Many call hiring a real estate agent a necessity. Although that is true, it’s also true that you need to look for quality agents, as opposed to hiring the first persons that contact you. In the real estate industry, quality makes a huge difference. When looking to sell a house, getting it in good shape will help you sell much easier. When looking to buy a house, hiring the right person for the job will save you time, energy, and of course, money.
So to elaborate on all that, here is why hiring a quality real estate agent pays off.
Extensive Market Knowledge
The first reason why you should always hire a quality agent is that you’re paying him for their knowledge. And in the real estate industry, market knowledge is everything. Market knowledge in real estate refers to the connections and networks an agent has when needing to buy or sell properties. But it goes far beyond that. Another aspect of market knowledge that many overlook is the trends of the industry. Stuff like mortgage interest rates, how unemployment impacts the market, in what marker is the industry currently in, etc, can make a huge difference.
It even goes as far as knowing the individual market on each street of each town and city. Properties sell for different rates across towns. Some neighborhoods are more expensive than others. These neighborhoods demand better prices and are generally more difficult to buy into due to high competition. A quality real estate agent knows all of this and has the tools to do the proper research. So when hiring a quality real estate agent, you are hiring him for everything they know and every piece of information they can uncover and give to you.
As always, there are many more reasons so let’s see what that is.
When looking to buy or sell properties, there are two ways to do it. You can do it with an agent, or go FSBO (for sale by owner). According to this market report from 2021, only 8% of all real estate purchases were done FSBO. That means FSBO isn’t a very popular way to purchase and sell properties. But why is that? A real estate agent is a seasoned professional in the industry that knows everything related to buying and selling properties. A very important aspect of buying and selling is doing it for the right price.
Going FSBO leaves you vulnerable to getting hoodwinked. If the opposite party goes with a veteran agent, they can trick you into thinking you’re buying or selling for the right price. More so, a real estate agent offers assistance in price guidance. This is a huge reason why you should always go with a real estate agent. But not just any agent, a veteran that knows the ins and outs of the market.
Price guidance is something that people pay a lot of money for. It is precisely why real estate agents offer to consult services to companies and individuals. While anyone can do a quick Google search and uncover the true value of a property, the process isn’t as simple as it might seem. A lot of factors impact how much a property realistically costs, and a quality real estate agent knows that.
Are you the sort of person that cannot negotiate to save your life? If so, then a real estate agent is the obvious choice when buying or selling properties. But how do you know if you’re hiring the right agent for the job? One way to know is by listening to how they speak. Are they convincing? Do they professionally conduct themselves? Are they able to sell you the hire without stuttering? No doubt having communication skills goes a long way. But what makes a real estate agent truly quality is their ability to negotiate.
Knowing markets and prices is one thing, but an agent that will fight for you is on another level. A quality agent will do their research and prepare before meeting the opposite party. Since they know there is money on the line, they will fight and make sure you get a good deal. If you get a good deal, they get a good deal.
The better they are at their job, the more likely you’ll recommend them to your friends and family. This is one way how quality real estate agents build strong networks.