Buyers- When someone is interested in buying a home, it is best to find a realtor ,as they perform several duties that the general public can not! And remember, if you choose to use a Real Estate Salesperson to find you a home, it is of ZERO COST to you! The seller of the house you purchase, pays the commission to your Real Estate Salesperson.
Sellers- When someone is interested in selling their home, they have several options on how to go about this.
*They can use a Real Esate Salesperson and pay a total of 5% commission of the purchase price plus tax to the Listing Agent and the Buyer's Agent.
*They can choose to list their house for a flat fee to get noticed on Realor.ca and do a lot of the leg work themselves but pay 2.5% on the Selling side so that they have hundreds of salespeople assisting them in selling their home.
*They can sell privately via local websites such as Kijiji or Facebook.. But this option poses limititations.
These limitations are as follows:
1.When you use a Real Esate Agent, your "house for sale" is submitted onto a website called Reatlor.ca; as well as all local Broker's sites, Better Homes and Gardens Real Estate Canada and more! This allows people from all of the world to view your house for sale. Realtor.ca is the #1 site for those who are serious about buying a home.
2. People who are serious about buying a home have a realtor to help them find their "perfect home." So these particular people are not spending time looking at other websites as their realtor is doing this job for them.
3. The seller of a home, pays 5% in total to the listing agent oe Seller's Agent. 2.5% goes to that listing agent and 2.5% goes to the agent who sells the home,or Buyer's Agent. (Below will outline the duties of a Listing Agent and Buyer's Agent) PEI has 225 Reators, along wih hundreds of Realtors off island with clients who are interested in purchasing a home in PEI. When a seller offers 2. 5% commission on the selling side to the Buyer's Agent, this is an incentive for a Salesperson to introduce your home to their client. In other words, you will have hundreds of Real Estate Salespeople trying to sell your home when you offer 2.5% to whomever sells it. The more commission you offer on the selling side, the harder that salesperson will work to sell your home. There is a lot more involved in selling real estate than the public realizes and the more time one puts into their work, the more they should get paid. That goes for all professions. The going rate for a Buyer's Agent is 2.5% so you are best to not go below this number in order to compete with other sellers.
4. Real Estate Salepeople will do their due diligence in protecting you and your legal rights and guide you every step of the way. When you don't use an agent, you may encounter serveral surprises that can cost you grief, money and time.
5. Real Estate Buyer's Agent/Salespersons will take care of the following:
1.Find you your "Perfect Home". They will gather all the criteria that you are looking for in a home in your price range, and begin the Search.
2.. They wll schedule viewings and take you to every home you are interested in.
3. Disclose any potential issues they know or see with the house you are interested in.
4 They will advise you of market trends and competititve pricing. You can utlilize a salesperson's expertise on fair housing prices. They have access to the last time the house was sold and how much is was sold for. They can also advise you on whether the house is priced fairly.
5. They have access to a list of all improvements and any past issues the property may have had..
6 Prepare the paperwork for an offer
7. Present the offer and possibly deal with mulitiple counter offers.
8.Deal with negotiations on price,possible repairs, etc.
9. Assist with finding a mortage broker. (Although before you start to view houses, you should already have pre-approval from a bank or broker so as to not waste Everybody's time)
10. Send all documents to the mortage broker.
11. Arrange for a home inspector and meet the inspector if required..
12. Arrange for an insurance inspector if necessary and schedule a time for the inspection..
13. Deal with any issues after inspections and potentially more negotiations. Eg. discussing issues, arranging times for contractors to view the potential issue/s, getting quotes from contractors of ALL professions, etc..
14. Assist the client with "EVERYTHING" along the way. Typically countless emails and phone calls to the client and several others involved in the transaction..
15. Arrange a pre-closing inspection and spend the time to go through the entire house one last time.
16. Deal with any potential issues from the pre-closing inspection and more potential negotiations.
17. And several other duties that may come up.
The Listing Agent or Seller's Agent's Duties :
1. Perform a Comparitive Market Analysis to assist in pricing your property.
2. Take "Perfect" photographs at the property for the listing.
3. Take accurate measurements of all structures and rooms for the listing.
4. Submit the listing on Reator.com and worldwide affiliated sites. Once your site is on Realor.ca, it will automatiically be directed to all local broker's sites and more!
5. Sign the property.
6. Post the property on Kijiji, Facebook, Used PEI, Craig’s List, etc*
7. Find buyers by contacting other Real Estate Agent's and prospective buyers.
7. Schedule Open Houses if required.
8. Advertise the property in the newspaper and/or Realtor Guide if required.
9. Schedule viewings.
10. Present the offer to the seller and possible counter offers.
10. Negotiations with Buyer's Agent in terms of the offer or potential issues.
11. Be in constant contact with Buyer's Agent on the progress of all steps involved in the sale.
12. Send paperwork off to both lawyers.
13. Assist and advise the vendor throughout the entire transaction
14. Countless emails and phone calls to all parties involved.
ATTENTION ALL SELLERS!
IF YOUR REAL ESTATE AGENT HAS DONE ALL OF THE ABOVE AND YOUR HOUSE STILL DOESN'T SELL, IT IS YOUR PRICE, ISSUES WITH YOUR HOUSE, OR YOUR LOCATION. ..NOT YOUR AGENT! So please don't kick us to the curb when we have spent hundreds of dollars advertising your property and countless hours of our time working for you..........................................
AND SOMETIMES, ON THE DAY OF CLOSING, THE BANK CAN SQUASH THE WHOLE DEAL AND US REALTORS HAVE SPENT SEVERAL DOLLARS AND HOURS WORKING HARD FOR OUR CLIENTS...AND ALL OF IT WAS FOR FREE..:(
How do you choose a good Real Esate Agent??
1. You must really like and trust him/her. You will be spending a lot of time in discussions with your agent.
2. They must be professional and perform all of the duties listed above (unless othewise stated)
3. They must be easy to reach via phone or email
4. They must answer all your questions in a timely fashion and do the same for the agent on the other side or the deal can go sideways.
5. They must be efficient in all areas related to the sale of your property.
5. Get referrals from friends or read testimonials from past clients.
6. They MUST care about you and put you FIRST!