Because of their experience in the field, your agent may have a lot to say to you, but to avoid an awkward situation, they prefer to swallow the hard pill and pray that you get to close on a deal soonest. Here is what your real estate professional wishes you knew but won’t tell you:
1. You May Never Meet the House of Your Dreams
Let’s face it—you are looking for a particular type of house that was designed by somebody you never met for someone unknown to you. How will they even know your preference? How will they know your likes or dislikes? You end up house-hunting for ages and never meeting that house that has stuck on your mind for years. To avoid being dropped as a client, save both you and your agent’s time.
2. Don’t Talk About Race or Ethnicity
If you are looking for a particular buyer or neighbourhood, you have to do the research yourself. Avoid being lazy and get on your feet to do due diligence. According to Fair Housing Act, it is unethical for the real estate professional to steer you to or from homes because of the prevalence of particular colour, race, religion, or disability.
3. The Commission Is Not Set On a Rock
Perhaps when the agent mentioned their fee you wished to ask them to give you a small discount on the amount. Some property clients usually fail to bargain with their real estate managers on the amount charged. The agent’s commission is perhaps the part of property selling that generates the most controversy. Fees are negotiable as long as you negotiate the price before signing any agreements. Feel free to negotiate when you feel the price is higher than you expected.
4. Pre-Approval Is Just the Start
Avoid getting into new loans or using credit cards immensely until after you closed on the house. It is even better to continue being frugal until after settling in the house for a few months and obtained a clear sense of how the new home ownership impacts your wallet. You will realize other costs surface the moment you become a proud owner of a new home. Some of the expenses that may arise may include repairs and inspections.
5. The Commission Is Just a Drop in the Ocean
With a range of market fees nowadays, the agent gets to spend 1% or less of the settling price. Remember that your agent deals with brokers and other agents to get the best deals in the market. Each side sets their fees, and the commission has to be split. Therefore, give your agent proper payment and a deal that he will feel indebted to you and give you consideration in future businesses.
House buying can feel like a one-sided process. Whether as a buyer or seller, you may not get feedback from the agent’s side on what you are doing wrong. Following the above will ensure both you and your real estate professional have an easy time working together.