Real Estate Broker / Agent

What is the difference between a real estate agent and a real estate broker ?

A question often asked. In Quebec, the general public will often continue to use the term realtor or real estate agent. However, sections 1 and 4 of the Real Estate Brokerage Act (RSQ, C-73.2) makes it clear that a real estate broker is an actual person who engages in brokerage transactions (as defined by the Act). To summarize, a real estate broker (formerly known as real-estate agent) is an individual working for a real estate agency (with a banner such as that of Via Capitale du Mont-Royal).

What should motivate my decision to choose one real estate broker over another?

Choosing a real estate broker What should motivate my decision to choose one real estate broker over another? The purchase or sale of a property is without a doubt one of the most important decisions one makes. How a broker is chosen should depend on the following factors:

Chemistry

Because you will be working as a team, it is essential that an inter-personal connection is made, that you find your broker friendly, available and at your disposal. You must feel that you can trust that your broker will be there for you and will at all times assist you in your endeavor. Your broker will represent you and the impression he or she gives will greatly influence the direction negotiations take. A broker who is too aggressive can ruin a transaction; a broker who does not return calls can instantly cause you to miss opportunities. However, an experienced broker who is pleasant to work with will ensure smooth transactions between all parties involved. Some brokers are known to be very dynamic while remaining efficient and very human.

Performance

Clearly, your chosen broker should be familiar with the area your property is listed in, and should work and ideally live in Montreal. It should also be clear that he or she be experienced, energetic and have access to a number of both networking and financial resources in order to properly publicize your property on the Internet, in the immediate vicinity, in the mainstream media and in other, more innovative ways. Each client possesses his or her own personality; each property therefore has its own specific characteristics and these must be featured. Ask a broker with a good client base to show you how he or she has publicized in the past and what distinguishes them from their peers. Moreover, your broker should be well known by his or her peers for their professionalism and their ability to carry out a transaction. An effective broker is not only available at all times, but is also very pro-active and knows how to creatively maximize your transaction.

Should you sell yourself your own home or consult the services of a real estate broker?

Why should I pay a broker’s commission when I could try to sell it myself ? Everyone has their profession: a real estate transaction is complex and must be well-crafted. The selected broker will first properly estimate the property with comparable properties sold in the area; use the services of an excellent photographer; enhance the attractiveness of your property through home staging; advertise your property through extraordinary means within the media not normally available to the seller; negotiate in your name; qualify buyers; inspect; fill out the various legal forms; negotiate inclusions and exclusions within the sale and the occupation date; analyze the minutes taken during co-proprietor’s meetings, etc. Indeed, the real estate broker is a trained professional with insurance. He or she is therefore in the best possible position to assist you through each step, competently. Their expertise, contacts, various experience with the different aspects involved in a transaction as well as their ability to properly estimate and negotiate makes them the perfect ally in the sale of your property by offering you the security you need. For a buyer, a real estate broker’s services are free.

A buyer is thus usually accompanied by a broker who saves him the inconvenience of potentially making mistakes. Consequently, a buyer accompanied by a broker is not interested in properties for sale by an unrepresented owner. Additionally, access to the network and Centris MLS affords the owner substantially more market visibility to both buyers and other agents. Finally, to oversee all the stages of a transaction such as the visits, publicity, signing of a promise to buy, and all the relevant negotiations are all processes that require experience and a substantial number of working hours. By giving this mandate to a real estate broker, the owner does not need to deal with the number of tasks associated with the transaction and can therefore avoid many mistakes along the way and can attend to other business.