Want A Free Copy Of My Ebook Click Here To Get Instant Access

9 out of 10 Realtors Don’t Know This

A good friend/investor client of mine told me when I first started in Real Estate a lot of the things that go on in the industry.  His experience and knowledge of the many Realtors, both good and bad.  He said, “9/10 Realtors don’t know about zoning…”.  Here’s a list of what your Realtor should know:

1.  Zoning:  As Vancouver becomes more and more a city where builders and developers dwell, it’s imperative your Realtor knows what zoning certain areas are and what the zoning means in terms of re-development.  Can Laneway houses be built there?  What’s the Floor Space Ratio?  They don’t need to know the intricate details as only City Hall can advise that and it depends on what plan is submitted to them.

2.  Underground Storage Tanks (UST):  Also known as oil tanks.  Between the 1920s and 1960s, many homes in the greater Vancouver area were heated via oil and so oil tanks were buried under many homes with some placed above ground.  Your Realtor should investigate this or know the legal implications involved with this.  Removal, contamination, lawsuits are common among non-disclosure of the existence of an oil tank and it depends on many different circumstances, but your Realtor should once again know the basics of how to protect the buyer and seller when the target property contains or potentially contains an UST.

3.  Measurements:  Your Realtor is responsible for exercising due diligence for getting the accurate measurements of your home when listing it.  For condos, the strata plan is a legal document and that can be relied on, but for homes, what it says on BC Tax Assessment is not accurate.  The measurements on BC Tax Assessment could be taken from either 3 sources:  either from the original building plan, a building permit issued, or an appraiser actually went out and measured it.  You can only find out which one by going to the BC Tax Assessment office in person and asking.  Realtors can either measure the house and rooms by themselves or hire someone to do it.  Using measurements from a previous listing is a big No-No.  That’s not exercising due diligence and you could get sued for that.

4.  Pet and Rental Restrictions?  Read the Strata Bylaws
5.  Is Parking Common Property or Limited Common Property?  Read the Strata Plan
6.  Is the brand new house owner built or a spec house?  Contact HPO Office
7.  Is the suite authorized or unauthorized?  Check with City Hall
8.  Who’s on title?  Order a title search
9.  Was it an ex-grow op?  Check with City Hall
10.  Community Development Plan?  Present and Future?  Check on City website.

I didn’t go into details for #4 – #10, but feel free to contact me if you have any specific questions.  Basically, many of these things can be found by contacting City Hall and just asking.  Also, Realtors should be reading all the strata documents (Meeting Minutes, Bylaws, Engineer’s Reports, etc…) for the condo that they are listing to be able to answer basic questions.

I hope this was helpful.  Feel free to contact me if you have any questions.

What Our Clients Say

“I think Gary’s a very professional Realtor, that’s not just coming from me as a Mentor, it’s because I’ve worked with him, he truly cares about the client… You want to work with someone who is caring.”

I know so much realtor, but he’s the best one. Once I talk to him about the investment, he’s thinking, “Okay, this is the only person I trust.” Usually I just refuse to have any connecting with a salesperson or a realtor, but he’s only the exceptional one. Make friends with him.”

“It’s because of [Gary’s] knowledge, his insight, the way that he analyzes and he’s able to put real estate in perspective… he really is genuinely interested in me and what i’m looking for, that blew my mind… because he knows the market and he specializes in the luxury market he’s really able to provide that insight”

“The word professional sums up Gary, extremely knowledgeable… extremely honest, he didn’t sugar coat things… Gary will get it done, he’s done it for me, he’s done it for lots of people I know.”

Let Me Help You Achieve Your Real Estate And Financial Goals

Real Estate investing can be a long and arduous task. But it doesn’t have to be.

With my help, and my team, we’ll make sure the process is smooth, straightforward, and as simple as possible for you. As an award-winning REALTOR®, my team and I work with diligence to help you achieve your goals. We’ll deliver exceptional results with attentive care.

So whatever your real estate goals are, 
Let’s Make it Happen.

It’s what we love to do.

WordPress Image Lightbox Plugin