As a New Brunswick real estate professional over the years I've advised executors and executrices. Now for the first time in my life it became my duty to administer an estate. Specifically in this case as an "estate trustee" under Ontario law.
The major part of the estate was a principal residence in Port Hope, Northumberland County, Ontario. My top criteria for selecting a real estate representative to market the real property was that I wanted no part of dual agency. I wanted a guarantee of single agency representation. I know that would pretty much rule out any large agency/brokerage. I looked first on ActiveRain and found two candidates. I also looked on RealtorLink.ca and found another.
I emailed the candidates and set up appointments coinciding with my trip to Port Hope to attend to matters of the estate. I also set up an appointment with an appraiser, an AACI. In an estate I always advise obtaining an independent appraisal.
After meeting two candidate representatives in person at the residence in Port Hope I had to choose between the two well qualified representatives. I never asked either for a CMA because as executor I rely on the independent appraisal to establish a listing price. It was a tough choice but I had to do it. I chose Lindsay Martin licensed with Royal Service Real Estate. Although the Brokerage is large, Lindsay is the only salesperson in the Brokerage working in the Port Hope and Cobourg area. There was little chance of a double agency situation arising. Also the OREA Listing Agreement representation section was modified with a "No multiple representation" stipulation.
Within 30 days of listing the property for sale there is an unconditional Agreement of Purchase and Sale in place. The estate trustee (myself) was fully represented in single agency and the buyer was represented by another brokerage.
In my opinion single agency is the best choice for sellers and buyers.
Comments (4)Subscribe to CommentsComment