How much does a real estate broker charge for the purchase or sale of your property?

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Do you need to hire a real estate broker? Compare multiple proposals!

If you are buying a property and want to get the best one within your budget, you need to find a good real estate broker.

You must know that while there are many properties for sale in your area, the competition among buyers can also be quite tough. You can find a home you would love to buy but get beaten to it by someone else.

Only a real estate broker can help you find a great house within your budget, close a deal fast, and help you save money.

Most importantly, only a real estate broker with experience and a solid track record in your neighborhood can make sure that you don’t spend a penny more than you should for your dream home.

It is wise to rely on a real estate broker when it comes time to buying or selling a property. It is an important project that has many facets and requires substantial knowledge. A good real estate agent knows how to turn a real estate project into a success.

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Discover the advantages & disadvantages of hiring a real estate broker

A real estate broker is an expert in buying and selling all types of real estate properties including single-family homes, plexes, condos, cottages, farm houses, etc.

Whatever your dream home is, a good real estate broker would know how to find it fast and help you negotiate the best deal.

Furthermore, an experienced broker can give valuable advice to first-time buyers regarding market price, financing, homebuyer grants, and other relevant topics.  He also has a network of other real estate professionals you may need such as home appraisers, renovators, real estate notaries, mortgage brokers, insurance brokers, etc.

But the benefits of hiring a real estate broker do not end there:

• If you buy a property, a broker’s services are free because it is the seller (the owner, represented by a broker or not) who pays the commission;
• The real estate agent knows the market (commercial or residential) in your area
• He also knows the technical aspects of real estate (foundation, roofing, fenestration, insulation, heating, renovations, landscaping, etc.);
• He can refer you to the right professionals where you can obtain advantageous mortgage rates.

How to choose a real estate agent to buy or sell your house?

There are over 15,000 “real estate agents” or real estate brokers in Quebec. Which one should you choose?

Compare Home Quotes aims to make things easier for you. To ensure that you receive the best service and the best selling price as a seller, buyer or landlord, we will put you in touch with honest and successful real estate brokers.

Our partner real estate brokers are all licensed professionals in the various provinces of Canada and members of the Canadian Real Estate Association (CREA) or local real estate boards such as the OACIQ in Quebec.

Establish your needs

If you choose to find your real estate agent yourself, you should know that brokers are professionals who have fields of expertise, who have specialisations. A market may be much more familiar to some than to others. So you have to target your needs right from the start.

• Do you want to buy or rent?
• What do you want for your home : a single-family home or a condo?
• Does a rental property interest you? In the city center or in the suburbs?
• Do you want a farmhouse or a wooded lot?

The real estate broker partners of Compare Home Quotes have been carefully screened so we can give you only the best choices. Our partners are professional and renowned in their field.

You Must Do a Little Research

Do not randomly select a broker to handle your project. Take the time to check, compare, and find the right real estate broker. You can search the Web or use conventional media, discuss your project with relatives or friends to get references, or better yet, obtain free real estate quotes using our online form to save time.

IMPORTANT: Check to see if the professional you want has all the necessary permits, including a broker’s license. You will find the relevant information in the OACIQ license holders registry.

Ask a lot of questions

After doing a little shopping and when you have a few candidates on your list, get in touch with them. By talking with each of them, you will know more about their work, their methods, and their vision. You will be able to see which is the most suitable based on whether your candidate:

• Listens to you and understand your expectations, your tastes, your goals;
• Explains and simplifies all the steps he plans to take;
• Specifies the time he is willing to devote to your project;
• Details the benefits of doing business with him versus other brokers;
• Presents all his tools (marketing, network, agencies, Web, etc.);
• Clarifies in detail his remuneration.

How to buy a house with a real estate broker

It is not easy to find the “perfect” home to buy. With so many properties for sale, it can take a while to find the right one.

Add the challenge of finding a dream home you can actually afford to buy and the whole project could turn from adventure to disaster.

Fortunately, a real estate broker can save you a lot of time, effort, and heartache. He knows of houses for sale listed with other brokers, sometimes before they are even visible online!

From the onset, a real estate broker will discuss your goals and needs – what you prefer, how much you can pay for your home, and your future plans.

Based on your information, a broker will find the ideal property within your price range you can choose from. After viewing and you have made a selection, she submits an offer to purchase and negotiates with the seller to get you the best price possible.

Your broker will also answer all of your questions and set your mind at rest. He will make sure that the transaction meets all legal standards to protect your interests.

In short, a good real estate broker has one goal and one goal only: to help you find the home of your dreams for a price you will be happy to pay.

Once you accomplish this goal, your broker will make sure to close on the property and get you moving in at no time at all.

How do real estate agencies in Quebec work?

These are businesses or companies that offer services and advice for the negotiation or transaction of real estate (sale, lease, estimate, etc.).

Some agencies are independent while others are connected to large national or even global real estate network. They depend on the work of real estate brokers. They are the ones who have the task and the responsibility of initiating and closing transactions.

As a general rule, a real estate brokerage firm does not employ brokers who remain self-employed. Rather, it acts as a franchisor that grants licensed dealers (franchisees) the right to use and operate its banner, trademark, network, structures, tools, etc.

There are about 40 real estate agencies in Quebec. Some of them are :

• Royal Lepage
• Via Capitale
• RE / MAX
• Sotheby’s International Realty Canada
• Century 21

What is the commission of a real estate agent for buying a house?

There may be several types of contractual agreements between clients and real estate agents. A remuneration per hour (salary) is possible. However, the broker’s job is most often paid in the form of a commission based on the value of the real estate transaction.

The percentage of this commission is also variable. The range is normally between 4% and 7%. The seller has to pay the commission to his broker. This amount is consequently shared between the two brokers (seller and buyer) because the buyer most often also has a broker.

Important: a buyer doesn’t pay any commission to his broker or agent regarding the purchase of a property.

In certain situations, it is possible to negotiate a lower commission rate below 4%. Note, however, that the calculation of the commission amount is always done based on the total amount of the transaction, and taxes must be added to the amount obtained.

• Exclusive mandate: This option allows restriction of a broker’s services. For example, the service may be limited to advice and not include finding a buyer. This option usually places the commission percentage at 4%. In return, this will require that you devote more time to your project. The broker may also not be involved in negotiations or home visits, and limited to marketing. In this case, you could negotiate a lower commission: between 2% and 5%.

Note: Market conditions are crucial. The amount of a commission may vary from region to region. Any commission is taxable. It must be known from the outset by the client.

The most important thing to remember is this- a homebuyer who hires a real estate broker to help buy a house does not pay a commission. It is the seller that pays the commission once a sale is closed.

And while the buyer is technically not paying for the broker, he will be working for the buyer’s interests, not the seller.

As you can see, there is no reason for a homebuyer not to work with a real estate broker. In doing so, you will ensure that your real estate transaction is stress-free, successful, and above board.

To start looking for your dream home, find the best real estate broker for homebuyers in our network!
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How to negotiate the commission of the broker?

If you have ever tried selling a house on your own and failed, it may work against you when you are negotiating. Telling your broker about your failed attempt will not be to your advantage because it only underlies how much you need his help.

The rate charged by the broker for his commission generally varies depending on factors. It is therefore good to know these:

• The area where your house, condo, cottage is located;
• The type of house;
• The condition of the property (urgent or significant renovations to make the sale difficult).

What you have to understand is that you pay for a broker’s time and efforts. It is the time (and efforts) that the broker estimates he will have to give to close the transaction (the sale of your home) that determines the percentage of his commission.

If your house is located in a very popular neighborhood, the amount of time needed to sell will be less than if it is in an unpopular sector.

In return, you can take advantage of some of these factors. By improving the appearance of your home, doing some renovations, and keeping a close eye on your broker’s performance, you can get a better rate.
On the other hand, if your agent fails to sell your home, you can negotiate a decrease in the rate (when renewing the contract). On the other hand, if you receive a generous offer that is above your expectations, it may be wise to re-negotiate (down) the percentage of the commission.

Also ask your agent what percentage of the commission they are willing to share with the buyer’s broker. If it is too low, you could lose out because other real estate brokers will choose to take their clients to other properties offering bigger commissions.

The next step is for you to compare real estate brokers in your area.
Fill-out the form on this page and receive free and no obligation quotes.
There is no easier way!

FAQS for buying a house with a real estate broker

Buying a house is a big deal! We know you have many questions in your mind.

We want to help so we gathered some of the most popular FAQs about working with a real estate broker to help you plan your project.

Why do I need a real estate broker to buy a house?

We want to make it clear that the law does not require you to hire a broker to buy or sell a house. However, it really makes a big difference when you do.

For a homebuyer, most especially, hiring a broker to buy a house can only be advantageous. He will look for the perfect houses that meet your specifications to save you time. He will present you with options that meet your price range so you don’t waste time. He will also negotiate the price on your behalf so you don’t spend more than you should.

A real estate transaction is very complex and without a broker to guide you, it is easy to make mistakes that could cost you a lot of money.

Do I hire a real estate agent or a real estate broker for buying a house?

Whether you hire a real estate agent or broker to buy a house, you still don’t pay any commission. Both are licensed professionals and qualified to handle a home purchase. The main difference is that a broker has more experience and training and may have agents working for him. He could also be working alone. It is your choice

Do all brokers charge the same commission?

Commission rates are not fixed among real estate brokers or agents. They are free to set their own rates but they range from 3% to 7% of the selling price. Please remember that the seller is the one that pays this commission and the commission is divided among the selling broker, buying broker, and their agents, if they have any.

Can I change my real estate broker if I am not satisfied?

If you sign a contract with your real estate broker, you will need to wait till the contract expires before you switch brokers. You may be able to pre-terminate the contract without any penalties if the contract stipulates certain conditions that allow for pre-termination. It is advisable not to sign a long contract with your real estate broker so that you can renew or cancel the agreement more easily.

Can I change my mind about buying a house after I hire a broker?

A common reason to cancel a broker’s agreement is if you change your mind about buying a house. You can inform the broker in writing to request the cancellation of the agreement.

Of course, you cannot use this reason to cancel a broker’s agreement and then buy a house with another broker. It could result in undesirable consequences and a lot of stress.

Is it okay to buy a house from a private seller if I have a real estate broker?

It is important to understand that private sellers are often not willing to pay a commission. If you decide to buy from a private seller, you and your broker must negotiate the issue of the commission with the seller, unless you are willing to pay for your broker’s commission.

It is also important to remember that if you buy a house on your own but you signed a broker’s contract, you could still be liable for paying the commission. This is one reason why most real estate brokers don’t show houses that are by direct or private sellers.

How do I choose a good real estate broker for buying a house?

As a homebuyer, you aren’t worried about the commission of a broker so be sure to choose the best one. You can determine this by looking at a broker’s track record for buying homes in your area.  Has she had any experience in homes you are looking for and in the area where you want to buy? It is also important to work with a broker you feel comfortable dealing with. Does her personality make you feel at ease? Make sure that you are on the same wavelength.

You can do this by comparing multiple real estate brokers from our network.
Just fill out the form below and get FREE and NO OBLIGATION offers from our partner real estate brokers.