To succeed in real estate, it’s crucial to surround yourself with the right professionals. Among these, real estate brokers are undoubtedly one of the best allies to help you turn your buying or selling project into reality. But how do you choose the right broker?
Not all real estate broker ate the same. While their role remains consistent, and they must hold a valid licence from the Organisme d’autorégulation du courtage immobilier du Québec (OACIQ) to practise, each broker has their own experience, expertise, and working style. Therefore, it’s essential to compare multiple brokers before making your decision.
Here are a few key factors to consider when selecting the real estate broker you’ll work with.
Compare commission rates
The real estate broker's commission is likely one of the first factors that come to mind when considering working with this expert. It is indeed an important aspect, as it can represent several thousand dollars of the selling price for the seller.
Since real estate broker commissions typically range between 4% and 7%, it's essential to compare several brokers in your area. You don't want to pay the full rate, only to discover later that another broker offers the same service for less.
However, while the commission is a key consideration, it's far from the only factor to take into account. You should also consider the services the broker offers, as well as their experience in the field.
Find out about the broker's experience and previous sales
Experience is another key factor to consider when choosing the right real estate broker. Since real estate is a highly competitive industry, with many brokers and a high turnover rate, it’s important to assess the number of years of experience the broker has.
Beyond the total years of experience, ensure that the broker has expertise in the specific sector you are interested in. For example, a broker with 15 years of experience in Montreal may not be the best fit if you're looking for a property in a rural area.
While this doesn't mean you should avoid brokers new to the region, an experienced professional is more likely to prevent issues from arising during the transaction.
Additionally, don’t hesitate to inquire about their recent work and track record:
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How many sales have they closed in the past 6 months?
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How many mandates are they currently managing?
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How quickly do they estimate they can sell your property or find the right one for you?
Asking these questions will give you a clearer picture of the broker's character and working methods. You want to make sure they are dedicated to your project and not spread too thinly across too many clients. After all, your project should be a priority for them.
Assess the broker's trustworthiness
Since you will likely spend a considerable amount of time with your chosen real estate broker and trust them with one of the most significant projects of your life, it’s crucial to find a professional you can rely on.
Look for a reassuring presence to help you navigate the various steps and emotions involved in your real estate transaction. Whether they were recommended by a friend or found online, there are certain key qualities to look for:
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Excellent communication skills
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Uncompromising honesty
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Great negotiation skills
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High level of organization
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Good listening skills
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Clarity and transparency
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Availability
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Loyalty
Additionally, you can conduct some extra checks to ensure the broker’s credibility. For example, you could verify their credentials with the OACIQ to see if they have any disciplinary notices or suspensions on file. It’s also worthwhile to contact previous clients to learn about their experiences and satisfaction with the broker’s services.
Evaluate if the broker is right for your real estate project
As previously mentioned, it is crucial to select a real estate broker who has experience in the area relevant to your project. Specifically, they should be familiar with and well versed in the following:
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Your desired city and neighbourhood
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The type of property you are interested in (house, condo, multi-family, business, etc.)
While some brokers are generalists, handling various property types, particularly within the residential sector, others specialize in specific areas of the real estate market. For example, there are brokers who focus solely on luxury properties, commercial real estate, or agricultural land.
If you're looking to close a property deal quickly, tailor your search to experts who meet your specific needs. If time is of the essence and delays are not an option, avoid brokers who are overloaded with clients or those working part-time. Instead, choose a professional who has more availability and a schedule that aligns with yours.
Small or large agency: which to choose?
Choosing a real estate broker from a large agency or a smaller one is ultimately a personal decision. However, national agencies do offer several advantages:
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More structured management
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Greater exposure for your listing
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A broader network of contacts
Regardless of whether you opt for an independent expert or someone from a national agency, it's important to inquire about the broker’s service offerings, as the business model can vary from one professional to another.
Can you change you real estate broker?
You thought you had found the right person for the job, but things aren't quite working out as expected? Sometimes, the situation may not live up to your hopes, and a lack of trust in your relationship with your broker can arise.
So, is it possible to break your contract with your broker? The simple answer is yes, but certain conditions must be met. If you have a revocable brokerage contract, it can be terminated at any time. However, if your contract is irrevocable, it must be honoured until the end. Regardless of the type of contract you have, you do have a right of withdrawal.
Keep in mind, though, that signing a brokerage contract is a significant commitment! It's a legal and official agreement that should not be taken lightly. Make sure to take your time comparing different professionals before committing to one.
Looking for a real estate broker?
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