Are you looking for buying or selling property? It can be hectic to go on this journey alone. Buying or selling property doesn’t only include transaction of money. There is so much more to it. Even more important than the money is finding the right property or the right customer if you intend on selling. People who don’t have the experience in this market can get scammed easily. Moreover, a lot of people don’t have the time to deal with potential customers all day. It can get extremely tiring and time consuming. To avoid all this hassle, you need a real estate agent.
What is a Real Estate Agent?
A real estate agent is a person who helps people in buying or selling houses. Their job is to get you the best property or the best money offer depending on what you’re in the market for. It is their job to deal with potential clients, finding properties that fit your needs, getting you the best price and so on. All of this can be done by anyone, but it can be very hectic. Moreover, people usually don’t have the knowledge of the market. Real estate agents have all the knowledge of the market they operate in.
For the services they offer, real estate agents charge a fee. That fee is usually a percentage of the overall contract between the buyer and the seller. So, for example: You bought a property worth Rs. 10 million, your real estate agent will get a percentage over the total amount. That percentage can vary from agent to agent. You can negotiate it with your agent before you sell or purchase any property.
While hiring a real estate agent you should also make sure that they have a proper legitimate license. This is very important, as it verifies the authenticity of the agent. A simple way of verifying their license is by getting it checked from the Real Estate Professional Association (REPA).
Why do you need a real estate agent?
Many people take it upon themselves to embark on the adventure of property buying/ selling. There is nothing wrong with that. However, there are a lot of disadvantages to doing that on your own. Some are listed below:
- You will have to be available all the time even during office timings.
- You will have to attend all the calls of potential clients in order to get a deal.
- You will have to conduct in depth surveys of the market on a regular basis to stay updated with the availability of property.
- You will have to show your property around to each individual if they wish to visit.
All of these things combined can get very hectic for individuals, specially for those with jobs. Moreover, a lot of people have strict office rules that discourage them to entertain potential clients on call during office timings.
A real estate agent can help you in avoiding all these hassles all at once. They only contact you when they have a serious potential client. Moreover, it is their job to show around the property and to negotiate the price with the buyer/ seller. Thus, you get a lot of value out of hiring a good real estate agent.
How and where to find a real estate agent?
In countries like Pakistan, real estate business contributes a lot to the economy. People take special interest in buying/ selling properties. A lot of people already have a network where they are connected with real estate agents. However, if you don’t have such a network do not worry. There are a few ways which you can follow to find a good real estate agent:
- You can utilize your local network. Asking people around for real estate agents can help you in finding one.
- Another effective way is of looking up online listings. There are a few online platforms that contain the listings of real estate agents. They are listed according to the city they operate in. For example: If you want to find a real estate agent in Multan, open the website and look for Multan. It will contain a list of all real estate agents in Multan.
- Contrary to containing individual agents’ information, a few websites contain information of real estate companies. For example: Bodla Group deals in construction as well as brokerage of property. You can find a list of similar companies on such websites.
- Look for ads on print, electronic and digital media. This can be a great way of finding a trustworthy real estate agent.
What to look for in a good real estate agent?
To find a good real estate agent, you should look for the following things:
- They should have proper knowledge of the market. Knowing about all the available properties in the market is the only way you can potentially find your ideal property. If they don’t possess that knowledge, chances of you getting a good property can be very low.
- They should have a good network with other local agents. It is very crucial for the purpose you’re hiring them for. Having good connections with other agents ensures that they will be able to strike a better deal. Moreover, it also contributes to having knowledge of available property.
- A good real estate agent should be good on their commitments. If they quote you a price, they should deliver on them. Some agents quote a lower price just to grab your attention and then fail to deliver on them. This is a sign that your real estate agent isn’t the best and you should look for other agents.
- A crucial aspect in securing good deals is the agent’s ability to efficiently market your property. For that purpose, they must be diligent and should have proper knowledge of your property. Then they should be able to properly market your property in the best of ways to receive a good offer.
- If you are looking for buying property, your agent should have proper technical skills. It can be a bit tricky for common people to spot problems with the property at first glance. Your real estate agent should be sharp enough to spot them. Then, if the problems are big enough, he should be able to negotiate for a better price. For problems that are not ignorable, he should advise you to look for another property.
- Your real estate agent should also be available all the time. Except for late hours, they should be available for contact. A real estate agent is no good if they are not available.
- Many agents, in greed for money, sell you property that you aren’t necessarily looking for. Your real estate agent should listen to your needs and understand them. Then they should come up with properties that fit the description you have mentioned to them. This is one of the most critical points to look for.
You should make sure that your real estate agent should check all these boxes. If they fail to do so, maybe you’re dealing with the wrong agent.
What are the benefits of hiring a real estate agent?
Hiring a real estate agent can seem like a money drain to some people. However, its benefits far outweigh its cost. The benefits of hiring a good real estate agent are enlisted below:
- They manage all the property searching for you. You only need to tell them what you are looking for one time. They will look for properties that match the description. Since they have a large network, they can find the property quickly and in a better way. Moreover, it comes in handy while negotiating for the price.
- It makes you free from the hassle of answering phone calls all the time. It is their job to entertain potential clients over phone. After a party has agreed on visiting the property, it is your agent’s job to show them around. All this saves you from a ton of hassle and makes your experience that much smooth.
- They are always up to date with new listings. If a new property comes for sale, they know about it. This can be tough for a person who has a job. Keeping yourself up-to-date while being on job can be a nightmare. Good properties sell like hot cakes thus time is of the essence in this business.
- Another important part of their job is communicating with the sellers (or their agent). Having an agent who has good connections or knows technical information can help in negotiating a good deal. Moreover, it saves you from the headache of talking to people every now and then just for the deal to end later. Real estate agents involve you in the process when almost all the negotiation is done.
Difference between agents for selling and buying?
- If you’re selling a property, your agent needs to be good in marketing. Only then will they be able to attract more customers. Moreover, they should also be able to hold their fort when it comes to negotiation. If you initially planned to sell a property for Rs. 20 million, and your agent sets up a deal for Rs. 15 million that won’t be such a good deal. Would it be?
- However, if you’re in the market for buying a property your agent needs to act differently. They should listen to your needs properly and fill them accordingly. They should also make sure that the property they find for you is technically sound. In order to find a good property, they should have proper knowledge of available properties in that area that fit your description. Moreover, one of the most important skills they should have is good negotiation skills. If they are not good at negotiation, then chances of you not getting a good deal are high.
Note: It is always a good thing to have some know-how of the business you’re investing in. It doesn’t matter if you’re buying property for business or personal purposes. You should always try to have some knowledge of property business. This way you can make better informed decisions.
How can Bodla Group help you in this process?
We at Bodla Group work very hard to make sure our customers get the best of everything. We have already proved our worth in the construction sector with state-of-the-art DHA Multan projects as example setters. So far, Bodla Group has earned a good reputation in the industry, and we intend on leading the industry in the years to come.
To make your property sale/ purchase experience smooth, we also provide brokerage services. Get the best value for your property by trusting our expert brokering firm. Want to buy the property for personal use? No need to worry. Our expert real estate agents will make sure you not only get the best bang for your buck but also a fair price. We aim to not only make your life easy by doing all the heavy lifting but also help you in getting better deals.
Contact us today to get the best experience and the best value for your money. Additionally, if you already have a piece of land and want construction work to be done, we can help you there as well. Our team of bonified engineers will make sure you get the best quality work done.