Ready to buy or sell a home? Here's a guide on choosing a real estate agent!
One of the most significant transactions you’ll ever make in your lifetime is buying or selling a property. The average individual underestimates the importance of choosing a real estate agent. Not doing your research can come back and cost you huge fees as a seller or result in missing out on your dream home as a buyer. That’s why choosing a real estate agent should be one of the most important decisions you make when deciding to sell or buy a home.
I’m here to help guide you on how you should choose a real estate agent to make buying or selling your home in Ontario seamless and headache free.
Before Looking For A Real Estate Agent
Sellers: Make sure you have prepared your home to sell before finding a real estate agent. Doing so allows your future agent develop a selling strategy for your home. Since most sellers are also buying a home, make sure to prepare the necessary documents like a mortgage pre-approval and knowing what kind of home you’re looking for.
Buyers: Before buying a home, prepare the necessary documents you will need. First, you’ll need to get a mortgage pre-approval to find out how much you can afford to purchase.
I’ve created a checklist of documents below that you may need to prepare when applying for a mortgage pre-approval in Canada.
Identification:
- – Government Issued Identification (i.e. a passport, drivers license)
- – Your SIN
Proof of Employment:
- – Paystubs from the last 3 months
- – T1 General Tax Form
- – Notice of Assessment
- – T4 or T4A
- – Letter of Employment – This letter should provide how long you have been with a company, your current employment status, whether you’re full-time, part-time, or seasonal, your salary, and your role/title.
- – Self-Employed – You may be required to provide more bank statements. This is because lenders may consider you higher risk since you may lack income stability. You will also require more business documents (i.e. business license, articles of incorporation)
- – Rental Property Income – there are opportunities for investors to claim rental income as part of their mortgage applications. To do so, rental and lease documents are required.
Financial Information
- – Credit Score above 600
- – Mortgage pre-approval letter
- – Recent Bank Statements
- – Assets
- – Investments
Once you have collected these documents, you’ll be more than prepared to find a real estate agent. There is a multitude of ways to find a real estate agent, ranging from word of mouth to looking up local agents.
How to Find A Real Estate Agent
When choosing a real estate agent, it would be a good idea to make a list of ideal Real Estate Agents that you would like to work with. But before doing this, you would need to do your research to find the Real Estate Agents you’d like to work with and make a list of them.
Sellers: A real estate agent can help you list your property and handle formalities like photography, videography, and digital marketing. They would also help you determine your property selling price based on the average selling price in your local neighbourhood.
Buyers: A real estate agent can help you find a home that meets your needs, schedule visits to properties, and negotiate pricing when putting in an offer.
Word of Mouth
Asking your friends, family, and colleagues for a referral to a real estate agent will provide you an honest review of their experience with a real estate agent whether it was positive or negative.
Some real estate agents may provide you with references to other real estate agents if they’re not familiar with a local area. They would also provide you with references to their wide network of real estate professionals like mortgage brokers or real estate lawyers. Beware that some real estate agents might collect a referral fee when giving you referrals.
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Another common way that people find a real estate agent is through ads from billboards, newspapers, television, or the radio. Keep in mind that some real estate agencies might be promoting their top performing agent, and that it’s possible that your case file might be given to another agent and not the one you saw on the ad.
Online Platforms
Lastly, there are websites like Realtor.ca or LinkedIn available for you to find a real estate agent. You can also find real estate agents by searching on engines like Google or Bing.
Choosing a Real Estate Agent
Assuming you’ve made a list of real estate agents you’d like to work with and booked a consultation; how can you make your decision easier when deciding on a real estate agent?
I’ve made a list of traits to look out for during your search:
Knowledgeable
First, you’ll want to make a list of questions that you believe that your real estate agent should know, and things that you would need to know when buying or selling a home. Ask these questions and take notes when meeting the real estate agent, this will make it easier to refer to what they have said and make the decision process easier. If the agent gives you vague or wrong answers, this might not be the agent for you.
Chemistry
Being on the same wavelength or having matching personalities with a real estate agent is important since you’ll be working with them for a long period of time. Chemistry is necessary not only in business relationships but all kinds of relationships.
Availability
An agent who has lots of clients may be good at marketing themselves but might not be able to provide you with the time commitment you need as they juggle between their clients. It’s important to mention that not all agents work full time which is significant when time is of the essence to put an offer on time as a buyer.
Marketing
Look at their previous listings, do their listing photos, videos, and descriptions make you want to buy a property from them? For a successful transaction, having an agent who has marketing skills is significant.
Conclusion
Whether you’re selling or buying a property, investing in real estate will always be one of the most significant transactions in your life. That’s why investing in research when choosing a Real Estate Agent should be a focused and timely process.
If you’re looking for an experienced realtor in the GTA area who knows the ins and outs of the real estate world, then call me today at 647.293.8773 so we can achieve your real estate goals together!
Real estate is in my blood! My entire life, I have been exposed to the intricacies and complexities of the real estate spectrum from resale and land development to pre-construction and closing. I not only can make your homeownership dreams come true, but I have the experience to get your home on the market and sold in no time!