August 29, 2019 | Good to Know

Professional realtor helping clients at table

Having been in the real estate world as a broker for well over a decade it’s safe to say that I have seen a LOT! When I started in real estate nearly 15 years ago there were 26,000 realtors. You may think that was a lot, and it was at the time. However, the number of registered realtors with the Toronto Real Estate Board is now close to 54,000. Yes, fifty-four-thousand realtors. If you stop and think about it your likely now between 4-6 yourself.

As you can probably imagine there are all types of realtors working in the industry. Most of which do 1-2 deals a year – these people have a full-time job to pay their bills as real estate is not supporting them. The top 20% of Toronto realtors do more the majority of business. The 80/20 rule seems to be alive and well. In fact, I would argue that my experience has been more akin to 90/10 rule. 10% of realtors do 90% of the business.

With so many “real estate agents” in Toronto, what makes a good realtor? Here is an insider’s perspective of what makes for a good realtor. Many of these may appear as “common sense” to you, however, let me assure you these are not as common as you may imagine.

What Makes For A Good Realtor?

Trustworthy

Sound generic? Yes, trustworthy may be an expectation for entry into the industry but the amount of clients that we have worked with who have complained about previous experiences with realtors is staggering. Unfortunately, RECO (Real Estate Council of Ontario) has had to step into certain cases brought forth by the public and others in the industry to regulate misconduct. It should be expected that you are to be treated professionally by a realtor. Ensuring that your needs are put first. It’s a simple thing that many fall short on.

Steadfast No Matter The Environment

A good agent is able to keep their perspective in a high emotions state. Balancing the client’s potential stress and the other realtor’s stress (yes, other realtor’s heads can spin at times) it’s amazing how emotions can overrun and ruin a deal for all parties. The number of times we have had to resuscitate a deal that another realtor killed is incredible. It takes a lot of patience, diligence and balance to navigate another realtor’s assumptions, judgments and stress levels. It can be done, but only done well by an excellent realtor who can see the bigger picture and focus on their client’s needs and wants. Something that only comes naturally to some realtors.

Training

When I studied for the initial exams into real estate it was ALL OPEN BOOK exams! You were even advised by the teachers to write all of your notes in the textbooks for your exams! Seriously. When has this ever happened anywhere else in life? I can tell you this didn’t happen for me at university! The barrier to entry is low. Nearly anyone can become a realtor. Now, there have been some improvements in the accreditation system however it is FAR from academic or challenging. The bi-annual courses to remain a registrant are also very simple. Many of us have dreamed of the real estate industry up-levelling to a post-graduate university requirement. Yes, the number of realtors would drop drastically but the public would be assured of a higher level of professionalism and training.

The next step in training which isn’t common is at the brokerage level (I started at Bosley Real Estate which offers the gold standard in training to new agents in Toronto). Most real estate brokerages offer the “sink or swim” method to new agents.

Then there are those the go step into real estate and read every sales and training book to man. Go to every seminar offered. Travel to far off Tier 1 real estate conferences in the United States. Call the top real estate agents in Toronto and ask them how they built their businesses and retained life-long client relationships. This is what I did. I sponged up every bit of insight into how I could best serve others. It’s amazing how many people rest on their laurels and do not make the effort to build.

In addition to all of the above, I moved to Sage Real Estate in order to get the finest and most progressive training for seasoned agents (anyone would be hard-pressed to suggest a more progressive brokerage in Canada – this is not hyperbole). The offers are not only incredible for our business but the clients now receive a whole other level of support and professionalism from us.

Asks A Lot Of Questions

A good realtor asks a lot of questions. The more quality questions a realtor can ask of their client the greater clarity of what the client is looking for and help them find their favourite Toronto neighbourhood. This not only makes for great communication but it also means that the clients are excited and engaged as they will see homes and condos they love. They will feel seen, heard and understood. A great realtor has a coach approach within their business.

The questions shouldn’t stop there. Asking questions of the other realtor in the deal is key as well. The more answers and information that the realtor can obtain, the better the chances of securing a deal for the clients. Also, let’s be honest, some realtors like to chat and disclose FAR TOO much information about their client’s motivations. This can provide incredibly insightful information.  Continuing to questions and listening closely to the answers is a skill often overlooked.

Here’s a list of the 4 essential questions to ask a good realtor when selling your home.

Begin a conversation about how our team can help you with your real estate goals. We pride ourselves on professionalism and fantastic client relationships!

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