A real estate agent is a professional that can help you sell or buy a property. These agents are spread across all provinces and territories, including Ontario real estate. According to numbers from the Canadian Real Estate Association (CREA), more than 140,000 member agents are spread across 79 real estate boards.
CREA reports 82,000 members across the province. These numbers point to the fact that many real estate agents are available. Connecting with one of them means you’ll get the services of a professional registered with the Real Estate Council of Ontario. They have the background to deliver services and advice whether you’re buying or selling; each is subject to obligations and professional standards.
Connecting with a real estate agent in Ontario means getting a professional with knowledge, experience, and credentials. Whether buying or selling, working with real estate professionals can provide peace of mind and the highest closing price possible. Discover what connecting with a real estate agent in Ontario can do for you.
What Services Do Real Estate Agents in Ontario Provide?
Real estate agents provide various services that can make buying or selling a property or home go more smoothly. The services they offer include developing marketing plans for listings. In today’s world, that means having an online strategy generally and, more often than not, some idea on how to market a listing on mobile devices.
Top-rated agents also handle other details, including coordinating meetings, open houses, showings, and other appointments. These professionals help buyers and sellers through real estate transactions in other ways.
They negotiate with buyers and sellers. Sellers generally sign listing agreements with real estate agents in Ontario that outline obligations and duties. Another document is the Buyer Representation Agreement. These outline the requirements for a buyer and the real estate agent’s duties. Buyers need not sign these documents, but it’s highly advisable.
Who Regulates Real Estate Agents in Ontario?
The Real Estate Council of Ontario (RECO) regulates real estate agents in Toronto and throughout Ontario. This governing body sets down the rules that real estate brokerages, brokers and salespeople need to follow.
The provincial government gave this not-for-profit organization power to enforce the Real Estate and Business Brokers Act 2002. RECO prioritizes holding salespeople and brokers to professional standards and regulating the real estate sector.
They offer continuing education courses through a mandatory continuing education program. The goal is to educate real estate salespeople and brokers so they can best serve the public.
These real estate professionals are always honing their skills through courses. That’s why it shouldn’t surprise their services come at a cost.
What are the Benefits of Working with a Trusted Real Estate Agent?
Buyers and sellers can benefit from the exceptional services real estate professionals provide. The advantages include:
- Getting the inside track on expert knowledge. An excellent real estate agent understands the local housing market, the real estate industry and comparable prices and conditions.
- A real estate agent can walk you through all the paperwork, including a written offer, a bill of sale, and a transfer tax declaration.
- These are the experts with negotiation skills. They can help you cover items like renovations and restorations.
These professionals also have better access to homes that might be coming on the market.
How do Real Estate Agents in Ontario Assist Buyers and Sellers in Finding Properties?
Real estate agents in Ontario utilize their expertise and resources to aid buyers and sellers in achieving their real estate goals. They have the necessary skills and access to essential tools and data to ensure a smooth and beneficial transaction for all parties involved.
For A Seller
- They can determine the best sale price for a property. Real estate agents in Ontario have access to comprehensive databases so that they can create a comparative market analysis. These take into account the condition of the property, its location, and recent sales data.
- As well as determining fair market value, a real estate agent will help you advertise your home, arrange for viewings, negotiate on your behalf and walk you through the process of a legal agreement.
For A Buyer
- Buyer agents can help you find the right house at the right price. They have access to databases of available properties and can match that with the buyer’s preferences, including price range, location, size and specific other features.
- Top-rated agents can also help interested people prepare an Offer to Purchase and present that document to the current owners.
Sellers usually sign a listing agreement with the real estate agent. This sets out the obligations and duties of their relationship. On the other hand, buyers don’t sign the same document. However, real estate agents working on behalf of a brokerage firm need to provide a Buyer Representation Agreement outlining services and fees.
What are the Typical Fees Associated with Real Estate Services?
Most people understand that real estate agents receive commissions. These are based on the sale price of the home. Typically, the seller pays these commissions for both the buyer and the seller’s agent. That means that commissions are deducted from the profits once a home is sold.
The Canadian government says they can range from 2% to 6%. Ontario has three different types of real estate commissions. The buyer’s and seller’s agent’s standard rate is shared at 5% in Ontario.
Here are some examples of the different ways realtors may charge for their services:
- A fixed dollar amount
- A percentage of the sale price
- A combination of fixed and percentage fees
Real estate brokerages also have guidelines. The commission rate ties the selling price of the property to the money earned by the agents. However, some brokerages set themselves apart by offering “flat-fee” services. Brokerages cannot set commission rates based on differences between the sale and listing prices.
You must pay out some money to real estate lawyers. Their job is to make sure the sale is binding and legal.
What are Typical Lawyer Fees in Ontario?
It doesn’t matter whether you’re buying or selling; a real estate lawyer files the paperwork and ensures the transaction goes through. It is necessary for buyers to engage one of these lawyers at the point of signing the Offer to Purchase. Lawyers look after registering the house in your name, doing a title search, and other essential items like a statement of adjustments. They also arrange for title insurance and check for liens and other issues.
Real estate lawyers charge both disbursements, which are their expenses and legal fees, which are the cost of their time.
The average cost for both services is around $1500. Understanding how to use a real estate agent in Ontario to your advantage also means getting good information on what they do by helping sellers and buyers find properties.
For comprehensive, full-service solutions combining real estate and mortgage expertise in Ontario, one highly recommended professional is Jonathan Alphonso. Jonathan Alphonso, a professional real estate agent and mortgage agent, is associated with MortgageBrokerStore.com and Royal LePage Terrequity Realty.
- Introduction
- What Services Do Real Estate Agents in Ontario Provide?
- Who Regulates Real Estate Agents in Ontario?
- What are the Benefits of Working with a Trusted Real Estate Agent?
- How do Real Estate Agents in Ontario Assist Buyers and Sellers in Finding Properties?
- What are the Typical Fees Associated with Real Estate Services?
- What are Typical Lawyer Fees in Ontario?