When you are selling your home, exposure is the name of the game. The more buyers and real estate agents that know that your home is for sale, the better!
But what if buyers and their agents didn’t even know your house was for sale? How can this happen, you wonder? Let me explain.
Across the GTA, there are several different Real Estate Boards, with real estate agents paying to be members of one or several of these Boards. Each of these Real Estate Boards collect their own set of data for homes currently on the market and have their own search systems which paying members get access to.
When you decide to put your home on the market, one of your real estate agent’s responsibilities is to publish your property’s listing on the Real Estate Board, and this information is then funneled automatically to realtor.ca. While having your home published on realtor.ca is important, the large majority of home buyers who are serious about finding their new home are working with a real estate agent, who will be sending them information on properties which they find through their Board’s search services, not realtor.ca .
It’s very important to make sure that your property’s listing is showing up in the search results in the Real Estate Board’s system since this is what real estate agents are using to look for properties for their hot-to-trot buyer clients.
Here’s the problem.
Surprisingly, it is currently not mandatory to have a property listed on the Real Estate Board where the property is actually located.
Let’s look at a scenario to better understand why this can be a problem.
Barb the Buyer is looking to buy a home in Oakville and has asked Rick the Realtor to help her find her new home. Meanwhile, Sally the Seller has just put her Oakville home up for sale with Ronnie the Realtor – who is a member of the Toronto Real Estate Board, but not the Oakville Real Estate Board.
Sally the Seller’s Oakville home would be perfect for Barb the Buyer! The problem is Barb the Buyer and her agent Rick the Realtor don’t even know it’s for sale. Rick the Realtor has been searching for properties that fit Barb the Buyer’s criteria on the Oakville Real Estate Board, but Sally the Seller’s Oakville home doesn’t come up in any of the search results. This is because Sally the Seller’s home is only published on the Toronto Real Estate Board’s system and not the Oakville Real Estate Board, even though Sally’s home is actually located in Oakville.
So there is a match made in real estate heaven out there, but it could end up being a missed connection because Barb the Buyer and Rick the Realtor are not aware that Sally the Seller’s house is even for sale.
What's the solution?
- Sellers: When you decide to put your home on the market make sure that the agent you are working with to list your home is committed to making sure your property will be listed on all of the local Real Estate boards, and especially on the Real Estate Board for where your home is actually located. If your agent is not a member of the local board for your area, they can pay a one-time fee to have your listing added to the local board and they should be doing this! Just because your house shows up on realtor.ca does not mean that everyone is seeing your home that should.
- Buyers: If you are looking to buy a home in Oakville, for example, I suggest making sure that the agent you work with is a member of the Oakville Board so that he/she can see new listings as soon as they are added. Same goes for if you are looking to buy a home in Toronto – you will ideally want to work with an agent who has Toronto Board access so that you are getting the most up to date information possible.
The Bottom Line
The more Real Estate Boards your home is published on = the more exposure for your home = the more buyers who will see your home = hopefully a quick sale for maximum return.
** I am a member of the Real Estate Boards for Toronto, Mississauga, Oakville, and Milton.
If you are thinking of buying or selling, let's chat!