7 Qualities You Must Observe Before Choosing a Realtor (#7 Could Cost You Millions)
“Shebi it’s just to buy a property! Is it not just to buy? Google is there. I will buy the house of my choice at the click of a button. We are no longer in the 90s we are in the jet age. So mama Tobi, forget that one. There’s no need for any real talk or what did you call it again? Realtor. leave it to me!
In fact, the next time we discuss this, you will be all smiles because you will see the C of O in my hands so forget all those realtor garbage. You think I have money to dash somebody when I am up to the task.”
Mama Tobi meekly submits to her husband’s rant, but not after she warns “ehnnn! Ehnnnn! Baba Tobi, this is Lagos ooo! Eko Lawa oooo! Okay.” She returns to her cooking in the kitchen.
A few days later…
Baba Tobi Successfully returns with all evidence of a purchased property … Mama Tobi! Mama Tobi!
Tobi enters, “Daddy Welcome!”
“Ngbo, go and call your mummy for me!”
Mama Tobi enters and he breaks the good news to her…
Mama Tobi treats her family especially Baba Tobi with his best local dish.
Few months after the purchase, guess what?
Keep your answers to your self till the end… who knows, your guess might be right…
But come to think about it, do you really need a realtor?
Read briefly below… it may not be a necessity for you. But how can you know if you don’t read?
Let’s take a quick dive before we see the end of Baba Tobi’s Google expedition.
Why are Realtors Important?
There are many reasons why a real estate agent is important but 3 core reasons are
You Never Lose Cash
“You don’t mean it!” “This must be some joke…” I hear you say. But it’s no joke. Think about it. You can never know the jungle more than the king of the Jungle. You can never know the nitty-gritty of buying and selling properties more than realtors.
They know how to negotiate better than you. They know how to get the best value for money. So be it selling, they know how to make sure that you get the money you want from a property. Also, when it comes to buying, they know how to make sure you don’t pay for a property more than its value and you get what your budget can afford.
Buying or Selling is Faster
Nobody likes to be stressed, isn’t it? Buying or selling a property is no walk in the park. It is real work and it is time-consuming if you decide to take the bull by the horn. Without a realtor, selling your property means that you handle every process from picking up calls of interested buyers, setting up appointments, taking a tour of the properties, etc.
If you are buying on the other hand and you decide to fight through the whole process, then, be ready to do a lot of research, and welcome to Lagos, Nigeria, where the information on Google is not sufficient to make a successful and case-free purchase. The truth of the matter is, you need a realtor to bear the burden of marketing your house to getting you the best buy you desire.
Paper Work is a Done-for-you Something
Have you ever heard of the OMO-ONILE menace? If you are not just coming into Lagos, chances are someone you know has been dealt with by them. When buying, you don’t want paperwork skirmishes, you don’t want to be duped, yeah? A real estate agent will save you from silly court cases due to false paper works.
Even though you are selling, a realtor handles all the paperwork for you, so you don’t need to stress your self or go into trouble.
You can check out Forbes’ on why a realtor is important.
Consequently, even though we have briefly highlighted some importance of using a realtor, we don’t want you to go around taking every Tom, Dick, and Harry who claims to be a realtor, a realtor.
Listed below are some qualities you must observe before choosing a realtor:
1. Does He/She Have Credentials
Just so you know, not all realtors are real. Thus, no matter how smart, jovial, skilled at marketing and fantastic the said realtor is, if he’s got no credentials, it’s a no-no. Don’t deal with such realtors. For realtors in Lagos, ask for their credentials. Are they registered with LASRETRAD? Lagos realtors have certain codes of conduct they must adhere to and an example is “ A Registered Agent is required to discover hidden or underlying defects in the property and must disclose known defects to the principal. Furthermore, where it appears likely, on the basis of the Agent’s knowledge and experience of the real estate market, that a property may be subject to hidden or underlying defects, the Agent must either
(i) Obtain confirmation from the principal that the property in question is not subject to defect; or
(ii) Ensure that his principal is informed of any significant potential risk so the principal can seek expert advice if he so chooses.”
2. Is There a Close Relationship of Family or Friendship
Okay, this is where some have been burnt with the hot waters of close relationships. Sentiments are sure to find its way in when it comes to the matters of serious business. But quick tip here, don’t fall for “he’s my close friend, we finished from the same school” line.
To avoid stories that touch, simply give way to any such familiar contacts, especially in one where lots of money is going to be invested in. In fact, follow CBS’s advice.
To the next one…
3. Does He/She Have a Buying/Selling Strategy?
Yes, if your so-called realtor has a strategy for helping you achieve your real estate investment goals, be it in buying or selling a property, go for that one. He’s your man, he knows his onions. Don’t slack in hiring him. This kind of realtors will help you reach your goals faster.
Thus, don’t be afraid to ask the said person if he/she has a strategy for making the investment a reality. If you are interested in selling a property, use Homelight’s set of questions to discover if the realtor is worth working with.
4. How Well Does He/She Know The Market?
You cannot be careless on this one. Don’t let anybody posing as a realtor fool you
If he/she does not have an in-depth understanding of the area and the market. Look for someone else. If you don’t, you may have successfully chosen a JJC as your realtor and that can cost you a whole lot of money. Here, take a quick peek at how Upnest deals with it
5. Does The Realtor Have a Solid Network?
Many real estate brokers are all talk and no action. They over promise and under deliver. Why? They do everything a team of real estate agents should be doing themselves so as to cut costs and make more profit.. if you’ve got a pretty serious realtor ready to work with you, check if he/she has a large network.
Your go-to realtor should have some experts working for him, such as closing lawyers, home inspectors, etc these experts, will facilitate the process of buying and selling easier
6. Make Sure Your Realtor knows Your Area
If you are buying a house in Lekki for instance, don’t hunt for a realtor based in Abuja. Instead, go for the one that is based in Lagos. Why? A realtor based in Abuja may not be conversant with your area’s market and this is so because each city differs from one another when it comes to real estate.
7. Will He/She Put You First?
We don’t like to toot our own horn, but when it comes to matters such as this, quality decisions need to be made. Are you already thinking about using a real estate agent? You don’t need to travel far or begin another research journey on Google like Baba Tobi, we got your back.
About Baba Tobi… He was caught in the webs of Omo-Oniles after purchasing through one number he saw on one obscure website online. He lost more than 12 million naira.
We are sure you don’t want to be another Baba Tobi, that’s why we listed all points above so that you can be well guided and helped.
Do you need a realtor? Share your opinion in the comment section