With information easily obtained by spending a few hours on the internet, most people would challenge the need for a property agent when they feel they can educate themselves on how to buy and/or sell their property in a few hours.
Unless you are a seasoned mover with express knowledge of the trappings of the real estate industry, it is advisable to acquire the services of a licensed real estate agent to help you with your process. A good agent will know the tips and tricks and walk you through the legalities to help you get the best out of your sale or purchase. Remember that if you make money, he’ll make money too. It is a relationship where he works in the interest of both parties. If you’re concerned over just how much money you’ll be spending, take note that most agents only receive about 1-3% of commission from you. Paying a small percentage to benefit from a professional agent’s education and experience is priceless.
So what exactly does a real estate agent do?
Agents serve as your first line of defence against overly demanding sellers or buyers. It is their job to help mediate between the two in a fair and professional manner and where possible, gain a foothold in the negotiations to your favour. Some agents come with an intimate knowledge of the neighbourhood you are moving into and are able to advise you on possible sale/purchase prices of that area so you don’t end up on the losing end of your transaction. As an added bonus, they will also handle all of your paperwork, freeing you to focus on other things such as packing.
Among all of their abilities, the one crucial thing agents can do effectively for you which you may lack the resources to do for yourself is market your property. Agents have access to a vast database of contacts and are able to enhance their listings (your listing) through several mediums such as newspapers, brochures and especially online through reputable property portals like DDProperty.
Agents are your buffer and your lifeline, therefore, utilizing the services of one is advised.
That is not to say however, that all real estate agents are altruistically motivated. Every industry has its bad eggs and in a competitive and highly volatile market such as property, it is certainly not uncommon to find agents who are more concerned with their next pay check than they are of you.
Therefore, it is imperative that you find the best agent for yourself to work with. This is not defined as the best agent on the market or even the best agent of an agency. The best agent for you is simply an agent you can work well with and is someone who will listen to you and understand your needs.
The first place you should look for an agent is through family and friends. The referral is an agent’s most powerful tool for business and we only refer those that have made a good impact on us so by interviewing agents your friends or family members had once hired is a good first step. Both parties are comfortable and the agent may be open to providing you with more options such as a lower commission rate than she would somebody else.
If your family members or friends can’t help you, there are a numerous agencies you can source from. Look through the newspapers and DDProperty’s portal and gauge the agent’s ability by reading his profile and sifting through his listings. Does he sell typically in the same district or are his listings exposed to various areas? If you called him up on the phone, how receptive is he to speaking to you. Some agents do not want to talk on the phone, instead pushing you into a situation where you have to make a mini-deal or commitment to them before they are willing to engage you.
This is not good business and you should steer clear of such agents. Take your time with finding someone who will listen to you and is prepared to help you however they can. Remember that you are the one whom is paying large sums of money, so you can be more than a little tough in your process. One thing to keep in mind is to not interview agents from the same company as this may lead to a host of problems. You do not want fellow agents convening with each other, discussing what you are looking for and then tailoring their answers to suit your questions to get the job. Agents from the same agency also tend to exhibit similar attributes, shaped by the culture of that particular agency.
Do yourself the favour of speaking to a few agents, all with different backgrounds and various experiences to enhance the shortlisting process. Remember that the purpose of this is to find someone ideal for you. It’s just like looking for a spouse but in this case, you get to interview the best applicant for the job before committing yourself!