By all indications, now is a great time to buy a home in Kingston, CA. According to the Canadian Real Estate Association, new listings in 2023 continue to increase while home sales remain relatively unchanged. In February, home sales were reported to be 34% below the five-year average, and the overall composite benchmark price of $540,900 is 14.9% lower than last year’s figure.
While the market is now buyer-friendly, experts note that many buyers are still holding out for price reductions, which can lead to missed opportunities. On the other hand, with the decrease in demand, home sellers are finding it a challenge to sell their homes, leaving their properties at risk of either selling for lower than their market value or staying on the market for long periods of time.
Thinking of buying or selling your Kingston home but are on the fence about taking the next step? One thing that can help boost your confidence is working with the right REALTOR®. When you have the expertise, resources, and network of the right Kingston REALTOR® working for you, the process of finding the perfect home within budget or selling your property for top dollar becomes much easier.
Here’s our guide on everything you need to know about REALTORS®:
WHAT IS A REALTOR®?
REALTORS® help clients buy or sell properties by facilitating tasks and providing professional guidance for a successful transaction. Their services include providing market insights, listing, and marketing homes for sale, and searching for homes that fit a certain budget and criteria. They are also experts in negotiating deals, processing the necessary documentation and paperwork, connecting clients with services, and more.
But what makes them different from other real estate professionals like salespeople and brokers? REALTORS® are licensed members of good standing with the Canadian Real Estate Association (CREA), which requires their compliance with the highest standards of professionalism and integrity.
REALTORS® uphold a strict standard of integrity and honesty
Based on the principles of moral integrity, competency, and dedication, the REALTOR® Code of Ethics has been the cornerstone of professional and ethical conduct in Canadian real estate since 1913, evolving over time to reflect changes in the marketplace and society’s values. As a condition of their membership, all REALTORS® must abide by the rules and obligations set by the Code, and violations are met with serious consequences.
This means that when you hire a REALTOR®, you can expect full transparency and fair and equitable services at every stage of your real estate journey.
Moreover, the Code requires all REALTORS® to furnish all parties involved with a written disclosure of who their clients are. They also cannot acquire an interest in property without disclosing that they are real estate professionals. These safeguards help ensure your rights and interests as a client are protected in the Canadian real estate marketplace.
Access to the MLS® System
When it comes to buying or selling a home, access to accurate, hyperlocal information is crucial. This is where the MLS® System comes in.
MLS® (Multiple Listing Service) is a digital marketplace owned and managed by CREA members and local real estate boards or associations, such as the Kingston and Area Real Estate Association (KAREA). As a cooperative undertaking among licensed real estate professionals, the MLS® is held to a high standard of accuracy, timeliness, and authenticity of the information, particularly when it comes to members’ listings.
Working with a Kingston REALTOR® gives you access to the Kingston and Area MLS® System, which can drastically improve your buying or selling experience. When you list your home on the MLS®, it becomes visible to all other REALTORS® and creates a much wider pool of potential buyers. And if you’re looking for a new home, you have access to a broad range of properties for sale.
WHAT SHOULD YOU LOOK FOR IN A KINGSTON REALTOR®?
While each REALTOR® has its own strengths and strategies to offer, these qualities are essential in guaranteeing you’re working with the right one.
Expertise and experience
Location is everything in real estate, and your Kingson REALTOR® must have an in-depth understanding of the local area and its housing market.
From insiders’ knowledge of the ins and outs of a specific neighborhood to details on local developments, a good REALTOR® offers valuable insights that are not easily found online – these can only come from a licensed professional with years of experience.
Moreover, your REALTOR® should have strong relationships with other real estate professionals and community leaders in the area. This can add credibility to your listing if you’re a seller, or add validity and weight to your offer if you’re a buyer.
| Pro-tip: Check a prospective REALTOR® ‘s bio and reviews to have a more comprehensive understanding of their level of experience and expertise. While it’s important to note their years of experience in the industry, it’s also crucial to pay attention to the number of transactions and awards the REALTOR® has accomplished in recent years.
Ideally, you will want to work with a REALTOR® who has extensive knowledge and experience in the Kingston neighborhood or community you’re planning to buy or sell a home. This expertise can be beneficial when advising you on pricing and property features. |
Attention to detail and resourcefulness
Given the complex tasks and processes involved in a home buying or selling process, good REALTORS® must be meticulous in their approach. They should be detail-oriented, ensuring that no aspect of the transaction is overlooked.
Your REALTOR® should also know how to maximize the wide range of tools and resources they have at their disposal to help you in your real estate transaction. This includes the market data and insights they can get from the MLS® system and their own CMA (Comparative Market Analysis), as well as lifestyle details such as nearby public services, utilities, schools, services, and recreation areas.
| Pro-tip: When interviewing a prospective REALTOR®, ask if they have an area of specialization. Some REALTORS® have experience dealing specifically with selling condos, historic homes, or rural acreages, while others typically work with first-time homebuyers, veterans, or property investors. Knowing their niche can give you an insight into the type of details and processes they are trained and experienced in handling, as well as the kind of resources and professional contacts they might have in the area. |
Effective communication and negotiation skills
A great REALTOR® listens and understands your needs and preferences while also clearly communicating their approach and strategy in achieving your real estate goals. The REALTOR® should ensure that you’re well-informed throughout the process and will work with you to address any concerns you may have.
Additionally, your REALTOR® should have excellent negotiation skills. Experience is key, so they should have a good track record of negotiating successful deals. This shows that they are willing to push for better terms or make requests on your behalf even if the answer is likely to be “no.”
| Pro-tip: It’s crucial to consider a REALTOR® ‘s work ethic and how it aligns with your needs. Take note of how they communicate, whether they’re active listeners, and if they take the time to answer your questions thoughtfully. Ask open-ended questions like “What is it like to work with you?” This can give you some insight into their communication style and methods, such as whether they prefer to stay in regular contact or only reach out when they have a property to show you.
You should also ask about their availability for showings and whether they can work outside of regular business hours. It’s also wise to talk to people who have worked with the agent before. A reputable REALTOR® would be more than happy to connect you with past clients who can provide valuable insights into their working style and how they conduct themselves throughout the process. |
Strong team support
A well-established REALTOR® usually has a team of professionals working with them to ensure a smooth and efficient transaction. A real estate team typically consists of other local REALTORS®, transaction coordinators, marketing specialists, and administrative staff,
Your agent should have an effective process in place to ensure your real estate goals are met. Ask them to walk you through their step-by-step process and strategies, and see how these align with your expectations.
| Pro-tip: If you’re planning to sell your Kingston property, it’s important to be clear about an agent’s marketing strategies before hiring them, especially since you as the seller will likely be paying the commission fees. Ask a potential REALTOR® for a rough timeline of the selling process including the date of your listing’s publication, as well as the number of showings or open houses they will handle and whether a professional stager or photographer is included in their fee.
Good information to have is their typical list-to-sales price ratio, which can be a good indication of their ability to negotiate for sale prices close to or above the listing price. |
Empathy
Buying or selling a home can be a highly personal matter, so your REALTOR® must be empathetic in dealing with clients. He or she should put your best interests first, and this involves being responsive and communicative, answering questions promptly, and providing information in a clear, easy-to-understand way.
When choosing a REALTOR®, make sure to find one who understands your motivations and concerns behind the transaction. You should feel empowered and confident not only because your agent is skilled and knowledgeable, but also because they genuinely care about your personal goals and well-being, particularly with regard to the home sale or purchase.
HOW MUCH DOES IT COST TO HIRE A KINGSTON REALTOR®?
In Ontario, the standard commission rate is 5% of the property price plus HST (harmonized sales tax). However, this percentage is negotiable, and in practice, the commission can range from 3.5% to 5%. In most cases, it’s the home seller who pays the commission.
The commission fee is split between the buyer’s and seller’s REALTORS®. The buyer’s REALTOR®’s portion is typically fixed at 2.5% (+HST), while the seller’s portion depends on the rate negotiated between the seller and their REALTOR®. For instance, if the total combined rate is set at 4%, the buyer’s REALTOR® receives 2.5% while the seller’s agent receives 1.5%.
| Take note: There are restrictions on how much real estate professionals can charge for their commissions. According to the Real Estate Council of Ontario (RECO), the commission rate must remain the same for the full sale price and cannot be based on a base amount plus an additional rate for the remainder. Moreover, different rates for the listing price and final sale price are not permitted.
However, real estate professionals are allowed to base their commissions on their estimates of the final sale price. This means that they can charge a lower commission rate for a higher-priced home or a higher commission rate for a lower-priced home. |
Is hiring a Kingston REALTOR® necessary?
Yes, working with a local REALTOR® is important when it comes to buying or selling any properties in the Kingston area.
On the surface, hiring a REALTOR® may seem like an unnecessary expense when you have so many online resources at your fingertips. This is a common mistake that has led to many missed opportunities. A REALTOR®’s services can provide value in several ways that will ultimately save you time, money, and frustration:
- REALTORS® have access to properties that may not be available on the MLS or other public listing sites. Off-market properties are fairly common, particularly in the luxury home segment, so having access to them gives you more options to choose It can also save you time by sifting through countless listings and narrowing down your options only to properties that fit your criteria and budget.
- Your REALTOR® serves as your single point of contact throughout the buying or selling process. They will provide you with valuable insights into historical market values, local culture, and nearby services and attractions, as well as help you find resources such as home inspection services and lenders, all of which will save you time and money down the road.
- Buying or selling a home is one of the biggest financial transactions you will make, and it’s crucial to mitigate as many risks as possible. With their industry knowledge, experience, and network, your REALTOR® can help you navigate the market and optimize your advantages in any market condition. They can also help address legal complexities and issues, and provide insights or solutions so you can close the best and most profitable deal.
WORK WITH A TEAM OF EXPERT KINGSTON REALTORS®
Ready to embark on your journey in the Kingston real estate market? Working with the right team of expert REALTORS® makes all the difference. The Krishan Nathan Group is a client-oriented and results-driven team who are willing to go above and beyond to help you achieve your real estate goals.
Get in touch with us today! You can call us at 613.507.3711, send us an email, or message us here.