I often say that buying a home is like a team sport. You have team members that play a pivotal role in the real estate transaction. While you may have the best mortgage broker and real estate lawyer lined up, unless you can find a home you’d like to purchase, your dreams of homeownership will never become a reality. That’s where your real estate agent comes in.
Point2 Homes recently wrote an interest article on signs you chose the wrong real estate agent. Let’s look at some of those signs now.
The Agent Doesn’t Have a License
Just because someone says they are a real estate agent, doesn’t mean that they’re necessarily licensed. Anyone can list that they’re a real estate agent on LinkedIn. It’s worth taking the extra precaution to make sure any agent you’re considering working with has an active license. Otherwise you’re putting yourself at risk, as well anyone else involved in the transaction.
The Agent Represents Both Parties
Imagine going to court and having the defendant’s lawyer also representing you, the plaintiff. Does it seem crazy? Luckily, that’s not allowed in a court of law, but it may surprise you to hear that something similar is allowed in real estate.
Did you know that a real estate agent can represent both the buyer and seller? When an agent does this, it’s called “dual agency.” While it’s possible for a good agent to represent both the buyer and seller in a fair way, clearly there’s a conflict of interest. The best way to avoid a situation like this is to not put yourself in it to begin with. When a real estate agent suggests dual agency, it may be in your best interest to run the other way.
The Agent is Inexperienced in Your Property Type
It’s common for real estate agents to specialize in a certain type of property. For example, one agent might be most familiar with single detached homes on a spacious lot in the suburbs, while another is most familiar with condos in the downtown core. While real estate is real estate at the end of the day, if you want a real estate agent who really knows his stuff, it’s best to go with an agent who’s already familiar with your property type.
How do you find this out? By looking at the active listing the real estate agent has. You can also look at the homes the real estate agent his recently sold to get a feel for the property type he knows best.
The Agent is Overly Pushy
Don’t lose sight that you’re the one who’s paying the real estate agent. They’re working for you, not the other way around. A good real estate agent will want you to take your time and find the right property, while a pushy agent will encourage you to buy the first property that you see. You want an agent that’s working for you, not against you.
Brought to you bySean Cooper