Why Must I Use the Services of Real Estate Agents?
Real estate agents are the cornerstones in the Real Estate field. Engaging in Real Estate without a real estate agent by your side as a buyer or a seller of Real Estate property is like going to court without having an attorney to represent you in front of the judge.
Renting or buying or selling a property in Ghana can be a frustrating and stressful activity. For buyers, the stress begins from identifying the preferred property to contacting sellers to negotiating a fair price to dealing with issues surrounding the property after purchase. For sellers, the problem arises from marketing their property to getting the right buyers to buy at a good price.
This makes the need for a Real Estate agent and a professional one as that very important. Although it is possible to carry out your real estate transactions without an agent, why would you want to go through all the stress by yourself?
Having an agent by your side makes the process much easier, and gives you an advantage through the experience and knowledge that real estate agents can bring to the negotiations table.
Who Is A Real Estate Agent?
Real estate agents are licensed professionals who negotiate and arrange the buying and selling in real estate transactions. Their mission is to complete a transaction between the buyer and seller.
They are mostly responsible for representing either the buyer, the seller, or both in a real estate transaction. They act as a consultant to buyers or sellers using their knowledge and expertise to help you in either buying or purchasing a property.
If you need to sell a property, you would need the service of a Real Estate agent who would help you get buyers to buy your property at a good price. Also, if you are looking to buy a property, you would need a Real Estate agent to get you the preferred property at a bargained rate.
Whether you want to sell or buy a property, you would meet with the agent and show him the property you want to sell or the specification of the property you want to buy. They would then help you find buyers for your property and for buyers, they will help you find sellers of properties.
Types of Real Agents
You will need to know the different kind of agents so as to help you make informed decisions in your work with agents. There are three types of Real Estate agents, the selling agent, buying agent and the dual agent. Depending on whether you want to sell or buy, you would need one of the above.
Selling agents are appropriate for people looking to sell the properties. Selling agents help sellers to sell their properties by representing the seller in dealing with buyers. They perform responsibilities such as marketing the property and advertising it as well as handling tours around the property. Again, they research the market and compare the different prices of properties to help determine the asking price of the property. They also present offers from potential buyers to the seller and help them decide on the best offer. They also negotiate the terms of the sale on behalf of the seller.
Buying agents represents buyers in getting them their specified property. They help buyers of property throughout the entire process of finding, analyzing, and comparing properties as well as the process of negotiating and closing the deal. They listen to investors and understand their priorities and needs, and help them achieve their goals.
They also contact seller agents and identify the best available deals as well as give suggestions for the financing of the investment. Not only that, buyer agents also write the necessary documents and agreements, such as the purchase offer and the purchase-and-sale agreement and review disclosure statements and help investors understand what problems might exist on the property.
Dual agents represent both buyers and sellers in Real Estate transactions. Thus they provide the responsibilities of the selling agent and the buying agent for the same transactions.
Importance of Using Agents
Importance of working with agents include the following;
Connection to Experts
Real estate agents have connections in the market to benefit buyers and sellers of property. They work with many people involved in the real estate transaction process, including loan officers, home inspectors and attorneys. Agents are able to use such connections in your favour. They use their connection with experts in the field to help you in either buying or selling a property.
For instance, if you want to sell your property, an agent can help you find a professional property appraisal to determine the value of the property. Also, if you need lawyers to advise on the property or the neighbourhood in which the property is situated, they can help you with that. Again, if you need a home inspection but can’t find anyone to do the job before the lender’s deadline, your agent may have an inspector she has a relationship with who will help.
Knowledge of the Real Estate Market
Knowledge of the real estate market is very important for buyers and sellers of Real Estate property. An agent can give a buyer informed opinions about the home’s future value, the neighbourhood amenities and schools and whether the investment is solid. An agent can also use their market knowledge to help sellers in selling their property through using it to market the property to get the highest price.
Buyers and sellers both negotiate the cost of the property. The buyer is looking to get the property at the lowest price, while the seller wants the highest price possible. Agents use their experience to the price negotiations to provide advice to their party without actively interfering. Your agent can help you evaluate the pros and cons of each offer you receive. An agent helps with the legal paperwork required for offers so your interests remain protected during the negotiations.
Buying or selling a home involves a lot of paperwork and is a complex process with different deadlines. Since an agent has experience in real estate transactions, he can use her knowledge to ensure the process goes smoothly and nothing important is missed. If you have any questions about the papers you’re signing, your agent will help you and get the answers if she doesn’t know.
Why You Need to Use a Professional Real Estate Agent
In Ghana, many have lost the interest in using the services of agents in either selling or buying of their property. This is because the integrity of agents is mostly doubted. Depending on the kind of agent you will need, it’s crucial to get a professional agent and not just any agent.
You would need to work with a professional agent because of these various factors;
A professional agent has integrity. That means that they know the value of words. They say what they mean and mean what they say. A professional agent means it when he tells you that he can get you your specified property within a price range you can afford. If they can’t get you your specified property at a rate within your range, they will let you know and advise you accordingly.
This means that there’s no chance of being tossed to and fro or getting disappointed due to unmet expectations. Professional agents have integrity and value relationships so they act with you in a manner that would make you comfortable and get you to trust them.
Professional agents give the right information you need to know about a property you want to sell or purchase.
For buyers, a professional agent won’t convince you to buy a house with poor interior conditions for his selfish gains. If the interior condition of the property is not good, he is mandated to be truthful to you. Again, if the community where the property is situated is not profitable for the kind of venture you want to use the property for, he would let you know and provide the necessary advice.
For sellers, if the condition or surroundings of the property is likely to affect the price or fast sales, a professional agent would advise you accordingly.
A professional agent should work in the interest of his Client. That means that he should ensure that he is fair in his dealings with you. Because he is acting as your representative in either buying or selling a property, a professional agent would ensure to represent you in the best way possible.
For instance, he won’t ask a higher price from buyers instead of the actual price of the property. Again, he won’t manipulate you to buy a property above the actual cost. He will make you buy your specified property at the fair price or sell your property at the actual price.
A professional agent has all the patience to walk you through your real estate dealing. He is patient to listen to you for your specifications and work with it or advice you accordingly.
Even when your specifications change or in times when you are unwilling to compromise, a process agent would have the patient to provide quality consultancy for you till you are convinced to make a final choice.
All these show that it is very important to get professional agents to help you in buying or selling a property.
Disadvantages of Working with Unprofessional Real Estate Agents
There are so many disadvantages of using unprofessional agents. Not only do they act unprofessionally, but their actions go to the extent of causing you to lose money, purchase a house that’s not of your interest, get a building in an unfavourable neighbourhood or get you a home that many issues with both exterior and interior conditions.
Using Experts Against You
Whiles professional agents can use connections with experts in the Real Estate or other fields in your favour, unprofessional agents are likely to use them against you.
For instance, instead of a fair report from a home inspector, an unprofessional agent can use their connection to lure the inspector to give a wrong report of the house. For instance, there may be problems with the wiring of the building you want to purchase which may cause future problems but an unprofessional agent may get the home inspector to ignore it and make you buy the house for his personal gains.
An unprofessional agent is likely to manipulate you to either buy or sell your property at a price that would favour him. They are likely to extort you because you do not have direct access to the buyer or seller.
For instance, if your selling agent is unprofessional, he can price your property so high so that he can have his own share after selling the property aside his commission. In that case, it could take a very long time to sell your property as many buyers would be unwilling to buy. An unprofessional buying agent can also manipulate you to buy a house at a fairly higher price for selfish reasons causing you to lose money.
Since agents are trusted to have knowledge about the market, an unprofessional agent is likely to give you wrong information concerning the condition of the property or the safety of the neighbourhood in which the property is situated or the value of the property for his own interest. For instance, they can tell you that houses in your neighbourhood are sold at a lower price than your estimated price. He can also deceive buyers to buy properties at a higher price than the actual price.
A professional agent would have the time to listen to you to get your preferred property and help you get the exact or similar property to buy. An unprofessional agent, on the other hand, can manipulate you to buy a property that is not of your interest or a property that is in an unfavourable neighbourhood for his own selfish gains. For sellers, he can manipulate you to sell your property at a lower rate to a buyer because of a relationship with the buyer or gains from the buyer. This can cause you to lose a lot of money.