Things to Consider When Hiring a Real Estate Broker to Help You When Purchasing a Residential Property.

On August 17, 2024, the real estate industry will implement a new regulation that will now require a Realtor MLS participant acting for a Buyer to enter into a written Buyer Broker Agreement before the Buyer tours a residential property. This will create more transparency to Buyers, from the beginning, as to what services and value will be provided for them and how much they will be charged for such services.

Now, more than ever, choosing the right real estate broker to enter into an agreement with is going to be vital.

Here may be some helpful questions you could ask while interviewing a realtor to represent you in purchasing a residential property:

1. Have they been referred from a family member or a trusted friend?
2. How long have they been selling real estate?
3. What price ranges do they specialize in?
4. What are their personal records?
5. What geographical areas do they specialize in?
6. How knowledgeable are they of specific markets?
7. How knowledgeable are they with respect to things to look out for when purchasing a particular property?
8. How knowledgeable are they of the contract and closing process?
9. How are their negotiation skills?
10. How connected are they in the local community and real estate community?
11. What is their process for trying to find off-market deals?
12. How are their vendor referrals?
13. How responsive and accessible are they?
14. How is their social media presence (connections, postings, etc.) and website?
15. How does their personality fit with yours?
16. Do you feel they are honest, ethical and trustworthy?
17. Do they mitigate risk and take the pressure off to allow for a smooth transaction?
18. What are some of their hobbies?
19. What is their fee structure, how are they paid and what is their agency relationship?
20. What particular services do they provide for their fees?
21. What separates them from other real estate agents?

We hope you find this information useful. Please let us know if we can ever be of help.

Kind regards,

Michael Candito, President/C.E.O.