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Why You Should Always Hire a Professional When Buying or Selling Real Estate

Posted by vincent on November 2, 2015
| Blog
| 6 Comments

how-to-buy-real-estateFor most people, buying or selling real estate is one of the biggest investments they will make in their lives. With such an important step in their lives, why do people try to sidestep the professional that can help them along the way? Why are so many people penny-wise but dollar-foolish?

Unless you are a real estate professional or have studied real estate intensively, you are not going to be able to do the same things a real estate professional can. Sure, you could do your own root canal or represent yourself in court, but is that really the best route? It is the same with real estate.

Here is the thing about those brokers and agents who charge a lower commission when selling your property – you are NOT paying for premium service! Think about all the other professions. An MVP professional athlete does not play for a team paying a discounted rate. When you’re choosing a heart or brain surgeon, you will likely do everything you can in order to afford the best surgeon money can buy. If you’re being sued or are facing serious criminal charges, you likely won’t skimp on your lawyer. Sure, you can save 1% or 2% on paying commission, but you’re losing out on a lot more for that short term benefit. There is no “standard” real estate commission, but my firm charges 6%.

If you are selling, a knowledgeable real estate professional, one who will give you individualized attention, will serve you well by giving you an accurate estimate of the value of your property and will work hard to ensure you get what you deserve by marketing your house, hosting open houses, and being in communication with you about all offers. If you are buying, a real estate professional will find you properties you desire, not something you will just settle for. This is the key – DO NOT SETTLE FOR LESS THAN WHAT YOU DESERVE!

You have many choices with the real estate professional you choose, so you should do your homework. What you should be looking for in a real estate professional is someone who is knowledgeable and extremely skilled in negotiation. In fact, the first and most important test for negotiation is how he/she will sell his/her services to YOU – you are the client, so you are the king (or queen)! Also, he or she should have a sense of humor! After all, you’ll be spending some time with this person so you might as well feel at ease and be entertained! As an aside, here is the link to my first standup set ever: https://www.youtube.com/watch?v=dx8dydJwskE

Ask a few questions they should know the answer to. For example, ask them about the average price per square foot for your specific neighborhood. Ask them to explain what rent stabilization is. Ask them to name the ten most expensive buildings in Manhattan.

Ask some easy questions. For example, if they can’t name the 3 basic types of apartments in New York City (condos, co-ops, condo-ops), you should immediately get up and leave, be extremely thankful you did not just trust one of the most important decisions of your life to this person, and then call me.

 

Joseph Fan
Licensed Real Estate Salesperson

6 thoughts on “Why You Should Always Hire a Professional When Buying or Selling Real Estate

  • on June 20, 2016

    I really like your suggestion on asking the potential real estate attorney some questions that they should know. Not only does that show that they are experienced, but I think it can also show you how well they can communicate. After all, you need to be sure that you can talk to them about any issues!

  • on November 14, 2016

    So very true! You should always hire a professional when buying or selling real estate. To me, it’s just as important as hiring an attorney.

  • on January 23, 2017

    Thanks for mentioning that a real estate agent should be extremely skilled in negotiation. That is something I might not feel as comfortable doing on my own, so a real estate agent could be key. My wife and I are looking to buy our first home this year. We are definitely going to be looking for an agent who can negotiate to get us the best deal possible on a home.

  • on March 30, 2017

    I agree that a good real estate agent should be able to do everything they can to market your property correctly. It makes sense that keeping this in mind can help you find what you are looking for and be able to negotiate the best price for it. I would want to find someone that has plenty of experience with the market and is not afraid to help me understand it as well.

  • on March 31, 2017

    I think that running an estate sale is such a big commitment, especially if you’re trying to run your normal life at the same time. It’s important to consider how an estate sale company can help relieve much of this burden from you. While it may seem like an extra cost, I think they could help you get better value out of your things and help free up some of your time. Like you said, they will give you accurate estimates of your things so you can get the best value.

  • on August 1, 2017

    I can see why my wife and I need an agent to help us buy a home. Like you said, we wouldn’t try to brave the court system without a lawyer, or fix a cavity without a dentist. We want to buy a home this year, so I’ll start looking for a good agent soon!

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