(For Home Buyers and Sellers)
Do you know that hiring the right real estate agent can make all the difference when buying or selling a house?
Seriously, a good real estate agent can guide you through a fast, stress-free buying/selling process. Unfortunately, most people don’t know how to find the right agent for their needs. They end up hiring the wrong one and don’t notice this until it is too late.
To avoid getting sucked into a similar situation, here are the red flags to watch out for when using a real estate agent to sell or buy a house.
5 Signs That You Hired the Wrong Listing Agent
A good listing agent should:
- Educate you about the local real estate market.
- Guide you in preparing (repairing and staging) your house for the market.
- Help you market your home (through social media, the MLS, postcards, door knocking, and more)
- Negotiate with your buyer to help you sell for more.
The wrong listing agent would be unable to do these effectively, and here’s how to know that they can’t:
One indication that you’ve hired the wrong listing agent is unavailability. It is a serious problem if your agent is barely around whenever you need them.
A listing agent’s primary duty is to guide you through the home selling process. If they can’t make time to do that, they don’t prioritize you. And this can lead to you spending more time on the market or selling for less than you should.
So, ask yourself: Does your listing agent make excuses instead of showing up? Are they often out of town – especially during significant periods like house showings?
If the answer to any of the above questions is yes, you may need to start looking for a new agent.
2. Lack of communication
Selling a house is a nerve-wracking process. You’re constantly worrying about fixing your home, staging it, and other similar problems.
But do you know what can make this process feel worse? An uncommunicative listing agent.
You shouldn’t be waiting or begging for your listing agent to contact you. An agent that doesn’t text, call, or email you regularly with updates is a huge red flag. Even if nothing is happening to your listed property, they still have the duty to keep you in the loop constantly.
3. Poor marketing skills
Once you’ve hired an agent, it becomes their job to attract as many buyers as possible. To achieve this, they need to have an effective marketing strategy.
So, how will you know if your listing agent has a good marketing strategy?
The right real estate agent will have a marketing plan that goes beyond just placing a lawn sign or listing your home on the MLS. They will leverage the use of social media and technology to attract buyers. A listing agent who can’t do this is probably wasting your time.
4. Too pushy
Another indication that you hired the wrong real estate agent is if they appear too desperate to close a deal – even if you don’t want to. Your agent is legally obligated to represent your best and undivided interest. If your agent has other motivations, they’re not serving you!
As you know, selling a house is a huge deal. Hence, your agent shouldn’t coerce you into accepting something you don’t want – unless they provide a tangible reason.
Even if your listing agent can justify why they think you should agree to a deal, it’s unethical to pressure you. Their job is to guide you and protect your interests, not force you to do what they want.
5. No result
How long has your house been on the market? Have you seen any progress in terms of showings, calls, or offers during this period?
The answers to these questions are crucial in knowing if your listing agent’s marketing plan is effective.
If your house spends way more than the average number of days on the market, you may need to change your listing agent.
This change is even more necessary if you’ve followed every bit of their advice and can’t see any progress.
Now that we know how to identify the wrong listing agent, how can you identify the wrong buyer’s agent?
5 Signs That You Hired the Wrong Buyer’s Agent
A good buyer’s agent should:
- Educate you about the local real estate market.
- Listen to your needs and understand your budget.
- Help you find your dream house.
- Negotiate a good deal with the buyer for you.
The wrong buyer’s agent would be unable to do these effectively, and here’s how to know that they can’t:
1. Lack of communication
As with a listing agent, one of the signs that you’ve got the wrong buyer’s agent is lack of communication.
If you have to text, call, or email your agent for updates after weeks of silence, then you need to hire someone else.
Having an uncommunicative buyer’s agent can be frustrating, especially in a hot buyer’s market. You may end up missing out on your dream home because they did not inform you of how things are going quickly enough.
As a client, you are the boss of your real estate agent. But that does not mean they have to be a yes-man to your demands.
Your buyer’s agent’s responsibility is to give you honest advice even though they know you may not like it. For example, they should not lie to you if your budget can’t get you the type of house you want.
So, in summary, if you find your buyer’s agent agreeing to every one of your demands – without advising you on what to do – you may need to find a new agent.
3. Unfamiliar with the local housing market
A good buyer’s agent understands how the local housing market works. More importantly, they have a good idea of the sellers’ behavior in that location. If your buyer’s agent isn’t familiar with the local housing market, you need to hire someone else.
Having an agent who doesn’t understand the local market will cost you precious time and resources. They won’t be able to find your desired house on time. Worse, they lack the knowledge to competently negotiate on your behalf. Speaking of negotiation…
4. Bad negotiators
Negotiation is vital when it comes to buying (and selling) a home. Without good negotiation skills, your buyer’s agent won’t be able to reach a deal with the seller. Even when they get the deal, you will end up paying more than you should.
On the other hand, a good negotiator will use the inspection as a tool for bargaining. They’ll be able to use factors like structural issues and trivial cosmetic problems as leverage to get the seller to reduce their asking price.
5. Zero progress
The final sign that you have the wrong buyer’s agent is if nothing happens despite searching for a house for months.
Note that this could be your fault if you’re overly critical of the houses your agent shows you. But if your agent isn’t showing you anything or keeps showing you homes that you’ve already said you don’t like, you may need to change them.
How to avoid hiring the wrong real estate agent
Now that you know what the wrong real estate agent looks like, how can you avoid meeting them? The best way to avoid hiring the wrong real estate agent is by contacting us at Bost Redevelopment.
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.
Want to talk more about your options? Please leave us a message below with your contact information and let us know how we can help you. Remember that you get a 5-day cruise vacation for 2 if we successfully help you sell or buy a house, so, what are you waiting for?