By: Jacob Asparian

Durham Region Real Estate #1 Tip for Buyers - May 2019 Market Update


Buyers, if you are thinking about buying a home in this market the number one thing you need to do is hire a professional to help you with your search. It drives me crazy when people call real estate agent directly because they think it will get them a better deal dealing with that particular agent. What I mean by that is, often I list a property and then I get a phone call or message from somebody saying, “can I please get some more information on 123 Street Way.” I will call them up and start asking them question, and one thing I ask is if they are being represented by a real estate agent right now. They will say no and explain to me that they’re calling each agent specifically for properties they like and if they put an offer in they will go with that agent. You are shooting yourself in the foot if that’s the way you’re actually going about your search. You can buy and sell real estate without the help of a real estate agent, but just because you can represent yourself doesn’t mean you should. In the long run you will probably hinder yourself and leave a lot of money on the table. A professional agent knows what they’re looking for and they’re going to be ahead of the curve. They might know real estate agents in the business that they talk to all of the time. They’re going to be aware of what listings are coming up. Just the other day I gave a heads up to another real estate agent about an upcoming listing we have. They are now going to be first in line when that property goes on the market. These are things that agents do that are invaluable to your home search. A lot of people have this misconception that if they use the listing agent on a partner purchase they’re going to save themselves money. At the end of the day the listing agent has signed a contract with the seller of the property and their goal and obligation is to sell that property for the most amount of money in the shortest amount of time possible. When you’re signing on with them all you’re going to do is give the agent al little bit less work to do and they’re going to double their commission. You’re not going to be reaping the benefits of saving from using the same agent on both sides. I personally would never feel comfortable using a lawyer to represent me who is also representing the other side. I don’t that’s even legally possible, but you get my point.
I really believe you should be interviewing real estate agents. Talk to them and find one that you feel comfortable with to actually help you. So many people are scared to sign a buyer representation agreement, but they are just contracts explaining the working relationship you have and it’s also establishing the obligations that the real estate agent has to you. So you do want to sign that contract, it’s just that you want to sign it with somebody that you feel comfortable with and who’s going to be able to guide you through the entire search. Just like how you interview real estate agents when you’re selling a home, you should be interviewing real estate agents when you’re buying a home. Get a couple references and referrals from friends and family, but then also reach out to a coupe people that you have talked to and see who you feel the most comfortable with. At the end of the day you need to hire someone that is going to be able to understand your circumstances and is going to work in your best interest 100%.
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