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. |