Buyer Preparation Part 1: The Importance of Working with a Realtor

Buyer Prep Series

Introduction

Insufficient buyer preparation when searching for a property is a recipe for disaster. If you fail to prepare, the process will be long, frustrating, and filled with disappointment. Much of the work I do is with first-time buyers because it brings me great satisfaction to help people achieve their goal of home ownership. Unfortunately, many buyers make the same mistakes which prevent them from achieving their goals. I’ve created this educational series to help my clients improve their chances for success, and to better prepare them to navigate the highly competitive Vancouver real estate market. The real estate industry is evolving, and I will continue adding to and updating this series as necessary.

PART 1 – The Importance of Working with a Realtor

Many buyers try to learn about the market by viewing properties online and visiting open houses. There’s nothing wrong with this approach, and it can be educational, but not all property information is publicly available so you may be missing something crucial. Entering an exclusive relationship for representation with a Realtor will strengthen your position and allow you to access information that may not be available to unrepresented buyers. Ask yourself, how well informed do you want to be when you make the largest purchase of your life? If your answer is well informed, then hire a Realtor to represent you as a buyer!

I’ve created an extensive list on how a Realtor can add value to your property search. It’s also important for you to understand the law of agency, which you can read about in this article by the B.C. Real Estate Association – Why Use a Realtor?

Advance Access to New Listings

  • Realtors and their clients can see new listings approximately 48 hours before they are visible on public websites
  • Realtors often have information about upcoming listings in their office before they are listed for sale
  • Advance access can reduce competition and increase your chance of securing a property

Understanding Value

  • Properties are not always offered for sale at their current market value
  • Sellers often price their properties strategically, which can be misleading
  • Sale prices often differ from the price at which a property is offered for sale
  • Realtors have access to sale prices & history, as well as information on comparable properties
  • Realtors can help you establish an estimated sale price, and then you can decide if you want to make that offer

Market/Product Knowledge

  • Can you make sense of a property sales history, title searches, pricing strategies, market statistics, comparable sales, depreciation reports, tax info, or strata documents?
  • Your Realtor can ask the right questions and help you make well-informed decisions

Negotiation Skills

  • When negotiating the price for your home you’ll need someone that is experienced and capable
  • I have undergone extensive negotiation training, and I hold the professional designation of a Certified Negotiation Expert (CNE)

Leadership

  • Your Realtor will provide leadership and guidance as you work through the process of purchasing a home
  • Our challenging market can be discouraging for buyers – it’s my job to keep you focused

Brokerage Support

  • At Macdonald Realty, I’ve had the privilege of mentorship with a veteran Realtor, an ongoing professional coaching program which helps me develop skills to better understand the needs of my clients, regularly scheduled education & training sessions that help me to stay on top of my game, as well as access to a network of professionals that support the needs of myself and my clients
  • Macdonald Realty is Western Canada’s largest integrated real estate firm. The strength and value of the brand is second to none, and should not be underestimated

Realtor Commissions

  • The seller, not the buyer, is responsible for paying Realtor commissions
  • There are some cases where a buyer’s Realtor may ask the buyer to cover their commission, but those cases are rare and can be explained in further detail during a consultation

There is no shortage of Realtors in the Vancouver area. In fact, there are over 13,000 Realtor members of the Real Estate Board of Greater Vancouver – reach out to one and ask for their assistance. If you need assistance finding a Realtor, ask a friend or colleague for a referral. Realtors maintain relationships with their clients and act as trusted advisers well beyond the purchase or sale of a property, and much of our business is developed through referrals from clients. One of the greatest compliments we can receive is a referral from a past client because it means we did a good job.

The importance of working with a Realtor in your search for a home is significant. Hire a qualified professional and start your search!

Next week: Part 2 – Financing Your Home

Chris Lambert | 604.340.6457 | chris@chrislambert.ca | www.chrislambert.ca

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