When the time comes to sell your house, you have two ways of going about it: selling it yourself or hiring a professional to represent you. If you decide to sell it yourself, you will be responsible for all the steps involved.
If you choose to deal with a real estate agent, you’ll have to pay compensation once the transaction is completed. However, in return, you will benefit from the services of a qualified professional and will be protected under the Real Estate Brokerage Act.A real estate agent’s work is not limited to putting a sign up in front of your house!From your first meeting to the moment you sign the notarial act, your agent performs a multitude of tasks to sell your house. The real estate agent or broker is a professional whose work deserves to be recognized.
Here are a few tasks performed by your agent or broker:Visiting your house and preparing a comparative market analysis;
- Photocopying all of the legal documents or taking the steps to obtain them;
- Preparing a detailed sheet of your property and updating it as required;
- Preparing strategies to stimulate sales (i.e. open houses, advertisements and other marketing tools);
- Assisting you during negotiations;
- Reviewing with you the offer to purchase and its attachments, preparing a counter-proposal;
- Following up on various conditions by preparing and obtaining the required documents;
- Submitting all legal documents to the notary and accompanying you for the signing of the notarial deed.
What is the compensation for?
The compensation paid to the real estate listing agent or broker is carefully divided. If a selling agent or broker participated in the sale, he or she is entitled to a share of the compensation and the brokerage firm also gets a share. However, your agent or broker must use that amount to cover several expenses (advertising, photos, office costs, photocopies, etc.).
As a self-employed worker, he or she must also deduct expenses (car, gas, insurance, etc.) and set money aside for income taxes and retirement planning. Finally, the broker pays for professional liability insurance.
As you can see, agents work hard to earn their compensation!
Real Estate Broker & Educator
Jennifer Lynn Walker has specialized in buying and selling both residential and multiplex properties since 2003. She’s built a strong network of specialist, to give her clients a seamless experience throughout the real estate journey. Founder of Montreal Real Estate Investor’s Group, and Jolly Green Homes. How can I help you today?