Qualifying your realtor has never been more important.
With the surge in market activity, the number of working realtors has increased significantly, leading to a mix of experienced professionals and inexperienced individuals looking to capitalize on the opportunity. Qualifying your realtor has never been more important than now.
In this updated guide, we present five tips to help you navigate the process of choosing a realtor who meets your needs.
#1: Assess Their Track Record:
To gauge a realtor's ability to deliver results, ask for their track record for the last 60 days as well as their year-to-date performance. Look for consistency in their sales and ensure that the sales report reflects their personal transactions, rather than the overall company performance. Additionally, consider the type of properties they specialize in to ensure they have the necessary expertise in your property type. Finally, examine their listing to sale ratio to ensure they have a high success rate.
» What type of sales are they in? Is your property type their strong suit?
Most realtors will try and sell a variety of different properties, but often they don’t have the property knowledge to be selling every type.
» What’s their listing to sale ratio?
They may have a decent sales volume, but there could be hundreds of listings that fell through. You don’t want to be one of them.
#2: Don't Rely on Surface Impressions:
Approach the selection of a realtor as a business decision. Treat them as an employee you are hiring, rather than being swayed by superficial qualities. Request at least five references and inquire about the nature of their relationship with each referee. This will help you gain insights into the realtor's professionalism and ability to negotiate effectively.
» Ask for 5 references and make sure they tell you their relationship with each.
#3: Assess Past Experiences.
A great way to get a more reliable perspective is to ask a realtor to see their testimonials/reviews. Going over insights from people who were in your exact position really helps solidify your decision. If a realtor has a long list of positive reviews, it reinforces their credibility.
» Ask for a minimum of 5 recent testimonials—more is always better!
Furthermore, ask your potential realtor to recall their client stories. If they remember personal details it shows you’re not just a number!
» Find out what the realtor was able to negotiate in the past.
Are they able to get a deposit sent directly to you? How long were the completions? Are there any hidden or controversial clauses in their contract?
#4: Are they a winner?
While awards shouldn't be the sole basis for choosing a realtor, they can serve as a useful starting point for your research. Look for realtors who have received recognition at the provincial or national level for their achievements. However, it's important to exercise caution when considering awards given to their brokerage or company, as these may not accurately reflect the individual's expertise and track record. Instead, focus on personal accolades that demonstrate ambition and dedication in their field. These personal achievements can be a good indicator of their commitment to excellence and can help guide your decision-making process.
» Awards are important, but they aren’t everything.
They are a good, factual place to start your research, but in the end you want someone with the aforementioned points as well.
#5: CALL THEIR MANAGING BROKER
If you’re still not sure, call their “boss.” They will give you an honest opinion of the realtor you are considering and may be able to provide additional information. Remember, just because an agent’s name is on a sign, doesn’t mean they are the best person for your area or property type.
The bottom line:
WHAT'S YOUR PROPERTY WORTH?
Get a no-obligation property assessment here