Selling your property can be a daunting task for owners who are looking to let go of their property for the first time.
While it is possible to sell off your property by yourself with the help of a lawyer, securing a buyer, understanding the intricate legal process and negotiating for deals may be too much for a busy salaryman or business owner to worry about.
This is where real estate agents come into the picture – professionals who are able to help facilitate the house liquidation process. However, there are certain precautions that you need to take note of, and it pays to ask them a few questions before or during the employing of their services.
1. Are you a registered member under BOVEAP?
Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVEAP) is the regulatory body that governs and regulates property practitioners to ensure the public is protected when buying, selling, and renting properties.
All real estate agents and negotiators need to register themselves onto the body, and each will be given their own designated REA or REN tag and number. It is extremely important to obtain the number and cross-check it on the official BOVEAP website, to ensure that the agent is legitimate.
There are plenty of cases of unscrupulous individuals swindling property sellers and buyers for thousands of dollars through scams and schemes, so cross-checking the identification number is the first line of defence against being conned out of your money.
2. Are you receiving commissions from the buyer?
According to the official code of conduct, a registered estate agent shall not accept fees from more that one client in any one transaction, which means that an agent can only act of either the buyer’s behalf, or seller’s behalf, and not both.
This is especially important if you are paying a commission fee to the agent you are employing, and agents are not allowed to receive commissions from both the buyer and the seller. Hence, it is important that there would not be a significant conflict of interest on all parties involved.
3. What is your area of expertise?
Not all real estate agents are experts in all fields across the country. Some agents specialise in commercial real estate deals and have the business network to do so. Some agents specialise in certain districts and know each nook and cranny of each and every road down to the rental prices.
Hence, it is much better to employ an agent that is an expert in the type of property you are selling, along with the district it is located in. In fact, you can follow up with another question, asking how many property deals that they have closed in that particular district.
You need to ask these questions to gauge whether the agent knows what the prices should look like, the kind of value you can find in the area, and what sort of recommendations for local establishments and services you might be interested in once you get settled.
4. What marketing tools will you use to help me?
One of the primary reasons you would want to employ the services of a real estate agent is for them to help you secure a buyer at a reasonable price, and understanding their marketing tactics is extremely important.
If the agent can demonstrate that he is able to secure the deals using his own connections, publish and maintain advertisements that work best for your particular property, and demonstrates an in-depth knowledge of marketing tactics, you can rest better knowing that you are truly employing an expert in their field.
Conversely, if you were to hire a fellow who only posts on social media, one might wonder, ‘I could do this myself instead!
5. How will you keep in touch with me, and how often can I expect updates?
For a first-time property seller, it might be very worrying to go on for weeks or even months not receiving a call or being notified on a deal that is being made. Conversely, you might be bombarded with low-ball deals with calls from your agents, deals that you have no interest in.
Hence, asking this question can draw a definite line of expectations. Because many home buyers and sellers end up being frustrated when their agent does not communicate with them as often as they would prefer.
Once you know how to ask these questions above, you can be much more assured that the person you employ can get the job done. A good real estate agent, one that gives you peace of mind and the ability to strike great deals on your behalf, is hard to find.
Hence it pays to keep in constant touch with these great real estate agents, in the likely chance that one day if you were to delve deeper into property investment, and are looking to get some of your assets off your hands.
Did you know that Ohmyhome incorporates proprietary technology in our sales process? 80% of manual tasks that normal salesperson has to deal with, such as scheduling, advertising, sourcing leads, are automated and streamlined.
With that, Ohmyhome’s agents are able to spend more time focusing on what truly, matters – you, the customer. Engage a tech-powered Ohmyhome agent or call +6016-299 1366 today!