Property Search: Why Doing a Deep Dive Search Pays Off
Real estate sales professionals are constantly up against big competition with DIY homeowners trying to sell their homes themselves. The internet has made it much easier for homeowners to enter the real estate game without the aid of a real estate professional (whether this is a good idea or not).
What consumers don’t realize is that real estate professionals offer key advantages when it comes to selling and buying a home, advantages which make hiring a professional like you the better choice vs trying to go it alone.
One key advantage for customers dealing with a real estate sales professional is the professional’s ability to utilize tools to easily access information the homeowner may not be able to, such as a property search. As a real estate professional, you have access to market information, property information resources and other valuable real estate reports that the average homeowner may not be able to find online, but that you can access through professional tools online. The information in a property search – when reviewed and analyzed by a real estate professional – provides value to the homeowner, including information on who owns a home, if there are any registered mortgages, estimated property value, aerial imagery and so much more.
It’s simple math: the more research you do, the better you can inform your client.
Here are five questions a property search can help answer:
- Are there any encumbrances on the property the buyer should be aware of?
- Where is the property located? Can you provide a neighbourhood report, listing local hospitals, schools and other pertinent amenities?
- Does the property have a history of repairs and renovations?
- What permits are required for building or renovating?
- Is there anything that may hinder a potential sale?
In real estate transactions, it is critical to verify material information about a property through due diligence – we all know this. With a thorough property search, real estate sales professionals can take reasonable steps to determine and disclose any material information to their clients.
Researching market trends provides you with a better overall understanding of what housing values are in a particular neighbourhood, city or region, from week to week. This allows you to estimate a property’s value before spending resources to dive deeper, and better determine if it’s in the range you were thinking. Instead of always pulling MLS comparables, you can save time by establishing a high-level overview of a particular area.
How deep you dive is really up to you. Start with a property search and then dive even deeper by obtaining a Parcel Register*. The Parcel Register* – which is not a title search, but part of the process – contains valuable information. It’s a snapshot of vital property-related information, such as the property’s legal description, legal homeowners, property transfer history, liens and more.
Having access to the wealth of data available through Parcel Registers* means you can dig deeper when you do a property search, which makes you a more informed real estate professional. Every piece of information that can increase the value of the transaction benefits not only you and your client, but everyone who comes after you in the real estate process. Better research benefits everyone.
Go the distance for your clients by leveraging GeoWarehouse. Visit www.geowarehouse.ca today to learn more about this incredible real estate tool.
* An official product of the Ontario government pursuant to provincial land registration statutes.