What Can A Property Agent Help Me With?
Before you complain about having to fork out money just to close a property deal (doesn’t matter whether you’re buying or selling), hear us out.
You see, unless you’re already very familiar with the possibly complicated world of real estate, you’ll soon find yourself in deep water – without knowing how to swim.
A certified and experienced real estate agent (also known as a REA or REN, but we’ll get to that shortly) is like an all-in-one life jacket: there for you when you truly need it.
He/she will be armed with a keen insight of the neighbourhoods, an intimate understanding of legal terms, a reservoir of reliable marketing skills, as well as a solid database of potential buyers and sellers.
What’s there NOT to love about having such a powerhouse on your side? But if you’re still on the fence, here are just some of the things that a real estate agent would be able to do for you.
Hopefully, this’ll give you the push of encouragement you never knew you needed!
Let’s get the most important aspect out of the way first: that solid database. Phew. Hiring an agent who has years of experience means you immediately gain access to the most priceless weapon.
In that extensive database would be people who have had previous dealings with the agent, and most likely already trust him/her.
So, instead of you having to come up with a thousand and one ways to reach the masses, the agent can simply blast out an email or text to the entire database to let them know of your existence.
Of course, there are no guaranteed results, but it sure beats having to start from scratch all on your lonesome, right?
2) Professional Network
A good agent who’s been in this industry for a long time would have collected an impressive list of contacts that can be shared with you; think of it as a value-add!
Lawyers, contractors, interior designers, property managers, and landscape architects are just SOME of the people who’ll be able to ensure your time, money and efforts are all optimised.
Additionally, your agent could have contacts in financial institutions who may provide you with a better interest rate on your home loan (but also depending on what’s your Debt Service Ratio and the health of your credit reports).
At the very least, even if you’re not able to get favourable rates, your application can be expedited.
First-rate marketing makes all the difference in the world when it comes to buying or selling a property.
You may have a fully renovated house for sale that’s located in the most desirable neighbourhood and comes with a very affordable price tag, but if you don’t advertise it properly, nobody will ever know of its existence.
This is where a certified real estate agent comes in. Remember the terms ‘REA’ and ‘REN’ we mentioned earlier?
A REA stands for a Real Estate Agent who has been registered with the Board of Valuers, Appraisers, Estate Agents and Property Managers (BOVAEA).
Whereas a REN stands for a Real Estate Negotiator who has been employed by the REA. An REA in a real estate firm can hire up to 20 RENs, but it can go up to 30 by applying with BOVAEA.
As both types are certified, they’re thus licensed to represent their clients in the marketing, sale or purchase of properties.
They’re required to strictly abide by codes of professional conduct set by the BOVAEA, which ensures that clients are provided services with absolute fidelity.
So, not only will you be getting a real estate agent who’s fully qualified, he/she will take care of all the marketing materials such as the;
- Newspaper classifieds, and
- Even advertising on various online portals.
Experience in the property industry is an invaluable tool. An agent who knows the ins and outs of every deal is someone who can guide you through the entire process safely; best of all, he/she cannot be deceived easily.
A well-trained and professional individual will also be able to go through the mountain of paperwork and advise you on legal matters.
In case you were unaware of new and important real estate legislations, or misunderstand them completely, your hired professional will be there to save you (and your wallet!).
Furthermore, without a professional middleman, personal feelings may come into play during a transaction and there’s always a possibility for the deal to turn sour really fast.
Now, this is probably the trickiest part of the entire process, since it requires the most know-how.
It takes a lot of skill to be able to successfully handle the expectations of both the buyer and seller when it comes to an agreeable price tag.
A property agent would have experience in negotiating because they’d already be familiar with enticing the other party by dangling carrots and reading their body language to see if they’ll bite.
What’s more, they’re also fully invested in getting you the best deal possible, because let’s not forget the obvious reasons why they’re in this line of work – the commission and/or word-of-mouth!
6) Managing Everything Else
Know that popular saying, “And for everything else, there’s MasterCard”? Yeah well, think of your property agent the same way as that MasterCard.
He/she would not only be able to settle the 5 points mentioned above; they’ll also be able to handle everything else in between.
From property viewings and handling questions, to selecting the final shortlist of genuine candidates who show the most promise, you can rest assured that there isn’t much you need to be worried about.
If you can’t see yourself doing everything which we’ve just listed out (which is pretty intimidating already), no problem, that’s what a property agent is for!
Ready To Look For A Property Agent?
Before you go out and start looking for one, make sure you’re well-equipped with the basics on choosing a good property agent to save you the hassle of constantly changing agents and delaying your property purchase!
Here are some quick ways to identify a registered property agent:
- They’re registered with BOVAEAP, wearing a blue tag (REA) or red tag (REN) and their ID has the mandatory BOVAEAP holographic logo.
- Their QR code and REN/REA number is searchable online and the information matches them.
- They’re attached with a registered real estate firm* (searchable via http://search.lppeh.gov.my/)
If the agent you just met stumbles and comes up with excuses to explain why they’re not in the database or they don’t have an REN/REA ID, be wary as it might be a fake property.