Research Is Crucial: 5 Tips for Choosing the Best Real Estate Agent

A good real estate agent can be a lifesaver when it comes to buying or selling a home, but that only works if you have chosen the right real estate agent for you. When you’re looking to work with a realtor, you have to make sure that you’re going into business with someone you feel is going to understand your needs and work for you.

Tips for finding the Best Real Estate Agent - house sale image

1.     Get referrals and do your research

The rules for someone becoming a real estate agent are lenient in many places, which is why you have to be vigilant about doing your own research. Talk with family and friends to see which real estate agents they’d recommend and why. Once you have a few referrals in hand, do some research online to learn more about your potential agent. Find out how long they’ve been in the business, who they’re connected to and how many houses they’re currently listed as selling.

2.     Meet in person and ask questions

Once you’ve decided on an agent, meet with them in person before visiting any houses with them. Some agents will try to lock you into a contract immediately, which should be concerning. Your initial meeting should be all about interviewing your realtor. Ask about their experience in your price range, in the neighborhoods, you’re interested in, their strategies for complicated or competitive sales, and how they negotiate multiple offers. You should also see how they will deal with a situation that requires you to sell your home quickly. Find a company that advertises ‘we buy houses’, or see if their real estate company offers a cash buyout of your home. This will help you get out of a bind quickly—if need be.

3.     Do you get along?

Getting along with your agent is essential. You should feel that they understand you and listen to you. They don’t need to be your best friend, but you should feel at ease around them. You’re going to be making some very stressful decisions around this person, so it’s crucial they make you feel comfortable.

4.     Look for competitive advantages

You’re about to spend a lot of money (even as a seller) so shop around to see what realtor can offer you the best benefits. Realtors are commission based and need to hustle to attract and keep clients. See if your agent can provide you with deals with mortgage brokers or lawyers they know, or has a specialty in buying or selling the type of home you’re interested in.

5.     Understand their commission

All agents work on commission, and this is something you want. An agent who works on salary won’t work nearly as hard for you. That being said, understand how much commission your agent is charging, who is paying it, and see if they can offer you a better deal. There’s no harm in asking, and a reduction in price can definitely save you some money overall. This only applies if you’re selling a home, of course, since the buyer doesn’t absorb the cost of a realtor’s commission.

Planning Well: How to Become a Successful Real Estate Agent

The real estate industry is quite a booming sector that largely influences the economy regionally and nationally. Working in the real estate industry as a sales agent can, therefore, be a lucrative job opportunity, that many people desire. Excelling in this industry, however, requires you to be well-informed, aggressive, and versatile enough. Success, in this regard, is measured in terms of how well you can drive sales as well as how much of a foothold you have in your market. To start your career as a real estate agent, here are important tips on how to become successful.

Planning Well: How to Become a Successful Real Estate Agent - property sale image
Estate agent shaking hands with customer after contract signature

Establish a niche

The real estate industry is quite huge in terms of the range of products available. Working as a real estate agent, therefore, exposes you to a wide range of opportunities and options from which you can choose where to major in. Whereas there is no precise division in terms of products you can deal with, it is important to understand where your passion is. Among the key opportunities at your disposal in this regard includes focusing on becoming a buyer’s agent whereby your role would include finding and negotiating for a home for your clients.

A listing agent role, on the other hand, will give you an opportunity to become partners with persons seeking to sell their homes. Other types of real estate agencies that you can focus on include working as a dual agent where you represent the interests of both buyers and sellers and working as a transaction coordinator where you help in the processing of the administrative items in real estates. Defining and knowing your role in the real estate agency industry will give you proper incentives to understand what your goal would be, thereby helping you to get focused.

Know your market well

The real estate industry is quite volatile and is defined by various factors including social, economic, and political factors. These factors affect the industry in terms of pricing of products. To be successful, you need to understand the real estate industry in general well. Such understanding ensures that you can appropriately respond when the market behaves in certain ways, thereby preventing prospects of making errors.

In addition to the overall knowledge of the industry, it is important to have specific knowledge of the particular market that you are focusing on. If, for example, you are operating within a certain locality or neighborhood, it is prudential to understand the dynamics of pricing of real estate products within the area as this gives you an opportunity to be relevant to the market and your customers in general.

Know where to source good deals

As an investor and businessman working as an agent in the real estate industry, it is important to be a good deal maker. Part of the successful deal-making process requires you to understand where to source your products from. Success is also defined in terms of your ability to accurately balance profit-making and customer satisfaction. In this regard, finding a good deal from the various key sources of real estate properties is crucial.

As an agent, you should, therefore, be well equipped with knowledge regarding real estate auctions where you can source a good property up for sale. It also pays to learn more about potential distressed properties for sale in your locality and the market in general as you can be sure to find good and affordable deals.

Establish partnerships

In any business, establishing partnerships is one of the critical factors that define success. When working as a real estate agent, establishing such partnerships with other real estate agents and clients gives you an opportunity to network in ways that increase the prospects of successfully making deals. Networking with the relevant stakeholders in the real estate industry increases the prospects of your success as it may also open up new opportunities through referrals.

Establish and cultivate an online presence

In this digital age, various tools have been introduced that can significantly revamp and boost your business as a real estate agent. You should, therefore, endeavor to establish an online presence by creating a website or a blog from where you can engage the market meaningfully by regularly publishing relevant information. Social media presence such as on Facebook, Twitter, and LinkedIn can also significantly improve your reputation and grasp of the market as you get an opportunity to network and meet other key market players in the real estate industry.

Prepare for challenges

The real estate industry, like any other industry, is quite volatile and prone to significant challenges. When investing in this sector, it is important to foresee the various challenges that you will be bound to meet ahead of you as that gives you a hedge and the ability to plan yourself beforehand. Among the prominent challenges that you will be bound to meet include:-

Fluctuating sales

· Fluctuating sales – sometimes your ability to drive sales would flop seasonally based on external factors.

External impacts

· External impacts – the industry is controlled by multiple key factors including political influence which may destabilize your position as an agent.

Financial shortcomings

· Financial shortcomings – you may go for long without driving sales, therefore prompting you to take some cost-cutting measures.

Competition

· Competition – the real estate sector is quite congested with numerous sales agents.

Lack of a definite schedule

· Lack of a definite schedule – sometimes you may be required to work overtime to secure deals and be able to meet your clients.

Volatile responsibilities

· Volatile responsibilities – working as a real estate agent needs you to be able to switch roles between a buyer’s agent and a sales agent.

Disappointments

· Disappointments – it is not guaranteed that you will successfully seal deals. Sometimes you will get disappointed by failed deals.

In conclusion, working as a real estate agent in our economy today requires you to be fully-equipped with sufficient knowledge of the various factors that drive success. Sufficient preparation thereof requires you to not only understand your market but also know your role well and how to optimize your success by utilizing various tech-tools available in the market. Also, you need to be well aware of the multiple challenges you would be bound to meet and how you can counter them while maintaining focus in your work.