The process of searching for a property with the assistance of an agent should prove to be informative & enjoyable. Needless to point out that buying a home is a big decision for most of us. What should you expect from your agent? What should you look for when your viewing and what is the decision making process that leads to placing an offer? What does an agent do once the offer is in place?

YOUR AGENT

The first step in looking for property is to enlist the assistance of an expert. Your agent should demonstrate a solid understanding of the process involved from helping you narrow your search list, completing the required paper work, good negotiation skills and the ability to handle the little bumps that come along after the paperwork is signed and the deal is being processed. Yes there are often little bumps and having a good agents makes all the difference in these matters.

1. How to begin? Give your agent a wish list! In the list include the must have items and a would be nice to have items. The type of information that is useful includes number of bedrooms, bathrooms, size of lot, city or country, water front/view or not and of course price range. More criteria's are possible of course. Allow your agent the time to research the market for active listings that meet your must have and that incorporate as many of your would be nice list. This can easily be done online as a precursor to visiting properties. This list should be rather inclusive vs. exclusive. Allowing you the option to view or disregard specific properties. Your responsibility in this exercise is to be realistic. No agent can find you a perfect home on the Ocean for $50,000 (and yes we do get does request).
2. Having narrowed down the list, it is time for your agent to gather as much details with respect to the short list as possible. Pictures, conversations with listing agents, sometimes previewing the property is feasible. Demonstrating a solid understanding of the market does not imply that your agent should know every property you maybe interested in at the finest level. There are at any given time thousands of listings and it is impossible to have an intimate knowledge of all of them. However, as you narrow your search list you are helping your agent focus their attention on the details of those homes. If you narrowed list involves two dozen listings, your defeating the purpose. Your responsibility in this part of the exercise is to keep the list relevant.
3. Through your agent, arrange a visit to these properties. Setting up multiple viewing, especially over large geographical areas can be challenging. Seeing 6 homes in one day is generally considered the maximum reasonable number for proper comparative assessments. Having said that, sometimes when clients are from out of Province we need to push this number beyond the limit to accommodate viewing all of their prospective properties. Again, properly completing step 2 will allow you great leisure and better evaluations if you keep your numbers down. One tactic is the keep 2 rule. As you view the properties and you get to property #3, one has to drop off your list. By the end of the day you should be left with the best 2 candidate for your needs. Now you can really focus! You may want a second showing on the next day that involves just those 2 properties head to head. This should help you make a decision as to which one will receive the offer but allow you a back up residence should negotiations on the primary property not go quite as well as you would like.
4. During the viewings, your agent has rules and regulations set forth by the PEI Real Estate Association that they must honour. Some consider these next 2 rules somewhat contradictory but they are manageable. First, they have a responsibility to the home owner to show the property in its best possible profile. Highlighting the strength of the listing. At the same time, they have a responsibility to the purchaser to declare any known material fact about the property that might influence your decision about buying it. These 2 elements of their job can be conflicting but must be honoured.
5. In addition to viewing the general appeal of the property, you as a potential purchaser should be focusing on the 'big ticket' items, like roof, electrical, plumbing, and foundation. No you're not a home inspector but in many homes if an issue exist it does not require an expert to see signs of issue. You can then instruct your inspector (if you choose to have one) focus their attention on those matters. No home is perfect and no home is a poor purchase if you are aware of all major issues and are paying a fair price for it. Your agent can help but the responsibility is yours as is the final decision.
6. Ok you've made up your mind on which property you want, what next? With the assistance of your agent you fill out an offer for the vendor (this involves multiple forms). Your agent will help you focus on the points of importance with the offer. From advising you on offer price, to setting dates for inspections, financing, water testing (if rural), and setting up any other required conditions. A note here, the more conditions, the weaker the offer especially if you find yourself in a multiple offer scenario. From the Vendors point of view, each condition maybe a lost of sale or a hurdle in any event until close. From your point of view, these are necessary insurances that will clear the property of any doubt. There are no right or wrong here. Both parties have to be satisfied with all terms before a transaction can go forth. Your agents ability to negotiate on your behalf is paramount to success, however you have a responsibility to your agent and the Vendors side to make your offer realistic. Dropping the asking price by 25% will probably not even get you a response from the Vendor or at least one that your agent can repeat to you.
7. Having negotiated the offer, your agents work has just begun. Now the coordination of all activities to remove the clauses must begin and timing is paramount. This is a legal contract and if you don't wave your financing clause on time for example, you leave the door wide open for the Vendor to accept any other offer that might of presented itself since the time you've placed yours. However, if everything gets done in a timely matter and conditions are waived properly the door is closed even to an offer double the amount of yours. Setting up and executing all of these steps, and dealing with there results is were your agent can become invaluable.
8. Let say for example your home inspection reveals a major issue that might cost you $7,500 to fix. Is the deal gone? Maybe, it depends on you and the Vendor. If you, through your agents can find acceptable common ground then the sale maybe proceed. Otherwise if the parties are at logger head, then your back to step 6 looking to offer on your second choice if still available.
9. Most deals have little bumps along the way but they are usually dealt with quickly and effectively by your agent with your input. In the end the goal is to ensure your satisfaction as well as that of the Vendor.