Yesterday, I was reviewing a new Calgary MLS System listing of a condo apartment property and it reminded me of something that should be of importance to buyers and sellers.
When you are looking for a licensed real estate agent to market and sell your condominium property, PLEASE find one that is certified on Condominium sales or at least has significant experience in condominiums.
As it is, a basic real estate license is all that is needed to market, sell, and assist buyers with condominium purchases. However, it really is a specialty with some significant nuances. The entry-level real estate license program covers only the basics, provides a good summary as to why they are different, and provides a direction that the purchase and listing agreements needs to include key items and wording. It is expected that someone licensed in residential sales who is looking at completing in sales of condomiums (or acreages) will get additional training – but it isn't specifically mandated. It is a requirement, however, that the brokerage agency's designated broker supervise their licensed activity.
For examples, you should expect your agent to know the difference between a "den" and a second bedroom. You should also expect when they call it as a second bedroom that they post the room measurements under the classification of bedroom and not as a den. You'd expect them to know that if it is a single-level apartment condo that you don't enter measurements for two floors. You'd hope they would know the difference between titled and assigned storage units and that this particular listing had neither (not both as per his listing info). Then, posting the condo fee under both the condo fee line AND the HOA fee line indicates to prospective buyers that BOTH apply, when in fact, this community and complex has no HOA fees. Indicating that there is only one unit in the complex is clearly an error and indicates the agent probably hasn't even access the proper condo documents to enter that information (although seeing the 150 from all the other listings should probably have given the experienced pro a pretty good clue). Then, I'd like to know where this common meeting room is that he refers to in his listing (it's call the front lobby, buddy).
And then, knowing the difference between a "parkade" and an "underground garage" would be helpful, too. A parkade is "open-air, but covered." I believe there is a HUGE difference in value.
And, a single outdoor visitor parking stall is not what I would consider "Lots of Visitor parking above and underground". Granted there are 19 secure vistor parking stalls in the garage.
High-end appliances? Okay, BOSCH and Whirlpool are a good brand names, but these appliances are not their "top-of-line." These ones are, or are close to, their basics. And, they were the standard, basic package for this building when new.
And anyone with common sense would probably know that you don't post the building's intercom access code on our MLS website.
But, maybe he knows better than I since the listing price is 20% higher that the most recent sale of an almost identical unit from last month.
For buyers, you'd probably want a specialist to know the questions to ask, how the valuations are created, and where to get the information that you need. It really should not be completely buyer beware in this day and age. I'm sure I'm not perfect, but I hope you can rely a little better than this on my certified and accredited skills.
Is this guy incompetent? NO. His office conveyance staff will be reviewing his submission on Monday (or they should – that's one of the critical services we pay for when hiring a brokerage agency) and politely ask him to correct the entry. The key is that since he has been in the industry so many years, they may just do a cursory review of the info that they need and not review it for correctness. Maybe they'll miss the errors that he missed when he did his review of his MLS submission. Hopefully, this agent has bought the optional errors and omissions insurance!
I'd love the chance to bring a buyer for his listing. I can see an opportunity here!