Ottawa is home to many commercial real estate professionals. Within the sector, commercial Realtors have a competitive advantage because of their membership in the Ottawa Real Estate Board.
Here’s a quick glimpse inside a commercial Realtor’s toolkit.
Access to legally vetted forms
Members of the Ottawa Real Estate Board (OREB) have access to hundreds of legally vetted commercial forms and clauses, ensuring buyers and sellers feel protected. “Knowing that I am receiving offers on standard forms, I am able to respond quicker to clients when explaining the details in the contract,” says Royal LePage broker Jillian Jarvis. “Standardized forms is one more level of protection for clients.”
Access to RealTrack
RealTrack is a database of nearly 30,000 commercial real estate transactions worth more than $500,000. The information in RealTrack includes location, property descriptions and financing details. While some brokerages have their own licenses, OREB provides free access to its members. “It is a complete and timesaving database, putting accurate statistics and data at the tip of our fingers instantly,” says Leena Ray, a Realtor at Coldwell Banker Real Estate. “It’s certainly cost-efficient for commercial Realtors that the Board retains a license for our use.”
OREB Realtors must abide by the Canadian Real Estate Association Realtor Code of Ethics. Basic principles in the Realtor Code include providing professional competent service, maintaining honesty and integrity in business dealings, and being cooperative and fair to others. Realtors must disclose in writing who they are representing as an agent in a transaction and cannot acquire an interest in a property without disclosing that they are a real estate professional. “Most beneficial to me and my clients, being a commercial OREB member, are the ethical obligations, strict standards and entrusted values and expectations between Realtors,” says Ray.
Access to information
OREB members use Matrix software, a web-based MLS System, to list and search for commercial properties on behalf of their clients. Only Realtors have access to the MLS System. “It is vital as a commercial real estate broker to have access to up-to-date, trustworthy information. This is what OREB provides,” says Jarvis. “Having all the options on one platform is imperative for saving time and giving clients peace of mind.”
What is a commercial realtor?
“Realtor” is not a job description. It is a trademark of the Canadian Real Estate Association and stands for service, competence and high ethical practice. OREB’s commercial members who have met high standards of education and experience are eligible to become members of OREB’s Commercial Services Network.
Commercial Realtors provide professional services including:
- Access to listings of thousands of other Realtor members of OREB and other Boards through their exclusive MLS System access.
- Far-reaching marketing services, and access to local, national, and international buyers through their commercial affiliation within Realtor.ca, which boasts 264 million visitors in 2018 and 5.3 billion views.
- Professional advice based on knowledge, experience, and education.
- Tenant and landlord representation.
- Advice on real estate investment purchases.
- Competent service based on extensive market knowledge