What does a real estate agent do? 

Breaking down the role for buyers and sellers.

In this highly digital marketplace where everything can be so easily accessed online, you might be thinking about buying or selling a home on your own. And you’re not the only one. What does a real estate agent actually do, and is it worthwhile to get one? 

For buyers

When you’re buying a home, a good real estate agent takes the time to understand your needs, preferences, and goals and always has your best interests at hand. Think of them as an integral team members in your corner whose important tasks include:

• Help with financing.

They recommend lenders or brokers to assist with your mortgage pre-approval process.

• Educating you on exemptions and programs.

First-time homebuyer programs, HST rebates, property transfer tax exemptions – your agent is there to educate you and save you money in the long run.

• Searching and booking showings.

You’re busy and that’s what you hire an agent for. They’ll search tirelessly for the perfect property and book showings at your places of interest.

• Putting you in touch with the right people.

Need a lawyer? A home inspector? Agents have large pre-vetted networks for you to capitalize on.

• Guiding you in the right direction.

From the neighborhood to the pros and cons of each property, to the little things you might not be aware of, your agent guides and supports you.

• Negotiating and preparing contracts.

A real estate agent advises you on best offer prices, strategies, and terms, and then puts it all together in a legally binding contract.

• Performing due diligence and finalizing loose ends.

Your agent helps you ensure that the property you’re about to purchase has no red flags and is exactly what you expect and can afford. Prior to closing day, they give you whatever help you need to get all your ducks in a row.

For sellers 

Selling your home can be an overwhelming and stressful job. A good real estate agent acts as your advocate, making the process as smooth as possible and doing everything they can to help you sell quickly at top dollar. Their responsibilities in a selling transaction include:

• Pricing your home correctly.

Your agent analyzes comparables and the current state of the market to price your home effectively. 

• Marketing it like crazy. 

On the web, on social media, in print, and everywhere in between – your agent makes sure your property is heavily marketed to attract as many eyes as possible.

• Communicating openly.

They keep you apprised of everything happening behind the scenes with your sale, so you’re never left guessing or wondering apprehensively.

• Qualifying buyers.

Your agent makes sure interested buyers are preapproved for a mortgage so they’re not wasting your time or exhausting your emotions.

• Negotiating. 

Your agent works hard to get you the best possible price, with the best possible terms and conditions. 

• Attending the home inspection and appraisal. 

By attending this important appointment, your agent gets to hear firsthand how your home is evaluated, which gives them a leg up if your buyer ever decides to ask for concessions.

• Finalizing loose ends.

There are many moving parts that go into a successful home sale, and your agent is there to take care of things on your behalf, minimizing the work you need to put in personally.

Should you use the listing agent? 

If you’re a buyer and you’ve found a home that you’re interested in all on your own, you have a decision to make. Use the listing agent or find an agent to represent you. While you might be thinking there’s a chance for you to save money on the transaction if you use the listing agent (since they have no buyer’s agent to split commissions with), there’s a key problem: it’s a conflict of interest. The listing agent has the seller’s best interests at hand because this was their client before you came along, which in turn, creates a situation where they cannot act in your best interests simultaneously. 

As a buyer, you don’t pay the commissions to your agent and rather they are paid by the seller of the property you purchase. Look out for yourself in what is likely the largest transaction of your life, and find a great buyer’s agent to work with. 

Why use an agent

When they’re good, there is a tremendous amount of value that real estate brings to the buying or selling transaction. 

• • Their negotiating expertise can help you save or make more money
  • Their inside access to homes and professionals gives you opportunities you otherwise wouldn’t have had
  • They handle all the paperwork (and there’s a lot). 
  • They make sure you don’t encounter any closing issues
  • They are industry pros who provide guidance and support that goes a long way

Cameron Miller has been gaining experience and building expertise in the Toronto real estate market since 2012. He’s currently part of the top 1% of Downtown Toronto REALTORS® in sales volume.

Buying a home?

Selling a home?

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