Important Questions to Ask Your Reals Estate Broker Before Buying Property in Canada
Ah, the age-old practice of paying more attention to where we eat lunch than who we entrust with our life savings. It’s true, Sellers take their time interviewing real estate agents, while Buyers seem to rely on the first name that pops into their head.
And hey, who needs a qualified professional when you have your cousin’s wife’s uncle’s stepchild’s babysitter with a real estate license? I mean, they’ve probably seen a house before, right? But come on, this is your biggest purchase to date, shouldn’t you be putting a little more effort into choosing the right agent to represent you?
Here are some of the questions you must ask your real estate agent before you set out to buy a home:
1: How much time have you spent exploring the neighborhoods I’m interested in?
Real estate agents are like the quarterback of home buying, ready to guide you through the complexity of evaluating communities. With their hawk-like eyes, they can spot any changes to the neighborhood, give valuable insight into school quality, and even let you in on the best spots for grocery shopping and park lounging.
And if that’s not enough, they’ll go above and beyond by asking what kind of lifestyle you’re into and suggesting neighborhoods you didn’t even know existed. Talk about a real estate MVP!
2: Do you have experience selling and buying the type of property I am interested in?
Buying a pre-construction condo comes with its own set of challenges that are totally unique to the experience. That’s why it’s crucial to find an agent who understands the ins and outs of condo life. Sure, knowledge of wet basements and knob and tube wiring is great, but it won’t do you any good when you’re dealing with condo-specific issues.
And let’s not even get started on the different considerations when it comes to lofts, co-ops, and commercial properties. So saddle up and find an agent who knows their stuff before you ride off into the sunset of real estate.
3: How do you negotiate with the sellers and how many deals you have cracked till now?
You can always hire a real estate agent who’s a certified negotiation expert. You see, negotiation isn’t just about being pushy and aggressive. It’s a delicate dance of interpersonal skills, strategic thinking, and Jedi mind tricks.
And if your agent has the Master Certified Negotiation Expert designation, well, let’s just say they’re basically a negotiating ninja. So, before you sign on the dotted line, make sure your agent has the chops to score you the best deal possible.
Here’s a pro tip for you: Choose an agent who knows what ‘BATNA’ is. BATNA stands for Best Alternative to a Negotiated Agreement. It’s like having a sneak peek into everyone’s secret plan B, which can make or break a negotiation.
4: What kind of legal pitfalls should I be aware of?
Hold on to your hats, because buying a property can be a legal rollercoaster before you close the deal. Of course, you’ll have a real estate lawyer by your side, but that’s not enough. The real estate broker you hire should also be familiar with disclosures, conditions, offer paperwork, closing issues, representation intricacies, and all sorts of legal mumbo-jumbo that will make your head spin.
5: What strategies do you use to win a bidding war?
Are you ready to enter the battlefield of Toronto’s housing market? A skilled Buyer Agent is the trusty weapon that can help you win the ultimate prize – your dream home. Winning a bidding war is not just about having a fat wallet, it’s about strategy and expertise. Don’t let an uninformed agent leave you vulnerable on offer night. Choose wisely, my friend.
Here’s the deal: If you want to secure that dream home, you’re going to need more than just a wad of cash and a smooth signature. You’ll need to deposit that cheque, of course, but also cultivate a relationship with the all-powerful listing agent. And don’t forget to actually show up for the open house – it’s not going to buy itself, matey.
6: Have you ever worked for people like me (first-time home buyer or investor or moving to the city, etc.)?
You want to make sure you’ve got the right real estate agent on your side. After all, they’ll be guiding you through this transition – whether you’re a single first-time buyer, an investor, going through a divorce, downsizing, moving to the city, or buying a new house because your family is growing.
Each of these scenarios comes with its own set of unique considerations, so you need an agent who gets it. Trust us, it’s critical.
7: Can I talk to some of the clients you have worked for earlier?
You’ve probably already scoured the depths of the internet for reviews of potential real estate agents, but have you thought about what past buyers would say if you did give them a ring?
You can gather plenty of intel just by seeing how the agents handle the question during the meeting. It’s like a sneak peek into their customer service skills. And you can also ask them directly for the contact numbers of their past clients, who can answer your queries.
8: Do you know other home service professionals and work with them as partners?
Good real estate consultants have connections with lawyers, lenders, appraisers, surveyors, and home inspectors. But that’s not all. The cream of the crop agents has preferred relationships with handymen, painters, electricians, plumbers, cleaners, and every other specialist you might need.
Basically, they’re your secret weapon to a perfectly polished and functioning dream home. Don’t settle for average, get hooked up with a top agent and watch the magic happen.
9: Do you have an ongoing relationship management program with past clients?
What after you get the keys? What if things go wrong then? Water in the basement, scratching noises in the attic, or any other homeowner nightmare that you can imagine. Don’t worry, you don’t have to be best friends with your agent, but you should definitely keep them on speed dial.
Top agents aren’t just experts at helping you buy a home or pre construction home, they’re also experts at owning a home too. And that’s where Tall Property comes in. We don’t just help you evaluate future renovation decisions, we’ll even keep you updated on the value of your home. So, rest easy knowing that you have a real estate BFF in your corner.
10: Consider if you connect with the agent well.
Trust your instincts! Is your real estate agent picking up what you’re putting down? Are they hitting you with hard-hitting questions? Do they just ‘get’ you? Do you feel comfortable enough to spill your guts? Can you picture yourself sharing a laugh or two over drinks? Don’t ignore those tummy feelings, darling! They may just guide you to the perfect match for all your property needs.
If you’re looking for a real estate agent in Canada, we’d love to be considered. Get in touch to see if one of us is the right agent for you.