Buying a residential property takes time and research and sometimes, to succeed in this process, one needs to have a professional agent. Unfortunately, not every homebuyer who hires a buyers advocate end up successful.
Here are common mistakes in picking a buyers advocate you need to be aware of.
Not Trusting the Agent
Trust is crucial in any relationship, whether it’s business or personal. As such, a homebuyer needs to interview first the buyers agent he or she is planning to hire. Do not hesitate to ask questions, ask for a guarantee and check their references. You may also test their negotiating skills and determine if you’re comfortable working with this professional.
The guarantee part is your way of making sure that the buyers advocate deserves your trust. In short, whatever the agent tells you verbally, insist that his or her words be put in writing.
Not Signing an Agreement
Many buyers advocates ask their clients to sign an agreement before they start finding that property. Signing this document means the homebuyer is committed to working with the buyers agent for a specific period of time.
This agreement usually states the fee being charged by the buyers advocate, when the fee should be paid and other conditions set by the buyers agent.
If you are not ready for a commitment, it is best that you tell the buyers agent up front and negotiate for a better term. You may also request for a guarantee that will release you from the agreement in case your business relationship does not work.
Failure to Check Credentials
It is a must for any person planning to hire a buyers advocate to check the background and credentials of this real estate professional. Avoid choosing based solely on a low commission rate because this only signals poor negotiating skills. You should do your research to find out the reputation of this professional in your locality.
Always ask for references and if possible, check and call those references to confirm what your potential buyers advocate is saying. You can also call the buyer’s agent’s office and inquire about the number of people he or she has assisted in purchasing homes. Do not hesitate to also ask about the real estate associations the buyers advocate belongs to.
Research is crucial in being able to find the right buyers advocate who can help you find and purchase your dream home. As such, anybody looking to buy a house should take the time to get referrals and check the background of the buyers agents they have shortlisted.
By Wendy Chamberlain
Copyright 2015 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a
