Real estate agents have different levels of knowledge and experience. They play a pivotal role in the home buying and selling process. Hence, it is very important to learn how to
find a top notch agent, and later work effectively with the professional you have hired.
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| Who Is Who In Real Estate |
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  Agents
The real estate industry is highly regulated by provincial governments which set strict bonding, education
and performance standards. An agent (sales associate) is
a licensed real estate trade professional contracted by
a broker.
Brokers
A broker's licence requires more qualifications, beyond those of an agent. Every real estate office
must have
a broker to ensure that its agents adhere to the requirements of the Real Estate Act and that they have appropriate support with any difficulties they can't manage.
Realtors
Only brokers and real estate agents who are members of the Canadian Real Estate Association can use this title. Membership is acquired through further training and licensing, and realtors must strictly comply with the Association's Code of Ethics designed to protect the public.
Seller's Agents
Agents representing sellers must take every action to obtain the highest price and the best conditions of sale. They owe full loyalty to the seller. Buyers should not expect any tips from the seller's agent to get a better deal at the expense of the seller. The selling agent however, has a legal obligation to inform the buyer of any problems with the house being sold.
Buyer's Agents
An agent buying a house on your behalf owes
a fiduciary duty to you. Although your agent gets paid out
of the seller's agent commission (usually 50/50 split), he or she has a legal obligation to negotiate for you
the best deal possible.
Buying agents have to put the buyer's interest ahead of their own, even if it means a lower commission. In order to protect home buyers most Canadian provinces implemented Buyer Agency Agreements which must clarify if an agent is working solely for the buyer.
Dual Agency
Sometimes both the buyer and seller will have the same agent, or they will have different agents working for the same broker. This situation is called dual agency and you will be asked to accept it in writing. You should be aware that the agent's loyalty to one party may be in conflict with the duty owed to you.
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| Why to Hire an Agent |
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 Guidance
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What to buy and where to look for a
house? Should you buy or sell first? How to price a house for sale? These are just few examples of many critical issues your agent can help you with. He or she will work for you and guide you through the whole process to protect you from making costly mistakes.
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| Paperwork
| Preparing the House for Sale
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Real estate transactions require a great deal of documents. Mishandled paperwork can cost you lots of money, wasted time and frustration. You need a professional
to help you arrange a flow of all documents on time and in proper order.
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Good agents know how to present the house at its best, and they can tell you what small changes or improvements can be made before you let your buyers in.
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| MLS Listing
| Marketing and Advertising
| | Agents have access to MLS - the most popular real estate resource. When selling or buying your agent can use the MLS, where most of available properties on the market are listed.
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Aside from MLS listing you can have your house advertised by your agent in local newspapers, broker's website or through professional contacts.
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| Open House
| Negotiations
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Seller's agent will take care of an open house,
so other agents or buyers
can see the house and ask questions. When buying, you can count on your agent to find open house events you might be interested in.
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Fine negotiation skills define seasoned real estate agents. They can make a difference when everything is negotiable. If you recruit a good
agent you should be able to get the most and the best out of the deal.
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| Transaction Quality
| Coordination
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The ultimate decision on all aspects of the deal will be yours. However, your agent can advise you on transaction merits according to his/her knowledge of the
market and industry standards.
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There are many parties involved in real estate transactions - sellers, buyers, lenders, appraisers, inspectors,
lawyers and insurance providers.
A good agent, like a good manager will stay on the top of the whole process to ensure efficient and timely closing.
| | Referrals
| One more benefit of having an agent is that you can ask for a referral for different services. Agents are industry insiders and usually can recommend other good real estate professionals they had positive experience with.
It's always a good idea to comparison shop before deciding who will work for you. Ask your agent for a list of professionals instead of one reference. Then you can arrange to meet two or three of them and make your own choice. |
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| How to Hire an Agent |
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Most of real estate agents are honest and hard working professionals who sell and buy homes for their clients without incidents. If you do your homework and follow the rules most likely you will end up working with a good agent.
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| Ask your family members, friends or co-workers if they can recommend an agent who earned their trust, and they liked working with.
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| Search for an agent who primarily works in the area you want to move in. Many homes for sale are not publicized and an agent with established professional network can be very helpful.
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Consider established real estate companies instead of small unaffiliated brokerages.
The largest and most reputable agencies are Royal
LePage, RE/MAX and Coldwell Banker.
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Give your preference to brokers and realtors since they are the most experienced and knowledgeable real estate professionals.
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| Choose someone who is working full-time, and is available after business hours. Part time agents may
have other commitments or less business connections.
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| When you find some agents, arrange a meeting to ask questions. See how you two can get along, and how responsive the agent is to your needs and concerns.
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| Once you provide a detailed list of your buying criteria make sure it is final. Don't waste your agent's time by changing your mind after you have seen a couple of homes.
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When you are unhappy with your agent, ask the agent's broker for help to resolve existing problems. If they still persist the broker can designate another agent from the same office to work with you. Should you decide to hire someone working for another broker you may have to wait until the listing contract expires. If your agent has exclusive rights to sell you owe the commission to that agent when your house gets sold within specified time.
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How to work with a real