Determine
your housing needs and choose the desired area
Know what you want
from an agent
Contact sources of
referral
Interview the agent
Buyers, take the first
tour
If it doesn't work
out
If all goes well
Remember, they're
still an agent
Determine your housing
needs and choose the desired area
If you are a buyer, first do a bit of homework. Decide
what you need and want in a home: a detached house or condominium apartment,
number of bedrooms, and so on. Then choose the area in which you want to
look. This doesn't have to be as specific as a neighbourhood. Simply decide
upon a search area - usually a reasonable radius from your place of work.
If you are a vendor, prepare an information sheet
that lists all of the features and highlights of your home. When you choose
an agent, you can present this list. Although the agent will measure rooms
and list the obvious features, you can point out things that might otherwise
be overlooked. For example: if it is mid-winter, the agent will not know
that you have an award-winning tulip bed. The information you provide will
allow the agent to write a listing that stands out from the crowd.
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Know what you want
from an agent
As a buyer or a vendor, you should expect the agent
to be knowledgeable and service-oriented. He or she should be able to help
you set a price range, provide information on local housing prices and
other factors, identify good locations and homes, suggest sources of financing,
take you to view homes, do the paperwork and contracts, and run interference
between buyer and seller. If you are buying, an agent will negotiate your
offer with the vendor and the vendor's agent. If you are selling, he or
she will guide you when the buyer's agent submits an offer.
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Contact sources
of referral
The easiest way to find a good agent is to ask for
recommendations from people who have recently purchased or sold a home
in the same area. Among your friends, neighbours, relatives, co-workers,
and acquaintances, there must be someone who can suggest a good agent.
If you strike out however, call reputable real estate offices in your area
and speak to the manager. Name the area in which you are interested and
the kind of house you want. If you are a first-time buyer, it's a good
idea to mention that. Some agents are better than others with first-time
buyers. Then ask the manager to recommend the best agent for the job. Don't
necessarily go with agents that seem to have a high profile. Some people
are good at promoting themselves but that doesn't mean they'll provide
better service.
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Interview the agent
The agent should come to your home for an introductory
meeting. This is your opportunity to decide if you like and trust this
person. Compatibility is important. You will be spending a lot of time
with them as you make the largest purchasing decision of your life. If
you are a buyer, this is when you will discuss your housing needs and set
a price range. Does the agent ask questions about what you want and need?
Does he or she listen to you? Does he or she make suggestions? If you decide
that you want to work with this agent, you can schedule some showings.
If you are a vendor, ask the agent how he or she
will price and promote your home. You should be satisfied that your house
is properly priced (not too high or too low) and that will get sufficient
exposure in the right venues. Your home should at least be included in
the multiple listings - an open listing available to all agents and their
buyers.
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Buyers, take the
first tour
As you take the first tour of homes with your agent,
keep focused on what you want. The first tour is a test of how well
the agent listened to your needs and wants. If you said that you need a
three bedroom home on a quiet suburban street but the agent keeps taking
you to condominium apartments because they are her listings, something
is wrong. If he or she shows you homes that are right for you, then you
know you've got someone who understands your needs. As you visit each home,
ask lots of questions. What are the high and low price ranges? Why is one
house priced much higher or lower than another similar one? Are there planned
changes to zoning laws that will permit commercial development in the neighbourhood?
(To be sure of this, don't just rely on the agent's answer. Ask the city).
Have there been tax increases without an increase in services, and so on.
Ask to see properties that are in a good location but are priced lower
because they need cleaning or decorating or have been on the market for
awhile.
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If it doesn't work
out
If you are not happy with an agent, thank them for
their time and choose another. Repeat the process to find an agent and
try again. Most agents are professional and service-oriented, so you shouldn't
encounter much bad luck. When you do, don't hesitate to end it and move
on.
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If all goes well
If you are happy with the agent, make a commitment
to stay with him or her. Agents work most diligently when they know they
have a loyal client. (Real estate agents do not enjoy exclusivity and therefore
must often watch while other agents scoop a client that they chauffeured
to many houses. Loyalty is a virtue that you can leverage into dedicated
hard work from your agent). You will not do yourself any favours by jumping
indiscriminately from agent to agent. The worst thing you can do is to
call listing agents for each and every advertised home. It is never to
your advantage to deal directly with the listing agent. In some jurisdictions,
agents can ask you to sign them on as your buying agent. This means that
they are legally obligated to act on your behalf instead of the vendor's.
Once you find an agent with whom you want to work, it is okay to enter
into such an agreement.
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Remember, they're
still an agent
As much as you might like the agent you have found,
remember that he or she is driven by the goal to sell you a house. Therefore,
always be aware that you must make your own decisions. Don't be seduced
or influenced by the subtle tactics of a skilled agent. Don't succumb to
pressure or the suggestion that "someone is making an offer on that one."
Take your time, make as low an offer as you like, and say no if you don't
feel comfortable. |
