Buying or selling a home in Canada can be a complex process. Since the market is constantly evolving, there are always new and unique challenges that you will have to face which could greatly affect your experience as a participant in the real estate market. As a buyer in a hot market, you might face intense competition when attempting to purchase a home which can make for a very stressful experience. As a seller in a cooler market, it could take weeks or even months for a buyer to come along who is willing to make a fair offer. These are just two scenarios that you might face but there are an endless number of unpredictable situations that may arise along the way. Demand and supply for homes, dictated by key factors such as interest rates will play a huge factor in determining sales prices.
Navigating these challenges can be difficult and overwhelming without the right guidance and expertise. Utilising the services of a licensed real estate professional can help make the buying or selling process a lot easier. As real estate markets have grown and become more competitive, the need for 1 on 1 personalised service has never been more important. In this post, we’ll discuss how to choose a real estate agent and the factors you should consider to ensure a successful experience. There are many agents out there, all of whom are competing for your business, but how should you decide who to work with? Read on to find out!
Realtor Market Knowledge
The first key factor to consider in selecting a REALTOR® is ensuring that they have an adequate understanding of the market you’re going to be dealing in. The agent should be well versed on current market conditions in not only the specific neighbourhoods and regions pertaining to you but also trends that are occurring at a provincial and national level as well. If a buyer is looking to purchase a row townhome in a particular neighbourhood of a city, the agent should know what similar homes have been selling for in that area and be up to speed on recent listings, how long they were on the market and other important considerations which could affect the buying prospects for a client. For a homeseller, the agent will need to be able to provide them with market information that will help determine a recommended list price and employ a strategy that will attract the most amount of interest in the home. The agent should be able to answer and explain questions and concerns that a buyer or a seller may have about the market. At times, the market could be in flux and actively evolving as you consider making a move and you may have questions about where the market is headed or how long it will take for prices to move up or down. While an agent will be unable to predict exactly how things might play out, they should be able to predict where it will go based on key factors that they understand from their time working in the industry. An agent’s understanding of the market will be apparent from the conversations that you have with them and the information they’re able to provide.
Communication with Clients
An important consideration for any buyer or seller who is looking to work with a REALTOR® is having confidence in their ability to communicate regularly and professionally. Due to the complexity and overall nature of the real estate business, you will likely have many questions or concerns about a particular property, the sales process or a related matter. Your agent’s job is to work for you and be there to provide support at every turn. A big part of the service they are expected to provide is to essentially be on call at all hours, day or night. They should be able to respond quickly to text messages and answer calls. The agent will also need to be responsive to things like showing requests. If a buyer client is looking to view a property, time could be of the essence when demand is high. The showing could need to be booked for that same day or the following day in order to provide enough time to prepare an offer should the client be interested in writing. The agent will also need to be able to clearly explain the different documents that a client would be signing or agreeing to, including important stipulations that they should understand. Over the course of an active listing, the agent will need to be in constant contact with the seller client to advise them about updates relating to the sale of the property, such as potential offers, marketing progress or competing listings.
Strong Online Presence & Distribution
Before you commit to working with an agent, you’ll want to perform an online search to learn more about them and the brokerage they work for. In doing so, it will be easier to gauge how they’ve established themselves in the business and whether they look like someone you can trust to help with your real estate needs. There are many different brokerages that you can select from in most market centres. Visiting the agents personal website is a good starting point as this will typically provide a good preview of the services they offer. Sometimes there will be videos detailing the experience you can expect to receive if you work with them. Online reviews are also a good way to read about the experiences that others have had while working with the agent and you’ll also be able to get a rough idea of how much experience an agent has had in the industry. Taking a look at an agent’s social media pages should demonstrate how active they are. A modern, technologically savvy agent will be sharing regular updates on their Instagram, Facebook and other popular platforms to promote their business and likely use it as part of their marketing strategy to sell homes. An agent who is actively sharing content such as market updates, information about their newest listings or latest closings are probably pretty busy.
Honesty & Passion
As you determine which REALTOR® you would like to work with, there are two personality traits that you’ll want to be on the lookout for: honesty and passion. If an agent has been successful in the business, they’re very likely an honest individual. When hundreds of thousands of dollars are being exchanged for the purpose of buying or selling real estate, people do not like to be jerked around or lied to. In fact, it is an agent’s ethical duty to be honest about the facts relating to any transaction they engage in. If an agent is not honest with someone they are representing, they are not considering their clients best interests which can be a serious offence. You’ll also want to work with an agent who will be excited and passionate to do business with you. The process of buying or selling a home can sometimes take time. An agent could show properties to a prospective homebuyer for weeks or even months before they are successful in purchasing one that they like. Getting to this point could be long and tedious with many rejected offers and frustrating circumstances that occur throughout a home search. If an agent is not excited to work with you over a potentially long period of time, they won’t be motivated to find you a home or in the case of a seller, find a buyer for your home.
Well Connected
In order to make your real estate experience as simple and easy as possible, you’ll want to work with a REALTOR® who is well connected in the business already. An agent who has existing relationships with other industry professionals will save you time and money as you move through the buying or selling process. A first time home buyer will need to speak with a bank or a mortgage advisor who will be able to get them set up for a pre-approval. A connected agent will be able to put you in touch with a contact in this industry before you begin working with them on a more serious home search. Additionally, buyers will require a lawyer if they do not have one already to handle items such as status certificate reviews and closings. For sellers, an agent’s connections are even more critical. Sellers may require contractors or tradesmen who are able to work on short notice or cleaners to get the home looking prepared for sale. A good agent will also have existing relationships with a professional stager, home inspector or lawyer who can be ready to provide their services quickly. Having an agent with these existing relationships will mean that any services you may require will be readily available throughout the buying or selling process.
Conclusion
Buying or selling a property is a huge undertaking, can take time and cause plenty of stress no matter which way you look at it. The market is complex and unpredictable scenarios can often arise. Using the services of a licensed real estate professional can alleviate much of these difficulties and help you navigate through this process, providing the insight and expertise you’ll require to get the results you are looking for.
In this post we’ve outlined 5 key things you should look for when deciding who to trust when it comes to choosing a REALTOR. Market knowledge, communication, online presence, honesty / passion & an agent’s connection to industry professionals are all things to look for. At SERNO Realty, we help buyers and sellers throughout the Ottawa area with all of their real estate needs. Whether you’re a first time home buyer, a seasoned investor or are looking to sell, we’re ready to assist you.