First-class property deals could slip through investor fingers thanks to agent tardiness, according to one leading Realtor.
Speaking to REP, Ricky Chadha says he has seen an increasing number of sales “almost” come close to ending because some agents do not adhere to the basic rules of deal-making. “We are seeing it with basic elements like not paying the deposit within 24 hours of accepting an offer,” says the Toronto-based agent.
Chadha says the increasing number of agents, and many operating on a part-time basis, could be a factor in this negative trend. “Many people are using agents that are family and friends. That is sometimes where the problems start,” he says. The GTA has nearly 40,000 real estate agents, twice as many as 10 years ago and 1 agent for every 140 people.
“If you want to ensure that your deal goes through smoothly, you really need someone who is competent and professional. You cannot let something simple like a late submission of paper be the cause of not getting a good investment property.”
Missing paperwork and tardy replies are becoming more common and Realtors are in danger of losing clients – especially property investors – because of it.