6 Things to Watch Out for When Picking a Real Estate Agent
Selling or buying your home is one of the biggest transactions you’ll make in your life, and therefore choosing the right real estate agent will be very important. But how do you choose the right real estate agent in Kitchener-Waterloo?
While this article focuses on warning signs to avoid when picking a real estate agent in Kitchener-Waterloo, we will start off by giving you some tips on what to look for as well. When picking an agent it’s important to ask lots of questions.
Ask about how often the agent will communicate with you. As a seller ask about the ways the agent will market your home. If you’re a buyer ask how frequently you expect them to send you listings.
There are no dumb questions. Ask about anything and everything you can think of, this will help you learn about the agent at which point you can see if any red flags come up.
Here are the 6 warning signs to look out for when picking a real estate agent in Kitchener-Waterloo:
The Agent Has a Very High Price Suggestion for Your Home
Agents price your home based on what comparable homes have sold for in your neighbourhood. Since all of the agents look at the same data, they should all be giving you prices that are close to each other.
If there is an agent who prices your home drastically higher than the rest, that should raise a red flag for you. Setting the price too high usually means your home will take longer to sell, you will eventually have to drop the price, and there will be bad stigma attached to your property.
This is because if your house is listed at too high of a price the right buyers will not look at it, and the longer your house spends on the market the more people will assume something is wrong with it.
The Agent is a Part-Time Realtor
You will definitely want your agent to keep an eye on the Kitchener-Waterloo real estate market every day, and if the agent is only part-time chances are that they will not be doing so.
A full-time realtor checks the market every morning when they come to the office, and all throughout their day, as it is their job to do so. As a buyer you want your agent on the ball for new listings so you can see them as soon as they hit the market, and as a seller you want an agent whose only job is to sell your house.
The Agent is a Family Member or Relative
While it might seem like a great idea to help out your relative, you should keep in mind that you owe yourself the best possible service. This is not to say that a family member, or a relative, shouldn’t be picked as your realtor, but their family relationship to you should not be the deciding factor.
By all means if your cousin is an A+ realtor then you should pick her, but not only based on the fact that she is your cousin.
The Agent Doesn’t Know the Real Estate Landscape in Your Neighbourhood
If the agent doesn’t know what is going on in your neighbourhood it can prove to be costly. Picking an agent who is aware of the market in your area can help you sell your home faster and for more money.
They will know how much demand there is for your area, they may know a buyer specifically looking for a home in your neighbourhood, or a seller who has not listed their house yet. It’s important to pick an agent who is very aware of what is happening in your neighbourhood.
The Agent Charges Very Low Commission
In Kitchener-Waterloo real estate commission for top agents is on average between 5 and 6 percent, and this is split between the buyer and seller agent. If the commission being offered on your house is very low, you should be asking yourself how hard the agent will be working to sell your home.
Why does this agent need to charge such a low commission? Do they get enough business? As with most products, you get what you pay for!
That being said it is still reasonable to negotiate a slightly lower commission with your agent, but that shouldn’t be the only deciding factor. It is normal for agents to offer you discounts or rebates, but if that’s their main reason for why you should choose them then you should watch out!
The Agent Doesn’t Normally Deal With Your Type of Property
This one seems like a no-brainer, but it’s still important to point out. If you are selling or buying a condo in Kitchener-Waterloo don’t pick an agent who only specializes in selling houses, and vice-versa.
While most agents specialize in multiple property types, it’s important to clarify that they are specialists in the type of property you are looking to buy or sell.
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There you have it, our list of things to watch out for when picking a real estate agent in Kitchener-Waterloo. Make sure you are asking lots of questions, and look out for the warning signs when the agent is answering those questions.
A good realtor will never pressure you into something you don’t want, our job is to be there for you when you need us and to make sure you get the best outcome possible. The best real estate agents in Kitchener-Waterloo know this, and now you know it too!
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