When will you get the real estate agent for your luxury hotel?
Posted On July 12, 2021
With the luxury hotel market exploding and new listings on the rise, it’s time to look at a real estate broker for your dream hotel.
Here’s what you need to know.
Read More to find a home for your dreams.
The Real Estate Board of Canada (REB) has updated its guide for prospective home buyers, which says, “The ideal candidate will have the following attributes: Ability to meet current market conditions and the need for a new property.”
So, what’s the difference between a realtor and an agent?
A realtor is someone who acts as a liaison between buyers and sellers, but the buyer doesn’t have to pay the broker.
An agent will pay for the work that a realty firm will do.
For a home buyer, it all depends on the type of property you want to buy.
Most people want a home with a “fair market value” or “fair and reasonable” price.
But if the property is “significantly overvalued” or it’s a “premium” property, you may want to consider an agent.
For example, if you want a $3 million, 4,000-square-foot house in Toronto, you might want to look for an agent that has the knowledge and experience to get you the deal.
The agent could take a look at the location and price and decide what you should pay, says Re/Max agent Julie Rizzo.
A real estate sale can take anywhere from six to 15 months to go through.
Once it’s finalized, the buyer gets a letter confirming they’ll be getting the deal and will be entitled to any fees and taxes that come with it.
You’ll also get an email from Re/max confirming that they’ve sent you a closing bid.
Re/max recommends that buyers get the property as close to closing as possible.
If it’s the last day of a bidding war, or a seller’s property is sold and is no longer available for sale, Re/min or Re/MAX may be able to arrange a resale or purchase.
The agent will then make an offer on the property, which you can then either accept or decline.
The broker will then take care of the rest of the paperwork and fees that go along with selling a home.
To find out what the agent will charge, you’ll need to ask.
Re/Min charges $5 per hour for consultations, and Re/Opta charges $50 per hour.
The fees will vary by market and location, so it’s important to ask the right questions.
If the agent is offering you a higher price than you can afford, ask to see the deal, explains Re/ Max spokesperson Erin Johnson.
You can also pay online and call the realty agent.
If you’re a buyer and are unsure whether the agent can help you get a deal, ask for a copy of their letter of recommendation.
A good recommendation will help you decide if you’re right for the agent.
“I would not recommend an agent if they were to charge more than $50,” says Reaxa spokesperson Jennifer Soh.
To get a better sense of the agent’s fees and costs, Reaxas PriceCompare site offers a tool called Reaxs Fee Calculator, which can help buyers determine what a fair and reasonable price is.
It’s also a good idea to check your realtor’s website to see how much their agents charge.