Compete like an Olympian in a boiling real estate market

What do the Olympics and buying a house have in common?

As this year’s Winter Olympics draw to a close, I reflect on how the Games bring together the best athletes in the world to compete and how international fans are rooting for their favourites.

Whether you enjoy watching alpine skiing, curling, bobsleigh or ice hockey like me, it’s always exciting to watch the world’s top athletes strive for the podium.

I can’t help but notice some similarities between those competing in the Olympics and those trying to buy property in a booming market.

Planning: Whether you’re competing in a global sporting competition or buying a home in a local neighborhood, proper preparation is essential. While an athlete prepares by having a rigorous training regimen, expert coaching, and disciplined meal plans, homebuyers should also be prepared for what this entails and rely on advice from experts. This includes doing your research, crunching the numbers and budgeting, getting a mortgage pre-approval, and finding a real estate agent to help you navigate the process to success.

Coach and real estate agent: While every competitive athlete has a coach for coaching and support, a buyer can also benefit from the expertise and valuable advice of a registered real estate agent to help you through the process and make informed decisions. Typically, you can expect an agent to offer a wide range of service options which can include sharing knowledge about housing in specific neighborhoods, monitoring market trends, arranging visits, negotiation and defense on your behalf and handling paperwork.

A team of support experts: In addition to a coach, an athlete also usually has other people behind the scenes who all perform different but crucial functions. These can range from a sports nutritionist, personal trainer, and psychologist who help ensure peak performance, to a publicist to handle endorsements, press conferences, and other engagements.

Likewise, it makes sense for buyers, in addition to an agent, to have other professionals on their team. A real estate attorney can provide legal advice, review documents, investigate title, and take steps to complete the transaction. If a mortgage is required, an institutional mortgage advisor or broker can help you secure one with loan terms and a rate that suits you. Additionally, a home inspector can examine and report on major property systems, such as electrical, roofing, plumbing, foundations, and septic systems. This can provide valuable information before finalizing the purchase of the home or after taking possession, depending on your intentions for the property.

A resilient mindset: Sporting events and the current real estate market in Ontario are both highly competitive. Win or lose, athletes are trained to stay focused on the game and keep going. Similarly, it is very important to stay positive if your offer to purchase is not accepted for a property. If you’re in the market to buy, I’m confident you’ll eventually hit the podium with a new home if you have a plan, a strong team of experts, and a little patience.

If you have a question about the process of buying or selling a home, please email [email protected]

Joe Richer is Registrar of the Real Estate Council of Ontario (RECO). This column is for general informational purposes only and is not intended to provide legal or professional advice on real estate transactions. Follow RECO on Twitter: @RECOhelps

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