Choosing a Real Estate Agent

Things to consider!

 

What agents bring to any transaction.



Whether you are a vendor, purchaser, landlord, tenant or even an advisor to any of these groups, (e.g.lawyer or accountant), we hope you will find the following useful.

An agent is fundamentally an information broker.

One of the most important things an agent is required to do is to get to know the participants in the market.So when we  come to list a property, we are able to select the best buyer or tenant.

For example, if we know our landlords well we will be able to find the right tenant that suits what he or she is looking for. For example some landlords want only long term tenants and others are happy to take shorter terms.If we don't know what our landlords require then we can waste prospective tenants' and landlord's time.

In respect of purchasers it is also vital that agents have intimate knowledge of what they are looking for so when a property comes up for sale we know who the property suits best.

So agents spend a considerable amount of time obtaining intimate knowledge about the players in the market.

 

Occasionally vendors and landlords will try to sell or lease the property by themselves . However this can penalise them because they usually don't have their ear to the market and can waste a lot of time and energy on buyers and tenants who are not serious prospects.

Also someone promoting their own property will always have a credibility issue. An agent can recommend one property over another whereas any buyer or tenant will take a comment from a vendor or landlord about their own property with "a grain of salt".

Sometimes vendors or landlords want to get the agents competing with each other to lease or sell a property. This is counter productive because the agent will naturally want his or her tenant or buyer to be successful, which means that the vendor or landlord will not know whether or not the best deal is being achieved.

It is far better to put the tenants or buyers in competition with each other. This will ensure that the best deal is obtained for the client. This is in fact what happens in all other areas of business.

It is in the best interests of the client that the agent and client work together to get the best result.

The tenant or buyer is the customer and from an agent's perspective the Vendor or landlord is the client.

The advisors to a client such as lawyers, accountants valuers and the like, should sit alongside the agent in advising the client on the best deal. Sometimes lawyers or other advisors will see themselves as being on a different side to the agent. This is not in the best interests of the client.