8 big mistakes when choosing a real estate agent
The buying and selling of real estate and the involvement of real estate agents may differ from one territory to another. Keep this in mind: Miami real estate works in a special way. This is why it is important to be aware of the biggest mistakes when choosing a real estate agent to help you progress in the purchase of your new property.
First of all, in places like Brazil or Europe there is no system like MLS (Multiple Listing System) in which all Miami real estate agents upload their listings available to the public. The main difference is that while in other places, different agents have access to different properties, in Miami all agents can see and offer the exact same properties.
However, this does not imply that you will receive the same advice from all agents in Miami. Even with the MLS system you are going to have to evaluate your favorite properties based on your experience and knowledge.
But today we are going to go over some of the most dangerous pitfalls you can encounter when choosing a real estate agent and how you can choose the right one. Learn how to avoid typical mistakes by choosing a real estate agent today.
The 8 Big Mistakes Choosing a Miami Real Estate Agent to Avoid
- Selecting a loved one as your real estate agent just because you want to do him a favor. Instead, do yourself a favor!
- Choose an inexperienced or low-track agent who does this in addition to their main job. ESPECIALLY avoid any agent who assures you that they can sell you a house, manage it, reform it, negotiate your mortgage… An expert in many things is not an expert in anything!
- Opting for a real estate agent without bargaining power. Don't get carried away by those agents who simply want to close your deal to move on to the next one.
- Choose a real estate agent who does not know the area or the condominium you want to buy or sell.
- Select an agent whose arguments for buying a property are: «The garden is nice», «The bathroom is spacious». Good real estate investments are backed by data and market analysis that show future trends and historical statistics for the surrounding neighborhood.
- Choose a real estate agent who is only driven for the quick buck and not a long-term business goal based on good references and seniority.
- Choose an agent who is unfamiliar with the projects under development for a given area.
- Select a sales agent who does not work for your listing and who does not invest his own time or money.
How to Successfully Choose Your Real Estate Agent in Miami
First of all, the simple fact that you have decided choosing a real estate agent is an excellent sign. Many people choose to do it all on their own, which is a huge risk that can lead to bad investments.
In fact… Using a Miami Realtor is FREE for the buyer!
This means that the selling party is in charge of paying the commission of both agents and it is statistically proven that you will not get a discount by not using one.
The best Miami real estate agent to guide you through the buying process is the agent with the most knowledge of the market, who can negotiate on your behalf and who warns you of a bad investment.
Key questions before choosing a real estate agent in Miami
- How long have you been in the real estate business and how many deals have you closed?
- Have you made multiple deals and know the loopholes of the trade?
- Have you dealt with similar properties in the past and know what questions to ask or what problems to look for?
- Can you recommend the best of the sector?
- Do you have experience getting deals at the best possible price?
- Could you give me references from previous clients?
- Do you know the demographics and socio-economics of the condominium or neighborhood of your choice?
- Are you aware of urban planning and the development of future projects?
- Do you know the numbers for a certain condo or neighborhood?
- Can you identify trends or make predictions of future market movements based on historical data to get a complete overview of the market and an explanation of this overview of the market?
- What are the median sales prices per square foot on a street or condo to protect me from overpaying for a property?
- Can you easily shop the prices between different areas or condos?
- Can you distinguish between different condos using key market data to explain to me why a certain property offers excellent value for money?
Keep in mind that pre-construction condos offer different commission rates to different realtors. It should be clear that your agent does not take you to a specific condo just to get a higher commission.
Make sure your real estate savvy agent prioritizes your expectations and not just getting a higher commission. It is common for agents to push before construction instead of resales because the commission they get is double!
Sometimes agents have listings that are not available on the MLS, or listings that are not yet in the market. A real estate expert will walk you through their network to get you a property that others didn't even know was available.
If you are looking for a condo in the pre-construction phase: The introduction or initial phase of a new condo project is usually when the best deals can be made. A well connected agent will receive information and prices of new projects before other agents! Also, developers will prefer to work with well-established agents, which will make it easier to get quotes and preferential treatment.