Buying or Selling a Real Estate property anywhere in the world is one of the most important decisions in one’s life. The decision is highly important whether it’s for yourself or for investment purposes. In my last 15 years of this profession i.e. a rather long time. I have always joked with my buyers/clients regarding property matters. For example, after selecting your spouse, buying a property is the next biggest decision in your life.
There are many factors to be considered when looking at property: Location; Value; Future Projection; Market analysis; Growth on your investment; Taxes; Highways; Schools; Mortgage; Fit for your family needs;
Closing cost; Transition; Inspection; Rental or lease items attached to the property; and finally during the process, you and your family’s privacy and confidentiality.
So, do you want to put such a big decision in the hands of an immature, inexperienced and unprofessional individual? I have seen customers devastated at the hands of Real Estate professionals who are not doing their job properly.
Unfortunately, it seems like every other person gets their Real Estate License for quick money but they lack dedication, knowledge and hard work. Nowadays, you will find many families with one or two realtors in the house. Some of them have other jobs like driving a taxi, owning a convenience store, running their own accounting office, appearing on radio shows or are mortgage brokers. People find quick cash in these fields and do a few deals in a year just to make some extra cash. They lack education, experience, and professionalism. Real estate has become a heaven for a part-time business.
What a prospective buyer or seller should do? Look for the following attributes before finalizing a Real Estate Professional:
Experience in the Industry
Commission & Fees
Working Full time or not?
Specialization
Honesty, Ethics, and Conduct
Keeping the client’s privacy and confidentiality
Financial Advice
You can count experience in banking, lending and financial advisor towards this industry.
If they are giving away too much of their commission means they will not bring added value to you. They are hungry for your business. Any commission works for them. I have seen ADS for $1,000 a listing. They will not do a proper job promoting and will cut costs on required expenses like Flyers, advertising, traveling and open houses, etc. A good realtor will ask for their fair share of commission because he/she will put their full experience and efforts into your transaction.
If the realtor is not full time, they will be doing a poor job missing on opportunities of prospective buyers or showings. They will try to accommodate you in the time they are free, instead of your free time. They will become experts in making excuses, missing important calls or appointments. Priorities will differ from a part-time real estate agent vs. a full-time real estate agent.
Check your Realtor’s credentials and their area of expertise. A west-end realtor will have trouble selling your house in the east end. They will not be effective in terms of knowledge, comparable properties, and negotiations. Also, if a realtor’s area of expertise is in pre-construction, they will do poorly in resale. They will not do all the hard work in showings, they will be weak in negotiations, open houses and vice versa. If the Realtor’s expertise is only in resale, they will not be able to bring you exclusive benefits plus you could miss out on promotional extras from the builder as well. They will not be able to negotiate the things that usually get missed or swept under the rug from the builder, For e.g. Assignment clause, Lease during Occupancy and capping on development charges in the contract which will cost you immensely at the time of closing.
Some of the most important factors in selecting a real estate professional are Trust, Honesty, Transparency, Ethics and how they go about conducting business. Due to the amount of money and commission involved, a realtor with poor credentials can compromise your interest in their smaller gains.
During the real estate transaction, a realtor comes very close to any family; I have seen families fighting, arguing and crying in my presence. Clients discuss financial issues, family issues and matters related to children and schools in my presence. Their disputes, their preferences, their weaknesses, and their strengths become mine as well. During and/or after the transaction, a client deserves privacy and confidentiality. Any unprofessional and inexperienced realtor can do more harm than good to the client.
A house purchase can become very emotional for the client which is why all clients want the best property for themselves. One can get easily carried away when it comes to selecting a property. A good professional real estate agent will always keep their and their client’s eyes on the ball. What the client can and/or can’t afford will become a factor in their decision and the agent will advise according to the client’s budget. A professional realtor will get their client a qualified mortgage so that the client will not be stuck in a deal or the possibility of losing their deposit.
There can be many other factors when choosing a real estate agent but in conclusion, my advice is to always choose an experienced and professional realtor. Why do we always select the best doctors, lawyers, dentists, and financial advisors or tourist operators; because we want the best for ourselves? You should not be compromising on one of the most important transactions/decisions in your lives when selecting a real estate agent!
Professional and Educational Background: B.Sc. Electrical Engineer, Real Estate Broker, Financial Advisor, IQCS Certified Lead Auditor & Consultant for ISO Management and Environmental Standards, Certified Total Quality Manager.
Professional Experience and Affiliations: Royal Le-Page Exceptional, Royal Brokers, American Express Bank of Canada, Budget Rent a Car, Moody’s, SGS, PIQC.