Rules for Home Buyers in Winnipeg, Manitoba. What do you need to know before taking the plunge to buy real estate here? Stay tuned! Overview below:
Rule #1: The Buyer Contract
Effective January 1, 2022, any buyer working with a Realtor in Manitoba must have a service agreement. We call these Buyer’s Service Agreements here, but in other areas they might be called Buyer’s contract. Essentially what they spell out is that you are agreeing to have your Realtor provide you services, and it acknowledges as well that your Realtor is receiving a fee for this service.
To be a client of anyone on our team, you will be required to sign this buyer’s agreement. Now don’t worry, we will go over this contract with you – all the ins and outs of it, and make sure you understand it. If you are meeting us for the first time at one of our listings and don’t have a buyer’s service agreement signed, then it technically means at that time, that we are working for the seller. Now, we are happy to show you that home and go through it with you without said agreement. But once you see the value and knowledge we bring and decide that you want to continue working with us, we will require a signed contract moving forward. That isn’t just a team rule now, but a Manitoba Securities Commissions rule.
Rule #2: Get Pre-Approved and Know your Budget.
Without this, you really shouldn’t be touring homes. I want you to keep in mind that Sellers put an immense amount of time and effort into preparing their home. So the least that we can do is be sure that we have also prepared in advance by getting a proper pre-approval in place. This means getting the documents your lender requires to them in advance, and knowing your budget.
Rule #3: Do NOT call the Listing Agent
It is important that if you want information on a property that you call me direct. Keep in mind that any time you are calling a Listing Agent, they are representing the Seller. So any information that they might glean from those conversations, they can use to the seller’s benefit in negotiations. It is MY JOB to get the information on any property for you without hurting your bargaining position.
Rule #4: Don’t be afraid to attend open houses
If ever you are attending an open house and an agent says to you “Do you have an agent?”. That is not a trick question. Similar to dating at a bar, this agent is seeing if you can be picked up as a potential prospect. By saying yes and giving my name, you are essentially saying you are already taken and they should leave you alone from then on. It should also keep you off of their contact list for future marketing.
Rule #5: New Build
These rules change for new construction. If you are considering new construction and you want representation along that process, going to a show home for the first time without me, may mean that I am unable to step in and help you down the road. If you do want to visit show homes, please let me know which ones you are planning to tour and I can register you as my client in advance of touring.
Rule #6: For Sale By Owner
I can also help you with these situations and our Buyer’s Service Agreement provides a provision within the contract for that. Oftentimes, these sellers are also willing to work with an agent.
Rule #7: Always assume you are being watched
There are surveillance systems in almost every home nowadays. Whether it be a nanny cam, a doorbell cam, baby monitor, etc. You are likely being watched. A best practice is to be certain you don’t discuss anything that could hurt your negotiation position within the home.
Rule #8: Notice for Seeing a House
A lot of listings require a minimum of several hours’ notice for showings. However, in a heated market where there are limited showing options, booking as soon as possible is incredibly perfect. So as those listings start popping up, let your Realtor know which properties you are interested in and give them a few time options so that they can start setting things up before they are fully booked.
Rule #9: Drive-bys are encouraged!
Do a physical drive-by or a Google Drive-by before touring.
Rule #10: Limit the number of showings you see at one time
Honestly, I find that if you tour more than 5 properties at a time they all start to blur together.
If you like these rules and think you would be a good fit with my team, please be sure to reach out. I will include a link in the comments section below to our Home Buyer Guide and we can set up a consult from there to see if we would be a good fit!
Home Buying Guide 👉 [ Ссылка ]
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📧 Jennifer@JenniferQueen.com
📍 The Jennifer Queen Team and RE/MAX Professionals
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