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Choosing Your Realtor

Most real estate professionals in Ontario are members of the Ontario Real Estate Association (OREA). Only members of OREA are allowed to call themselves "realtors". Although it is common practice amongst the general public to refer to a salesperson as a real estate agent, only a real estate brokerage (the company they work for) can be legally termed an agent. Dot is a REALTOR® and a real estate sales representative for an agent called Team Realty K.W. Inc. which is a real estate brokerage. In order to hold a real estate licence, realtors must first complete a course of study developed by OREA for the Ontario Government. Also, in the two years from when they are initially licensed, new realtors must complete a further course of study while working under the direction of an experienced broker. A realtor is strictly regulated by provincial laws and by a Code of Ethics governed by OREA. That code is intended to ensure your realtor acts with honesty and integrity, and provides you with the best of service. It is of great importance to your relationship with your realtor that you clearly understand the principles of agency.

However, the student doctor who barely passed is also called "doctor" just like the one who was top of the class. Which one do you want to consult, or have scheduled to handle your operation? Also, academic results do not guarantee proficiency in the real world, especially when Real Estate is involved. So, looking for a realtor is often approached in a similar manner to selecting a doctor, dentist, accountant or lawyer. A common strategy is to find realtor through a family member or friend. This may help you avoid disaster, but is not guaranteed to get you the best.

Regardless of how you get a realtor's name, it might be worth interviewing more than one before making your final choice. In any event, here are some things you should be looking for:

• If you want your home listed, beware of anyone who suggests an unreasonably high asking price. Sometimes a sales person might suggest a high price to get your business, then seek a lower price later when a little traffic has been generated. Meanwhile, you've lost the critical first weeks following the initial listing, and your negotiating position has been weakened.
• Check out your sales representative's experience. As with most professions experience is an important key to success in real estate. An experienced realtor who knows the market will have the best chance of quickly and smoothly helping you sell your home.
• Also check out your realtor's productivity. The number of transactions a realtor is handling indicates professional commitment. Is the realtor just dabbling, or depending on real estate sales as their sole means of income? You should be looking for someone who is busy with real estate, but not too busy or distracted to give you the kind of attention you need.
• You need straightforward, reliable information even if it isn't flattering regarding the home you're selling or encouraging regarding a home you are considering buying.
  • Is the realtor interested in sharing expertise and market knowledge in an honest and straightforward manner?
  • Does the realtor seem too inclined toward telling you what you want to hear?
• If you are a buyer, does the realtor offer buyer agency? More buyers are deciding they want full contractual representation on a par with the seller.

Whether you are buying or selling, Dot would be pleased to help you.