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Why hire a real estate agency when buying or selling a property?
You don’t need to know everything about buying and selling real estate if you hire real estate professionals who do. The trick is to find the right agency. For the most part, they all cost roughly the same, so why not hire someone with more experience than you? We’re all looking for more precious time in our lives, and hiring pros gives you that time.
Agents take the spam out of your property showings and visits. If you’re a buyer of new homes, your agent will not waste your time and only show you properties that closely match your criteria. If you’re a seller, your agent will filter all those phone calls that lead to nowhere from lookie-loos and try to induce serious buyers to write an offer immediately.
Agents either possess intimate knowledge or they know where to find the industry buzz about your neighborhood. They can identify comparable sales and hand these facts to you, in addition to pointing you in the direction where you can find more data on schools, crime or demographics. For example, you may know that an apartment down the street was on the market for KES 35 million but an agent will know it had upgrades and sold at KES 28.5 million after a few months on the market.
Contrary to what some people believe, agents do not select prices for sellers or buyers. However, an agent will help to guide clients to make the right choices for themselves. If a listing is at 3%, for example, an agent has a 3% vested interest in the sale, but the client has a 97% interest. Selling agents will ask buyers to weigh all the data supplied to them and to choose a price. Then based on market supply, demand and the conditions, the agent will devise a negotiation strategy.
Real estate agents can disclose market conditions, which will govern your selling or buying process. Many factors determine how you will proceed. Data such as the average per square foot cost of similar homes, median and average sales prices, average days on market and among other criteria, will have a huge bearing on what you ultimately decide to do.
Real estate agents network with other professionals, many of whom provide services that you will need to buy or sell. Due to legal liability, many agents will hesitate to recommend a certain individual or company over another, but they do know which vendors have a reputation for efficiency, competency, and competitive pricing. Agents can, however, give you a list of references with whom they have worked and provide background information to help you make a wise selection.
Top producing agents negotiate well because, unlike most buyers and sellers, they can remove themselves from the emotional aspects of the transaction. Good agents are not messengers, delivering buyer’s offers to sellers and vice versa. They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.
Today’s purchase agreements run ten pages or more. That does not include the state-mandated disclosures nor disclosures dictated by local custom. Most real estate files average thicknesses from one to three inches of paper. One tiny mistake or omission could land you in court or cost you thousands.
Even the smoothest transactions that close without complications can come back to haunt. Many questions can pop up that were overlooked in the excitement of closing. Good agents stand by ready to assist. Worthy and honest agents don’t leave you in the dust to fend for yourself.
The basis for an agent’s success and continued career in real estate is referrals. Few agents would survive if their livelihood was dependent on consistently drumming up new business. This emphasis gives agents strong incentives to make certain clients are happy and satisfied. It also means that an agent who stays in the business will be there for you when you need to hire an agent again. Many will periodically mail market updates to you to keep you informed and to stay in touch.
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