Stage 3: Search & Purchase
Working
with a
REALTOR®
Submitting
an
Offer
Closing on
Your
Purchase
Working with a REALTOR®
Before you start looking at properties it’s important to find a real estate agent who’s the right fit for your needs and expectations. By reaching out to your network and doing some research ahead of time you’ll give yourself some space to find someone who’s the best fit for you. Taking the time to complete this step can save you time and energy in the long run because a quality agent will help to narrow down the best options for your needs and wants and will represent you when submitting and negotiating an offer.
Real estate agent versus REALTOR®. When you start looking for someone to help you purchase a property you may notice that some are called REALTORS® and some are not. You may be thinking, “What’s the story behind the all-caps and registered trademark?” Both real estate agents and REALTORS® are required to complete training in order to be qualified to help a client buy or sell property. The difference between the two is that a REALTOR® is also a member of the Canadian Real Estate Association (CREA), which requires a code of ethics and business practices of its members. [Click here] to find a REALTOR®.
Know why you’re looking for a REALTOR®. Why are you wanting to hire a REALTOR® to help you purchase your home? Is it to help sift through all of the options available to you (including ones that you may not have originally considered)? Are you wanting someone who has strong negotiation skills? Do you need someone who has experience in an area of specialty?
Know what you need. Is speed of communication important to you? Do you want to work with one person, or do you want to have access to a team?
Tap into your network. Put the word out to people that you know and trust that you’re looking for recommendations for a REALTOR®. When recommendations start coming in, probe a little deeper by asking questions such as why they liked a specific person so much, how their service stood out from other experiences, how quickly they responded to questions or concerns, and how they handled potentially stressful situations.
Canvas the neighbourhood. Drive around the neighbourhood(s) you’re interested in and note the names and offices on the “For Sale” signs. Is there a pattern of names or real estate offices? If there is, then this may narrow down those who are active in and knowledgable about the current market in your neighbourhood(s) of choice.
Interview several options. Your REALTOR® will be a key part of your team so it’s important to make sure that you’re the right fit for each other. Inquire about:
– their process for finding potential properties,
– how they communicate with their clients (e.g. phone call, text, email),
– how they navigate client requests when they’re busy (i.e. do they have support staff or partner agent to support you),
– what happens if you’re not happy with their service and you want to change who represents you. (Do this before signing a representation agreement.)
Submitting an Offer
After scouring the internet, touring houses, and contemplating a purchase, you’ve found a property that you’d like to submit an offer on. If you haven’t already, it’s time to reach out to your mortgage professional to see if there are any considerations you should be aware of before filling out a purchase offer.
Closing on Your Purchase
Whether your offer submission was nail-biting-inducing or cool as a cucumber, closing on your home is cause for celebration!
The possession date will be fast approaching, you’ll get the keys, and you’ll finally be able to take a sigh of relief.
Your adventure into homeownership has just begun!
Be sure to check out Stage 4: Maintain or Re-Evaluate to learn what to keep in mind in the years to come.