I am not out to bad mouth real estate agents. I am the first to admit that many agents do an excellent job. However, most agents are either in the category of excellent, good, average or poor.
Then, there is that disappointing small percentage of agents who are downright useless. Every industry suffers this type of person in their ranks, and I imagine the real estate industry has more than its fair share of useless agents.
The truth is; a good and a bad agent share a similar function - to be a "deal maker." WARNING: - some agents will perform all sorts of tricks to bring together a deal. This is fine so long as they are not "ding the dirty" on the buyer or the seller.
Whose interests is the agent looking after? Where do their loyalties lie? Who the agent is representing - the buyer, seller, both the buyer and seller (dual agent), or is the agent simply looking after his or her own interests?
These 7 questions will help you decide who the agent is really working for. Visit any open house and test these questions out on an agent. Good or bad, the answers will reveal something about that agent and, his or her ability, and true loyalties. If the agent betrays the home seller, they will betray you as well. If they defend the home seller, it is likely they will defend you too. Ask the agent these 7 home buying questions:
1. How much do you think the home will sell for?
You may discover that the agent has an opinion less than the asking price.
2. How much will the home owner take?
You may learn the bottom price that the home owner will accept.
3. Why is the home owner selling?
A real estate agent may reveal a confidential reason for selling.
4. When does the home owner need to move out?
A real estate agent may reveal an urgent deadline. This could be an advantage in negotiating a lower price for the property.
5. How long has the property been for sale?
A real estate agent may reveal if, or why, the property has been difficult to sell.
6. Who priced the property?
A real estate agent may be quick to deny any involvement and in some cases may blame the home owner for being greedy.
7. What other homes are there in competition to this property?
This is particularly useful information, so long as the agent gives you an honest answer. Ask the agent to show you some of these competing properties.
These questions are simple and not hard to ask. However, failing to ask these types of questions can put a buyer (or seller) at the mercy of a disloyal, dishonest, or incompetent agent. Buying or selling a home is a big investment for most people; so it is well worth the effort to select an agent you can trust and have confidence in.
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