Jan 27, 2010

Benefits of working with a real estate agent

When buying or selling real estate, you may choose to either do it on your own or with the help of a real estate agent. A real estate agent can assist and work with you in many ways so it is actually advantageous to identify and work with a good agent.

A good agent will not only help solve most of your problems but he/she should also be able to bring you more wealth! Let’s look at some of the benefits of working with real estate agents.

More experience

Most real estate agents were professionally trained and have good negotiation skills. Furthermore, with experience accumulated over the years, an agent should be able to handle most of the issues that arise during a real estate transaction. Therefore, it is crucial to find an agent with a strong sales record and one who has vast experience in the real estate industry.

Network and connections
Today, a real estate agent’s network covers local and international markets. He should be able to source for properties, buyers and tenants from both of these markets. He is equipped with multiple marketing channels to sell your property such as through online property portals like The Star Property, mass e-mailing systems, flyers, open houses and connections with network agents.

Real estate agents also have good connections with lawyers, bankers, architects, renovators and people at government agencies. This makes it easy for them to deal with any legal, finance, renovation and licensing issues.

Huge database
Some real estate agents maintain a database of their customers. The database has information on sellers, buyers, landlords and tenants. All they have to do is search the database and find a matching pair of seller and buyer. In short, they are able to find a seller or buyer faster.

Protection
Under Malaysian law, all licensed real estate agencies are required to insure themselves with the Professional Indemnity insurance. The insurance provides cover for claims brought against the agency due to its professional negligence.

Staying objective
One of the biggest benefits of hiring a real estate agent is his ability to stay objective when making a sale. For example, if you are selling your own house, you would probably put an ad in the newspaper to invite people to view your home. Chances are, you might end up getting many bad comments from potential buyers about your house and become frustrated. You might even decide not to sell your property to them at all.

However, a real estate agent will not have this problem because the house he is selling does not belong to him. Criticism from potential buyers will just cause him to smile and nod because he knows that when a buyer starts commenting about a house, it is a strong indication that he likes it and is already imagining himself living in it. Thus, the agent will still try to close the deal despite the criticisms. For an agent, the more complains he receive, the better!

Free of charge
If you are a buyer, engaging the services of a real estate agent will cost you nothing. This is because if the agent is retained by the seller, the seller will pay his commission upon a successfully-concluded transaction. Unless you appoint the agent as a buyer’s agent, you will not have to pay his fees. Even sellers are not required to pay the agent’s fees until he has successfully concluded a deal.

Still not convinced? Check back next week for more reasons why you should engage the services of a real estate agent.