With the number of licensed real estate agents in Ontario doubling from 20,000 to over 45,000 in the past decade, selecting a real estate can be overwhelming. Everyone knows at least one real estate agent in their network of friends and family. However, you should never feel obligated to hire someone to handle one of the most important transactions of your life solely based on the fact that you know them. Before you hire a friend, consider the following questions:
- Is Your Friend an Expert in Your Neighbourhood of Interest?
When hiring an agent, your top priority should be working with a local expert who can add value to the transaction. Agents unfamiliar with an area don’t have the same home team advantage because they don’t know the neighbourhood or the locality well. A neighbourhood expert can tell you everything you need to know on a whim: the best schools in the area, not-so-hot pockets, and what inventory is currently available on the market.
- How Experienced is he in the real estate market?
You should never feel obligated to hire your friend solely based on the fact that you know them. An inexperienced agent can make the difference between you earning or loosing thousands. Having a license doesn’t necessarily mean they’re an expert. Don’t make an expensive mistake because you have a personal relationship with someone.
- How much do you want your Friends and Family to know about You?
Hiring a friend may seem like a good idea because they ought to look out for your best interest. But remember, while buying or selling a house, you need to divulge a great deal of information to a realtor during the process of a transaction? Would you feel comfortable disclosing that you are behind on mortgage payments? Or that you took out a second mortgage when your company took a plunge? It may cause some tension in your relationship and you run the risk of having that news spread to others in your network.
- Are you willing to Risk your Relationship with them?
There are times when unforeseen circumstances lead to a deal falling apart. In such an event, are you to risk tarnishing a solid relationship? What if the transaction ends up in a litigation due to agent error? Would you be able to take your friend to the courthouse for the loss of valuable earnings that you believe you were entitled to?
That is why it is always better to go to an expert who not only knows his work, but is experienced enough to assist you around unforeseen circumstances.
Mani Batoo is a full-time realtor with over ten years of experience in the Mississauga/Brampton area. He and his team of real estate professionals offer the highest level of service, keeping the client first, and making sure they get what they ask for. If you are buying or selling a home, call (647)282-4866 or email manisbatoo@gmail.com now. They’ll be happy to assist you in your move.