| Just the Peaks
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Real estate brokers possess a wealth of knowledge
Here are 8 things no one else will tell you
The world’s top real estate brokers are known for the gift of gab. Whether they’re showing properties, negotiating deals, or coaching you through a home renovation, most agents are happy to provide you with as many details as possible.
And yet, there are still some secrets you may not know!
Thankfully, Everest Equity is here with the inside scoop: If you’re looking to buy or sell a residential property sometime soon, arm yourself with these top ?:
1. Open houses are not magic
Sure, opening a home up to the public is a surefire way to entice serious buyers. But an influx of neighbors and curious ‘someday’ buyers can also waste valuable time.
In reality, your agent is the deciding factor in your open house’s effectiveness. A quality agent has a knack for sniffing out real prospects, and finding the leads that will ultimately benefit you.
The takeaway? Choose a good agent, and your open house will open opportunities.
2. Boutique firms can be beneficial
With large, long-established brokerages dominating most markets, sellers assume the ‘little guy’ can’t compete. This theory couldn’t be farther from the truth. Today, competition is absolutely intense, so quality of service really matters.
Sure, big firms may have the name, advertising power, and massive client base. But a boutique firm can also provide the personalized attention you deserve—and at a more manageable cost. Most are readily willing to negotiate.
The takeaway? Don’t discount the discount; a better rate can also mean better service
3. The zoning board has final say
Agents are often well-versed in every aspect of a home and its associated zip code. After all, that knowledge is imperative to building confidence with a buyer (or seller). So don’t forget to leverage their knowledge about details beyond the basics.
Whether you’re looking to build an addition, deck, shed or make other changes, you’re bound to encounter red tape. Zoning ordinances and other local regulation may make things more difficult—and time-consuming—than originally promised. Your agent is at your disposal.
The takeaway? If you’re looking to build, consult your built-in advisor.
4. You can use your own inspector
Most agents have a go-to inspector that they’re comfortable using. But beyond friendly rapport, such inspectors are often chosen for their efficiency to move the process along quicker- a good thing all around. Still you may want to consider hiring your own inspector if you’re concerned about small, easy-to-overlook problems which can become BIG problems down the line.
Even if your agent seems confident in their recommendation, don’t be afraid to hire your own expert. As a buyer, peace of mind is everything.
The takeaway? To ensure the home is tip-top, hire who seems top to you.
5. Agents prefer smooth sales—not just big ones
Most people assume that a $200,000 commission earned over 2 transactions is better than making a similar amount over the course of 10. In theory, the agent has to do less work, while still pocketing the same exact sum. With this line of thinking, sellers believe an agent will ‘wait it out’ until the absolute largest deal comes in.
Well, that’s not the case. Since so many deals tend to crumble (even after months of advertising and negotiation), smart brokers will typically support a client with a modest, but easy to sell, home. So, don’t assume you aren’t big enough to score top representation.
The takeaway? Focus on your quality, not quantity.
6. Warranties have a lot of gray area
New developments often highlight the wonderful warranties offered to clients. However, a good lawyer knows that the written guarantee almost always protects the builder—not the homebuyer.
If you decide to buy a new home, be sure to go over the builder’s contract with a fine-tooth comb. Then, you or your representative should negotiate away those exceptions that wind up limiting (or totally eliminating) the warranty’s coverage.
The takeaway? When it comes to warranties, read the fine print.
7. You can dial-in your offer gatekeeper
In the United States, most brokers are compelled by law to present their clients with every offer, even when the sum is insultingly low. However, as a seller, you may choose to waive this right, and trust your agent without the need to check in.
An honest agent can be a valuable resource here: Rather than get bogged down by offers you would never consider anyway, tell your agent what offer parameters you are looking for, and they will faithfully filter the good from the useless.
The takeaway? Working with a trustworthy broker is worth it in many ways.
8. You don’t need an agent to sell
On social media and popular real estate websites, there are plenty of free resources to help you sell a home on your own. If you feel you have a knack for marketing and networking, remember that you have no obligation to use an agent.
True professionals have your wellbeing in mind, and would be happy to be part of your transaction to whatever degree you choose. For instance, your contract might include a clause effectively ‘cancelling’ the broker’s commission if you—the seller—are the one to find a buyer.
If you feel compelled to try, know that you can definitely represent yourself and save a good amount of money, while maintaining the fallback support of a quality broker.
The takeaway? In real estate, everything is negotiable.
Everest says: transparency is our strongest point