Buying your first home can be an exciting prospective to many. But choosing the right home can be a daunting task for inexperienced home buyers. This is where real estate brokers or salespersons come in to the picture. A real estate broker assists and guides buyers from the ground up to make the process of home ownership a seamless process.
However, selecting the right broker or salesperson is paramount. In the province of Ontario, in order to trade in real estate, salesperson or brokers need to be registered under the Real Estate Business and Brokers Act, 2002. As a prospective home owner, you must be selective in choosing a qualified salesperson from a suitable brokerage.
To confirm whether your salesperson is registered, you may simply use the Real Estate Professional Search property on RECO’s website. Entering the broker/salesperson’s details you will be presented with their:
- Legal Name
- Registrant Position
- Registration Expiry
- Brokerage Name
- Brokerage Address
- Contact details.
It would also help to know if your salesperson has some sort of educational training or background in their belt before getting registered. Most brokers would not hesitate in pitching their qualifications if it means securing a client. Brokers and salespeople are known to take up professional development, become members of professional associations and attend industry events.
Another important criterion while selecting the right broker is knowing if they are insured. RECO’s (Real Estate Council of Ontario) insurance program includes consumer deposit insurance. This protect’s the buyer in case of fraud, misappropriation of funds or insolvency.
Moreover, all real estate salespeople and brokers are required to be compliant with REBBA (Real Estate and Business Brokers Act) apart from the Code of Ethics and other regulations. Issues relating to the behavior of brokers and salespersons are handled by RECO and the council is responsible for taking necessary action to safeguard the buyer.