May 1, 2018
Buying or selling a home can be an overwhelming experience for many, whether you are a first time home buyer or have home ownership experience under your belt. There is a lot of market complexity fraught with changing market conditions, regulations and realtors; and in larger markets, you will undoubtedly come across an inordinate number of sales representatives. For instance, in the Greater Toronto Area alone, did you know there are more than 49,000 real estate licensed sales representatives and brokers?
The sheer number of licensed realtors available to the general public reminds us of the age-old question, “quantity versus quality?” An important and overarching question to ask yourself is how do I know if this individual is a good realtor to use?
When considering hiring a sales representative, we would highly recommend looking for an individual that is first, dedicated to the profession and has invested in and honed their skills and professional knowledge base, and secondly, demonstrates a clear strategy for selling or finding you a home and works full time on behalf of their clients.
Anne Young, Vice President of Real Estate for Veranova Properties Limited has summarized for you 10 other reasons why you should work with a realtor when buying or selling:
- Realtors have the market expertise. They are familiar with and have studied neighbourhood dynamics which provides them fundamental and progressive information on what is happening in terms of recent transactions in the area and bring a wealth of knowledge about the market to their clients.
- Realtors are educated and have specifically trained for their job and are required to continue to invest in their professional training delivered through governing bodies and self-motivation.
- They are trained to have strong negotiating skills and are expected to act in the best interests of their clients and represent you with complete confidentiality. For many people, the sale or purchase of a home is one of the biggest financial transactions in which you will engage in your lifetime. It is important to have someone at your side you can trust and to help you navigate through its complexity.
- Because a realtor is immersed in the real estate marketplace every day, he/she can offer accurate price guidance based on recent sales. Realtors are working with buyers every day so they have a very solid grasp on what people are willing to pay – and not pay – for a property.
- Your realtor is the perfect advisor and facilitator for a transaction. It is their overriding goal and job to bring parties together for a win-win scenario.
- Realtors handle all the administration related to a real estate transaction, and there is a lot of marketing, paperwork, and legal forms involved. There is a lot of intricacy in selling or buying a home which is why realtors and their business partners take on this function on your behalf and are trained to walk you through the legal forms, terms and language. Take advantage of their tried, tested and true services and their network of professionals (lawyers, mortgage brokers, lenders, insurers etc).
- A good realtor is always available after the closing of a sale, to support the buyer/seller, stick handle issues, and deal with any questions you may have about the property.
- A realtor will do all the pre-screening of potential purchasers. This upfront effort reduces the number of people who are coming through your home, as the realtor will qualify prospective buyers to make sure they are financially (and emotionally) qualified to purchase your home. If you are in the market to purchase, a realtor will also handle pre-screening of potential properties, viewing them to ensure the shortlist of properties match your requirements.
- A good realtor is bound to an ethical code in his/her business dealings and answers to a governing body on a professional level. A realtor should be registered with their provincial real estate council and his/her business conduct and actions are subject to strict governance through that professional body.
- Finally, a good realtor provides you with peace of mind. When you put your trust and confidence in a good realtor, you de-risk the buying and selling process. This generally results in the best outcome for all and a smooth transaction. As we outlined in the beginning, look for a sales representative who has a successful track record and who has positive testimonials from other clients. Make sure you feel comfortable and that you trust your decision of who to use.
Veranova takes selecting your choice of a realtor to the next level and to higher standards by putting our 30+ years of real estate management experience work to manage the entire buy-and-sell process from end to end, working with you and managing every step along the way from selecting a realtor through to listing and sale. Veranova’s team of real estate experts is available to answer your questions.