Real estate agents caught breaking the rules

Marketplace recently performed a hidden camera investigation into the real estate market in Toronto. It found that a number of agents were breaking rules while trying to double up their sales commission. Essentially, agents were representing both the buyer and the seller and would leak information to both parties. In doing so, they would make sure that their buyer won the bid, and their seller got top dollar.

It is hard to say how often this type of unethical practice takes place. In our experience, the real estate agents that we work with have been stellar. But, it never hurts to understand how to identify a better agent. Here are six things you think about:

Referrals

Agents stay in business because satisfied clients refer them to their friends and family. Ask people who they have worked with before. Remember that successful agents make customer satisfaction their first priority.

Online Agent Listings

Do not necessarily trust online data aggregators, as they tend to refer agents who have paid them. Instead, perform a search and look at the top performing agents in your area to create a list of people to talk to.

Open houses

Visit open houses in the area you are buying or selling in, and meet the agent in a non-threatening working environment. You will get to understand who they are and how they operate before starting to work together.

Neighbourhood signs

You should pay attention to the names that appear on signs in your target neighbourhood. You want to understand who is doing business in your area, and more importantly how fast they are moving properties.

Print advertising

Running print ads in local community newspapers shows an agent who is invested in a community as well in closing for their clients. It is very likely that these agents are specialists in the neighbourhood.

Professional recommendations

Speaking with your support team is always a good idea. Your mortgage broker, lawyer, or even other agents should be able to point you to someone they trust. So, remember that not all agents support all types of transactions.

Have more questions? Feel free to contact us!