The real estate market can be complicated, and trends are always changing. A house may be expensive today. But next month the price may go down. So it would be best not to sell or buy one on your own, especially if you’ve never purchased or sold a property before.
Professional help is a must for real estate properties, and real estate agents like Royal Lepage are your best bet for this. Unfortunately, not all real estate agents have the same knowledge, and the last thing you need is someone who doesn’t know what they’re doing. So, below are five things you should know before hiring a real estate agent.
Do They Have Extensive Knowledge of the Local Market?
Whether you are selling or buying a house, you want to ensure that you get a fair price. That is why you should sign up for Finlay Brewer or someone who knows the state of the real estate market so they can give some insights and advice on how much you should be paying or listing your property.
For example, if you are looking to buy a property in Ottawa, you would want a real estate agent like Jane Scott, who has extensive knowledge of the local market in Ottawa. If you want an investment property, your real estate agent should know what rents go for in the area. And if you do a fix and flip, they should know how to assess the value of a property in disarray and how much you can earn by fixing it.
Do They Have Solid References?
One of the best ways to tell if a real estate agent is great at their job is to ask people they have worked with about how their experience was. You can try asking neighbors or your friends. Maybe they can recommend someone who has the perfect knowledge of what you want to get out of a property.
If you are new to the area, make sure that your agent can provide you with a long list of satisfied clients. If it’s okay, try asking about their phone numbers or social media accounts so you can ask them personally what their experience was.
What Is Their Expertise? Different real estate agents can have varying expertise. For example, if you want to sell your property, opt for a listing agent. If you’re looking to purchase a property, hire a buyer’s agent. This becomes more important when you want to buy a property as an investment. You want to ensure that you are earning money, not wasting, and the right agent can give you solid advice.
Do They Have Reasonable Fees?
Real estate agents have the option of setting their fees, which, if you are a seller, you’ll need to pay. But typically, they will charge you with a commission somewhere between the 5% to 6% range. If they charge higher, you need to ask what you are getting. So you can make the most of your money. Better yet, try to negotiate so the rates go down. Real estate agents can be flexible, especially if you are selling a house that can fetch a high price in the market. The lower the commission, the more money you will keep from your property sale. If you’re looking to ‘sell my house fast‘, it might be best to use a company that buys your home for cash which has no hidden commission fee as well!
Do They Have Favorable Terms In Their Contract?
Other than fees, it would be best to see and analyze the contract you are getting into too. Agents with a reasonable contract length should be what you aim for, meaning 180 days or less, depending on the market trend of your area.
Committing to a long contract can lead to you being unhappy if the agent you choose doesn’t have the expertise of moving your property quickly off the market.
The best real estate agent knows the difference between a difficult home search or sale from a smooth one.
Conclusion
Buying or selling a house requires you to have knowledge of the real estate market and what are current trends of it. Sure, you can do it on your own. But if you want to ensure you can make the most out of a property, hiring a real estate agent is your best bet. But don’t just hire anyone. Use the tips above before choosing your real estate agent.
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