Buying a home is a huge financial undertaking that comes with quite a few questions. Choosing a real estate agent is an important step in ensuring a smooth path in front of you, and there are benefits to selecting an agent who may already be a personal friend. The following are five ways to leverage your relationship with a friend who works as a real estate agent:
This blog post is made available for educational purposes related to creating a greater understanding of the real estate market and real estate practices. This post was written by an independent real estate vendor not any employee of, or REALTOR® affiliated with, the F.C. Tucker Co.
- He or She Already Knows the Business
Your friend is already in the real estate industry and is partnered or aligned with those who can best assist you. He or she will come with personally vetted connections to inspectors, appraisers, lenders, and contractors, making the process that much smoother for you. Knowing your friend is looking out for your best interests makes evaluating outside resources less stressful.
- He or She Has a Strategy That Fits Your Personality
Your friend probably knows you well and will likely tailor the purchasing process to your preferences and personality. For example, your friend may know your schedule well and suggest open houses that fit it. He or she will know whether you need a lot of hand-holding or whether you prefer to do research yourself. Additionally, a friend can help you manage the stress of multiple offers and negotiation better than a stranger would.
- You’ll Take Priority
Whether your friend’s real estate business is a full- or part-time job, chances are that because you already have a great relationship, you will take top priority on his or her client list. You’ll have access to your friend’s personal cell phone and can establish clear boundaries on the type of communication you expect and how often you want updates. Typically, if an agent works with a team, you might get passed off to someone else. However, when working with a friend, you’ll know you’re receiving personalized, one-on-one attention to get your dream home.
- You Could Get a Discount
Fees are a big part of the real estate equation, and transparency is key. When choosing a real estate agent who is also a friend, you may see a benefit in this area because most real estate fees are negotiable. Commissions vary depending on with whom you work, but they tend to be around 6 percent overall, according to the Mortgage Calculator. Do your research on the average for your area before you meet with your friend to ensure you understand any fees involved before discussing a discount.
- You’ll Receive a Firsthand Education
Education and understanding are essential to a stress-free real estate transaction. Choosing a real estate agent friend will likely mean you already communicate well and feel comfortable with this person. Knowing you can ask questions without feeling guilty or ignorant and that your friend will personally see to it that you’re comfortable can make the process easier. Working with a friend can also break down barriers if he or she offers candid observations about your current or potential future home, explains key terms and refrains from using industry lingo, and shows genuine interest in helping you reach your goals.
Overall, choosing a friend as your real estate agent can limit stress and anxiety, provide you with more comfort, and even result in a better financial situation due to lower fees and a greater willingness to do a good job for you. You’ll leverage connections, experience, demeanor, and strategy to receive the most optimal assistance. For more tips and information, visit housemaster.com.