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EREB – Co-operative Listing Bureau PowerPoint Presentation
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EREB – Co-operative Listing Bureau

EREB – Co-operative Listing Bureau

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EREB – Co-operative Listing Bureau

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  1. To insert your company logo on this slide • From the Insert Menu • Select “Picture” • Locate your logo file • Click OK • To resize the logo • Click anywhere inside the logo. The boxes that appear outside the logo are known as “resize handles.” • Use these to resize the object. • If you hold down the shift key before using the resize handles, you will maintain the proportions of the object you wish to resize. EREB – Co-operative Listing Bureau Barbara Grodaes Edmonton Real Estate Board “Services for Success” Edmonton Real Estate Board

  2. Welcome New Realtors! • EREB provides services designed by members to help members be successful • All members considered part of same industry so network with each other and learn from each other • Get involved and contribute to making EREB practical and relevant to need Edmonton Real Estate Board

  3. EREB Philosophy • “Members serving members” • Serve each other • Understand services available • Understand how services aid you • Understand how to use services • Understand what you can do! Edmonton Real Estate Board

  4. Communication Process • Members identify needs • Committee review and recommend • Board of Directors • President • Executive V.P. • EREB Staff • Members use services Edmonton Real Estate Board

  5. Board of Directors • 4 broker members • 4 agent/manager members • 1 immediate past president Board of Directors play a significant role in shaping the future of the EREB Edmonton Real Estate Board

  6. Six Committees • Government and Political Action • Arbitration and Professional Standards • Audit • Commercial Division • Members Services • Technology Edmonton Real Estate Board

  7. Trademarks • Consistent use of the logo and trademarks help to maintain the unique identity and distinctiveness • 3 types of trademarks • REALTOR • MLS® • EREB Edmonton Real Estate Board

  8. Trademarks Limitations • Membership • Real Estate Business • Geographic • Form of Use • Punctuation • Context of use Edmonton Real Estate Board

  9. Use Restricted • Authorized Use (adherence to By-laws and Code of Ethics • Licensing Requirements • Members in good standing CREA • Members in good standing local board • Rules for Use • Proper Use • Maintain unique identity Edmonton Real Estate Board

  10. Miscellaneous Information • Major Annual Events • Economic Forecast Seminar (January) Annual Realtor’s Ball (February) Volunteer Appreciation Night (February) Golf Tournament (July) Family Picnic & Slo-Pitch Tourney (August) Christmas Luncheon/ERCF Auction (December) • Community Involvement • Realty Watch, Bright Nights – Festival of Lights Edmonton Real Estate Board

  11. Publications for Members • “Weekly Review” (newsletter Fridays) • EREB Bulletin Notices (online) • Brochures • EREB Member Handbook • News Release (statistics once/month) • The Regulator (quarterly) Edmonton Real Estate Board

  12. Rules & Regulations • Minimum listing period 60 days • Submit listing to Board within 48 hours • Use ONLY EREB contract forms • Written approval required when shortening expiry date or cancellation/termination of listing contract • Report all sales immediately Edmonton Real Estate Board

  13. Rules & Regulations Continued • Report sale of an expired, sold or cancelled listing within 10 days • $250 fine plus MLS® fee • Listing/Selling firm share MLS® fee • Listing brokerage responsible for payment of fees • Documents may be rejected • Listing restrictions (+24 hours) written Edmonton Real Estate Board

  14. MLS® Fees • Selling price less than $35,000 - $35 • Selling price between $35,000 and $120,000 - $ 0.1% of selling price • Selling Price over $120,000 - $120 maximum Edmonton Real Estate Board

  15. MLS® Deadlines • Monday 5pm Thursday OPEN • Tuesday 5pm Friday OPEN • Wednesday 5pm Monday OPEN • Thursday 5pm Tuesday OPEN • Friday 5pm Wednesday OPEN Edmonton Real Estate Board

  16. More Deadlines • Online Bulletin daily 5pm • Catalogue Wednesday 5pm • Photos for catalogue Thursday 11am • Catalogue ordering Thursday 11am • Internet (5 working days) • National IC & I Catalogue – month 25 Edmonton Real Estate Board

  17. Inquiry 453-9304 • Reporting sales • Pending sales • Realtor open house • Which listing forms or contracts to use • Corrections to the data entry errors • Inquiries re: changes to listings/sales/ etc. Edmonton Real Estate Board

  18. MLS® Internet Sites • • • • • IXN Edmonton Real Estate Board

  19. FREE Internet Ads • Members receive FREE advertising on MLS® Internet sites with each MLS® listing • FREE as long as it is submitted with the new listing • If ad not submitted with the new listing, it can be included with payment Edmonton Real Estate Board

  20. Internal Forms • Open House • Pending/Final Sale Report • Cancellation of reported sale Edmonton Real Estate Board

  21. Incomplete Listings • Blue squares on the Input form indicate information is MANDATORY • MANDATORY information must be provided – if not, flagged incomplete • Urgent fax sent to listing realtor and $25 fee charged each week incomplete • Ensure your flag is removed Edmonton Real Estate Board

  22. “NO Showings” • Any remarks which restrict the showings for more than a 24 hour period must be by an amendment signed by the seller • Not affected are no showings at certain times due to certain conditions Edmonton Real Estate Board

  23. REMEMBER • Listing ContractExtension/Amendment Agreement • Open House • Real Estate Listing ContractConditional Termination • Real Estate Listing ContractTermination Agreement Edmonton Real Estate Board

  24. MLS® Benefits Seller • Higher price – more demand • Quicker sale • Data for CMAs • Exposure anywhere • Motivate selling realtors • Reputation • Competitive pricing Edmonton Real Estate Board

  25. MLS® Benefits Buyer • Complete system access entire market • Get to choose agent • Current information • Isn’t forced into ‘dual agency’ situation • Price negotiation ability increased Edmonton Real Estate Board

  26. MLS® Benefits Agent • Learn markets in all areas • Find home to match buyer’s specifications • CMA ability and fast • Exposure through MLS • Choose agency • Level playing field Edmonton Real Estate Board

  27. MLS® Components • Forms • Catalogues • Aurora • Daily Bulletin ‘hot sheets’ • Weekly supplements Edmonton Real Estate Board

  28. Real Estate Weekly • 60,000 circulation • Boundaries Westlock, Alberta Beach, Wetaskiwin, Ardrossan • Sections • Agency • District • Classified • Open Houses Edmonton Real Estate Board

  29. Effective Ads • Simple and straight forward • Easy to understand • Provide facts • Tell why ‘this is the one’ • Hold attention and ‘talk to you’ • Honest and accurate • Describes features and benefits • Appeal to needs of people Edmonton Real Estate Board

  30. Top Readership Survey • Location • Price • MLS number • Effective photos showing clearly and omitting irrelevant details Edmonton Real Estate Board

  31. Advertising Formula • A Attention • I Interest • D Desire • A Action Edmonton Real Estate Board

  32. Costs for REW • Free to public • $25 per unit plus GST • $600 per full page plus GST • 20% discount to second and subsequent insertions of ad (no changes) Edmonton Real Estate Board

  33. Deadlines for REW • Monday 11am (includes agency, district, front & back page ads) • Friday 3pm Repeat AD • Monday 11am Open House • Thursday 5pm Back Page • Friday 11am Color Ads • 10 days prior – ads requesting proofs Edmonton Real Estate Board

  34. Don’t Forget • Print on Demand • Multiple products • Ready quickly • Guaranteed Edmonton Real Estate Board

  35. Electronic Key Control System • System referred to by various names including Advantage Express, Supra and KIM • Easy to show property • Keybox Information Manager • Access • Information and Reports Edmonton Real Estate Board

  36. Keybox Rules & Regulations • May be placed on a property ONLY with written permission of the seller • Must be indicated on the listing • EREB NOT responsible for any losses incurred by the owner or any damage to the property Edmonton Real Estate Board

  37. Do’s and Don’ts • DO use DURACELL batteries • DON’T use sharp objects • DON’T loan FOR ANY REASON • DON’T keep PIN code close • DON’T expose to heat/cold • DON’T leave in view in car • DO install on the door • DO use ‘CBS’ feature (call before showing) • DON’T mark or paint leased keyboxes • DON’T overfill key containers Edmonton Real Estate Board

  38. Assistance 453-9320 • Keybox won’t open • Updated? • Correct PIN? • Night-time lock-out? • Shackle can’t be removed • Correct Shackle code? • Rubber boot lifted? Edmonton Real Estate Board

  39. Open House Signs • 0.6m wide by 1.0m high • 4 lines (open house, arrow, company id and sales person) • Saturday, Sunday and Holiday Mondays – all day till 10pm • Weekdays – 4pm till 10pm • No more than 2 signs per intersection Edmonton Real Estate Board

  40. Locations of Signs • Not be located closer than 10m from an intersection on local roadway • Not be located closer than 15m from an intersection on arterial roadway • canNOT be placed on public sidewalks • canNOT be placed on center meridians • 1.5m from curb Edmonton Real Estate Board

  41. Arbitration and Ethics • Arbitration is a service provided to Members where there is dispute involving commissions • Deals only with issues related to money • Looked after by the Arbitration Committee Edmonton Real Estate Board

  42. Arbitration Process • Speak to Broker or manager • Broker/manager speaks to Broker/manager of other agent • If not resolved, the Broker may request either a Formal or Informal hearing Edmonton Real Estate Board

  43. Formal Arbitration • Several procedures to be followed • Involves members of the Arbitration & Professional Standards Committee • Usually takes 3 months for an outcome as there is a lot of paperwork involved Edmonton Real Estate Board

  44. Informal Arbitration • Simpler process – meeting arranged with 3 members of Arbitration committee, Member Services Manager, both brokers or managers, both agents • Discussion is held • Decision is immediate • Appeal is NOT possible, the decision is binding Edmonton Real Estate Board

  45. Ethics and Professional Business Standards • Agent raises concern with Broker • Broker talk to other Broker involved • If not resolved, letter to EREB • EREB obtains response from other side • Forwarded to Review Panel • Hearing is attended • Committee may discipline Members (dismiss, reprimand, correct, etc.) Edmonton Real Estate Board

  46. Just Sold Cards • Effective advertising tool • Rights of the listing broker under the listing contract to advertise the property • Advertising requires consent of current owner of the property (in writing) • Recommended timeframe as to when the activity took place be indicated Edmonton Real Estate Board

  47. Effective Cause of Sale • Commonly referred to as “threshold rights” • Ways to minimize the impact • Educate your Buyer to ensure that you accompany them to all showings, including open houses • Commit to a Buyer Agency Contract Edmonton Real Estate Board

  48. Presentation of Offers • Presented through the Seller’s brokerage • Call seller’s agent to arrange an appointment to present the offer • Do NOT DISCLOSE details of offer • Meet other realtor just prior to presentation • Present to Seller Edmonton Real Estate Board

  49. Multiple Offers • Upon receiving notice of multiple offers, seller’s agent should inform seller and all buyer’s agents • Buyer’s agents must notify buyers • Presented in order that is received • Presented with buyer’s agent present • Not discussed in front of other agent • May be countered and ‘backed up’ Edmonton Real Estate Board

  50. Principles of Competition • PROHIBITS • Price maintenance • Conspiracy • Refusal to deal with a competitor • Misleading advertising Edmonton Real Estate Board