One of the challenges many Canadians face when deciding to buy and sell a home is how to assess the quality of their real estate agent.
Exactly what should you expect from someone with whom you’re trusting your largest financial asset?
And on what criteria do others make their judgment when appointing an agent?
For folks who are not living and breathing the real estate market every day, these are fair questions.
In my experience, potential clients tend to reject agents who are just doing things by the numbers. Owners sense when they’re treated as just another deal; another line in the spreadsheet.
With high-quality agents, you should have the exact opposite experience.
If you’re looking to transact in the market now, appointing an agent should be at the top of your priority list.
Here are some of the most important attributes to look for in a great real estate partner:
Market knowledge – Your agent should be an expert on the relevant neighbourhood, knowing property values, market trends, zoning laws and the availability of local amenities, such as parks, schools and transport.
Price trends – You need to watch for agents who promise you the earth, win your business and then try to taper down your expectations. A good agent will value your home accurately to ensure you ask a competitive price. The bottom line is simple – let’s maximise the value of your home.
Market mood – No one has a crystal ball, but an experienced agent will understand the impact of a strong or weak economy on the property market, and the likelihood of rising or falling mortgage costs. These factors influence price expectations and the number of potential buyers.
Good communicator – As the client, you want to gel with your agent. You don’t need to be best friends, but you should have rapport and trust their judgment. They should be an active listener and articulate complex issues clearly without resorting to jargon.
On call – It’s not fair to expect your agent to pick up the phone at any hour of the day, but you want someone who’s committed to responding in a timely manner. Set expectations with your agent about this aspect of your relationship.
Deal-maker – The ability to negotiate will be at the top of the priority list of most clients. You want someone who can navigate the market segment in which you’re buying and selling, and understand how to counter-bid in a competitive environment. It’s not just about price. There are other issues such as contingencies and settlement timelines that need to be agreed if you are to sell or win your next dream home. Their professionalism in this scenario is all-important.
Your “rock” – Real estate is competitive, especially right now as the market begins to pick up. So you’ll have good and bad days. Your agent should be reassuring, proactive and always optimistic about the next steps. If you miss out on a property, I promise you, there’s always another around the corner.
Money questions – Many clients look to agents to help with financial advice. This isn’t their role but good agents will have a network of professionals who will be able to help you determine your budget and secure pre-approval for a loan.