Visiting an open house can be an exciting experience, especially if you’re in the market for a new home. However, if you’re attending an open house unrepresented, you may be asked if you’re working with an agent. In this blog post, I’ll explore the reasons why you might be asked this question, as well as provide some tips on what to expect when visiting an open house unrepresented.

Are You Working With an Agent?

First, let’s address the question of why you might be asked if you’re working with an agent. In Ontario, real estate agents are licensed professionals who are trained to assist buyers and sellers in the process of buying and selling property. 

When you work with an agent, they represent your interests in the transaction and help you navigate the process of finding and purchasing a home.

One reason you might be asked if you’re working with an agent at an open house is that the seller’s agent wants to know if they need to provide additional information or support to you as a potential buyer. 

If you’re unrepresented, the seller’s agent may feel obligated to provide more information and assistance to you, as they are not being aided by a buyer’s agent. This can be particularly true if you’re a first-time homebuyer or if you have less experience with the home buying process.

Another reason you might be asked if you’re working with an agent is that the seller’s agent wants to know if they need to split their commission with a buyer’s agent. In Ontario, real estate agents typically earn a commission based on the sale price of a home. 

This commission is usually split between the seller’s agent and the buyer’s agent, with each agent receiving a percentage of the total commission. If you’re unrepresented, the seller’s agent may not need to split their commission with a buyer’s agent, which could potentially increase their earnings on the sale.

Visiting an Open House Unrepresented

Now that we’ve explored some of the reasons why you might be asked if you’re working with an agent at an open house, let’s turn to some tips for what to expect when visiting an open house unrepresented.

First, it’s important to remember that you are under no obligation to work with an agent if you don’t want to. If you prefer to navigate the home buying process on your own, that is your right. 

However, it’s important to keep in mind that working with an agent can provide valuable support and guidance throughout the process, especially if you’re a first-time homebuyer or if you have limited experience with the real estate market.

If you do decide to visit an open house unrepresented, it’s a good idea to come prepared with a list of questions and concerns that you have about the property. This will help you get a better understanding of the home and its features, as well as give you an opportunity to ask the seller’s agent for more information about the property.

It’s also a good idea to bring a copy of your pre-approval letter with you to the open house if you have one and the property is of interest. 

A pre-approval letter is a document from a lender that indicates how much money you have been approved to borrow for a mortgage. Having a pre-approval letter can demonstrate to the seller that you are a serious and qualified buyer, which could make them more likely to consider your offer on the home.

The Agent at the Open House Is Working With the Seller

Finally, it’s important to remember that the seller’s agent is representing the interests of the seller, not yours. While they may be able to provide you with information about the property, they may not be able to give you unbiased advice or assistance in the negotiation process. 

If you decide to make an offer on the home, you may want to consider seeking the assistance of a buyers’ agent or a real estate lawyer to help you navigate the process and protect your interests.

In conclusion, you more likely than not will be asked if you’re working with an agent when attending an open house. This could be for a variety of reasons, including the need for the seller’s agent to provide additional information or support to unrepresented buyers, or the desire to avoid splitting their commission with a buyer’s agent. 

If you do decide to visit an open house unrepresented, it’s important to come prepared with questions and concerns about the property, bring a copy of your pre-approval letter, and remember that the seller’s agent is representing the interests of the seller, not yours. Working with a buyers’ agent or real estate lawyer can help protect your interests and assist you in the negotiation process.