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These days, there is hardly a home purchase done without the aid of a real estate agent. Having a real estate agent as an intermediator can provide the seller with immeasurable convenience and vital protection to both parties.
Having an agent means house owners will not have to meet every single potential buyer in order to sell a house. This is especially advantageous if owners live overseas. Also, an agent can help sift through the crowd to determine genuine offers – which saves plenty of your time.
From the purchaser’s perspective, there is extra protection as buyers can be assured that their earnest deposit goes into safe (third party) hands and are handled by negotiators who are under the purview of a registered national board (the Board of Valuers and Estate Agents).
Despite this, a property transaction involves a great sum of money, and it is only natural that individuals get nervous and picky about whom they are dealing with. This is further compounded by the current scenario, where the economy is not at its best and scams have been rampant in the news.
Yes, there are cases where agents have been ruthless and not fully honest in the past, so it is important that you do a little homework before you choose the agent you wish to deal with. Whether you aim to get the best price for that home you’ve nurtured over the last decade, or you simply want to avoid being stuck with a leaky, termite infested home for the next decade, a little ground work is necessary to protect yourself from an untoward outcome.
Here are some tips on the kind of positive traits that agents should possess and you should look out for before entrusting someone with one of your most valuable assets.
Informative and knowledgeable
A good real estate agent should be able to provide detailed information regarding any given property to you. An experienced agent should also be able to answer your questions when you are in doubt, without convincing you otherwise.
If you are looking for a house, you could ask: “How old is the property and it is on leasehold or freehold?”, or “Is the property furnished and is there any repair that the buyer has to bear?”, or “How much do you need to pay for maintenance and miscellaneous fees?”, or “What is the reason for sale/rent?”.
One interesting question to ask to test the agent’s knowledge about the vicinity of the property is: “Do you think the price reasonable as compared to the general market or do you have more units to show for comparison?”
If the agent is unable to answer the above questions in an informative manner, and chooses instead to offer “rosy” and superfluous answers, then there is good reason for you to pop your defensive antennas up.
Additionally, having an agent that is updated about the latest trends in taxation, property market and financing loans would be a major plus. You might also wonder if you should rent instead. A good agent will give useful information on these matters so that you can make an informed decision.
Efficient and punctual
Customer service is everything. If you get an agent that is sloppy, keep looking. Due to low barriers of entry into the real estate agent market, there are many part-time agents out there today that only work on weekends. This means the job is not their primary interest and they cannot give you the time and attention you expect.
Bear in mind that for good units, time is an important element in making a deal, so you wouldn’t want to waste your time on an agent that is half-hearted about the job.
Having an agent that knows the ins and outs of the whole process can also help expedite your transaction quickly.
As a middleman, a respectable agent should understand the needs from both sides. By nature, the seller would like to sell as high as possible and the buyer would like to purchase as low as possible. A good agent will not compromise integrity and focus on just one side just for the sake of closing a deal.
An honest real estate agent should not conceal any defects and problems in the house from potential tenants or buyers. The same goes for the home owner who deserves to know any details regarding the tenant/buyer such as occupation, nationality, living with family or not, and so on.
A wrap up
The good way to spot decent real estate agents is through recommendation from people you trust. If the person who recommends the agent to you is a recurring and satisfied client, you know there is a big chance that the agent is professional and reliable.
Also, by rule of numbers, do talk to as many agents as you can to weed out the good ones from the bad. Once locked in, be sure to maintain a good relationship as it can also be beneficial in the future.
This article is courtesy of www.loanstreet.com.my, an independent loan comparison and application website that also offers personal financing tips. Visit the website to learn more about your current financing options.