This influx represents one of the highest rates per population of any country in the world.

These newcomers will be looking to navigate the dream of owning a home in Canada. According to REALTOR.ca insights, approximately 40% of individuals currently searching for homes are first-time buyers.

This article lays out the three significant steps to help you become prepared about the purchasing a home in 2024, including:

• Planning out your needs and what you can afford;
• Arranging your finances and mortgage; and
• Selecting a real estate agent

Plan the Requirements of Your First Home and What You Can Afford in 2024

What do you need in a first home?

Homes come in all shapes and sizes, in different neighbourhoods, and with various amenities. Before you even look at potential homes, you need to decide what’s important to you. This is especially true if you’re buying a home with a partner. It’s better to understand each other’s needs and wants now rather than later on in the process. For example, the neighbourhood and school district may be vital if you want or already have children and want to live in a neighbourhood with great schools.

What kind of first home can you reasonably afford?

You should also consider what you can afford when contemplating your needs and wants. You may want 3,000 square feet of space. But such a large home is out of reach for most first-time homebuyers. Areas with high-ranking school districts are also expensive.

Even if you can get an enormous mortgage to purchase the most expensive house available to you, it doesn’t mean you should. A sizeable monthly mortgage payment can hurt your financial and mental well-being in the long term. The Canada Mortgage and Housing Corporation recommends keeping your total housing payment (this includes taxes, maintenance, and mortgage) under 35% of your gross household income.

Arrange Your Finances and Mortgage for Your First Home

Are you financially ready to purchase your first home in 2024?

Buying your first home requires financial readiness. At this point, you’ve likely saved for a downpayment. But are you ready for closing costs such as legal fees and home inspection costs? These costs can amount to 2 – 4% of your purchase price. Further, once you purchase the home, are you ready for property taxes and maintenance expenses on top of your monthly mortgage payments?

It’s also important to understand what tools the Canadian government provides to first-time homebuyers. These tools generally make it easier for first-time homebuyers to make their purchase.

What is your credit score?

The next step is to review your credit score, which determines whether you’re qualified mortgage. It’s handy to find services that can help track your credit score. Many banks offer free credit score estimates without impacting it.

If your credit is on the low side, it’s essential to bring it up. This isn’t something you can do overnight. Raising your score may even delay your first home purchase. But a better credit score can provide you with better mortgage rates and more financial flexibility. If you’re purchasing your first home with a partner, note that lenders consider both of your scores.

How to find a mortgage for your first home

Your mortgage is commonly the largest loan you’ll take out in your lifetime. Therefore, it’s essential to shop for the best one. You’ll likely speak with two types of people in this process: a mortgage lender and/or a mortgage broker.

• Mortgage lenders are most commonly your large banks or credit unions. They lend money directly to you.
• Mortgage brokers don’t directly lend to you but arrange a transaction to help you find a lender. Brokers have access to many lenders beyond the big banks and credit unions — generally referred to as “A Lenders”. They can introduce you to B and C lenders who may be more lenient if you have a less-than-pristine credit score.

Previously this process involved visiting numerous banks and mortgage broker offices. But post COVID-19, this process is more commonly done over video conferencing. When the deal is settled, some lenders or brokers may still require you to visit in person to sign the paperwork.

The interest rate on your mortgage is the most crucial characteristic, but also consider aspects such as:

• Do I need to purchase mortgage insurance?
• What fees do I need to pay if I break the mortgage?
• Are there any penalties if I refinance my home?

Getting your mortgage pre-approved before you begin to look at properties is essential but optional. A pre-approved mortgage can provide certainty in how much you can bid on a house when you find the one.

Find a Real Estate Agent

Buying a home isn’t easy. It’s a lengthy process with complicated steps and procedures. Luckily, real estate agents are here to help. A realtor can match your needs and wants with what you can afford. They can also advise what to look out for in a first home — things you’ve never anticipated. They can address your concerns about the current market conditions, how certain neighbourhoods are, and what red flags to look out for and provide referrals to real estate lawyers, home inspectors, and other professionals part of the home buying process.

A REALTOR® can also do a lot of the in-person work for you during this COVID-era. Suppose you’re afraid of attending a home showing. In that case, many agents may be happy to visit the property on your behalf and show it to you via ZOOM, Facetime, or similar applications.

Once you’re ready to close on your deal, a real estate advisor can help prepare your offer package. This includes your offer price, pre-approval letter, proof of funds for the down payment, and terms and conditions.

It’s also important that you meet with several real estate agents before selecting the one you want to work with. Hiring an agent is similar to hiring an employee. You’ll want to meet with multiple agents and ask questions to understand their credentials. Online reviews are also a great way to differentiate between agents as reviews are written by real clients that have had a full experience working with the prospective agent you are interviewing.

Buying your first home is a complicated and exciting process — especially in 2024. It’s important to plan out what you can afford and what amenities and features that you and your partner need in a home. Arranging your finances and mortgage and finding an excellent real estate agent are also critical to making this process as smooth as possible and turning your homeownership dream into reality.

The post Three Steps to Purchasing Your First Home in 2024 first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Why is that?

Simply put, selling a home takes a lot of time and effort. Although FSBO is not an impossible path by any means, there are a number of key points to keep in mind before choosing to oversee the sale of your home.

Not only are you responsible for all aspects of putting your home on the market, including, but not limited to, setting the listing price, advertising the property and setting up as well as being in attendance for showings for potential buyers, you’ll also have to negotiate in terms of the sale, including price, closing date and more. In other words, instead of having multiple specialists to help you with the sale of your home, you will be the all-rounded expert in all fields.

For many home sellers, these tasks are worth their time and effort in lieu of paying out commission to a REALTOR®.

But to backtrack just for a moment, let’s look at setting the listing price a little more closely:

One of the biggest risks associated with selling your home on your own is not hitting the “sweet spot” of home prices. Market changes can cause housing prices to fluctuate. If your house is overpriced, you might find it sitting on the market for longer than what you might have expected. Additionally, prospective buyers may shy away from a home that has been sitting on the market for an extended period of time because they might think negatively about the house or the neighbourhood.

On the other side of the coin, selling the house for too little benefits no one except the buyer. If trying to avoid paying commission is the primary motivation behind selling your home on your own, but you undervalue the price of the property, the cost-savings benefit of FSBO might not be fully realized.

This is one of many areas that working with a REALTOR® can come in handy. Real Estate professionals have access to data on actual selling prices  – not listing prices – and would be familiar with relevant market demands and changes in your neighbourhood helping to provide analysis of current trends.

Some Risks when you decide to sell on your own:

• Leaving money on the table as FSBO don’t get as much exposure without the help of a REALTOR who is well connected to buyer agents
• Will have to pay for legal, marketing costs yourself
• Risk that home defects have not been documented, running into legal issues down the line
• Time spent trying to list, market and negotiate your own transaction
• Safety concerns when showing your own home
• Wasting time and efforts by staging and showing your home to potentially unqualified buyers
• First time home buyers may be apprehensive to seal a deal without the help of a professional

Statistics show that selling your home with the assistance of a professional REALTOR® will garner you a bigger profit. According to the National Association of REALTOR®’s 2022 Profile of Home Buyers and Sellers, the average FSBO home price was $225,000, while the average home price sold by an agent was $330,000.

That report also showed that only 10% of home sales in the U.S. were FSBO. It also stated that 86% of buyers purchased their home through a real estate agent or broker, a share that has steadily increased from 69% in 2001.

Only 28% of FSBO home sellers decided to market their homes on websites including social networking websites and FSBO websites. However, it is evidently a useful platform to use because 51% of buyers found their home on the Internet. Other FSBO sellers marketed their homes through friends, relatives, or neighbours (28%) or yard signs (20%).

The most difficult tasks for FSBO sellers cited in the report include getting the right price (16%), understanding and performing paperwork (13%), selling within the planned length of time (10%), preparing home for sale (6%) and having enough time to dedicate to all aspects of the sale (1%).

Although you may think there is no one better qualified to show off your house than yourself, a REALTOR® can ensure the presentation of your home goes as smoothly as possible.

Not only can a REALTOR® offer expert tips on staging your home to look its best, they are also able to highlight certain features or aspects of the home that the homeowner may unintentionally overlook during the presentation process. REALTOR®s also know the current trends as to which designs or furniture arrangement can attract buyers. For those pressed for time and find themselves juggling a career and family, working with a REALTOR® can be a wise investment.

The ultimate goal in any home sale process is to get as many eyes on, and as many people passing through, the property as possible. A REALTOR® can not only have your property listed on the Multiple Listing Service (MLS), they can help promote the property via flyers, pamphlets and postcards with eye-catching photos and major selling points to help drum up interest.

These are costs that FSBO sellers would otherwise be responsible for absorbing.

Another benefit of using a REALTOR® is the exposure they can provide to other agents who might have the perfect buyer for the property already in mind. An agent tour of the home early in the sales process allows other agents to ask questions and gather information about the property that cannot be discovered through pictures and MLS information alone.

Most importantly, a REALTOR® is there to represent your best interests as a seller.

Your REALTOR® can help you objectively evaluate each offer without compromising your marketing position. With a REALTOR® in your corner, they serve as a bit of a buffer between you and the seller. REALTOR®s can solicit honest and open feedback from prospective buyers, who may not be as candid when dealing with a homeowner on a one-on-one basis.

And when you’re lucky enough to reach the offer stage, they will not only help you devise a win-win agreement that will appease both parties, they can also help walk you through the process of appraisals, inspections and financing – tasks that you may not be as familiar with as a FSBO.

Keep in mind that several different variables can arise between the sales agreement and the final closing of the property, as both buyers and sellers have various legal responsibilities that need to be fulfilled.

REALTOR®s carry Errors & Omissions insurance, which serves to protect parties from potentially financially-crippling liability should they be brought to court for negligence, errors, failure to disclose, or other possible reasons.

Your home is among the most valuable assets you’ll ever own. When it comes to selling your home, trust a professional REALTOR® to ensure you get the job done right without undervaluing your home.

The post FSBO: Everything You need to Know first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Enlisting the help of a realtor could solve all these issues. In this article, we explain how a realtor provides access to rentals that you can’t find yourself, helps with the heavy lifting in finding and securing a new home, and provides valuable expertise in the rental process—especially if you’re moving to a new city. The best part is that it won’t cost you a dime.

Access to exclusive listings through MLS

You may be looking to rent an apartment by scouring websites such as Kijiji or Craigslist to find that perfect deal. In markets with low vacancy rates, this is a nightmare. Often, the second a rental is posted, dozens of prospective tenants call in. By hiring a realtor, you avoid these issues.

Although MLS is publicly searchable through Realtor.ca, there’s a 48-hour lag before non-realtors can see these listings. Thus, in cities with low vacancy rates, it’s common for the listing to be already gone by the time the public can lay eyes on it.

Helping with the nitty-gritty of renting

If you live a busy schedule, your real estate agent can also help with the “heavy lifting” of finding a property. This includes finding an available property and closing your rental agreement with the landlord.

After telling your realtor what you’re looking for and your price range, he/she can sift through the hundreds of listings on MLS and other sources to find the perfect fit for you and arrange viewings. They’ll also drive you around to view each place! This can save valuable time that would otherwise be spent calling landlords to set up an appointment to view the property and scouring the internet for your next home.

If you think you’ve found the home or apartment of your dreams and want to make an offer, the advantages of a realtor continue to shine. Because agents deal with rentals so often, they know exactly what the process is, what forms you need to fill out, and what document to provide the landlord. They can help you source papers, such as an employment letter when requested by the landlord.

An agent provides insight into both the rental process and the local real estate market, which is critical when you’re moving somewhere new.

Their expertise can cut out rental listings that are sketchy. The agent also understands your rights as a tenant and makes sure that landlords don’t do illegal acts such as ask for a security deposit in certain Canadian provinces. These two benefits can help save you from common rental scams, something that’s becoming more common as property markets get more competitive.  

Ultimately, your realtor is there to look out for you. He/she can pick up on uncommon or illegal clauses in the lease agreement that you may not entirely understand. And due to their knowledge of the local market, they know or can find out if certain buildings have a bad reputation. For example, some condo buildings may have a history of cockroaches or moulds or were designed by a developer with a reputation for low-quality products.

If you’re moving to a new city, it’s better to hire an agent who knows the market than bothering your one or two friends who live in the city, asking them about every neighbourhood. Real estate agents know their city and the neighbourhoods well. They understand which neighbourhoods are ideal for you, whether their family-friendly, commuter accessible, and much more. They can also prevent you from taking that value listing that turns out to be in the rough part of town.

You don’t pay—so what’s in it for the realtor?

There are many realtors who won’t touch rentals. Other just don’t advertise the fact that they do work with renters. The commission for rentals is much lower than if the agent had sold the property to you. While you, as the tenant, don’t have to pay anything, the landlord usually pays a commission valued at the first month’s rent. This commission is then split between the landlord and the tenant’s agent and any brokerages they work with. So, an agent would ultimately have to take on a considerable number of deals to turn a profit.

So why would real estate agents even help a renter? It’s usually to build a client base and hope that today’s renters become tomorrow’s homebuyers. If you’re satisfied with your rental, you’ll likely go back to the same real estate agent when you buy a home, and this is where the agent would profit. Better yet, you may even refer some of your home-buying friends and family to the agent. This is why, despite the fact that helping you find a rental is unprofitable, a good real estate agent still puts their best foot forward, hoping that your satisfaction makes them a hefty commission down the road.

If you’re looking for a rental property in a market with a low vacancy rate or in a city that you’re not familiar with, then hiring an agent is a must. Even if you aren’t in one of these situations, hiring an agent is still beneficial and likely costs you nothing. So why not take the chance?

The post Should you enlist the help of a realtor to find your dream rental? first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

The smell of sharpened pencils lingers in the air. The soundtrack: the fresh crack of new textbook spines. That’s right, it’s that magical time of renewal. It’s fall time; the leaves are changing and the heat of summer is fading, but our sunburns are still pretty well intact after the long weekend.

But now, our attention is being pulled—nay, dragged—back into the classroom. It’s school time.

For many, this means big changes are a’comin’. In fact, more than 2,000,000 Canadians are expected to be heading back to university, based on 2015-16 findings from StatCan. That’s a population twice the size of Edmonton, and many of those students will be relocating to attend the school of their choice.

But where will they live?

There are two choices, really. Students can opt-in to #dormlife—if there is room, of course—or they can decide to try to stand up on their own two feet (maybe with the help of a few friends) and rent a place of their own.

There are definitely pros and cons to each of these choices.

Pros of living in a dorm:

• You meet a lot of people really quickly
• You are constantly involved with on-campus activities
• Your lifestyle is all-inclusive; rent, utilities, (often times) food, furniture
• You don’t need to worry about a commute or transportation
• You have a turn-key situation with little to no stress involved, like having to find the right place

Cons of living in a dorm:

• You will most likely have to live with a roommate—often times, you won’t get to pick who it is
• You will likely be living in tight quarters
• You may have to share a bedroom
• Your all-inclusive meal plans may cost you more than you would normally spend on groceries
• You may not appreciate, or want to abide by all of the dorm rules set out by the school

Pros of finding an off-campus rental

• You get to find a place that you love
• You can choose to live alone or have roommates (that you pick) to split the costs
• You can often find cheaper living accommodations — if you look in the right place
• You can have that whole independent, I’m really an adult lifestyle
• You can furnish a place and decorate it to make it feel like home
• You will be able to buy the groceries you need and create the meals you love
• You don’t have strict rules about how you live in your home
• You can definitely have your own room
• You can diversify your social calendar by living away from the university-lifestyle bubble

Cons of finding and off-campus rental

• If you are in a university town, good rentals may go quickly to returning students or students who never left their rental unit over the summer
• It may be tricky to find an affordable place to live on your own
• You may find strict landlords pushing 12-month lease agreements and you know you’re only there for about eight months (September-April)
• You may find some landlords are less inclined to rent to students due to “party animals who ruined it” before you
• You may find you are spending extra cash on things like transportation, cleaning supplies, furniture and other household needs
• You will most likely have to fork out money for utilities

But, once you weigh out the pros and cons of all the situations—and add in your own concerns, as well—you will be better equipped to make a decision that is best for you.

Now it’s time to make your search.

Off-campus rental units can be tricky to find. Especially if you’re not too familiar with the area. Luckily, many Canadian cities such as Toronto, Vancouver, Montreal and many cities in B.C., have real estate agents that can help you find just the right place to kick up your feet and study your coursework in your new home away from home.

In 2017, the Star reported that Toronto had a 3.4 per cent vacancy rent, meaning finding a sweet suite was going to be a daunting task. But if a potential renter chooses to work with a real-estate professional, not only are they saving time by skipping their own research time, they will be protected in the same way homebuyers and sellers are.

Plus, it’s good practice for when you are readying yourself to purchase your first home.

Websites such as rentfaster.ca are excellent sources connecting landlords and tenants. Realtor.ca is also a great source for trusted rental units. In fact, at any given time, the website boasts and average of 310,000 residential, commercial and rental properties online. Plus, they can connect you with a trusted realtor.

When picking a real estate agent to represent you in the hunt for the perfect rental—whether short term, or long term—be sure you are clear with your expectations, your needs and your budget. Be sure to pick a reputable agent with great reviews. You can find some excellent agents online right here, too, at rankmyagent.com that will be happy to help connect you with the perfect haven to destress after a tough midterm season.

All in all, whether you choose to live on campus, or find the perfect place off campus close to downtown or a cool neighbourhood café, we’re just jazzed that you’re back in class—or embarking on this new life adventure.

We hope you take university, college, tech school, or whatever you find yourself in, by the horns and enjoy the ride. ‘Cause, when it’s all said and done and you’re preparing to walk the stage to collect your really expensive certificate, diploma or degree, we hope you can look back on it fondly. I know I do!

Have fun this year. Study hard, do the work, meet the people, but most importantly, enjoy it.

Happy learning.

The post Pros and cons of student life, on campus or off first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

If your home sells for $1 million—like many of the detached houses in Toronto—you can end up paying $30,000-$70,000 in commissions and another few thousand for the other fees (mostly dependent on how much you spend on repairing and upgrading your home before the sale). Additionally, you have to pay tax on the services you purchase throughout the sales process. Regardless of the province, the cost of sales tax likely amounts to a few thousand dollars on its own. It’s hard to say exactly how much the total cost will be because of the plethora of variables: your home’s value, upgrades before the sale, your realtor’s fee, etc…

We’ll break down the cost of selling your home in this article. Additionally, we’ll shine some light on exactly what you’re paying for and provide some tips on how to save a few bucks with each expense.

Real estate agent

In most cases, the largest price tag to selling your home is hiring an agent to sell it, and it’s understandable why many sellers choose to do it on their own. But if your only experience with real estate is the purchase of your own house, then it may be better to bring in someone who has worked in the local real estate market for a number of years. A real estate agent guides you through the often stressful selling process, negotiates a price with potential buyers, handles the mountains of paperwork, and much more.

However, for the big price tag, make sure you’re hiring an agent who has the experience and competency to find the proper buyer and to get you the best possible deal. Check online reviews and ask for references to see the satisfaction level of the agent’s past clients. You’ll have to work with this agent for a period of time, so make sure that he/she is someone you want to work with.

3%-7% of your home’s value is a lot. There isn’t a standardized commission for real estate agents, but this range is what you can expect. Oftentimes, the difference between paying a 7% commission and paying a 3% one comes to negotiating. Asking never hurts, but not asking will. This commission fee is split between the buyer’s agent and the seller’s agent. So, if your realtor is representing both sides, there’s a higher chance that he/she will budge on the rate. Another way to reduce commission fees is with websites like FeeDuck, where agents reverse bid for your business. In some cases, sellers have seen commissions as low as 0.5%, but an agent who accepts such a low commission may have a lot less experience.

Legal

To sell your home, you’ll need a lawyer. A lawyer and his/her firm perform a title search on the home to satisfy the bank and buyer, examine the formal written contracts of the transaction, answer any legal or tax questions, and are an important asset to have if the transaction turns sour.

Depending on the lawyer and on the complexity of the sale, fees can range from $500 to $1500. Similar to your real estate agent, make sure to find a reliable lawyer by doing research online and by asking for references.

Repairs and upgrades

Renovating your run-down home before a sale can bring in more bidders and a higher price; it’s how home flippers make a profit. Upgrades to your kitchen and bathroom are known to bring the highest return on investment, but even simple repairs and upgrades can make your home shine.

A new coat of paint on the walls can make the whole place look brand new, and painting isn’t necessarily expensive either. If you paint it yourself, the expense won’t surpass a few hundred dollars—all you need is a few buckets of paint and some other materials. Adding new lighting or a new ceiling fixture is another relatively cheap upgrade that can get bidders wooing for your property. At your showing, lighting is key and, generally, the more the merrier. A new chandelier, which can be less than $300, can completely change a room. It’s an easy way to add more lighting and elegance to your place.

Home staging

You won’t want potential buyers coming into your home to see your collection of old pasta jars and the hand-me-down couch from your sister. You also don’t want them to see an empty room. This is why staging your home is so important in the sale process.

The first step to staging your home is to hire a home staging consultant, which can cost $250-$350. A home staging consultant provides advice on simple work that you can do to make your house pop. They also help you understand what colours work with each other and how to make your home seem bigger and brighter.

Next is to tackle the clutter/emptiness of your home. Clutter is a bit easier to tackle; you can clean up your place and throw your clutter into a storage locker until you move into your next house. However, if the issue is a lack of furniture, you may need to borrow or rent additional fixtures to make your house seem like a place that a buyer would want to live in. Your home staging consultant can help with this and recommend what to borrow/rent for which rooms. If you’re on a tight budget, consider only staging only the main living areas.

Your selling agent should have a network of home consultants and furniture rental businesses. Additionally, some agents include the cost of home staging into their commission fee. If you can’t knock your realtor down a few percentage points in their commission, you can ask for them to handle the staging and its costs instead.

Here at RankMyAgent, we have a variety of different articles that can further help you prepare for selling your home

Check them out here!

“RMA’s TOP TIPS TO STAGING A HOME”

“SIMPLE INDOOR DIY PROJECTS FOR YOUR HOME” 

The post How much does it cost to sell your home? first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

You wouldn’t attempt to climb Mount Everest without a Sherpa guide. You wouldn’t try to para glide without an instructor. Heck! You wouldn’t even try to drive without having some lessons first.

There are just some things that are best to do with a little bit of help, and selling or buying a new home is one of these things.

Hiring a Realtor may seem counter-intuitive in regards to turning a profit on a property, however, with their expertise and experience in the industry, you are more likely to see a greater return with the aid of a professional than you would on your own.

Another important perk to having a real estate professional at the helm is they know all of the ins-and-outs of the process; they ensure that all the t’s and i’s are crossed and dotted protecting you financially and legally.

But, like the trip to Everest, you wouldn’t plan it without doing some research first. The same is to be said for hiring your new Realtor.

There are thousands of Realtor agents advertising in every market and it can be extremely challenging to sort through them all to find the one that best meets your needs.

The Internet is the perfect place to start this research. There are sites like rankmyagent.com that allow former clients to rate and review their experiences with Realtors in their area that may help you narrow this search down.

Another great way to find the perfect team captain is by asking friends, family and colleagues about their experiences with their realtors.

Once you have found a short list of potentials and found their marketing materials and website jives with you and your needs, it’s time to call and arrange a meeting.

Remember, you are the employer here and this should be treated as a job interview. Here are 5 questions you should be sure to ask your potential new Realtor:

1. How long have you been working in the industry?

This is a pretty standard question but it can give you a lot of insight as to what kind of job they can do for you.

Someone who has been in the industry for a long time is more likely to have partnerships with contractors, plumbers, electricians and other experts that may come in handy during the sale process.

Those with years of experience are also more likely to better understand the ebb and flow of the housing market in your area.

With that being said, The Balance, a popular financial blog, says even a green Realtor can provide great service.

“Newer agents tend to have more time to concentrate on you, but s/he might not have enough time if s/he’s holding down another job because he’s starting out.” Balance contributor Elizabeth Weintraub says. “You can ask about this as well.”

2. How many homes have you listed in the past year? How many have you sold?

This two-parter question offers a great deal of information about a Realtor’s success rate, according to Re/Max.

The first part of the question offers details about the Real Estate professionals involvement with the business and a larger number of listing points to the individual’s quality of service and work.

The follow-up question offers details on the professional’s ability to follow through, negotiate and close deals.

A Realtor may have a lot of luck listing homes, but an individual who can finish what they started with great success is a going to be a better match for you.

3. What are possible legal issues I may encounter along the way?

The BRELteam of Sage Real Estate Brokerage in Toronto says this question will test the legal knowledge of your Real Estate Professional.   

“Realtors should be familiar with disclosures, conditions, the offer paperwork, closing issues, representation intracices and more,” they report.

The last stress anyone would want on top of moving and selling a home is falling into some legal trouble due to a clerical oversight. The right Realtor will be able to answer your questions about these often hard to read documents and be sure that everything is in order before any money is exchanged between parties.

The Balance seconds this question with a follow-up; “Can I review documents ahead of time that I will be asked to sign.”

A good agent, they say, will make these documents available prior to signing so that questions may be asked and answered properly before anything is binding.

4. What marketing tactics will you use to meet my needs?

Will your Realtor be going door-to-door handing out flyers advertising an open house? Or will most of the advertising be done online?

Jamie Harnish from Bosley Real Estate says almost 100% of buyers begin their search online. Therefore, it’s  important to find out what types of marketing will be used? If digital, what platforms? How will the content be marketed (pictures, video, etc.)?

A good Realtor will utilize their skills in marketing to draw attention from the right audience. This means depending on the demographic of your neighbourhood a variety of marketing strategies may be employed.

Ultimately, you want to find a Real Estate Agent whose marketing strategies sit well with you.

5. What is your negotiating technique?

Purchasing a new home often comes down to the price, but don’t let the negotiation reflect this, Justin Havre of Re/Max says.

“You can negotiate on two things: price and terms. Be creative. There is always something else that can be discussed,” he wrote. “Perhaps you can give them a better possession date, or you can give better terms…”

The main worry about negotiation is that an agent may be too pushy and cause the seller to walk away.

During your interview with your potential new representative, ask for a few examples of how they have handled tough negotiations with sellers in the past, and what their plan of attack would be if the scenario was to repeat itself.

6. What questions do you have for me?

The interview process is not just to evaluate the Realtor, but it is an opportunity for the agent to interview you as a potential client as well.

The Balance warns people to be cautious of an agent that doesn’t ask questions of you.

Realtors should probe for information about what your hopes are for this process and more importantly what kind of lifestyle you wish to be living. That will provide them with the information they need to get you into your next home sweet home.

Most importantly, use this interview time to gauge your comfort level with this Real Estate Professional. Over the next couple of months you will be in close contact with this person and it’s vital that you feel comfortable and safe to ask questions without fear.

Take your time picking the agent that best meets all of your needs in finding your next home. Once you find the one, that’s when you can discuss signing an agreement and next steps.

Bonus questions: To ask a Listing REALTOR®

Barry Lebow provide some great questions you should ask

•  How many years have you been a Realtor?
• Are you full time or part time?
• Are you an award winner?
• Have you any real estate designations?
• Do you take continuing education as a Realtor?
• Do you have reviews from previous clients I can see and can I call any?
• Do you know my neighbourhood?
• Will you be available for my calls during reasonable hours?
• Will you keep me in the loop and updated as things progress?
• How many listings do you now have?
• On average, how long does it take for one of your listings to sell?
• On average, how long does it take for one of your listings to sell?
• Will I be dealing with you, your assistant or a junior on your team?
• May I see some of your marketing material?
• Where can I find some promotion of previous listings of yours?
• Are you planning on a vacation in the near future, during my listing period?

The post How to find the right Realtor for the job first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

If you are thinking about renting a condo or home, you may want to consider enlisting the help of a real estate agent. Real estate agents can help you identify properties that meet your needs (one with a driveway, backyard or easy access to transit), while identifying any potential pitfalls of a neighborhood or area.

In addition, many homeowners are now using agents to facilitate their home rental. They may enlist the assistance of a real estate agent to help screen potential renters and have them organize showings of the property. To see these properties it is best if you have an agent that can organize a time for you to see the space and can provide you with unbiased advice about what you have seen. Real estate agents can also ensure you are paying a market acceptable amount for a property by negotiating rental agreements.

The rental unit owner covers agent fees. The landlord who lists his property with the listing brokerage has agreed to an upfront commission to be shared with the listing brokerage and co-operating.

Using a real estate agent can help you start building a foundation with someone that you may want to use again in the future for another rental or when looking to purchase a home. Having an agent who helps you find a place to rent can open doors to new properties, and can also help you find a hidden gem rental that you may have not noticed on your own.

To find a professional to work with, read unbiased and verified reviews on https://rankmyagent.com

The post Improve your Rental Experience By Using a Real Estate Agent first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

Get That Pre-Approval

 Most of us would probably agree that the fun part of buying a home is the search, not the financing. While it can be tempting to focus on the excitement of the house hunt, establishing a relationship with a lender in advance is essential. Qualifying for a mortgage involves several different factors, including your income, savings and credit score. Based on that information, a lender will give you a pre-approval amount that can help to guide your search. Proceed with caution, though: the Canadian Real Estate Association warns that pre-approvals sometimes overestimate real purchasing budgets, and it emphasizes that pre-approvals do not guarantee financing. Nevertheless, you would be wise to start the financing process before you set your heart on a property.

 Do Your Research

Location, location, location. The old adage remains true, but your definition of a prime location will depend on your particular requirements. Sure, the inner-city hipster-havens are full of entertainment and culture, but does urban living suit your style? New communities can offer room to stretch your legs, but do the amenities meet your needs? The City of Calgary has many resources to assist you in finding information about your prospective community and its future development. Check out the Planning & Development and Community Services departments online for more information about Calgary’s many and diverse communities.

 Freehold or Condominium?

 Often, your budget will determine what property type you purchase. Condos and townhouses can offer the features and finishes you want at a lower purchase price. However, monthly maintenance fees can add up. Also, major improvements to common areas could bring special assessments that might run into the thousands. The Centre for Public Legal Education Alberta recommends that buyers have a professional document review completed to ensure that a condominium corporation is in good standing. With a freehold property, you don’t have to worry about monthly fees, special assessments or reserve funds, but the tradeoff is that you are responsible for all maintenance of and repairs to your property. Weigh the advantages and disadvantages, and consider how each type of ownership fits your lifestyle before deciding on a property.

 Be Realistic About What You Can Afford

 No one wants to be house poor. The Canada Mortgage and Housing Corporation (CMHC) recommends that home buyers spend no more than 32% of their gross income on all mortgage-related expenses—that means the mortgage principal and interest, as well as property taxes and utilities. You might also need to budget for monthly condominium fees, as well as mortgage and homeowners’ insurance. If you aren’t careful, your once-manageable purchase price could balloon into a burden. Sit down with pen in hand and write out your monthly budget, taking into consideration all applicable costs. If you aren’t comfortable living on what’s left over, think about lowering your price point.

Take Off Those HGTV-Coloured Glasses

Admit it: you want hand-scraped hardwood floors, waterfall quartz countertops, massive closets, and a tastefully finished basement. Unfortunately, it isn’t likely that you’ll get everything on your wish list in your first home. Instead of expecting perfection, make a realistic shortlist of must-haves. Maybe you can live with the old countertops for now if the transit links are good and the yard is big enough for Fido.

 Don’t Rush!

Your home might be the most significant purchase you ever make, and you don’t want to be hit with (home)buyer’s remorse three months in. Take your time. Talk it out with your partner, family members and friends. Test drive your would-be commute and visit local restaurants, shops and services. Walk around the neighbourhood and chat with your potential neighbours—after all, who knows the community better than those who live in it?

 … But Don’t Wait Too Long

Your top choice could be hot property. There is nothing worse than falling in love with a home and mentally moving in, only to have your hopes snatched away by another, faster-moving buyer. Depending on the market, you might have to act fast. Make sure your financing and shortlist of must-haves are in order so you can move quickly when the time comes.

Get That Home Inspection

We’ve all heard the horror stories: someone forgoes an inspection on their dream home, only to move in and find out there are major issues an inspector would have caught. To avoid unforeseen expenses, CMHC recommends that all home buyers have a home inspection completed to make them aware of any required repairs or replacements. Knowing about issues in advance will allow you to make an educated decision about what might be your largest single purchase, ever. To find an inspector, ask a friend or family member for a recommendation, or contact the Alberta Professional Home Inspectors Society.

Plan For Fees

We’ve all heard of “closing costs,” but do we actually know what these fees entail? Although the seller pays the real estate agents’ fees, buyers have their own set of costs to settle before taking possession. According to ATB Financial, you can expect to pay around 2% of the purchase price of your new home on costs associated with closing. These might include a property appraisal, home inspection or condominium document review, in addition to lawyers’ fees. You might also need to budget for adjustments for utilities and taxes the seller has already paid, as well as your own moving costs. Do this math ahead of time and avoid feeling strapped for cash on possession day.

 Take Advantage of Programs and Credits

 Short on your down payment but have a healthy registered retirement savings plan (RRSP)? The Government of Canada’s Home Buyers’ Plan allows buyers to withdraw from an RRSP up to $25,000 in a calendar year to buy or build a home.

If you’re looking at a fixer-upper, consider talking to your broker or lender about a Purchase Plus Improvements mortgage. This CMHC program allows buyers to borrow up to 10% of the as-improved value of their home, and to roll that into their mortgage. Think of it as borrowing in advance on equity you create through your renovations.

When you file your income taxes for the year of your home purchase, don’t forget to claim the non-refundable $5,000 First-Time Home Buyers’ Tax Credit, which could put up to $750 in tax savings back into your pocket.

Choose the Right Real Estate Agent
There is one person who can help you navigate all the ins and outs of your first-time home purchase (and every home purchase thereafter): your real estate agent. Not all agents are the same, and you require someone who meets your needs and expectations. Ask friends, family members and colleagues for their recommendations, and then read verified reviews about their recommended agents at RankMyAgent.com.

Purchasing your first home is a major life milestone, and with good planning, it doesn’t have to be stressful. By choosing an agent who is a good fit for you and following these tips and suggestions, you can rest assured that your first-time home-buying experience is memorable for all the right reasons.

The post First-Time Buyers Beware: How to Avoid 11 Common Mistakes first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.

It can seem like a daunting task at first – we’re bombarded with ads. How do you really decide? Below you will find our tips on how you can find the best real estate agent in Calgary

How to find a good Real Estate Agent in Calgary

• Step 1: See if they specialize in your area.
• Step 2: Ask how long they’ve been an agent.
• Step 3: Find out how well they communicate.
• Step 4: See if they have current listings and how many there are.
• Step 5: Check their credentials and awards.
• Step 6: Ask what their services include.
• Step 7: Research their reviews and talk to past clients.

See if they specialize in the area.

This may be the most important aspect when looking for real estate in Calgary. Calgary is made up of many communities with its own individual identities and markets. Whether it’s a specific neighbourhood or just the Northwest you’re looking at or selling in, Calgary is a vast city, and having a realtor that knows the ins and outs of an individual community is a huge asset to you as a homebuyer or seller. This realtor will have a key insight to the neighbourhood: its market, its schools, best grocery stores, and other key amenities. If you want to make the most informed decision, having an agent who specializes in your area will always be your best option.

Ask how long they’ve been an agent

This question can show two things: one – it can denote how much experience an agent has, but two – it can show the passion of the agent. Taking a quote from another one of our blogs: “While the number of years someone does a job can note experience, it is agents that are passionate about the career that are the ones that will work the hardest for you… You want to select someone that is as excited about your next steps as you are.” (How to Choose Your First Real Estate Agent)

Find out how well they communicate.

This is important – undoubtedly communication is key to a successful transaction. Do they answer your calls or emails promptly? Do they regularly update their media channels? Are they honest and forthcoming with their information? While the latter can be hard to gauge, online reviews or talking with past clients can help.

See if they have current listings, and if so, how many.

Looking at current listings help to decide a fair number of factors. It can identify the style of the agent in respect to presentation – is it attractive? Would you consider that property? How many listings are there? Too few or none would indicate a red flag, while too many may not make you a priority as a client. Are the houses in the area similar prices? This would likely mirror your own transaction.

Check their credentials and awards.

In the short of things, you simply want to make sure the real estate salesperson is registered and who supports a code of ethics. Here are a few common designations (as per the National Association of Realtors):

– Accredited Buyer’s Representative® / ABR®: The Accredited Buyer’s Representative (ABR®) designation is designed for real estate buyer agents who focus on working directly with buyer-clients at every stage of the home-buying process.

– Certified Residential Specialist / CRS: The CRS designation is the highest credential awarded to residential sales agents, managers, and brokers. On average, CRS designees earn nearly three times more in income, transactions, and gross sales than non-designee REALTORS®.

– Seniors Real Estate Specialist® / SRES®: The SRES® Designation program educates REALTORS® on how to profitably and ethically serve the real estate needs of the fastest growing market in real estate, clients age 50+. By earning the SRES® designation, you gain access to valuable member benefits, useful resources, and networking opportunities across the U.S. and Canada to help you in your business. Find out more about designations here.

Another asset to help an agent’s credentials would be a peer-supported award. (Give example) Being awarded by your peers is one of both respect and admiration; therefore you’d know that this real estate agent is a respected individual in their area and profession.

Research their reviews and talk to past clients.

This is going to be the best indicator of a real estate agent’s true performance. We’d recommend taking a look at a third party, independent review website for unbiased reviews or testimonials. Clients do not have to leave a review on these sites, they choose to out of the exceptional level of service they received. On another level, asking to contact past clients and actually getting to ask questions about an agent’s individual service is invaluable.

Ultimately, take the time to do your due diligence and you’ll reap the benefits of an agent who best suits your individual needs.

New to the search for a real estate agent? Check out our guide on how to pick your first agent

The post How To Find An Agent In Calgary first appeared on RankMyAgent - Trusted resource about Buying, Selling and Renting.