Real Estate Investing 101: How To Vet A Real Estate Agent
Real estate agents are reliable partners when selling and buying property. The golden principle is to always vet your agent before hiring them to represent your interests. Below is a criterion to help you select a real estate agent.
Speciality
Your immediate concern would be whether your agent has previously closed similar real estate deals. It helps you evaluate their experience and comprehension of the various property regulations. Moreover, a specialised agent understands the prevailing real estate trends. For instance, if you intend to sell property, your agent could assess your paperwork to determine whether you have all the documents needed to sell the property. For example, they could ask you to apply for a renovation or swimming pool safety permit if you do not have these documents. It goes a long way in easing the selling process and earning the trust of prospective buyers. Moreover, the agent can inform you about the demographics and needs of your target market. This way, you can easily set the asking price and choose a viable advertising strategy. For example, online advertising would work best when marketing the property to millennials.
Reliability
Your real estate agent must guarantee value for your money. Therefore, conduct a background investigation to establish how they treat their clients. Online reviews are an easy way to determine how the agent's clients rate their services. Ideally, consider agents that personalise their services to suit the client's needs. For example, the agent could provide online services if you have a busy schedule. Moreover, your preferred agent should stick to the agreed deadlines. Remember, time is an essential concern when closing a real estate deal. For instance, if your real estate agent delays closing a deal, the hot season could end, making it hard to sell the property. Alternatively, the bank interest rates could increase, raising property buying costs.
Conflict Of Interest
Ask your real estate agent to declare whether they have a conflict of interest in the real estate transfer process. For instance, the agent could bring in a buyer or seller. If this is the case, the agent should explain how they intend to deal with the conflict of interest. For example, the professional could hire an independent firm to appraise and inspect the property on sale. This way, neither party has the upper hand during the exchange process. Alternatively, you could opt to hire another agent to represent you.
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