Whether you are buying or selling a house, hiring a real estate agent is one of the most important decisions you will make. You have to look at an agent’s expertise, tools/resources, and personality before choosing them.
If you do it right, you get an agent like Bost Redevelopment – someone who will guide you through a stress-free house buying/selling process. But many people don’t get it right because they make certain mistakes along the way.
In this article, we explore these mistakes and explain how you can avoid them.
1. Hiring the agent that charges the least
When buying or selling a house, it may be tempting to hire the agent who charges the least. But you should think twice before doing that.
Going for the agent who charges less means that you believe all agents provide the same service and experience. And this assumption is wrong.
Some agents are better than others. And they want you to pay them well for their job. In return, they earn their pay by ensuring that you have a positive home buying/selling experience. On the other hand, an agent seeking less commission may be trying to compensate for their lack of expertise.
So, when hiring an agent, don’t make the mistake of focusing on their commission. Instead, focus on the agent’s ability to get you the result you want.
2. Not doing your research
One of the key reasons why you’re hiring an agent is to get expert knowledge. They are to tell you how to attract buyers or find your dream home.
But that doesn’t mean you should hire a real estate agent without doing your research first. You should learn as much as possible about the market, the location, and everything else before contacting an agent.
Not doing your research will leave you in a fish-out-of-water situation throughout the real estate process. You can’t tell when your real estate agent is misleading you, and you won’t know what questions to ask throughout the process.
3. Hiring relatives or friends
It is risky to hire an agent solely because they are your relatives or friend. There are two primary reasons why that is a bad idea.
Firstly, the relative/friend agent may not possess the necessary skills and resources to deliver what you want. They may not be able to help you find your dream home or sell for more.
Also, there is the possibility that if the transaction goes badly, it will ruin your bond with the person. Do you want to lose a lifelong friend over a business deal?
Now, we are not saying you shouldn’t hire your family or friends if they are agents. We are saying that you should SCREEN them as you would with other agents – if not more.
To avoid making it awkward, you don’t have to contact the agent themselves while screening them. Just speak to any of their past clients you know or contact their website’s references. Speaking of references:
4. Not asking for references
One common mistake people make when hiring an agent is not asking for references. They choose to believe their potential agent’s words without asking for the number or email of anyone who can vouch for them.
This oversight may lead to disappointment.
Avoid this type of situation by asking for references. The references in question could be a past client, their work colleague, or any other person who knows them or worked with them in the past.
The sole purpose of asking for references is to get people who know your agent to tell you the kind of person they are. Ask about how well the agent keeps their word, how often they act with integrity, how trustworthy they are, how easy it is to work with them, etc.
5. Hiring an agent who doesn’t know about the local market
Because the real estate market varies from location to location, knowledge about the local market is vital to buying or selling a house. Hiring an agent who doesn’t have this knowledge will lead to trouble.
For buyers, it means the agent will not know where to find their dream home, will not know what price to offer, and won’t know what to expect during negotiations.
For sellers, hiring an agent who does not know the local market may lead to ineffective marketing, poor pricing, and the inability to best advise their client as offers come in.
To avoid this mistake, ask potential agents about their understanding of the area: Have they bought or sold any houses around the neighborhood? Do they have professional connections in the area? Have they run comparable market analyses (CMAs) on houses in the area?
You can also use your familiarity with the area to test the agent’s knowledge by asking questions about specific places.
6. Choosing a “yes man”
Every profession has its “yes man,” and real estate is not an exception. When hiring a real estate agent, many people make the mistake of hiring these “yes man” agents, leading to all kinds of trouble.
A yes-man agent will get a home buyer to think they can get their dream house for less than possible.
For a seller, a yes-man agent will have them believing that their house is worth more than it is. In both situations, these agents are setting their clients up for failure.
Avoid this mistake by hiring someone that won’t always agree with you. (Someone not afraid to tell you the truth.) To know if the person you’re hiring is a “yes man,” ask them a question that you know the answer is 100% “NO.” If they agree with you, don’t choose them.
Are you looking for the best real estate agent in the market?
Like we stated earlier, the best way to avoid making these big mistakes is to hire right. This is where Bost Redevelopment comes in.
Our agents are some of the best in the business. They will guide you through the whole buying/selling process. They will also provide that necessary support and will negotiate a great deal with the other party.
LIMITED OFFER! You get a 5-day cruise vacation for 2 if we successfully help you buy/sell your house. So, what are you still waiting for? Leave us a message below with your contact information and let us know how we can help you.