3 Helpful Hints for Doing Business with Realtors

So, the time has come for you to sell your current house and look for a new home-sweet-home. Whether you will be looking to find a brand new home, or a previously owned gem, you will doubtless require the services of a real estate agent, both to get rid of your current digs and to land the new one. 

The fact of the matter is, cliche or not, buying or selling a home is the single largest business transaction most people will ever make in their lives. So it only makes sense that you should want to seek out expert guidance to navigate the waters and avoid making any regrettable errors.

But how can you make sure to find a reliable agent, and when you do, what can you do to get the most out of your real estate transaction? In this article, we will look at the top 3 tips for doing business with realtors. 

Number 1: Find a Realtor You Can Trust

This one might seem like a no-brainer, but it is definitely important and worth looking at. Choosing the right agent can be the difference between hellish nightmare and easy breezy experience, and in the face of selling and buying such large assets, the process of finding someone you can trust can be daunting. 

The single best way to find a realtor that you know you can trust is the same way you discover new restaurants and decide which movies to see: get recommendations from people you trust. 

Chances are someone in your group of friends and/or family has used an agent to sell their home and can vouch for their professionalism. 

But don't worry, if you're new to an area and don't know anyone who can recommend a real estate agent, or if you severely mistrust the judgment of your inner circle, there are other ways you can find a reputable one. (By the way, if your reasoning fell under the latter classification, you may have greater problems than finding a realtor...)

In the US, sites such as HomeGain and RealEstateAgent.com can be great directory resources for finding registered real estate agents in your town or city. In Canada MostReferred.ca is an excellent neutral recommendation engine for realtors, and offers up only those agents who have been selected by their peers as upright and trustworthy.  

Number 2: Choose A Successful Realtor

This one obviously relates partly to the previous point, but is an important one nonetheless. When choosing your realtor, remember the old adage: money talks.

It might seem a very materialistic tact to take, but certainly choosing to work with a realtor who has strong sales numbers when selling your own home is a very logical thing to do. After all, if they can sell ice to an Inuit, imagine the wonders they can do with your home! 

You can usually find information about Top Ranked realtors for your area by contacting your local Real Estate Board. For example, in Ottawa the Ottawa Real Estate Board (OREB) can provide you with that information. Just do a quick search engine search for "YOUR REGION Real Estate Board" and you'll be well on your way to finding your area's shining stars. 

Number 3: Practice Your Poker Face

Once you've found a realtor, it's important that you always remember this: Real estate agents, as nice as they might be, are still salespeople at the end of the day. And that isn't said with any hint of denigration - I myself have done sales jobs for years - but rather it is said with an overtone of realism. Everyone has incentives, and when you're a realtor, your incentive is to sell the home as quickly as possible. (Remember our discussion last month about the realtor incentives dilemma?)

So, first thing's first: it is integral that you never reveal your desperation to sell when you're putting your home on the market. Desperation gives a realtor the vibe that you will take a lower price than you deserve, just to get ride of your home. 

And secondly, speaking of price, don't ever give yours away when you're buying either. If you give your realtor a maximum price when looking for a home, you had better believe that your chances of haggling it down have gone out the window. 

Basically, just remember that relators will naturally use whatever wiggle room they are given in order to close a deal. Not because they are bad people, but just because they are... well... people. So keep your cards close to your chest as much as possible.

So, all your home owners out there, have you picked up any other helpful hints for working with realtors along the way? Or how about the real estate agents among you - we'd love to hear your perspective on this topic as well. Let us know in the comments!