsizing for yourself. If the intention is for you to continue to host big family events and visits, maybe it’s time for you to pass the hosting baton onto another member of your family.

This really is a letting go exercise, and you should feel good about letting go. Take all the time you need and enjoy the process. This is a new and exciting chapter in your life.

As always, any one of our amazing agents can guide and support you though this process so if you have questions about the market in PEI, about options available to you or need us to provide a free marketing valuation reach out!

Happy New Chapter!