How to Choose a Real Estate Agent
Currently, there are over 50,000 real-estate agents that are members of the Toronto Real Estate Board, that’s approximately one agent for every 96 people aged between 18-69 years old in the GTA. These days it seems like everyone and their brother has a real-estate license. Lured in by a low barrier of entry and the promise of making unlimited income and working your own hours. The reality, however, is much different than portrayed on shows like Million Dollar Listing. In Toronto, less than 10% of Realtors do more than 90% of the business. When making the largest and most important financial transaction you will ever make, in a fast-moving and often perplexing market like Toronto, hiring an experienced professional agent could not be more important.
The biggest and most important advice we can give is to interview several agents before making your decision. Just because your cousin recently got their license should not warrant that you entrust them with one of the biggest financial transaction you may ever make. Family is family, but money is money. The margin for error and repercussions are just far too high.
Do Your Research in Advance
Over 90% of all real-estate searches start online. Be sure to check out their online presence. If an agent doesn’t have a presence and can’t even market themselves how are they going to market your property?
Make sure to visit their website, too. Presuming they have one, is it mobile optimized? Do they have any reviews? Is their Blog put-date? How about their personal and business Facebook and Instagram pages? Real estate is a 24/7 business, and speed is key. How quickly and effectively does the agent you are considering hiring respond to your communications?
Questions to Ask When Choosing a Real Estate Agent
Now that you have done some basic research, here are some questions you should consider asking:
General Questions
- How long have you been in the business? Are you a full-time agent?
- What were you doing before you got into the business? What type of past business and marketing experience do you have?
- Do you personally own any real-estate? Have you ever bought or sold your own property?
- Why should I hire you and what makes working with you exceptional?
- How would you describe your work ethic and availability?
Buyer Questions
- What is your related experience to my needs?
- Can you speak to the overall market and trends?
- Can you speak to the specific area and asset class I am considering buying in?
- Do you have any experience with renovations and design?
Seller Questions
- Can you show me examples of some of the past listings that you have listed yourself, and do you provide staging?
- Can you provide me with samples of your collateral?
- How will you price/ market my property?
As in any successful business relationship trust, professionalism and communication are an integral component to its success and real estate is no different. Make sure to do your research upfront so that you can focus on what matters most – making the best possible financial and lifestyle decision for you.
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This article was written by Ralph Fox, Broker or Record and Managing Partner here at Fox Marin Associates. Ralph is a Torontonian native who recognized from an early age that the most successful people in life apply long-term thinking to their investments, relationships, and life goals. It’s this philosophy, along with his lifelong entrepreneurial drive and exceptional business instincts that have helped to establish Ralph as a top agent in the real estate market in downtown Toronto.
