SELECTING
AND WORKING WITH A REALTOR
Buying or selling a home in today’s market requires a lot of work
and a lot of knowledge about sales and real estate. It’s one of
the largest purchases or biggest business transactions many of us will
ever make. It doesn’t pay to depend on blind luck.
Whether
you are a buyer or a seller, there are distinct advantages to using
a Realtor. A Realtor, is a licensed real estate professional who is
a member of a local real estate board, as well as the Canadian Real
Estate Association (CREA) and, in Ontario, the Ontario Real Estate Association
(OREA).
This
individual has the experience and qualifications needed to successfully
conduct a purchase or sale. In Ontario, you can expect strict adherence
to provincial law and a code of ethics. This ensures you receive the
highest level of service, honesty and integrity.
If
you are a Buyer
In today’s busy, complex world, purchasing a home can be a lot
more time-consuming and complicated than other business transactions.
First-time buyers, especially, quickly discover that there’s a
lot more to buying real estate, than deciding what vacation to take
or what car or suit to buy.
Using
a Realtor from the start can provide you with the sound , effective
advice and professional services you need to get the best deal possible.
Once a Realtor has a clear understanding of what you want and what you
can afford, their knowledge can save you a lot of time looking at homes
that aren’t right for you.
A
Realtor can pre-screen properties so that you should only have to visit
a handful of homes to make an informed and wise selection.
Much of the early search with a Realtor can be done through the Multiple
Listing Service (MLS) and preliminary discussions. As you visit and
react to each home you see, the realtor will have an increasingly better
idea of what you want and don’t want.
A
Realtor will also be able to advise you on the various options available
for financing a home and tell you when to bring in other experts such
as a lender, home inspector, lawyer and insurance agent.
If
you are a Seller
Sometimes a seller will be tempted to sell their home on their own,
believing it will save them the cost of the real estate commission.
But, selling a home is a very complex procedures, involving large sums
of money, stringent legal requirements and the real potential for very
costly mistakes.
Just
as most of us lack the knowledge to do a major repair on the family
car, most sellers lack the depth of knowledge, experience and amount
of time needed to sell a home on our own. A Realtor not only has the
qualifications and expertise, but is committed to spending the time
it takes to get the best deal possible.
Selecting
a Realtor
Before you make a Realtor part of your team, it pays to shop around
and sharpen up those interviewing skills. The realtor you select should
be someone who knows the neighborhood you live in or want to live in;
who can provide you with sound, effective advice; and who has broad
and current knowledge of today’s real estate market.
Begin
by identifying several candidates and interviewing at least two or three
before making a final decision. If you were pleased with the services
provided by the Realtor who helped you make a previous sale or purchase,
he or she may be your best choice.
Jot
down the names and telephone numbers printed on “For Sale”
signs you notice around the neighbourhood, in local real estate ads
or publications. Also, ask friends, family and business associates to
recommend some names.
Interviewing
Realtors
The realtor you select should be someone who shows genuine interest,
knows the current real estate market and has a good track record in
the sale and purchase of properties you’re interested in. This
individual should make you feel comfortable and that they have your
best interest in mind.
Be
sure to get a resume and references and to ask questions such as:
-
How long have you and the firm been in business? How many homes
have you sold in the last six months? How close were the sale prices
to the asking prices? What price range of homes do you generally
handle?
-
Do
you provide multiple listing of your property through the Multiple
Listing Service (MLS)? (This service provides access to a much broader
base of potential buyers.)
-
If
selling: How will you market my property? Will the marketing plan
include an open house for other Realtors and regular open houses
for prospective buyers, advertising and flyers? How did you establish
the suggested selling price for this home? Was my home compared
to those sold recently in the neighborhood and to those currently
on sale? What tips and hints can you offer to make my home show
better.
-
What
will using your service cost me?
If the Realtor looks enthusiastic about selling your home or helping
you buy one, and appears confident in their ability, consider hiring
them. But first check their references or talk to people who have
recently sold or purchased property through them. Most people who
have had a positive experience will be quick to express it.