Let’s cut to the chase: almost everyone in Toronto knows a Realtor®. We spoke with the Toronto Real Estate Board and confirmed that to date there are 56,594 registered Realtors® in Toronto and the GTA. With the City of Toronto’s population hovering around 2,900,000 people, that’s roughly 1 out of every 50 people. Case in point: if you had to provide me with 3 names of real estate agents you know of right now, could you do it?
You likely have a family member or a close friend in the biz. Chances are, that family member or close friend expects to be your go to agent when it’s time for you to buy or sell, but the million dollar question is: “do they even real estate?”
Unfortunately, hiring the first person that comes to mind doesn’t always mean you’re getting the results you deserve.
Look, almost anyone can become a Realtor®
Do you have a pulse? Can you read? If so, you can probably get through the registration process. There are no prerequisites in terms of previous education, so it’s more or less a walk in college. I’m not saying that it isn’t time consuming, expensive, and intellectually challenging, because it is. Out of the hopeful newcomers going to the Ontario Real Estate College every year, many of them struggle to complete the courses and exams, and out of those that successfully navigate the registration process, it isn’t uncommon for them throw in the towel before their 2 year anniversary.
The majority of Realtors® don’t produce
The data* shows that out of 56,594 registrants to date, a staggering 20,805 of them had ZERO deals in 2019. They didn’t even see a single transaction through to closing last year! That leaves 35,789 that did at least one deal or more last year. Out of that 35,789 registrants, a whopping 25,053 only closed between 1-5 deals.
It gets even more interesting from there, according to the data summary, 73% of registered agents in 2019 did only ONE deal.
There it is. The stats show that even though you can’t throw a baseball in the city without hitting a Realtor®, you are still more likely going to run into a struggling agent than you are an experienced and successful one.
And it’s hard to fire someone you care about
Firing someone sucks. There’s no way to make that easier. Recently, we were called in to rescue a struggling sale. The sellers hired a close friend in the business to sell their condo. Unfortunately, after almost a full year on the market with no movement, multiple pricing misfires and marketing mistakes, it became pretty clear to them that their friend just wasn’t the right agent for the job.
Gratefully, the sellers decided to reevaluate their plans. They terminated their listing agreement with their friend and shortly thereafter we received a message from them asking if we were available to provide some advice about their sale.
Less than a month later we had the condo officially sold for a record price. Not because we’re magicians, but because we know the area, we know the market (because we are actively part of it every single day), and we weren’t afraid to give them honest advice and direction. This wasn’t the first time Conte West was called in to the rescue, and we work hard to ensure that we come to mind in the event we’re needed again.
The best way to avoid all of this in the first place is
Don’t just hire the first Realtor® you know. If you don’t already have a trusted pro in your life that has proven their value to you, then create a shortlist of potential candidates and interview them all. Include your family members or close friends and definitely give them a chance to show why they are the right fit for you. It’s entirely possible that the person closest to you is in fact the best choice. In the event that they aren’t, interviewing a few candidates will make that more clear to you, and perhaps even clear to them. Not only might it make your decision slightly easier, they’ll probably feel less slighted when you make your choice.
For our friends and family members that may be reading this
Forget everything you just read. You have no choice and yes you have to hire us, not just because of our relationship, but because fortuitously for you, we have the track record of success that you deserve and we will actually get the job done properly!
*data source: “IMS Inc.” c/o Keller Williams Referred Urban Realty, Brokerage.