How To Choose A Real Estate Broker: Tips For Sellers And Buyers

What to keep in mind when you choose a real estate broker?

Many people looking to sell their property tend to hire the first broker they find and hand over a deal that involves thousands of dollars. Is it wise to make such a quick decision? What important information should you gather about a broker before you decide to work with him?

People say that it’s easy to become a licensed real estate broker, that is why there are so many new brokers in the market each year. But the main question of the real estate sphere is whether these brokers have enough experience to handle significant transactions. 

Some professionals in the field worry that many people choose their realtors randomly, without trying to ensure who is the competent agent and who to avoid. Most people tend to follow recommendations received from acquaintances, but that doesn’t always lead to a positive experience. Just like you wouldn’t want to be operated by a surgeon who is simply friendly, it’s vital to assess a broker’s qualifications and expertise. This is important for both buyers and sellers when it comes to making the right choice!

What makes a good broker for a seller?

When you decide to sell your home, it’s crucial to have someone who can set a price appropriately, create an effective marketing plan, and negotiate prices that could result in considerable discounts. How do you find such a professional? 

• Look for help. If you don’t know someone suitable, consider asking trusted friends and colleagues for their suggestions. 
• Consider examples in your neighborhood. You could also check in a local brokerage to find out which agents have recently had success in your area, or read client testimonials that highlight outstanding work and advise against hiring the wrong person.
• Find out more about potential candidates. Once you have a list of potential candidates, schedule interviews with each of them. Inquire about their experience in your area, and if they lack local knowledge, ask if they can suggest a reliable specialist. While it’s impressive to see a broker with extensive experience on their resume, don’t overlook the talented and enthusiastic young real estate agents who can also deliver excellent results.
• Ask the right questions. It’s a good idea to ask a broker for the listing presentation. You can also join them to visit other property showings and see how he/she interacts with buyers who are interested in your home.
• Trust your intuition. Be cautious of brokers who share the information you want to hear. Even if they assess your home at millions of dollars, and you realize that’s far from reality, it’s best to avoid these so-called professionals. The same goes for those who only focus on the strengths of your property and overlook any issues. It’s better to choose someone who is genuine and sincere than smooth talkers.
• Choose a pleasant person, first of all. The personality of your broker is another key element to think about. A broker who is too strict or forceful might scare potential clients away. It’s better to work with someone who is friendly, engaging, and skilled enough to negotiate favorable terms for you.

A Broker For A Buyer: What To Consider?

When you decide to hire a broker to purchase property, make sure to find someone who is professional and can ask the right questions. This person should focus on multiple aspects like time frames, budget, and getting you prequalified for a mortgage. Additionally, it’s crucial to select someone who knows the area you’re interested in, understands the different types of housing available, and possesses strong negotiation skills. What else you may wonder?

• Ensure a broker is a good listener. An effective broker should be a good listener and possess a strong intuition to select worthwhile properties. He/she should be able to consider your expectations carefully and be brave enough to suggest excellent homes, even if those options don’t fully match your stated requirements.
• Think of buying a team of brokers. It’s common to hire a team of brokers, where each person specializes in a particular aspect such as marketing or staging. However, when you have several people working together, not everyone may fully understand what you truly need. To make things clear, take the time to outline your expectations for the team and encourage each member to concentrate on his specific role.

How To Refuse From Broker’s Services?

Don’t waste your time with a broker who doesn’t meet your needs; it’s right to end that relationship. Even if you have a listing agreement that lasts for six months, you can easily stop working with a broker by explaining to this person that you won’t accept any offers from him. 

Sellers should keep a record of the contacts the broker has engaged with. If you don’t, you might miss potential buyers, even if they’ve made an offer that you accepted. The best way to insure against this is to sign a contract with your broker that specifies a timeframe for which they can when he can claim credit for the contacts he has listed.