6 Red Flags to Watch Out for When Hiring a Buyer’s Agent
Choosing the right property to buy is no easy task and can be overwhelming for first time buyers. Lack of real estate knowledge is one of the main reasons why home buyers opt to hire agents to assist them. They provide you with the information you need, to make an informed property purchasing decision. However finding a good agent is a challenge, given the number of buyer’s agents available.
Here are some red flags to watch out for when hiring a buyer’s agent / buyer’s advocate.
They buy, sell and offer other property services.
Some agencies offer a range of property related services. This may seem convenient however it can lead to biased advice when it comes to an appropriate property selection for you. A real estate selling agency may recommend a property primarily due to their own sales objective. We recommend you deal with an independent buyer agency firm that only buys property. Without a dedicated buyer’s focus, the firm can’t have your best interests in mind because they legally work for the vendor.
Cheap fees don’t mean good outcomes.
Be cautious of buyer’s agents who charge very low fees. This can often mean they aren’t licensed or qualified to (legally) work in the real estate industry. It can also mean that their skill set is poor and so the only way they can compete is on price. Like anything, you get what you pay for so what’s more important than price, is the value they offer for their fee. Low fees mean you will get the minimum amount of time they can give you to get you off their books ASAP, to move on to the next client. You want your outcome to be exceptional, not near enough is good enough. It is important that you feel comfortable with the agent you are working with and always remember you have the last say on which property you are going to buy.
They show up late or cancel appointments.
Punctuality is one quality associated with professionalism. Arriving late to meetings is simply unprofessional. An agent who arrives late or cancels a meeting at the very last minute is a clear indication of a red flag. Tardiness could also be an indication that they are disorganised.
They hesitate in giving you contact details of previous clients.
One of the best ways to learn more about an agent is to get reviews or feedback from previous clients, especially recent clients. These clients can give you an honest appraisal about their experience with the agent you are considering. An exceptional agent should be happy to provide you with testimonials and the contact details of recent clients. If they seem hesitant, there may be an underlying issue.
They have a lot of bad reviews.
Customer reviews can be very helpful when you are evaluating a prospective buyer’s agent. A few negative reviews may be inevitable due to unforeseen circumstances, however if the majority of their reviews are complaints, they should be avoided.
They are not full-time buyer’s agents.
Being a buyer’s agent or advocate is a profession. Always look for full-time or specialist agent and not someone who has a different day job. They can’t help you find the right property if they aren’t working every day in the market to get access to property before the general public or if they have other things to attend to. Apart from being full-time agents, they must have at least two years of experience in the industry. Take time to review their working history and find out what they can bring to the table.
Buyer’s agents can help make the process of buying property easier. Finding the most qualified and experienced buyer’s agent in Melbourne can be tricky, however it is well worth spending the time to evaluate your options carefully to ensure you get the service you need. This will guarantee you have someone who will act as your advocate with your best interests in mind.
At Property Mavens, we have a team of experienced professionals who can help you find the perfect property to suit your budget and financial position. As your advocates, we can negotiate on your behalf and make things easier for you. Contact Us