THE R.I.T.E STRATEGY
COACHING BUYERS TO COME OUT AHEAD
The name for my approach to advising buyer clients – the R.I.T.E Strategy – came to me the day after I brought home medals from the Canadian Masters Swim Championships this spring.
I saw parallels between my work and the sport I love.
I’ve spent years rising before 05:00 four days out of seven to swim over 10 km a week. Racing pushes you to develop strategies to improve performance. There is much at stake.
Buyers planning to spend huge sums on a home also have much at stake. As your Realtor, it's my duty to protect your interests and financial well-being. It compels me to do the extra research and counselling it takes to equip my people to make the best possible decision. It’s challenging and I love it.
And like swimming, I’ve worked out a strategy that allows me to do it well.
The RITE strategy varies in approach, content and complexity for each client. But here is a brief outline of how the strategy helps me coach buyers to come out ahead.
Research – Many facts that buyers need are not readily available. How is the market in a certain neighborhood statistically trending now and what has been its historical pattern? How has price appreciation in the area fluctuated in recent years? Is the property of interest priced at fair market value compared to similar homes, (making value adjustments for differences), recent neighborhood appreciation rates, and compounding value over time? What are resale prospects like for the property? How much will required upgrading add to the property’s value?
Information – Much of this is the meat of the property search, using various sources - MLS listings, private for-sale-by-owner websites, neighborhood canvassing, and networking with colleagues and other contacts. Collection of additional information on properties of interest from various sources including government agencies, neighbors, past owners, contractors/tradespeople etc.
Timing - Time can be in the buyer’s or the seller's favor. It can affect the terms and price of a sale. In general, the more time you have the stronger your negotiating position, and the better you can reflect on your options before making a move. A spring market offers more choice but also more competition from other buyers. A fall and winter market is just the opposite. I advise you on how timing plays a role in your particular circumstances in order to allow you to knowledgeably assess and manage the potential risks and benefits, and associated financial impacts.
Emotion – A catch-all term for all the dreams, desires, preferences and needs you bring to the home search. The more you have, the more challenging your search will be, and the more pressure you may face which can affect how you make your decision. This can have financial implications. I counsel you to be aware of situational costs and drawbacks and how you can either avoid or manage them, or knowingly accept them in order to obtain desired benefits.
So if you want to buy a house, you can’t go wrong with the R.I.T.E Strategy!