When you’re looking for a realtor to assist you with buying or selling a home don’t make these top mistakes. It’s important to hire a realtor who’s a good fit for the task, has current market knowledge and is experienced.
Top Mistakes When Hiring a Realtor
There are some common mistakes that homebuyers and home sellers make when selecting a realtor.
The #1 common mistake is to hire the cheapest one. It’s important to understand that many real estate agents put up their own monies to market and advertise your home. The lower the commission, the less money there will be to market your home. Most homes are sold by certified buyer agents who have qualified clients. When a listing agent is working for a low percentage, the split of commission will be reduced for buyer agent. Instead of finding a realtor with the lowest percentage, go with the best.
The #2 mistake of hiring a friend or family member to handle your real estate needs can be problematic. Real estate transactions are often complicated and emotions can run high. If you hire a realtor who is a family member or friend, that personal relationship may be at risk. In-laws can quickly become outlaws, and friendships can go south.
The #3 mistake of only hiring a realtor who agrees to your selling price has its own set of problems. If you set the price too high, it’s likely that it will sit on the market for a long time. And trying to adjust the price once you’ve established a set price is often difficult. Listen to your realtor on current market value and any selling your home tips he or she renders. This professional has the data and market knowledge of what homes in your area are selling for.
If you think that all realtors are created equal, you’re likely to be in for a surprise with this #4 common mistake. Each realtor comes with their knowledge base and experience. A good one will stay abreast of the laws and acquire professional designations. Hiring a reputable realtor and proven realtor can make a big difference on your real estate experience.
Hiring the highest selling realtor isn’t always the best criteria to use when you’re looking for a realtor. Keep in mind that the best real estate agent is the one who completes the sale, implements an effective marketing plan and negotiates the best terms and conditions. The highest selling realtor isn’t necessarily the best one for you.
Red Flags to Be on the Watch for When Finding a Realtor
A real estate agent who does real estate on the side or part-time is a definite red flag. Whether you’re a seller or buyer, you need an agent who is actively engaged in the market and follows it every day. For buyers, a full-time agent can jump on new listings faster. If you’re a seller, you want a real estate agent who is always available to show your home to potential buyers.
If the agent doesn’t usually work with buyers or sellers in your price range, it’s a red flag. For example, if you’re a first-time homebuyer looking for a $250,000 entry-level home, you’ll highly unlikely to get much one-on-one attention from an agent who most handles million-dollar luxury homes.
When it comes to selling or purchasing a home, hiring the right real estate agent from the get-go can save you a lot of hassle. Avoid the common mistakes and stay clear of any red flag that may crop up.
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