Buying or selling a home is an immense financial undertaking, which could become your life's most exciting time — or its most frustrating one. Here are 5 things to keep in mind when choosing Real Estate Agents in Oakville.
To get a better idea of some things you should keep an eye out for, let's take a look at some of the things said by real estate agents. Clearly, hiring a reputable agent is the best way to avoid these situations - here are a few things to watch for.
1. Telling you the price you’d like to hear
You’ll want to sell your price assuming that your house is worth more than people say it is, and since you are unaware of the market and the dipping and rising of prices, this is a common area of misconception.
An agent might tell you that your home is more valuable than it really is, and will tell you a generally higher price, in order to get your attention. After being hired and with some passing of time, however, they will turn around and request that you lower your price. This way, they will get their commission, and you will end up selling your house at a much lower price.
Agents know exactly how significant it is to demonstrate competence at a steady production level. In fact, one of the most important factors in choosing an agent is a solid track record of success. This can be checked by simply calling their broker and counter checking.
3. Saying Commission is not negotiable
Brokerage fees, or commission, are not set, and may be negotiated before a deal is finally signed. What many customers do not know about this fact (nor will agents tell them about it) is that the property agents can change their brokerage fee. Keep in mind that any commission costs can be paid for in your contract, and can also be negotiated.
4. Misrepresenting their specialized area
It is useful to look for someone with experience in selling your kind of house. Sales of luxury homes, waterfront houses, condos and other styles of homes all come with different concerns, which only an expert can effectively predict and solve.
Many agents may claim that they have expertise in a certain field of interest, even when they don't have it. If you are connected to an agent working in a specific type of property, make sure that you ask them to back up their claims. Have them present you with a couple of recent sales which suit your needs.
5. Suggesting an open house is the best way to sell your property
The truth is that homes are rarely sold at open houses. Some figures place the amount of homes sold at open houses at less than 2%. That is not a promising number.
In cases wherein a buyer has decided to purchase a home after seeing it at an open house, they will have scheduled a showing, if the time wasn’t convenient. You’ll see real buyers schedule showings for properties that they are interested in viewing.
Any agent who tells you that open houses are the key to selling a home is simply not telling you the whole story. Most of the benefits of open houses go directly to the agent - who gets to offer their services to every party that walks through the door.