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If you are going to sell your house or property you will probably get an agent to represent you and help you to sell the property. But what if you are buying a house or condo in The Greater Toronto Area?
Can you just find your dream home in a newspaper or Internet advertisement, or should you get a real estate agent to represent you and help you out? While you may be lucky and find your own house without any professional help, there are many reasons why you would be better off to opt for taking on a REALTOR®.
Now let's look at why it is so important to have a Toronto Real Estate Board REALTOR® represent you when buying a home in Toronto.
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Without a REALTOR® you won't find all of the homes available to you
REALTORS® have access to many homes and condos that are never promoted for sale by a lawn sign or advertised in the media, giving you access to homes you may never have considered otherwise.
A REALTOR® is able to widen your choice because he or she can conduct a thorough search by creating a profile outlining your desired price range, location and specific details like the number of bedrooms and bathrooms. If you are geographically focused, your REALTOR® can even search all active listings on a particular street.
All potential properties that meet your particular needs will be automatically emailed to you so you will be aware of the new listings in your search area.
Without a REALTOR® how can you determine whether or not the house is worth the asking price?
Toronto Real Estate Board REALTORS® have access to resources not readily available to the public. They can monitor monthly "sold" statistics by accessing the electronic real estate databases containing the sale prices of homes in a specific area or community. Your REALTOR® can also search a specific property's historical data such as previous selling prices and retrieve all relevant information including property description and assessed value. This information will help you determine the true market value of any home you may be interested in.
Your REALTOR® will protect and promote your best interests
If you rush into an agreement of purchase and sale without proper representation you may not be properly informed about your true obligations. For example, the seller's agent might not reveal all the information that makes the property less desirable.
On the other hand if you have a REALTOR® representing you, he or she will let you know all the details of the transaction, especially facts affecting the value or desirability of the house or condo as well as all known relevant material and information concerning the property. You would never be able to gather this kind of information on your own.
Furthermore, if you have a REALTOR® representing you the agreement of purchase and sale (Offer) can be drafted in a way that your interests are best served. REALTORS® accomplish this by using their professional negotiation skills, all the while keeping your information confidential and not divulging the price you are prepared to pay or your motivation in making the purchase.
In most cases, it won't cost you anything to get REALTOR® to represent you in the transaction
Maybe the best reason to take on the services of a REALTOR® when buying a home is that it won't cost you anything. The reason for this is that the person who sells his or her home pays a commission to the listing brokerage who in turn forwards the appropriate portion to the buyer's brokerage. You will be getting your representation services absolutely free of charge!
In any case, if you purchase a house or condo by checking advertisements and calling listing agents directly or visiting open houses without your own REALTOR® the seller is still going to pay a commission to his or her representative but you will end up with no representation.
As you can see, the advantages of utilizing a Toronto Real Estate Board REALTOR® to represent you when buying a house or condo in Toronto are huge. When you consider that it doesn't cost you anything then it makes good sense to find a REALTOR® as soon as possible and get on with the work of buying the home that is just right for you.
Source: Ontario Real Estate Association
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