Many buyers – especially first-time buyers – do not fully understand the home buying process and what role a Realtor plays. Here are some of the most frequently asked questions:
What does it cost as a buyer to use a Realtor?
The compensation that a Realtor receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use a Realtor. In a Buyer Agency Agreement, there may be some cost to the buyer, but even these agreements are usually worded so that the Realtor is compensated from the seller.
What if I find a property on my own?
You should contact your Realtor and not the property owner or the Realtor listing the property. Having the address or the MLS number is very helpful and will assist your Realtor in gathering information regarding the property.
What type of information will my Realtor need from me?
A Realtor will need information about when you want to buy, the neighbourhoods you’re interested in, how much you can afford to spend and which property features are important to you. For example, number of bedrooms, garage size, parking, price, location and number of bathrooms are common criteria. Other considerations include the school district, type of home (detached, tri-level, etc.) and room sizes. Keep in mind that a search that is too specific may narrow your list of properties too much, while one that is too broad may give you more properties to look at than you have time to go through!
Can I go to an Open House without my Realtor?
Yes, of course you can go to open houses without your Realtor. However, you must inform the attending sales representative that you already have your own Realtor working for you.
How can I find out about new properties that come on the market?
Your Realtor should be able to accommodate your particular situation whether it be via email, phone calls, etc. Clients with email capability can receive automatic updates from the MLS system as soon as new listings are entered.
How will my Realtor know if a property I am interested in is fairly priced?
Your Realtor will look at the neighbourhood, the property’s prior sales history and comparable recent sales in the area to assess the true market value.
Why do I need a Buyer’s Representative Agreement?
When you sign a Buyer’s Representative Agreement you are helping to ensure that your Realtor will invest the time to listen to your needs, find the best property for you, negotiate with your best interests in mind, and act as an intermediary between you and the seller so you don’t make any costly mistakes or overlook anything when making an offer to purchase.
What if I am unhappy and want to switch Realtors?
Let the first Realtor know that you are unhappy and the reasons why. See if you can work out the issues with them.
When buying Toronto real estate, a Realtor can be an invaluable resource if you remember your responsibilities:
• Work with just one Realtor
• Make sure you’re truthful with your Realtor and are clear about the type of property you’re looking for
• Always tell other Realtors you are already working with an agent
• Sign a Buyer Representative Agreement
Because I have made the decision not to work on a “team”, you’ll get my individual attention and will never become “just another buyer” that gets “lost” in the shuffle. I don’t believe in “processing” transactions and want to be accountable, so you’ll never get passed along to another Realtor who has less experience or an administrative assistant who knows little about your property.
My service is personal and I will take the time to make sure I clearly understand your priorities and goals. Whatever it takes to ensure you are completely satisfied is my number one priority.