What is MLS(Multiple Listing System) & why should buyers have their own buying agent?
Please click Podcast listen to Cantonese interview
Canada has the best unified MLS system in the world. What we have here is all listings submit to the real estate board & even the public can see all listings across the country on our public website. However, only agent can see the sale price. Agents can then share all the sale prices with their buyers. Everything is open & there is nothing to hide. New immigrants come to Canada usually not used to the way we operate because when they buy in their own countries, all real estate companies prefer to operate with exclusivity especially the big players. They don't want their competitors to gain access into their inventory data base. Therefore, they can make money from both buyers & sellers. Do you think those types of agents are working for your best interest or do they just want to close the deal & make their commission?
Well, when new immigrants are used to this operating system, it is totally understandable that they view all real estate agents are the same - just want to sell them something & make the commission. In fact, new immigrants need to understand that it is the safest & fairest process buying in Canada. Since the info is public info, all the buyers need to do is to interview a few agents incl the one being referred to you by your friends. We all have different style to do business. However, the most important element is that you want your agent to work for your best interest. Knowledge is everything. Your agent should be able to give you the right advice where you should buy. Also, should you just go out & shop for properties yourself then call up one of the agents from the business card that you have collected? Don't expect that agent will be working for your best interest. Just treat the agent the way you want to be treated with respect & loyalty. It is very important for your agent to know your needs so they can give you the right recommendation. Even if you go to buy the pre-sale project, bring your own agent. Have your agent explain the process of buying & what do you have to be aware of when you buy. You don't want to get into any legal problems. The sale people in the pre-sale sale centre is unable to give you any further discount so why not bring your own representative.
Be loyal to your agent, have a life time realtor who works for your best interest is better than working WITH whoever is willing to give you the kick back. I always say if an agent cannot negotiate for their own commission with you then don't expect them to negotiate a good price when they sell your home or when you are buying another home.
Should you wish to know more, pls call Tina at 6040-412-5860 or go to my site at www.TinaMak.com or www.TinaMak.ca (Chinese)
