If you are in the real estate market, you need to have a good broker. This is true whether you are buying or selling. A good real estate broker will help you find the right property (or sell yours) and help you navigate the complex world of real estate law. It can be hard to find the right broker or agent, but it is well worth the trouble. You need to find a broker who will truly represent yourÂ interests, who will listen to your concerns and desires, who has experience in your area and who is insured.
Is the Broker Working for You or the Seller?
Real estate agents generally work for the seller. This is a good thing if you are the seller, but it can be very detrimental if you are a buyer. Your broker will not tell you that the seller will go down by another 10 percent; he can’t, as he is contractually obligated to look after his client’s best interests. If you are looking to buy a piece of property, then you should find a buyer’s agent. He or she will represent you and be sure that you get the best deal. Every city now has at least one real estate agency that focuses on buyers.
Will She Listen to You?
Some brokers are hard of hearing, or at least they seem to be. You tell your broker that you are looking for a three-bedroom ranch in a certain area of town, and he takes you to see a two-bedroom colonial out in the suburbs. Some have the same problem honoring the wishes of clients who are selling rather than buying. Interview each prospective agent and make certain that he or she will be an asset. If not, then you should keep looking.
Experience is Key
You do not want a broker who is just starting out, especially if this is your first foray into the market. You want someone who has a lot of experience in the type of property you are seeking to buy. The one exception to this rule is if the property you are looking to buy is on the extreme low end of the price scale; many experienced brokers will not touch such properties.
The real estate agent or broker you hire should also be insured. Not all brokers are, but they are all human, and should have good errors and omissions insurance coverage. In the event a mistake should happen, the insurance will protect everyone involved with the transaction.