There are instances when sellers or buyers face the choice of having their friend as their realtor. But instead of easily grabbing the chance, it’s wise to weigh the decision first for a more favorable property selling or buying.
Although you can’t simply have “yes” or “no” for an answer, you need to consider a few factors before you make a choice.
Is it alright to hire a friend as your realtor?
Truth be told, it actually depends on some personal factors, and if your friend is a reliable real estate agent or not. And this is where you should start considering these factors.
Real Estate Expertise
Begin by considering the real estate knowledge and expertise of your friend. And you can do it by thinking about these points:
- He should have sufficient knowledge and skills working in the real estate market, regardless of it being in the buyer or seller side.
- Try considering his experience in helping sellers or buyers. For example, ask about how many transactions he has helped reached the closing, and what he has done on various scenarios.
- It’s best if he is working full time as a real estate agent. This can assure you of him having enough time in helping you.
- Also, ensure that he knows enough about your local real estate market. For example, find one that operates in the local area where you plan to buy or sell a property. This is to make sure that he has sufficient realtor knowledge about a particular local market, and has sufficient connections to do the job.
It’s important to consider if your friend could set aside personal bias or not. This is to be sure that your property is on the good sellable condition, or if you’re buying one you will like.
For example, when there’s a minor foul smell in your home, a non-bias real estate agent will tell you about it. However, a bias one tends to keep it from you, since he doesn’t want to offend you in any way.
This also goes to some features, designs, themes, damages and other factors that could be crucial to your real estate ventures.
This is when things go more personal. Only choose a friend as your real estate agent if you can trust him about sensitive info, like your financial flow and savings.
This is to make sure that he won’t tell anyone about it, or use it against you later on. Of course, only have a friend for this job if you’re comfortable showing such details to him.
How to decline a friend’s offer of being a real estate agent for you
If you see your friend isn’t reliable enough as a real estate agent, it’s best to talk with him about it and politely decline. Consider his offer, but inform him about your decision before you start searching for a home or selling one.
Don’t do it after finding a real estate agent you can trust to avoid offending your friend. Moreover, if your friend can’t accept your decision, it should affirm you that he can’t be trusted about your real estate venture.
Remember to carefully weigh the factors above when a friend offers you about becoming your realtor. This is for you to have a successful real estate venture, without putting your friendship in jeopardy.
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