Dear David: I’m interviewing a few real estate agents. Some of them sound very busy. How do I know they’ll have enough time to take care of me? – CONCERNED
DEAR CONCERNED: For many Realtors, day to day operations can be a bit of a juggling act. Every one of the 101,000 licensed Realtors in Ontario is basically operating an independent business. Each is registered with a specific brokerage, and depending on where they hang their hat, they may have vastly different levels of administrative support available.
A large “full-service” real estate brokerage will typically have an in-house administrative team. These professionals keep timelines on track and manage all important documents and clerical details. Administrative departments process each piece of paperwork, double check every contract, and stay in constant touch with lawyers’ offices to make sure nothing is missed. Their attention to detail paves the way for a smooth closing.
In contrast, small or “no frills” brokerages may leave agents to manage all these details on their own. With more on their plate and only 24 hours in a day, even the hardest working agent may find that there’s a cap on how much they can handle.
When interviewing agents, ask them what administrative resources they have available, how much time they’ll spend on your purchase or sale, and whether they’ll be working with you directly every step of the way. This may help you gauge whether you’ll get the level of service you expect.
Will these bidding wars ever stop? – EXHAUSTED
DEAR EXHAUSTED: In a market with high demand and limited inventory, this question has been at the top of everyone’s mind for the past five years. If you follow the news, I’m sure you’ve heard plenty about our local housing shortage. The problem is so widespread that it became a popular talking point in the recent federal election.
Back in January and February of 2021, inventory levels were so low that the buying was downright frenzied. A flood of new listings hit the market in spring and summer. This didn’t stop the bidding wars (as much as I hate that term), but it did manage to reduce the average number of competing offers. Many of the buyers who fought it out early in the year had found homes by then and were out of the equation.
As fall moves into winter, I expect the trend of multiple offers to continue. Some of our current buyers will step back and wait for warmer weather, but we’ll see enough demand from first timers and those coming into the area that eager buyers will still outnumber available homes.
Consult with your agent to see where you might find the best opportunities. #Advice #AskDavid #TheNegotiator