Finding Licensees to Work With
If you believe you’re financially ready to buy a home, your likely next step is to find a licensee to assist you. In many cases, this will be a mortgage licensee (a bank employee or a licensed mortgage broker) and a real estate licensee.
You want to find licensees you trust, who can answer your questions, help you secure financing, help you find a property, and help you successfully negotiate a purchase.
It’s important to find the licensees that will suit your needs. But how?
Word of mouth referrals
Get recommendations from your friends and neighbours about experiences they’ve had with mortgage brokers and real estate licensees.
The internet is your friend. Almost all mortgage brokers and real estate licensees have an online presence, whether it’s a personal website or profiles on various social media sites. Do some searching online and find someone that appeals to you.
Find out if they’re licensed
Mortgage brokers and real estate licensees need a licence to operate in Alberta. Do a public licence search on RECA’s website to make sure a licensees’ licence is current. See the “Find a licensee” on reca.ca. Bank employees can assist in mortgage financing and do not require a licence through RECA, but mortgage brokers do. Either one can assist you with your mortgage needs.
Check the RECA website
RECA posts disciplinary decisions on its website. Check the Complaints & Discipline tab on RECA’s website for two years of disciplinary history to see if RECA disciplined the licensee with whom you want to work.
Interview some options
While the above suggestions will help you find licensees to talk to, they won’t tell you exactly which licensees are right for you. Your next step should be to interview those you are considering. Make sure they have the experience, background, and knowledge necessary to assist you in your purchase or sale. You need to feel comfortable with your choice, so it’s a good idea to ask them for references and let them know you’re interviewing multiple licensees.