October 26, 2023 | Buying
How To Fire Your Realtor!
How to give your realtor the pink slip? WHOA, now that’s a spicy question for us (realtors) to address. But here’s the deal: if your real estate agent isn’t meeting your expectations and making your life easier, it might be time to reconsider the partnership. Collaborating with a skilled professional who is also a pleasure to work with can add significant value to a significant transaction, like purchasing or selling a property.
In a province with an astonishing 82,000 licensed real estate agents, Ontario holds the largest number in all of Canada, making it clear that not all realtors are created equal. Many (maybe even most!) have other full-time commitments that can lead to performance issues and scheduling problems.
The good news is that, as a buyer or seller, you have options if you believe your chosen realtor isn’t performing as you had hoped. Terminating your signed agreement is possible, but should only be considered as a last resort. Real estate transactions are complex and having a pro on your side can be incredibly beneficial. However, if your relationship with your realtor begins to deteriorate, it’s essential to contemplate the following:
Pinpoint the problem
To kick things off, you need to grasp what’s causing hiccups in the relationship and what’s genuinely bothering you. Have your expectations been talked through but not lived up to? Is your realtor not there when you need them to hunt down that dream property? Are there some personality clashes in the mix? Just a friendly reminder, your agent can’t control market conditions or how competitive things get out there.
Looking to hire a real estate agent in Toronto? Read these blogs next to help you find the right one:
- Top Secret: 3 Traits You Didn’t Know You Needed in a Realtor
- The Art of Real Estate Negotiation: Owl Vs. Pit Bull
- Hiring the Right Realtor: Questions You Should Be Asking
Legal agreements and their implications
In Ontario, you enter into a contractual Buyer Representation Agreement or a Listing Agreement, with your realtor’s brokerage rather than the realtor personally. For instance, if you enter into a Listing Agreement with NESTED, you are entering into a legally binding agreement with Sage Real Estate, whom we are licensed with.
If the relationship starts to sour, the primary focus should be on finding a resolution, and open communication is key. Make a detailed list of the challenges and problems you’re facing and discuss them with your agent. If necessary changes aren’t made, and you still feel unsatisfied, connect with the brokerage manager, known as the Broker Of Record and consider their advice for a resolution. In some cases, the resolution could be as simple as another agent from their agency stepping in.
If your concerns aren’t adequately addressed and all parties involved agree that parting ways is the best solution, you can request a mutual release from your contract. A mutual release is a formal agreement signifying the termination of your partnership, and in most cases, it is a reasonable solution when a professional relationship isn’t working out.
Curious about the steps to selling a home? Read our blog about it right here.
How to completely sidestep this challenging scenario?
Nobody likes to stumble into an awkward situation that necessitates ending a professional relationship and hitting the reset button. There are ways to avoid this predicament altogether. As a seller or buyer, you have the power to interview several agents and choose someone based on their experience, professionalism, and personality, ensuring a successful and satisfying partnership. Let’s dive into some important factors to consider during the interviewing process:
Create a list of realistic expectations
In a city as dynamic and competitive as Toronto, it’s vital to establish realistic expectations when choosing a real estate agent. Instead of expecting miracles, consider what your agent can genuinely provide, here’s some examples:
Local real estate insights: A great agent should be your eyes and ears in the local market, for both buyer and seller clients. They can offer insights on neighbourhood trends, property values, optimal timelines and intricacies of buying and selling at the same time. Trust them to help you navigate the local market in the areas you’re interested in.
Home staging and marketing initiatives: When it comes to selling your home, it’s crucial to consider your agent’s approach to home staging and marketing efforts. Will they go the extra mile to present your home in its best light and include professional staging services in their selling package? Are they well-versed in digital marketing strategies to maximize the exposure of your property to a broader audience of potential buyers? PSST… in case you haven’t heard? We live in the “Age Of Digital Marketing” and your expectations as a seller should be extremely high!
Ultimately, your choice of agent should be geared towards one primary goal: How will they leverage their expertise and resources to help you sell your property for more money?
Flexible schedule: The real estate market doesn’t follow a 9-to-5 schedule, and neither should your agent. As a buyer in the fast-paced West Toronto market, you should expect flexibility. They should be adaptable and able to work with your availability (within reason of course, please remember we’re not robots!), whether that means evenings, weekends, or daytime. Flexibility is key to ensuring that you don’t miss out on great opportunities and stay ahead of the buyer competition.
Wondering what it’s like to work with NESTED? Check out some of our resources right here:
Get to know them online!
In the digital age, a real estate agent’s online presence is a treasure trove of information. Don’t forget about this, it’s a key step in getting to know them. Here’s how to make the most of it:
Investigate their website: Is it professionally designed and regularly updated? Do they provide valuable resources and tools to assist you throughout your real estate journey? As a seller, by analyzing the sources of their website traffic, you can gain insights into how this can positively impact the sale of your house. Website metrics not only reveal the quality of a real estate website, but also highlight the potential for reaching new and previously untapped buyers interested in your property.
Social media: Check out their social media profiles. Are they active and engaging with their audience? Can you expect paid social media ads to promote your house during the listing period? We sure hope so! You can often get a sense of their expertise and personality by the content they share and how they interact with potential clients.
Client reviews: Look for client reviews and testimonials on platforms like Google, Facebook, or directly on their websites. These can provide valuable insights into their past performance and the experiences of their clients.
Check out some of our reviews right here!
Consider the structure of their team (YES! this is a big one!)
When choosing a real estate agent, it’s not just about the individual it’s also about the team they work with. Understanding their team dynamics will have a direct impact on your experience.
While you might initially meet with the team lead, investigate further and find out who will be actively working with you throughout the buying or selling process. Team leaders may not actually be your point of contact during the process, which means you should really be interviewing the person who will be! Knowing the strengths and expertise of the team members can help ensure a smooth and successful transaction.
Evaluate their communication style
Good communication is at the heart of a successful partnership. How your agent talks to you is pretty much how they’ll talk to other listing agents and potential buyers, and that can seriously affect your deal. We’ve mentioned it in the past, and we’ll reiterate it now: An ego can spoil things for everyone!
Here are some important things to think about when considering communication: Make sure it’s easy to talk with your agent, so they’re approachable and open to your questions and preferences. This creates clear and open lines of communication for a successful collaboration. In the fast-paced world of real estate, being responsive is a must. Your agent should provide timely responses and keep you updated on important developments.
Finally, their ability to flexibly communicate is crucial. Being open to connecting through your favorite channels, whether it’s face-to-face, email, text, or other options, makes everything smoother and more convenient.
Communication is key! Read our blog about why your agent’s communication style matters right here.
Are they relatable?
While your realtor doesn’t need to be your best friend, establishing a positive and comfortable working relationship can significantly enhance your buying or selling experience. Seek common ground and an easy rapport with your agent. A friendly and cooperative atmosphere can make the entire process more enjoyable.
Don’t stress you got this!
When you follow these steps, you’ll be well-prepared to choose a real estate agent and have a smooth and fruitful partnership. Here at NESTED, we get how important these factors are, and we’re dedicated to making sure your real estate journey is a successful and satisfying one. Keep in mind, your agent should be your trusted partner in one of life’s most important transactions, so picking the right one is a big deal for your success.
Get in touch with us directly today, email us at hello@getnested.ca or call us at 416-909-1602. We’re happy to help with your questions!
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