Selling real estate in Toronto
Knowledge is power
So you’ve decided it’s time to sell, great. Now what? Well there’s a lot to know and you’ve come to the right place. The real estate market moves very fast in Toronto and without offer dates you could be missing out on a lot of money. The thing is although most people believe that selling a property is merely pairing up a Buyer with a Seller there’s quite a lot that goes on during the process that requires a professional.
As many of you are aware the Toronto housing market has been red hot over the last 13 years or so and it doesn’t seem to be letting up. With an influx of people moving into the country annually most choose to reside in either Vancouver or Toronto as these are major centers for people as this is where a bulk of the jobs are. So you can see where this is going already, short supply, over heated market, more people, cheap borrowing costs, the fundamentals alone suggest it’s expensive.
Selecting your Realtor
Since you’ll be working closely with a Realtor for weeks, it makes sense to choose one you feel comfortable with – someone who listens to what you have to say, asks intelligent questions and shows a genuine interest in helping you.
For the reasons we just mentioned, try to identify Realtors who have built a track record of success selling your type of home in your community. If you are talking with candidates who are relatively new to the business, ask questions to gauge how well they understand your market. Also look for their enthusiasm about your home as well as confidence in their ability to help you sell it.
Your main objective is to gain a clear understanding of each Realtor’s strengths. What do they – and their company – have to offer you? What commitments are they prepared to make, particularly in reference to their plan for marketing your property? And how did they establish their suggested selling price for your home?
Who does a Realtor work for?
In most residential real estate transactions, real estate brokerages are the legal agents of the sellers – and therefore are referred to as a “Seller’s Agent.” This means they are obligated to represent your best interests, give you any facts that might influence a decision (such as the price a buyer is willing to pay), and maintain complete confidentiality on information about you and your situation.
Sometimes, a brokerage is an agent of the buyer (known as the “buyer’s Agent”) and is then expected to represent the buyer’s best interests throughout the transaction.
Often, a buyer will work with one Realtor and a seller will work with another Realtor. It may appear that the Realtor working with the Buyer is working for the buyer and is in an agency relationship with the Buyer. That is not necessarily the case.
When more than one Realtor is involved
Most homes are sold through a system of co-operation among Realtors known as the Multiple Listing Service or MLS. Under this system, a Realtor working with a Seller offers to co-operate in the sale of that property with other Realtors. Any co-operating Realtor may then become a “sub-agent” of the original “listing” Realtor. That means co-operating Realtors – even though they are working closely with buyers – may actually be agents of the seller and must represent the interest of the seller.
It is possible for a buyer’s agent to co-operate through the MLS with a seller’s agent. A buyer’s agent Realtor would simply have to identify himself or herself to the listing Realtor as a Buyer’s agent in advance of any negotiation, and receive written permission. Your Realtor will inform you if a co-operating broker or salesperson is representing someone else’s interests.
|Quite possibly the most comprehensive real estate guide in the city if you’re up for reading it. Want the simplified version? Call us… We’d love to hear from you. Click here to view the guide.|