Essential questions to ask prospective real estate agents

By LegalMatters Staff • Most people hire a real estate agent when it comes time to buying or selling a home. However, choosing the right agent can be difficult.

Edmonton real estate lawyer Peter Ewanchuk says there are some key questions to ask when finding someone to help people make what may be their largest financial translation.

“Always ask for referrals,” he says. “Be wary if a real estate agent can’t offer a handful of client names to call to give you insight into the agent’s professionalism from start to finish.”

Some people dabble in real estate as a sideline or a weekend business, Ewanchuk says.

“Ask if they work full-time,” he advises. “If your dream house comes on the market, you want your agent to know about it and immediately notify you to arrange a visit, and not wait until days later.”

Ewanchuck says potential home buyers should look for an agent who specializes in their sought-after neighbourhood and who deals with homes in their price range.

“If the agent predominately deals with multi-million dollar homes and you want something more modest, chances are they will not give your home search the attention it deserves,” he says.

The fees an agent charges can also be a deciding factor for potential clients, Ewanchuk says.

“There is no standard commission for real estate or mortgage brokerage services in Alberta, but wise consumers know the cheapest deal isn’t always the best choice,” he says. “Before choosing a licensed real estate professional, you should compare the services and fees of various agents.

Ewanchuk notes that traditionally, realtor fees are seven per cent on the first $100,000 of a house and three per cent on the remainder.

“That commission is split between the buyer and seller’s realtors, helping them cover marketing and listing costs, as well as pay for their time,” he explains.