How to select a Realtor
OREA - April, 2011 - Buying or selling a home is a major financial
transaction and one you should not take lightly. While many people
consider tackling the challenge of buying or selling a home on their own,
most quickly realize the complexity of the process and the potential for
costly mistakes. To avoid these pitfalls, it's best to enlist the
services of a Realtor.
Working with a Realtor has many advantages. This individual has the skills
and knowledge most buyers and sellers don't have. They can negotiate on
your behalf and advise you on when to bring in the other experts and
professionals.
Most real estate professionals in Ontario are members of the Ontario Real
Estate Association (OREA) - and only members of OREA can call themselves
Realtors. When you work with a Realtor, you can expect not only strict
adherence to provincial laws, but also adherence to a Code of Ethics. And,
that code is very important to you - because it assures you will receive
the highest level of service, honesty and integrity.
While there are a number of ways to find a Realtor, take your time to
ensure you get the best Realtor for your needs. You can start by
jotting down the names of Realtors shown on For Sale signs in the
neighbourhood you want to live. Open Houses are another great
way to meet Realtors working in a particular area. It's also a good
idea to ask friends, family members and business associates for names of
Realtors they would recommend.
Since you'll be working closely with the Realtor you choose for weeks or
perhaps months, it makes sense to choose one you feel comfortable with -
one who listens to what you have to say, asks intelligent questions and
shows a genuine interest in helping you.
You might have to interview two or three Realtors before choosing the
right one. However, real estate is a very competitive market so you can
afford to be picky. Here are 10 smart questions to ask during your
interviews:
1. How long have you been in the business?
A freshly-licensed REALTORŪ can do a wonderful job and will have
up-to-date training; those in the business longer bring more practical
experience to the table.
2. What is your average list-to-sales-price ratio?
A listing REALTORŪ should hold a track record for negotiating sales
prices that are very close to list prices.
3. How will your marketing plan meet my needs?
Specifically, how will you sell my home? Where and how often do you
advertise? Will you show me a sample flier? How do you market online?
4. Will you provide references?
Ask if any of the references are related to the REALTORŪ. Ask if you can
call their references with additional questions.
5. What separates you from your competition?
Key phrases to listen for: assertive, available by phone or e-mail,
analytical, able to maintain a good sense of humour under trying
circumstances.
6. May I review documents that I will be asked to sign?
A good REALTORŪ makes forms available to you before you are required to
sign them. Ask to see agency disclosure, listing agreement, seller
disclosure.
7. Can you help me find other professionals?
Your REALTORŪ may be able to provide a list of service providers who can
help with things such as home inspection, staging, renovations, legal and
financial advice. Get an explanation if you see the term
"affiliated". It could mean the REALTORŪ is getting
compensation from vendors.
8. How much do you charge?
Real estate fees or commission are negotiable and may vary from broker to
broker. Always make sure you negotiate your best deal with your REALTORŪ.
9. What if I'm unhappy with the service?
If you sign a listing agreement with the REALTORŪ and later find that you
are unhappy with the arrangement, will the REALTORŪ let you cancel the
agreement?
10. What haven't I asked you that I need to know?
Pay close attention to how the REALTORŪ answers this question, because
there is always something you need to know - always.
For more great information to help you buy or sell your home, visit www.howrealtorshelp.ca
or contact your local Realtor.
