My first general piece of advice is this: Don’t feel pressured into using a family member or a friend who has just got their licence. If your friend or family member has what it takes, great! Otherwise, you are doing yourself a big disservice by not hiring the most qualified person for the job.

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Let’s touch on some specific strategies:

A prudent seller will always interview at least three agents. Talk to people who have experience in your neighbourhood and understand the nuances of that specific market. When interviewing, go beyond statistics and track record; rapport and comfort level are key.

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Ask specific questions about their way of working and strategies to market your home: A competent agent should be able to confidently speak about the way they work, with specific reference to how they will market your home.

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Ask for references from previous clients in your neighbourhood: It surprises me how rarely people ask for references from agents. If you have ever been on either side of the job interview process you know that “past performance predicts future behaviour.”

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If it is a big name agent from the neighbourhood, find out if you will be dealing with them or a member of their team. People are often surprised when they hire an agent but end up working with a member of their team. You may be fine with that, or you may have hired the agent for their specific expertise and want their personal involvement. Make sure you know what you’re getting and are comfortable with that.

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Finally, cheap doesn’t equal good: Many sellers today are concerned only with the fees they are paying an agent. In my opinion, the old adage of “You get what you pay for” extends to real estate services.

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If someone is offering a discounted rate, ask what they will be offering co-operating brokers (i.e. buyer’s agent). They should be offering 2.5 per cent; if they try to offset their discount to you by offering less to the co-operating broker you may not get motivated agents wanting to show and sell your property. Technically, rules of conduct clearly state that an agent must bring prospective matches to a buyer’s attention irrespective of remuneration. But do you think this happens in reality?

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Find out what other aspects of service are being sacrificed by offering discounted services. Here are a just a few things to consider:

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• What kind of marketing materials and tools will be used? (Brochures, postcard delivery, website, etc)

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• Will they be hiring a professional photographer/videographer, or taking photos themselves using a smartphone or point-and-shoot camera?

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• Will they be providing staging services and/or consultation?

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• What are the office hours to handle inquiries and appointments?

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Whichever real estate agent you choose in end, make sure you do your homework and figure out what services and what qualities are important to you.

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Resource: Globe & Mail Ricky Chadha

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Further Thoughts on Selecting an Agent

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This is a topic that everyone has an opinion on. But let me give it to you straight up and factual. I'll give information on both the selling side and the buying side because if you are selling you're more than likely buying.

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A high percentage of sellers will look up and down their street to see which agent has the most signs and figure that that’s the agent to go with. Unfortunately the really busy agents doing a lot of deals has very little time to devote to you. In fact the so called big name agents quite often when called by prospective sellers will send someone else to do the sales call and take the listing. The seller may not ever see the agent they thought they were hiring. Most of these agents form a team of folks that have worked out the commission splits among themselves and the big star name agent. Some on these teams may or may not be up to the caliber that you thought you were getting.

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(Note: In Ontario, “The Agent” is actually the Real Estate Brokerage not the person that actually assists you with the sale or purchase, in fact they are professionals licenced as either a Real Estate Salesperson, (Sales Representative) of Real Estate Broker…..(more.)

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I would select a salesperson that has been active in real estate as a buyer's and seller’s representative for more than three years, successfully handling a minimum of eight to twelve deals per year. (NOT A HUNDRED!!) I want someone that knows the business, is somewhat successful but still hungry for clients, someone that when I call will actually pick up the phone or get back to me ASAP. A salesperson that takes a personal hands-on interest in the sale of my house and keeps me informed and up to date.

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He or She will more than likely be willing to also invest the time to show me properties to purchase. You may be surprised to know that agents that do many deals per year usually only want to take listings and will pass off buyers to other salespeople and earn a referral. If they are part of a team, commissions are already worked out or split through the brokerage.

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Before I sign a "Buyers Agency Contract " with any realtor however I will want to see if we work well together. Go out with them first and see some homes and in the process ask yourself: ---- Is he or she on the same page as you are when it comes to understanding your needs and criteria. Are they communicating well or are they stiff and doing their job by rote. Is he or she showing you homes that to a great extent comes close to the price, style and area that you discussed with them. Are they talking down to you or can you see that they clearly respect their clients. Are they constantly on their phone or are they involved and with you, taking the lead in walking you through the listing yet knowing when to stand back to give you space. After going out with them once or at the most twice you will know if its a good fit, but don't look for a perfect fit you're not looking for a friend. 

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If they asked you after one or two outings to sign a buyer broker agreement, personally if they passed the above test, I would sign an agreement with them for three to six months at the max.  The good agents might drop you if you refuse to retain them by an agreement.  They think you're just using them and properly will buy through some other agent so why should they put in all the time and effort.

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Having a realtor on your side working for you with an agreement in place, they know that their hard work and efforts will be rewarded. It's the way to go and it's a plus if they're ultimately being paid by the seller as per most contract.

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Taking Listings are usually a lot less time consuming than working with buyers. There is not a lot to do after a listing is taken, vetted legally and put up on the MLS system. The appointments and follow-ups are usually automated through the brokerage office.

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An agent working with buyers on the other hand will take buyers around to multiple properties some times over several days, they will research nearby shopping, transit and highways access, places of worship and schools for the buyer's children.

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I once observed a new associate salesperson in our office take the time to drive his potential buyers to visit forty three different homes that were 30 miles away from the office over the course of several weeks. (note: a good agent who works efficiently and pre-qualifies his buyers should only have to take his clients out 1-3 times.) But this is often the level of service a keen Buyer's Agent will provide.

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Once a potential home is found, a buyer’s agent must research value, examine comparable sales in the neighborhood and prepare the offer to ensure the client is paying fair market value. Often the buyer’s agent has to make a case to justify the offered price and negotiate to ensure their buyer is protected from paying too much.

 

The Offers is then presented (often done by email today) to the client and his listing agent, who would now be back involved and credited for having worked hard to bring in the offer. There are many listing agents that do a great job for their sellers but the above scenario is more of the norm. One thing I've found with a high percentage of veteran listing agents is that their usually quite good negotiators.

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The buyer agent's job is still not done even after the offer has been accepted, he has to ensure the fulfillment of the conditions in the offer, main among them are walking the buyer through securing mortgage financing and the inspection of the property.

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When it comes to advertising and marketing your property, the facts bare out that this can help to sell your property, but for the most part ads in newspapers, television, magazine, neighborhood flyers or even to some degree the for-sale signs and open houses are self-promoting vehicles for agents to get more clients.

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Up to a few years ago salesperson that worked hard showing properties to buyers and securing a deal on a home could not claim or advertise that they had sold that home, only the listing agent could do so. Today the Brokerage Company who represented the buyer is listed as the Co-Operating Broker and the salesperson is given credit as the sales representative who signed on behalf of their brokerage. But the listing agent still takes full credit.

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A quick word on using family or friends as your agent. If they meet the criteria as I have stated above and you are compatible with them and would like to work with them, go ahead and do so. But know that it is difficult to fire a family member and a lifelong friend is difficult to lose. Also know that if you don’t use a family member or close friend they may also be very disappointed and hurt. So think it through. Again if they are time tested professionals in real estate you are reasonably safe in using them otherwise find a way to avoid employing them.