Why It's a Bad Idea to work with more then one real estate agent

Every day I receive phone calls and emails from potential buyers and sellers asking for help in getting some information on specific properties or for help in buying & selling a home.  One of the first questions I ask everyone is, "Are you working with an agent?"  Sometimes the answer is, "Yes, I am working with my friend (or son, or cousin, etc.)"  Not everyone knows how the real estate process works, so I like to explain it to them and how they only need to hire one good agent to represent them.
All Realtors who pay their MLS fees have access to the Toronto Real Estate MLS which contains properties for sale all across the Greater Toronto Area.  This is a huge database of properties listed by any Realtor in the system.  Aside from a few exceptions, all properties are listed on the MLS system.
This means that all Realtors have access to the same properties.  This means your Realtor friend; son or cousin can give you the same information I can.
Most of us wouldn't like it much if we went to work everyday for a company and they decided not to pay us, right?  When you ask a Realtor to do some work for you, they are doing it for free.  Realtors are not paid salaries.  We are only compensated when we sell a home.  If you hire more than one Realtor to work for you, then someone is not going to get paid for their time and effort.  It's a lot like going to work and not getting paid.  Stinks, doesn't it?
I encourage people to talk to more than one agent if the first one you speak to doesn't know the market or is doing a poor job.  An often time there is a break down in communication.  Perhaps the agent isn't sending you the right homes because they failed to ask you the right questions.  Sometimes buyers & sellers need to be brought down to reality and some agents have a hard time doing that.  Perhaps the agent you are working with lives and works primarily in Mississauga and you are looking for a home in Leslieville.  This doesn't work well for many reasons, one being that they may not hear about new listings coming on the market first, or not knowing that the home they direct you to is next door to a planned sewage station.  Not good, right?
If you are looking to buy or sell a property, all you need to do is hire one good Realtor.  One that is professional, knowledgeable, hard working, and knows the area well.  Experience DOES matter.
Some people think that if they hire more than one agent, it will motivate the agents even more.  Actually, the opposite happens.  You end up getting a half-hearted effort from two agents because one of them is going to end up working for free.
I encourage you to give Wafa Masri at RE/MAX Hallmark a call if I can help you buy or sell in the Beaches, Leslieville, Liberty Village, Riverdale areas.  I can be reached at 416-699-9292 or by e-mail at wafa@wafamasri.com.  Please visit my website to search for homes www.wafa.ca.

Helpful checklist when buying an investment property

I have compiled this short but fundamental list to take into consideration if you are looking to buy a lucrative and highly profitable Investment Property.

1. Choose a proven real estate professional that specializes in investment properties.

Ensuring you are using the right investment property specialist  will give you the peace of  mind and is essential for a successful investment. Check the Realtor’s track record, ask to see client testimonials and try to contact former investors.

2. Make sure you understand the basics of property investment & current market conditions.

While you should use a Realtor who specializes in investment properties during the investment process, you cannot entirely rely on them. Make sure that you understand the basics of property investment and all financial details involved.This will enable you to spot any potential risks ahead of time to find a profitable investment opportunity.

3. Have a clear picture of what type of investment property to buy.

There are a variety of investment properties, duplex, triplex’s, fully commercial, mixed use properties, or overseas properties. The type of property will also determine your investment strategy, so make sure that you know what kind of property and investment strategy you are looking for to achieve your desired profits.

4. Is the property in favorable condition and is it in a good location?

These should be crucial considerations, as you will either want to lease the property, or sell it to another property investor or home-buyer. A property that is in good condition might be more expensive, but buying a relatively cheap property in a bad condition will always incur significant additional repair costs. Whether you want to find tenants, or resell the property, the location will be crucial, and a property in a bad neighbourhood or in an economically vulnerable location will rarely turn out to be a good investment. 

5. Will you find tenants for your property?

It is essential to make sure that you can find tenants for your property. This will depend on the location, property condition, the rent, and many other factors. Some Realtor's will even help place tenants in the investment property.

6. Do you understand how to maximize your returns?

Achieving a positive cash flow will make your property investment successful. While it is obvious that every investor wants to maximize returns, you will have to understand how to make this happen. Finding a property possibly below market value but in a good location and good condition will be crucial for the success of your investment. You will also have to understand how to minimize the costs, including repairs, and taxes, and you should also make sure that the property remains occupied for most of the year.

7. Do you understand the risks?

Property investment will never be without its risks, and you will thus need to understand all the risks involved. Economic growth might not be as expected, or you might not find tenants for a longer period. By understanding these risks, and developing an effective risk-mitigation strategy, you will find it easier to turn your property into a successful investment.

 Buying, selling, investing, downsizing? I can help build the right plan for you.