Buying and Selling Property: Tips For Choosing The Right Real Estate Agent
No matter how much we would like to think otherwise, buying a home can be a difficult process. All of the research in the world cannot ensure the elimination of every potential obstacle – and this is why it generally pays to have an experienced real estate agent helping to guide the way.
Unfortunately, there is a large supply of available agents and it can be difficult to know which brokerage will actually be able to get you the best deal on your home purchase or sale. But if you are able to locate a trustworthy real estate agent, it becomes much easier to get the best prices available in the market. Here, we will look at some of the best tips for finding a real estate agent that is truly capable of meeting the needs of your individual situation. This can help consumers save money and make the path to homeownership easier in all market situations.
Properly Assessing Your Needs
The first step in any home sale transaction is to assess your requirements for the deal. Not all home buyers and home sellers are looking for the same results, so it is critical to define your personal goals in order to ensure they are eventually met by the time the sale is complete.
In the graph above, we can see some of the most common needs to be filled by the right real estate professional. In most cases, home buyers are simply looking to be connected with the right properties (53%), and the hope is that a real estate professional will have the right resources available in locating the property. Negotiation ability comes in next, as the combined effect of terms and price comes in at a total of 23%. Finally, help with the legal paperwork comes in next as this can sometimes be complicated and difficult for consumers that are not entirely familiar with the process.
Get Homeowner Referrals
In recent years, the rise of the internet has made it much easier to locate suitable homes. But the pictures and descriptions that are available on these sites can only go so far to ensure a smooth real estate transaction. This is why there is still no substitute for the human touch in the process of buying or selling real estate.
The quickest and most efficient way to “separate the wheat from the chaff” and find a reputable agent is to seek out referrals from like-minded home buyers. The best compliment for a real estate agent is to receive a referral from a previous homebuyer or home seller. Ask around to see who your friends and family members recommend. Each regional location has its own set of qualified professionals that have completed successful real estate transactions in the past. When all else fails, go with the agent with the most experience in your chosen location.
Ask About Risk Mitigation
One of the mistakes many new homebuyers and home sellers make is that they focus excessively on potential profits rather than choosing to mitigate possible risks. Look for a real estate agent that is honest and open about the risks involved when buying or selling. Remember, this is a business – and there is no shortage of disreputable brokers that are out there simply to make a fast buck.
The ideal real estate agent will be realistic about potential negatives and will identify strategies to proactively mitigate risk. Any time you are interviewing agents, it is important to pay close attention to the numbers. If an agent is not able to cite real data and statistics to back up their claims when it comes to neighborhood market performance, investment analysis, and the long-term impact of your decision to buy or sell a home then it is time to look elsewhere and find a new real estate agent.
Check The Agent’s Track Record And Property Inventory
In practical terms, it is fair to say that the best real estate investment brokers do not just show up out of the blue. It takes time to build a track record and attract quality property inventories. Reciprocity tends to be the rule when dealing with single-family houses, but the opposite is often the case when dealing with commercial real estate. For these reasons, it is always wise to maintain a good working relationship with the best brokers with experience in your chosen property type, size, and target region. This helps to ensure a better ability to capture the best deals over time.