When it comes to selling or purchasing a property, collaborating with a broker can go a long way in ensuring everything proceeds a smoothly as possible. However, certain decisions or actions on the part of the client may hurt this relationship and their chances of a profitable real estate transaction.
Here are 7 errors to avoid.
Not Sharing Your Expectations From the Outset
Clear communication is essential to avoid misunderstandings. For instance, if you’re entering the market to purchase, discuss your goals, budget, the neighbourhoods you’re interested in, and the type of property you desire. Conversely, if you’re selling, likewise explain your expectations to your broker as well as your preferred timeline and any other relevant points. The more your broker knows about your expectations, the better they can represent you.
Signing a Brokerage Contract Without Understanding the Terms
Always carefully read the contract before you sign it, no matter how complex it may seem. Make certain you fully grasp all the terms, including the duration of the contract, commissions and any fees. Ask for clarifications if you’re unsure about anything before proceeding. Your broker is committed to ensuring you understand all of the contract’s stipulations: they’ll take the time needed to explain them to you!
Ignoring Advice
A broker is an experienced real estate expert and is well tuned to current market trends. Ignoring their recommendations regarding fees, improvements you should consider making to your property, or negotiation tactics may delay the sale or cause you to lose money.
Concealing Vital Information
Be transparent about your property’s condition, your debts and your financial situation. Hiding the facts can lead to legal difficulties, delay the transaction and undermine your credibility. Besides, your broker will guide you through the process, taking your particular circumstance into account: they’re used to it! So put your ego aside and tell the truth!
Being Too Emotionally Attached to a Property
Excessive emotional attachment can negatively affect a residential sale. For example, homeowners typically overestimate their home’s value and therefore try to list it at a higher than market price. You must view your property as an asset and accept your broker’s constructive criticism and suggestions to maximize its market appeal. This is just as true when buying a house or a condo: love can make you blind! In this case, your broker can provide an impartial opinion and help you make an informed decision.
Expecting Instant Results
Depending on the state of the market, the location and the price, selling a property can take quite some time. Have patience and trust your broker: they’re working hard to achieve the best possible result for you, even if offers don’t start coming in immediately. The search for the right property can prove equally arduous; again, patience is a virtue!
Signing With the First Broker You Meet
All brokers have the necessary skills to sell your property or to help you find your dream home. Nevertheless, we recommend that you interview two of three candidates before you hire a broker. Compare their services, sales approach and experience. It’s also a question of compatibility: do the two of you gel well together? In the end, working with a broker who appreciates your specific needs will increase your chances of success.
The bottom line is that open communication and proper preparation will make all the difference in ensuring a positive real estate sale or purchase experience!