Want to know how to buy a house without a realtor? That's coming right up.
Welcome to Homebuyer's School brought
to you by Brookfield Residential.
Hi everyone I'm Karl Yeh, welcome to another Homebuyer's School video, a
channel where you get the latest strategies tactics and tips from
home buying experts, and
remember if this is your first time on this channel and you want to get these
strategies from the experts, make sure to hit the subscribe button below, hit the
little notification bell so you don't miss anything. So today I'm joined by
Cory McDonald community manager with Brookfield Residential and the topic
we're gonna discuss is, can you actually buy a house without a realtor? So Cory
do I need a Realtor to buy a house?
They're not needed, it's a common
misconception that you need a realtor in order to purchase a home, I will say that
it does help especially if you're a first time home buyer because they have
a lot more experience in the market, they know great questions to ask regarding
the community, the previous homebuyer, what factors are gonna potentially
affect resale value down the road when you're trying to resell, so they are a
very useful tool but they're not 100% necessary in buying a brand new home. I
would even go to say specifically with a new home build that sometimes the sales
associate or the sales team there, they're working on behalf of the customer
to get them into the home that best fits their needs.
So why would I use a realtor if I wanted to buy a house?
Again, when you're a first-time home buyer it's a
simple fact that you don't know what you don't know and that's what you're
basically using when you're getting a realtor is that they have the experience
and a maybe a wider knowledge base as far as the questions to ask about the
new home, if there is any issues with the the build, if they're older and if it
needs more maintenance than you really want to put into a brand new purchase,
the community and and the benefits of living in one community versus another.
So they're very helpful in helping narrow down your search a little bit.
Do I--do I have to pay the realtor if they're buying--if I'm buying a house?
How does that work?
Great question because that's something that a lot of people
may be shy about asking. When you're bringing a realtor into a
brand-new Builder to buy a new home, it's actually the Builder that pays
commissions for almost a 'thank you' for, "thank you Mr. realtor for bringing this
customer into our homes and for showing them the benefits of buying a brand new
home", so we pay the kind of the commission's for that realtor whereas if
you're going a resale home it's actually the person that's selling the home
through their realtor they would be paying the realtors commission so when
looking for a brand new home you don't have any fees associated with using
a realtor.
So if I wanted to buy a resale home, if I was a seller I'd not only have
to pay my realtor but I'd also have to pay the other realtor as well?
It's worked into your realtor commission, that's correct. Yeah so the the fees that
you're paying your realtor for listing the home also covers the fees for the
the purchasing so it isn't like you don't ya know, but again these are--these
are things that you'd want to be knowledgeable about so asking your
realtor what are the commission rates for when selling your home also very
important to know that if you are purchasing a brand new home and you're
working with a realtor what the commission rates could possibly be for
that realtor.
And remember we do have a video on how realtors get paid if you
want to take a look. Now, so if I didn't want to use a realtor and I wanted to
buy a house, buy a new home right, how do I go about doing that?
Buying a brand new
home, a lot of the presentation centres they'll have a lot of information on the
homes that they have available, they'll be very knowledgeable about the
community and you know different homes that could fit your needs. If you're
looking for something quicker, MLS the Multiple Listing Service you can look at
online for what's available for quick possession homes, a lot of builders will
also advertise some of their quick possession homes or their feature homes
on their website, so again taking a little bit of time and maybe researching
online different builders or even on MLS some of the homes that are available
within the timeframe that you're looking at your home once you maybe narrow down
a community that you really like, finding the presentation centre for that new
build and then having those discussions. It doesn't
cost anything to come visit a presentation centre to go look through
the show home so you're more than welcome to explore the space and have a
look through and then the sales team, we're more than happy to answer any
questions you may have about the home specifically or the builder or the
community that you're looking to purchase in.
So obviously if you're
planning to buy a house without a realtor you have to do a little bit more research?
It doesn't hurt to do a little bit more research, again you want to be
able to cover all your bases but again, a great sales team will be able to help
answer all of your questions and get you into the right fit as well.
And that's what they're there for right. So would you say that the sales team kind
of replaces the need for a realtor if you're buying a new home, obviously?
There's--there's benefits of using a realtor but I think yes the sales team
definitely does work on behalf of the purchaser in getting into the right home
that best suits their needs.
Awesome, well thank you very much for joining us, the
question I have for you is, did you use a realtor when buying your first home and
what was the experience? Let us know in the comment section below thank you
very much for joining us and we'll catch you next time.
That's another edition of
Homebuyer's School. Tune in next time
for more expert tips and tricks and visit
homebuyersschool.ca to bring you one
step closer to finding your dream home.
As with everything, it would be great if you
like and share our videos, also please let us know if you have any home buying
questions you want us to answer.