What Does Fiduciary Responsibility Of An Agent Mean?

I address this topic as I have had various clients and non-clients ask me interesting questions of late. Not wanting this to sound like a legal treatise and because I cannot and must not dispense legal advice, I want to discuss only the concept of representation of the client by the agent. Firstly, the Real Estate Agency (e.g. RE/MAX) is the actual ‘agent’ of the client and the Realtor involved with that client is he or she who is designated by the Agent to carry out the duties relating to the sale of the property. OK let’s hope the rest of this doesn’t sound like a lecture!

The questions I referred to earlier have been along the following lines. ” Why won’t you tell me, or my Realtor, what the other person’s competing offer is?” The answer is simply that the obligations to the Seller I represent preclude me from doing so. Maybe the “silent auction” style of bidding (with the incremental offer written below the preceding one) has confused the issue. The best explanation of the ‘multiple offer’ process asks of the Buyer – “What is the property worth to you?” The Buyer’s Realtor is the one assisting the Buyer with this decision and that is their “fiduciary responsibility”.

Another question of Realtor responsibility addresses “What obligation do I as a Realtor have of disclosure of facts that I am aware of regarding my Seller’s property?” First, there is a Property Disclosure Statement which the Seller generally completes disclosing any problems (deficiencies) of which they are aware. The Buyer acknowledges receipt of this in writing and can rely on this information BUT is still encouraged to have the property inspected by a specialist of their choice. What, however, if the Seller’s Realtor, via their ‘due diligence’, knew, or had a suspicion that a property had a deficiency (Latent Defect)? Buyer beware, I guess, or hope the Buyer gets an inspector? No, not acceptable. But, I hear you say, what if the Seller instructs their Realtor to ‘avoid any comments’ regarding problem X, be it an oil tank or last year’s basement flooding. Or worse still, counsels them to say ‘I don’t know’ if asked. The Realtor Code of Ethics requires that the Listing Realtor decline listing the property if they were instructed in such a manner.

July 2015 Podcast

North Shore Real Estate Radio

On an ongoing basis I pledge both my continued personalized service and a commitment to my reduced  business ecological “footprint”. A significant part is the radio (podcast) library which I’m continually creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail. This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368 and 1-800-665-1455.

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July 2015 Numbers

Now, for the figures for the first half of 2015 in comparison to those of 2014. North Van detached homes sold are up 21% from last year, attached (t/hses) up from last year by 50% and apartments up 44%. The detached median price is up 19% and inventory is unchanged from 2014. Median prices up 3% (t/hses) and up 9% for (apts). Inventory (t/hses) up 10% from June 30th 2014 and (apt) down 2% from last year for the same date.

In West Van, detached number of sales YTD for June 30th 2015 is up by 37% from last year at that time. Median price of what has sold is up 11% from last year and inventory now up 15% from June 30th 2014. On the condo side, attached (t/hses) sold by June 30th 2015 are up 61% from 2014 at 66 vs. 41 units. Active listings are up 12% year over year. Apartments reflect 105 sold in 2015 vs. 88 in 2014 – median price down 5% and active listings down 4% from June 30th 2014.

The “3 Up” Strategy for Selling Your Home Quickly

There are many reasons why you may need to sell your home quickly: a sudden job relocation; a change in family situation; or perhaps an opportunity to purchase a new home that you just can’t pass up.

Whatever the reason, this strategy will help when you need to sell fast. It’s called the “3 Up” strategy.

Fix it up

Clean it up.

Spruce it up.

First, you need to fix it up. That simply means getting things repaired around your property, such as a broken floor tile in the kitchen or a sticking patio door that’s difficult to open and close. Maintenance issues like these distract buyers from the appealing qualities of your home. Fortunately, repairs can usually be done quickly.

Second, clean it up. Obviously, when your home is clean and tidy it’s going to look its best. You also want to eliminate as much clutter as possible. You don’t need to make every room look like a magazine cover — but that’s a good attitude to have when prepping your home for a quick sale!

Finally, spruce it up. That means making any quick improvements that are going to make your home even more appealing. It might mean replacing the kitchen counters or giving the main rooms a fresh coat of paint.