Are you thinking of buying or selling a property? If so, you may be wondering whether to go at it on your own or hire a real estate agent.
If current homeowners’ decisions are anything to go by, hiring an agent is the best option. After all, 87% of potential buyers and sellers choose to work with agents.
But, how do you choose the best real estate agent? The process can be daunting if you don’t understand how to do it.
Here are some tips to help you choose the right agent.
Compare at Least Three Real Estate Agents
Never settle for the first real estate agent you come across. Chances are, there’s a more qualified one just around the corner.
So, how do you find at least three agents to compare? Simple: through your friends, family, colleagues, or the internet.
Your friends, family, and colleagues cannot steer you in the wrong direction. So, ask if any has bought or sold property with a real estate agent. If so, how was their experience with the agent?
Getting a few referrals from this group is a great start. You can then move on to assessing each agent. Remember, you need several choices because what worked for them may not work for you.
You always have the internet if your loved ones can’t help you. All you have to do is google ‘best real estate agents in my area.’ You’ll undoubtedly get many search results when you do this.
So, look at the agents’ reviews and ratings. Choose three of the highest-rated agents. Then, start looking at each one individually until you’re left with the best.
You’ll need to schedule meetings with your top three options. These meetings are essential because they provide an avenue for you to ask questions. So, what are the questions you need to ask?
Your questions need to touch on your best interests and references. Don’t assume that all agents will represent your best interests.
It’s important to note that there are dual and transactional agents. Dual agents can represent buyers and sellers in similar deals.
So, if you’re a buyer looking for the best price, their options may be biased. There’s also no guarantee that they’ll get you the best possible price if you’re the seller. So, it’s essential to know where you stand before you start working together.
Transactional agents can also represent both parties. But, they don’t have a fiduciary obligation to either party. So, they may also not be the best option.
Choose an agent with obligations to meet your best interests. They should submit a written form declaring to represent only your interests.
It’d also be best if you also asked for an agent’s references. Many will provide a list of some of their recent clients. Call them and ask about their experiences.
Consider an Agent’s Experience
While experience is not always everything, it’s vital in the real estate market. But, it’s essential to look at experience beyond the number of years in operation.
Your best realtor may be someone who has been in business for less than two years. You’ll need to assess the number of properties sold, after how long, and for how much.
Find an agent who has sold properties in your locality over the past few months. Chances are, they’ll have sold properties that are somewhat like yours.
So, they can help you price your property appropriately. Remember that pricing is one of the most critical aspects of real estate.
An experienced agent can tell if you’ve overpriced your property. Most cannot take on overpriced homes because they are hard to sell.
Experience is also essential when it comes to paperwork. There’s a lot of work that goes into closing real estate deals. You need someone who knows how to navigate the different processes for your deal to close faster.
Most real estate agents charge a standardized commission rate. In most cases, the commission is 6%, which is split between the buyer and seller’s agents.
So, your agent gets a 3% commission from a sale. But, this is not set in stone.
You can always negotiate for a better deal. Negotiation is more so crucial for high-value homes.
Discussing commission is also crucial for a smooth working relationship. If you don’t discuss the commission, you may find yourself incurring more expenses. This is because some unscrupulous agents have hidden charges.
Ensure that you’re clear on which party will incur all the sales-related expenses. Ensure you get your agreement in writing. After all, it’s better to be safe than sorry.
But, there’s another option if you don’t want to incur these expenses. You can sell your home to mikeotranto.com. Cash homebuyers don’t charge commissions.
Discuss Marketing Strategies
If you’re a fan of Selling Tampa or Selling Sunset, you already know how vital marketing is in real estate. So, ensure that you ask your agent to provide a detailed marketing plan. This is more so crucial if you’re selling.
The best real estate agent will have creative ideas to market your property. They’ll have a website or blog to put your property out there. They’ll also have ideas to put your property on social media.
After all, this is the age of social media. The best agent will have a presence on various sites.
It’s also essential to explore more physical marketing strategies. Your agent may suggest holding a cocktail party and inviting potential buyers.
But, it’s important to note that this will only be effective if they have a network of buyers and developers. So, ensure that you ask them about that. Otherwise, you’ll only end up wasting money on such events.
Usually, the agent’s real estate agency will cover marketing expenses. But, play safe by asking for clarification before hiring them.
Choose the Best Real Estate Agent With Ease by Following These Tips
You’re sure to find choosing the best real estate agent easier with the tips provided in this article. Finding a good agent requires you to research and ask the right questions.
Ensure you find an agent with your best interests at heart. They should also be creative because the real estate market is all about marketing.
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