What Does a Real Estate Agency Really Do?

Good Question

A real estate agency does a lot for you, whether you're a buyer or a seller.

First of all, let me say that all REALTORS® are members of a much larger association. In Ontario, we're all members of The Ontario Real Estate Association (OREA). You can learn more about this organization here.

Click real estate agency to learn how one can help you.

Further, we're all members of The Canadian Real Estate Association (CREA). Learn more about CREA here.

In the United States, every REALTOR® is a member of The National Association of REALTORS (NAR). For more information about NAR, click here. But if a real estate salesperson or broker, who is associated with a real estate agency, is not a member of any of these organizations, then ...

They're Not a REALTOR®

... nor is their real estate agency.

Founded in 1922, OREA represents over 45,000 brokers and salespeople who are all members of the 42 separate real estate boards in Ontario. OREA provides its members with a variety of publications, educational programs and special services, as well as all real estate licensing courses.

OREA promotes higher industry educational and professional standards, protects the general public from unscrupulous brokers and salespeople, and contributes to the preservation of private property rights. It also develops and publishes standard forms, and supports educational and charitable causes through The REALTORS® Care Foundation.

At a more local level, a REALTOR® is a member of a real estate board which provides services to its members including the Multiple Listing Service® (MLS®). This consists of the huge database of residential, commercial and industrial properties for sale and lease.

So, during a realty search, what do realty companies do for me?

If You're a Buyer

... a REALTOR® is your trusted guide. They'll save you countless hours by;

* assisting you through the mortgage qualification process,

* recommending honest, experienced mortgage financing services,

* determining and clarifying your individual wants and needs in a home,

* pre-screening potential properties of interest,

* assisting you with the actual MLS® online and physical search,

* advising you on the neighbourhood amenities,

* gently helping you through the decision making process,

* offering advice on home market value (if you're a client vs a customer),

* preparing, explaining and negotiating your offer to purchase,

* delivering all pertinent documents of the transaction,

* arranging for home and other inspections by qualified professionals,

* recommending dependable legal services to handle closings,

* answering the myriad of questions that always arise throughout the process,

* and maybe even suggesting a mover.

Your REALTOR® will likely become just like ..

A Member of Your Family

And here's another benefit to working with a real estate agency. Without the CREA, OREA or the other provincial associations, there would be no Multiple Listing Service® MLS®. To search MLS® Canada, click here. And for the USA, click here.

If You're a Seller

... a REALTOR®, registered with a real estate agency, will:

* lead you through the entire trading homes process,

* answer the countless questions that always arise throughout the sale process,

* ensure your complete understanding of available options when presented with an offer to purchase,

* offer candid, honest advice based upon what you need to know, and not necessarily what you want to hear,

* negotiate a fair and durable agreement of purchase and sale, with your interests in mind,

* recommend a dependable lawyer to handle your closing,

* ensure that your home is effectively marketed by exposing it to as many potential qualified home buyers as possible,

* advise you on how to prepare your home for the market, and on how to enhance it without over-spending. The sharper your home shows, the increased likelihood of generating a quick, successful sale,

* help you obtain the highest possible sale price in the shortest period of time,

* apply their knowledge and experience with their power of objectivity,

* and evaluate your property by completing an exhaustive Comparative Market Analysis for your home, using recently listed, sold and expired listings of comparable homes in your neighbourhood.

This is the ...

Most Critical Function

... performed by a real estate agency in the entire selling process.

If you fail to list correctly, you may grow old waiting for your house to sell. Or just as bad, you may suffer from a lower sale price than what might have been achieved with the right asking price.

When an offer arrives, usually through a buyer agent, your real estate agent will be there to explain all the terms, your options, make recommendations, and generally, negotiate the offer for you with the buyer's representative.

Your REALTOR® will tell you that the ...

Most Active Period of Your Listing

... term is the first couple of weeks. There's always an existing pool of buyers, the numbers depending upon the season, searching for homes. They've already be exposed to or viewed everything currently available on the market, and are awaiting new listings. So, when your homes appears on the MLS® system, it'll attract their attention ...

If Your Home is Priced Right

... at a price competitive with comparable homes. If not, then they'll ignore your listing. With a fair, competitive list price, they'll contact their REALTOR®, or maybe even your own agent, to arrange an appointment to view it. It's very difficult to evaluate your own castle simply because it's virtually impossible for you to be completely objective. After all, it's your home, decorated and finished to your own exacting standards. You might love that chartreuse paint and orange shag carpet, but many won't.

So, if you followed your REALTOR's® advice and prepared your home properly ...

Presto! You're SOLD

If you price it too high, the pool of buyers will ignore it. Then, if you're serious, you'll reduce the asking price after the first couple of weeks, or sooner. Unfortunately, your listing is no longer new. So, it won't receive the same kind of attention. And the longer your property is on the market, the greater the chance of either not selling, or selling at ...

A Much Lower Price

Buyer's will often ask how long a home has been on the market. If they feel it's been quite awhile, they ask themselves why it hasn't sold, or what's wrong with it? And if they're still interested, their offer price will be very low, and they'll not likely pay much higher for fear of over-paying for a property that no one else wanted.

So, buyer or seller, an experienced, knowledgeable and skillful REALTOR® can make your move much more enjoyable and relatively stress-free.

Buying a home should be an exciting time, without trouble. A REALTOR® can help make this a reality. So, place your trust in a good REALTOR®, and follow their direction.

What will a real estate agency do for you?

Lots - We're Here for You

If you're a seller looking to find a real estate agent, or a buyer in 'find REALTOR®' mode, feel free to contact me for a personal consultation, or a referral to a REALTOR® in your area.

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