Simon Milberry, sales representative with RE/MAX Hallmark Realty Ltd. in Toronto, offers his top five tips for first-time buyers.
The Toronto real estate market is in a sustained ‘sellers’ market state. Buyers have to be prepared to take action when they find a house they want. For first-time buyers (and those of your clients who haven’t done this in a while), there’s lots that you need to convey – not just about the market, but about the process. Helping your clients understand the basics will help them to prepare for the experience.
The following is by no means a comprehensive list; rather, it’s sort of a Top 5 things your clients should know.
1. Be an educated Buyer. Teach your clients as much as you can about the market before they buy. The Toronto real estate market is extremely competitive, and you don’t want your clients to be caught napping.
2. Be honest and open with your Realtor. You work for your clients and can best help if you have a good understanding of your clients’ needs. Once you know your clients’ needs, your job is to be an objective guide in the process, and to ensure that your clients’ needs and interests are met and protected. The more information you have from (and about) your clients, the better you can do your job.
3. Get pre-approved for your mortgage as soon as possible. This helps your clients determine their budget, and locks in today’s best rate. You should refer many clients to mortgage professionals should they need one. Urge your clients to speak to them all and pick the one they think is the best fit for them.
4. Buy the best home you can afford in the best neighborhood you can afford. Your clients are almost always better off with the least expensive home in the area rather than the most expensive. That said, you should strongly recommend that your clients be conservative with their budget.
5. There are no perfect homes. Your clients should be ready to make compromises and concessions. The should know what’s most important to them and ‘give’ on those things that aren’t.
Buyers have to be ready to jump into the market when the right opportunity presents itself. Not being prepared could cost your client greatly.