Realtor 101
Ahhh, Realtors. If you’ve been in Canada longer than five minutes, you’ve seen an ad from a Realtor, advertising his or her services to help you SELL YOUR HOME FOR TOP DOLLAR! I love the optimism of real estate terminology. Selling a tiny house? It’s cozy! Needs $200K in upgrades? Handyman’s dream! Right beside the train tracks? No alarm clock required! Ok, teasing paused for a moment. Realtors are trained professionals whose job is to help you buy or sell a home, apartment, condo, or land – you know, real estate. A great Realtor is a tremendous asset during all phases of home purchases or sales. And as a mortgage agent, I partner with many Realtors to ensure that you, the client, get the best service possible.
With this in mind...
It’s important to connect yourself with the right Realtor, whether you’re looking to buy or sell. Remember that the Realtor works for you, the client. She or he has a fiduciary duty to keep your best interest in mind, just as I do when I find you the right mortgage. Before signing any commitment to work with a Realtor, you should always interview two or three, to get a sense of who would be the best match for your needs. Ask the right questions and listen to your gut. There are some amazing Realtors out there who will add awesome to your experience, and there are others whose personality or approach may not be a match for you. So to help in the process, I’ve compiled a list of questions you can ask a potential Realtor, whether you’re ready to go home shopping, or thinking of selling. Check it out:
- How long have you been in the industry? *
- How many deals did you personally close last year for buyers?
- What’s your most important core value as a Realtor?
- Do you have other professionals you work with, such as home inspectors?
*Bear in mind that if they’re new, that’s not necessarily a bad thing! New Realtors are usually hungry to please, and their enthusiasm level is high – they want to get some deals under their belt! And they usually work with an experienced agent to ensure that things go smoothly.
- How long have you been a Realtor?
- How many deals did you close last year for sellers?
- What’s your most important core value as a Realtor?
- What’s your commission to sell my home? What is the reduction if you double-end it? *
*Double ending is an industry term that means your Realtor has brought you a qualified buyer, so she or he doesn’t have to split the commission with another Realtor. Typically, they should offer a reduction on commission in this case. For example, 3% to 4%, instead of 5%. Every percentage on a $1M home is $10,000!