Q: What is a buyers agent, what does this specifically do for a buyer and who usually pays this "buyers agent"?
A: On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to in media as the buyer's agent, because he works on the buyer's behalf and it's easier than explaining each time that the "selling agent" is not the listing agent and is actually the buyer's agent.
However...
There are some agents that market themselves as "buyer's agents," "exclusive buyer's agents," buyer's representatives," and so on. Mostly it is just marketing. At the same time, part of it is because they want to accentuate the reasons a buyer should not go directly to the listing agent when they purchase real estate. This has to do with agency.
See, if a buyer goes directly to the listing agent, they are dealing with an agent that has conflicting responsibilities. Their job is to get a good price for the seller and they may not zealously represent the interests of the buyer. Those who market themselves as "Buyer's Agents" indicate they are only working for the buyer in a real estate transaction.
The commission is still paid by the seller, no matter what they say in their marketing (with extremely rare exceptions).
Like a real estate agent I once knew said, "No matter how it is set up, the buyer still walks away with the condo and the seller still walks away with 95% of the purchase price."
Q: My condo has been listed with an agent for over three months and I’m not happy. What options do I have?
A: All listing contracts have expiration dates. When is yours?
If it is not coming up soon, tell the agent and/or his manager that you want to cancel your listing. Often they will let you cancel easily, since they do not want to build ill will in the community.
If they won't, you can always pull your condo off the market until the listing contract expires.
Q: Can you negotiate the price of a bank owned condo?
A: Everything in real estate is negotiable. However, banks are more sophisticated about pricing than they were years ago. So those "Get a great deal on a foreclosure!" days aren't what they used to be. Lowball offers generally don't go very far.
Q: I’ve seen these "No Down Payment" plans on late night television and want to know if they are real or just a scam?
A: The guys in the infomercials make a lot of money, but not in real estate. They are in the business of selling books, plans, seminars, etc. It's easier selling you those crazy schemes than it is for them to actually do what they are advocating in their programs.
If it was so easy, they would be buying real estate that way, not putting out infomercials.
Consistently making money in real estate requires a lot of hard work and a lot of hours. It isn't a "get rich quick" scheme, though sometimes the market turns at just the right moment and you can get lucky enough to make a quick buck.
Sometimes you hear about the "late night gurus" being charged with fraud. Those telling their "success stories" are often just actors.
Q: Where can I get information about the asking prices of properties that have sold during the last six months? I have found information on the selling prices, and would like to compare them to the asking prices.
A: The only place I can think of where you can obtain that information is the Multiple Listing Service. For that, you need to be a member, but you could ask an agent to obtain the information for you. I can't think of any reason why an agent would not be willing to give you that information, so just ask one.
There really is not a concrete value in knowing the asking prices. There are different strategies in developing an asking price, plus a lot of properties start out over-priced to begin with. Comparing properly priced condos to over-priced condos, then lumping them together in some sort of analysis would skew your figures.
I can see how you could intend to use such knowledge for the purposes of negotiation, but with an informed listing agent, it should be a fairly ineffective strategy.
For example, recently I saw a web site where the agent was hawking his ability as a listing agent. He said the average home in his area sold for 93% of asking price, but his average listing sold for 97% of asking price. The implication was that he got more money for his sellers.
The truth is probably just that he priced his condos correctly to begin with.
Q: How do I set the selling price for my condo?
A: When selling your condo, setting the right price is essential. Follow these steps to make sure you’ve set the best price for your condo:
Review the current real estate market and price your condo accordingly.
Take into consideration factors like square footage, number of rooms, and location.
Real estate prices are constantly on the move. It’s critical that you base your condo price on the most recent comparable sales in your building / vicinity.
Consider employing the use of a Comparative Market Analysis (CMA)—a background report that helps you create a reasonable list price for your condo. These are often available from local Realtors at no charge.
Q: How can I get my condo to sell faster?
A: There are numerous factors that go into the speed of which a condo sells. Generally, a condo sells most quickly when it has been well-maintained and priced similarly to other condos selling in the building / area, in a healthy sales market. Also, if your condo has been remodeled within the past ten years, you’ll find it will not only sell more quickly, but will also top the prices of your competitors in your building / neighbourhood.
Q: What is the MLS?
A: MLS stands for Multiple Listing Service. When a real estate agent is a member of the MLS, s/he has the ability to be part of any aspect of a home purchase or sale. In other words, even if a property is listed with Company A, it maybe be sold by an agent working at Company B.
If you, as the seller, list your property with a real estate agent who is a member of the MLS, you’ll give yourself the added benefit of having more agents aware of your listing and, ultimately, working for you.
Q: Should I use a real estate professional?
A: Yes! A professional agent will secure the best price for your condo. Negotiating the complex workings of the market is incredibly involved. Having a professional’s invaluable expertise will make every aspect of the transaction easier, from financing to the purchase contract.
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