So, you know how much money you have and you have a good idea of what you want. Now, you need the help of a real pro, to make your search a success.
REALTORS® are highly trained and are constantly training.
In Canada, licensed REALTORS® are members of their local real estate board, a provincial association and the Canadian Real Estate Association. This system of membership ensures the highest level of service and that you are always treated with honesty and integrity. This is backed by the REALTOR® Code of Ethics.
The Three REALTOR® Relationships
The relationship between a real estate brokerage and a client is called Agency and there are three major kinds.
1.) Seller (Vendor) Agency
The real estate brokerage and all its REALTORS® represent the seller exclusively and it’s their job to get the best offer on the home. They are legally obliged to tell the seller anything known about a buyer. For instance, if a seller’s REALTOR® knows a buyer will pay more for a property, they must tell the seller.
2.)Buyer (Purchaser) Agency
The real estate brokerage and all its REALTORS® represent the buyer exclusively. They seek out homes that meet the buyer’s needs and help assess the merits and defects of potential homes. They keep the buyer’s information confidential and never disclose information like the maximum amount their buyer is willing to pay. You may be asked by your REALTOR® to sign a buyer agency agreement. In fact, in some provinces, REALTORS® are required to ask you – for your own protection. This agreement ensures that the REALTOR® and the brokerage can look after your best interests.
3.)Dual Agency
Sometimes, a brokerage may have an agency relationship with the buyer and the seller. Both the seller and the buyer must give their informed consent and the REALTOR® must always provide full and timely disclosure of all pertinent information to both parties.
Selecting a REALTOR®
There are lots of ways to find a REALTOR®. As you drive through prospective neighbourhoods, jot down the names and numbers of REALTORS® on the For Sale signs. Open Houses are a great way to meet face-to-face. Maybe friends or family members have worked with a REALTOR® they love. Interview two or three and pick the one you like best.
How REALTORS® help buyers like you
- Review your list of wants and needs and help you determine your price range.
- Answer questions about the markets you’re interested in and help you compare homes and neighbourhoods.
- Use the local Multiple Listing Service® (MLS® System). The MLS® System is the single most powerful tool for buying and selling a home. Your REALTOR® will give you access to exclusive features of the MLS® System that the public is not privy to.
- Preview properties to ensure you’re only shown homes that meet your needs and budget.
- Make appointments and walk you through potential homes, answering all your questions.
- Give up-to-the-minute information on financing and explain your mortgage options.
- Negotiate with the seller, smooth out any potential conflicts and draw up a legally binding contract.
Sell and buy with the same REALTOR®?
Absolutely! Especially if you’re remaining in the same community. Your REALTOR® is already an expert on your needs, so it can save you a lot of time and energy.
Stick with your REALTOR®
One dream, one team. The REALTOR® you select will become an expert on your specific needs and tastes. Scattering your time and energy amongst multiple REALTORS® will work against your goal of finding your best home. And because most REALTORS® have equal access to the same property listings, there’s no real advantage to having multiple REALTORS®.