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HOW
TO FIND THE RIGHT REAL ESTATE AGENT
| Whether
you are a buyer or a vendor, a good real estate agent can save you time
and money. If you were happy with an agent on a previous transaction, it's
a good idea to go back to him or her. But what if you don't have that option?
How do you find a good agent that is right for you? |
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. |
