Find the Right Professionals: The Real Estate Professional
Here are some tips on how to find,
evaluate and select the experts.
The Real Estate Professional
Commonly
referred to as agents, Real Estate Professionals must be licensed as
salespersons or brokers to sell real estate in Canada. Each province
has its own licensing body. In Ontario, it is the Real Estate
Council of Ontario (RECO). You can check an agent's registration by
using the Registrant Search link on RECO's website.
The
best way to find a real estate agent is to ask your friends,
colleagues and relatives to refer you to someone they have worked
with in the past and who provided them with excellent service. You
can also meet agents by searching real estate websites and newspaper
ads, community directories and at Open Houses.
Personality
and communication style are just as important as professionalism,
knowledge and availability when it comes to buying real estate. You
will work very closely with this person to find your home, so choose
someone you are comfortable with. Ask questions about the agent's
experience and professional designations, and ask for references.
Here is a simple chart to help you quickly assess the agents you are
talking to.
Do you have a real estate license and for how
long? [Ask for ID if you are not comfortable]
Do you work full-time or part-time in real estate?
[Full-time agents generally are more accessible]
How long have you been with your present company?
[Get business card if one wasn't offered to you]
What are your professional designations and what
do they stand for?
Are you available weekdays and weekends?
What times during the day are you available?
In case of emergency, how do I reach you outside
of these hours?
Do you communicate mostly by phone / email /
texting?
Do you specialize in a specific area?
Do you work with a team or assistant?
May I call 3 buyers you have helped in the past
for references?
Can you recommend other professionals to us? (eg
lawyer/home inspector/mortgage broker)
Once you have
decided on your agent, sign a Buyer's Agency Agreement. This
Agreement means you will work with this agent exclusively for a
certain period of time and, in return, the agent will work
exclusively for you, as a Buyer's Agent, to get you the best deal
possible and will protect your interests in all transactions. It also
describes the type of property you are looking for and the
compensation your agent can expect to receive at the end of the
transaction. In Toronto, the Seller normally pays the real estate
commission. If not, your agent will let you know.
Up Next: The Mortgage Professional