Buying property is one of the most important transactions you’ll ever make, whether you’re purchasing your first house or adding another rental to your investment portfolio. While many of today’s buyers start their search on the Internet, most choose to get an agent or Realtor® involved at some point during the process. According to the National Association of Realtors, 88 % of buyers purchased their homes with the aid of an agent or broker. Of those, 88% would recommend their agent or use their services again.
At Shield Property Management and Sales, we understand that a good agent should balance his or her market expertise with your needs. Our trained professionals will answer your questions and guide you through the purchase of a new home or rental property.
Unfortunately, not every agency or broker has your financial best interests at heart the way we do. Here are five “red flags” of real estate that should make you think twice about an agent.
- They’re new
All agents need to start somewhere. And yes, if no one ever gave the #1 bestselling agent in your area a chance, she wouldn’t be where she is today. But the agent you select should have experience that’s in line with your situation. If you have cash in hand or pre-arranged financing, and know exactly which property you want, a newer agent might be perfectly suitable for the transaction. If you need expert guidance or need someone to complete difficult transactions/negotiations, a more experienced Realtor would be the smart choice.
- He or she typically works in a different area
This includes price range and property type, as well as geographic location. If you’re looking to buy a 5 bedroom, 3 bath luxury home in a Scottsdale gated community, for example, choose a Realtor with applicable experience. For a 2-bedroom Chandler condo that you want to turn into a rental, you should probably seek an agent with rental property experience. Ideally, you want someone who has negotiated similar transactions in the past. This way, he or she has expert knowledge of your target area and will prepared for any issues that can come up during the buying or selling process.
- They only work in real estate part-time
If you’re serious about buying or selling a residential property, your search is probably at the top of your to-do list. You’ll have the best chance of securing the property you want, or selling yours at a good price, if your agent is accessible and putting forth 100% effort. Part-timers are often less knowledgeable and slow to respond. Of course, that’s not universally true. The average agent completes only 11 transactions per year, which means many likely have side jobs.
- They’re a friend, family member or “friend of a friend”
If your buddy recommends the Realtor he used to purchase his home, that’s perfectly within boundaries. After all, if he had a positive experience its likely you will too. However, if your mom or Aunt Sally or your best friend’s mom has a real estate license, that doesn’t mean you should automatically use their services. Try viewing the person from an outside perspective before hopping on the client train. Is Cousin Joe familiar with the area you’re interested in? Are you confident in his ability to get you the best deal? How well do you get along? Fully consider whether your friend or relative is the right person for the job.
- They make big promises
If something sounds like a sales pitch, it probably is. If an agent tells you that only he can get you the best price, that your home is worth more than market value, or that you should buy a property that far exceeds your budget because “you’ll find the money somewhere,” look for another agent with more realistic ideas and expectations.
Shield Property Management & Sales does more than just show you houses. Our agents help with pricing, deal with regulations, negotiate contracts, make or counter offers, and ensure the process goes smoothly from browsing to financing to closing. Ultimately, we want you to get the best deal possible on your primary, secondary or rental home. Contact us today to get started on your property search.Contact us