Your real estate agent can help you find your dream home. They are highly trained professionals equipped with neighbourhood
knowledge, market trends
, properties for sale and related data for Vancouver and the Lower Mainland.
When you provide your realtor with a dream home checklist
, they start working with you to find you the right home. They show you homes that best match your criteria and price range and review various home buying options. Further to these responsibilities, they will negotiate on your behalf, answer all your questions, resolve any conflicts, and draft legally binding contracts.
Open houses are excellent opportunities to see how homes in one area fit with your dream home checklist. They are usually hosted by a real estate agent who can answer any questions you may have about the home or neighbourhood.
Hiring a real estate agent as part of your team of professionals is a smart move when beginning your search for a new home. It is important to choose a real estate agent that works well for you as this will ensure that the home buying process is a positive experience. Your relationship with your real estate agent should be built on mutual trust, so it is essential to be feel comfortable with their advice and concerns.
Buying a home is the largest purchase most people will make in their lifetime. Thus, it is viable to hire the help you need for the best outcomes. Think about how this can benefit you. Real estate agents will provide you with the following services:
› Provide you with accurate market information
› Find and show you the right homes
› Write an offer and negotiate a deal
Ultimately, real estate agents should help you save time and money. They should make your home buying experience as stress-free as possible.
FAQs of First Time Home Buyers in British Columbia
What does a real estate agent do?
› Reviews your list of needs, your price range and gives you options.
› Gives you relevant information about various neighbourhoods and related market conditions.
› Uses the Multiple Listings Service to provide you with a list of properties that meet your needs. You have access to the Multiple Listings Service online and can do some research yourself. However, the real estate agent has access to more information concerning past sales history, so they can give you valuable advice about the best offers you can make on homes.
› Makes appointments to view potential homes with you.
› Asks the Seller’s agent questions on your behalf .
› Writes the Contract of Purchase and Sale, presents your offer and negotiates the price and terms.
Where should I look for a real estate agent?
The best way to find a real estate agent is by asking friends, family members, and co- workers for good recommendations. Or, find a realtor on line and interview them, with your list of questions. Select a realtor who you feel you can work with and who is knowledgeable about your area.
Do I have to pay my real estate agent?
Essentially, your real estate agent is working for a commission that is based on the sale price of a home. At no point is the buyer responsible for compensating their real estate agent, unless contractually obligated to do so. Your real estate agent will receive their commission upon the completion of the sale of a home from the seller’s real estate agent.
Is having more than one real estate agent working for you a good idea?
No. You would be duplicating the process and unless you are loyal to one agent they won't take your interests to heart. One agent can show you any property that is listed for sale on MLS (Multiple Listing Service).
What if my real estate agent wants me to sign a contract to work solely with him or her?
Some real estate agents will ask their clients to sign an Exclusive Buyer Agent Agreement. This is a contract defines the commitment to use only one real estate agent for the purchase of your home.
This is a way to ensure that they are compensated for finding you a home, and that you have an exclusive relationship with your real estate agent. Not all real estate agents use the Exclusive Buyer Real Estate Agent Agreement as it is an option for real estate agents in British Columbia. You are not required to sign this type of agreement to hire a real estate agent.
If things are not going well with my real estate agent, can I fire them?
Absolutely. Having a real estate agent that understands what you are looking for and provides you with accurate information is integral to your success in finding the home you want.
If your real estate agent is not providing you with either, you can kindly let them know that you will be looking for another real estate agent. Before signing a Buyer Agent Agreement, read the contract carefully and seek the advice of a legal professional if you are unsure of any of the material.
In Canada, licensed real estate agents are members of their local real estate Board, their provincial Association, and The Canadian Real Estate Association. This system of membership ensures that you are always treated with honesty and integrity.
Real estate agents must adhere to an extensive code of ethics of the Canadian Real Estate Association. They must continuously train themselves on the latest legal issues, market trends and technology affecting their industry.
What is “Agency” and why do I need it?
Agency is the legal relationship between you and the brokerage; it is defined by 3 types: Buyer Agency, Seller Agency and Limited Dual Agency.
Real Estate Agency System in British Columbia
› Buyer (Purchaser) Agency
The real estate brokerage and all its real estate agents represent the buyer exclusively. They seek out homes that meet the buyer’s needs and help assess the merits and defects of potential homes. They keep the buyer’s information confidential and never disclose confidential information.
› Seller (Vendor) Agency
The real estate brokerage and all its real estate agents represent the seller exclusively and it’s their job to get the best offer for the seller. They are legally obligated to tell the seller anything known about a buyer. For instance, if a seller’s real estate agent knows a buyer will pay more for a property, they must tell the seller.
› Dual Agency
Sometimes, a brokerage may have an agency relationship with the buyer and the seller. This means that both the seller and the buyer must give their informed consent, and the realtor must disclose any information they know about the property. However the realtor don't have to disclose confidential personal information given to them by one party.
In British Columbia, it is required that you sign the Working With A Real Estate Agent document as it defines exactly what the relationship is between the brokerage and the parties they represent. It also shows that the brokerage has your best interest at heart.