subject: Myths about Toronto Real Estate Agents: My City Toronto by:Robert Kennedy [print this page] There are common myths about realtors that you should avoid when dealing with Toronto real estate agents. The first among them is that if you deal with the agent on the for sale sign you will get the best deal. This is not so. The agent on the sign is a representative of the seller and by contract he is obligated to get the best deal he can for the owner of the house. As such, you may be able to work with the agent in a dual agency relationship but you should keep confidential details to yourself until you feel that he can keep that information confidential.
The sellers agent is obligated to disclose certain details to the seller. If you let it slip that you may be willing to pay more for the house, do not be surprised if the seller suddenly wants more for it. Be sure to take the time to find out what the agent duties are in Canada and in the Toronto area in particular.
The second myth is that you must sign a buyer agency agreement before your agent can work with you. You should not sign an agreement with any agent unless you are fully satisfied that this is the person you want to work with. If he presses you to do so ask if the option of working under a different agreement, such as the verbal buyer agency, is possible in the short term. This will allow you to become familiar with the Toronto real estate agent before you can sign a more formal agreement. If that is not possible, ask if the buyer agency agreement can be for a period of one day or one week. Another option is to ask the agent to write out a buyer agency agreement that is non-exclusive.
The third myth to avoid is that by calling many agents you can find more homes on sale. If the agencies you are calling belong to the Multiple Listing Service, then they will be accessing the same properties for that particular neighborhood. You should ask agents about the areas covered. In a city as large as Toronto the agents tend to be restricted to subdivisions or certain neighborhoods. If you are going to sign agreements with more than one agent be sure to check that the duties and areas of each do not overlap. It can be time consuming for you to go looking for properties. The best option is that once you find an agent you can work with, stay with him.
Myth number 4 is that the best agent in town is the one with the most listings. If they have that much work to do the probability of having time to talk to buyers or show them houses may be limited. When you interview your Toronto real estate agent ask about the time factor. It may be better to go with a newly licensed agent over a seasoned professional in some cases. If they have fewer clients they will have more time to think about you.
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