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Is a Real Estate Agent your Friend or Foe when Purchasing Property?

Tuesday, September 09, 2014

Most of you will have heard horror stories about real estate agents, their dirty tricks and the ways in which they attempt to trick buyers on a daily basis.

Real Estate Agents have often being likened to Sharks and Shonks and regarded as more honest than only car dealers. 

But there are also some very trustworthy agents in the market also and there are a few tips and tricks to help you find them.

The first trick is to deal only with the most experienced agent in from reputable firm. If possible, deal with the senior principal.

This agent knows their business inside out and has a wealth of experience that you can utilise. Real estate agents are a necessary evil in your real estate dream team so make sure you find one you can trust.

Agents are after the best commission they can gather on a sale so they work to maximise the price for the seller.  This is great if you are a seller but not so great if you are a buyer.  On the other hand real estate agents know that a ‘sale in the hand’ is better than a sale in the bush. So utilise this to your advantage if you are a buyer and make it clear to the agent that if they don’t get you a good price you will not buy.

Also, there are no agents who charge a fixed commission regardless of the sale price.  These types of agents are fast becoming the favourites of the selling public who like to know their costs upfront and same too for the buying public who enjoy the fact that the agent is looking for turning over as many sales as possible in the shortest amount of time, and therefore won’t be wasting time chasing the highest sales price.

What to look for in an agent?

  • Ensure they are fully licensed
  • Check out their experience
  • Find out the details of their commission
  • Monitor their negotiation skills
  • Determine if can trust them
  • Determine whether you like the way in which they operate

When dealing with an agent.

  • Be friendly
  • But never reveal the amount you can afford to spend
  • Remain confidential on the dollars until you make your offer
  • Sick to your ceiling price and do not budge from it
  • Never let an agent know that you are overly keen on the purchase
  • Remember, real estate agents are trained in advanced persuasion techniques - keep your wits about you at all times.
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