Taking the mystery out of working with a Realtor®
Choosing a real estate agent can be a daunting task. Buying a home is the largest purchase you will ever make, therefore you need to be prepared, so it can be done right. Your values and expectations need to be aligned with the Realtor® you choose. Here are 5 tips that will help you take the mystery out of working with a Realtor®.
Tip 1 – Interview prospective real estate agents
Just because you meet a Realtor or someone recommends one to you, it doesn’t mean they will be the right Realtor for you and vice versa. Interviewing prospective agents is the best way to determine if your values align. Then you can decide to move forward together or not. It is important for you to be transparent about your needs, so the Realtor knows where to focus their attention. In addition, knowing where the boundaries are will help you stay informed and create a good working relationship. Also during the interview process, expectations should be discussed on both sides.
Tip 2 – Understanding the process
No matter who you end up working with, they need to explain the buying or selling process to you, so you are clear on what is expected of them and what will be expected of you. There will be a number of steps that need to be followed, such as making sure you are ready to buy or sell, and having financing in place by the time you want to make an offer on a property.
Tip 3 – Understanding who pays the commission
Realtors work 100% on commission, meaning if your house doesn’t sell or we are unable to find you a new one, we don’t get paid. When the transaction does happen, disclosure of remuneration must be made in writing to you by your Realtor® as per the Real Estate Service Act, so you are aware of the commission structure. Remember, your Realtor® has your best interest at heart and owes you fiduciary duty. A few years ago, BC passed legislation prohibiting Realtors from so-called “dual agency” (double dipping) except in some rural areas, meaning they no longer can represent both the buyer and the seller in the same transaction. This is important because if your agent is representing both sides of the transaction, they may not have your best interests in mind and they would be breaking the law, which could ultimately also jeopardize your transaction. When a property is sold, the seller pays the real estate fees for both the seller and buying agent. Keep that in mind when you are considering selling.
Tip 4 – Communication
Proactive communication is key and goes hand-in-hand with the previous tip. Part of the process is scheduling weekly check-ins. You will be updated on any recent activity as well as have the opportunity to ask any questions you might have about what your Realtor has been doing to work on your behalf.
Tip 5 – Respect everyone’s time
Keep appointments and be on time. Time is valuable to everyone.
If you have any questions or would like to discuss your real estate needs, I will be happy to help. Let’s talk.