Demand These 4 Things From Your Real Estate Agent
Are you thinking of buying a home? Are you dreading having to walk through strangers’ houses? Are you concerned about getting the paperwork correct? Hiring an experienced, professional real estate agent can take away most of the challenges of buying. A great agent is always worth more than the commission they charge just like a great doctor or great accountant.
You want to deal with one of the best agents in your marketplace. To do this, you must be able to distinguish the average agent from the great one.
Here are the top 4 demands you need to require your agent to adhere to.
1. Give you honest opinions of the price
Many times, agents will listen too much to their buyer’s opinion of market value and not be willing to give you their honest opinion of what it’s going to take to secure that property. Too often agents take your offer at any price and then try to ‘work’ both the seller and you while negotiating later. Demand that the agent prove to you that they have a belief in the price you are offering. Discuss with them their plan of action to get the seller to accept that price. Every house in today’s market must be sold two times – first to you and then to your bank.
The second sale may be more difficult than the first. The residential appraisal process has gotten tougher. A recent survey showed that there was a challenge with the appraisal on 24% of all residential real estate transactions. A red flag should be raised if your agent is not discussing this with you at the time of the original offer. If there is an appraisal discrepancy, this does not necessarily indicate that your agent has done a poor opinion of the market value. It is important that you sit down and discuss why there was a discrepancy, but this can be addressed in more detail in another blog post.
2. Understand the timetable with which your family is dealing
You will be moving your family into a new home. Whether the move revolves around the start of a new school year or the start of a new job, you will be trying to put the move to a plan.
This can be very emotionally draining. Demand from your agent an appreciation for the timetables you are setting. You agent cannot pick the exact date of your move, but they should exert any influence they can, to make it work.
3. Remove all challenges possible
It is imperative that your agent knows how to handle the challenges that will arise. Wisdom in overcoming challenges comes through experience in today’s fast paced market. Many challenges exist throughout this process that you do not need to go through. An agent with a track record of success has learned to avoid many of the potholes that exist. It’s important that your agent has a strong understanding and experience with:
- Mortgage/Financing (as well as a confident mortgage partner who you are working with)
- Market Values
- Appraisal Discrepancies
- Title Defects
- Many more…
Remember: If you have an agent who was weak negotiating with you on parts of the purchase offer, don’t expect them to become a hero when negotiating with the seller for you and your family.
4. FINDING the right home!
There is a reason you are putting yourself and your family through the process of moving.
You are moving on with your life in some way. The reason is important or you wouldn’t be dealing with the headaches and challenges that come along with purchasing. Do not allow your agent to forget these motivations. Remind them that finding the right house is why you hired them. Make sure that they don’t worry about your feelings more than they worry about your family. If they discover something needs to be done to attain your goal (i.e. rethinking price), insist they have the courage to inform you. The right home can come in many shapes and sizes, and some of these hard discussions are becoming even more important as we are facing an increasing real estate market with interest rates on the rise. It’s important that your needs are established and found sooner than later before the right home is out of reach.