Working with an Agent can Work in Your Best Interest

By Barbara Lawlor

When people shop for a resale home, they usually enlist the services of a real estate agent. Interestingly, new home shoppers tend to venture out on their own, armed only with printouts from the Internet. They research online and feel ready to purchase without any outside help. In the new condominium world, however, most suites today are sold with the cooperation of brokers – and wisely so.  In this industry, it is smart to seek an expert opinion when making the major life decision of buying a condo.

During the past few years, condominiums have rise in popularity, and in the Greater Toronto Area, we are fortunate to have an incredible number of condo communities to choose from. I have seen how easy it can be for people to get so excited when shopping for a suite that they lost objectivity. Professional brokers and agents dedicate themselves to knowing the product that is out there. They are trained to understand the market and the industry, and they have a responsibility to work in the best interests of their clients. Buying a home is most likely the largest financial investment you will make, so having a professional on your side can help to make your decision the best one for you.

Salespeople who are registered with the Real Estate Council of Ontario, and are therefore qualified to trade in real estate in the province, have completed the Salesperson Registration Education Program. Members of Ontario’s real estate boards are represented by the Ontario Real Estate Association, which provides all of the licensing courses in the province, as well as publications, educational programs and other services. This level of professionalism benefits both agents and their clients. Mandatory continuing education for salespeople and brokers is law, and stringent consumer protection regulations are in place. This demanding educational process translates to an impressive and helpful body of knowledge. In addition, the Real Estate Council of Ontario enforces a Code of Ethics, which focuses on practices that promote fairness, honesty and integrity.

There are many advantages to working with an agent that you may not realize. It is common for builders to invite brokers and agents to exclusive previews before suites are offered for sale to the general public, especially if the developer has developed a loyal following. Sometimes, special incentives for purchasers come along with that privilege, and of course, these perks add to the value of your suite.

Whether it is at a preview or simply a random visit to a sales office, agents know what to ask for – and remember that if you don’t ask, you often don’t get. Across the GTA, the popularity of working with agents to purchase condos has a lot to do with our substantial immigrant market. We are a very landed-immigrant society, and for many buyers, English is a second language. This is one area in which an agent can be invaluable, as so many are bilingual. In fact, most developers require that a co-op broker be with purchasers when they sign their Agreement of Purchase & Sale.

Real estate agents and brokers understand local marketplaces, know the questions purchasers should ask, and are familiar with the mountain of paperwork it takes to make a home or condominium purchase happen. Along with your lawyer, your agent can help you understand what comes before the bottom line before you sign on it.

Agents and brokers work hard for their clients, and they have your best interest at heart. A happy client is a return client, so they want you to purchase the most appropriate home or condo for your specific needs and wants. They also spend a lot of time on legwork and paperwork, and trust me, they earn their keep. Whether or not you use the services of an agent, consider a new condominium as your home choice – and go into the purchase as an educated consumer.

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com