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Choose the right agent before buying a property
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Choose the right agent before buying a property

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Step by Step approaches to choose the Right real estate agent and useful resource for buying property in mumbai. ...

Step by Step approaches to choose the Right real estate agent and useful resource for buying property in mumbai.


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  • 1. Choose The Right Agent Before Buying a Property
  • 2. Tip # 1Meet agents out intheir workingenvironment, notin their offices.Good agents spendvery little time at theirdesks.
  • 3. Tip #2Make sure theagent has closedmany propertiesand has worked afew years at least.The average realestate agent closesonly 1 or 2 houses ayear. More closingsmean moreexperience.
  • 4. Tip #3A great place tomeet agents is atopen houses. Dontworry that you are notinterested in thatparticular property.The agent knows thatopen houses rarelyproduce a buyerfor that home and usethe open house as atool to find buyers.
  • 5. Tip #4Another goodmethod is tocontact the agentwith whom afriend or relativeworked. If this agentproduced positiveresults for afriend, theres a goodchance they will dothe same for you.
  • 6. Tip #5Make sure youragent is online.Having a web savvy agentis very important today asover 85% of all buyersinitially see their homesonline. Great agents havelaptops and often havemoved to mobiletechnology to assist. A realestate agent in todaysworld mustemail, text, and beavailable to buyers andsellers alike.
  • 7. Tip #6Interview severalagents. Whether you arelooking for a buyer agent orseller agent. Rememberthough, agents will tell youwhat you want to hear. Makesure they are not selling you adream partnership... you wantto hire a realistic real estateagent. Dont sign a buyersagreement form beforelooking for property (youshould feel free to build trustwith a real estate agent overseveral hours of lookingbefore signing anything).
  • 8. Tip #7Look for signs thatthe agent is busy. Ahard-working, go-getter ofan agent is good. Be careful,sometimes they are toobusy. A real estate agent canonly effectively work withabout a half-dozen buyersand a dozen sellers at anygiven time to properly givethe time needed to a buyer.If they pass you to an"assistant", move to anotheragent that will give theirtime to you.
  • 9. Tip #8It is important thatyour agent isknowledgeable. Askquestions about things youhave learned through yournew-found interest in realestate. If they dont knowmore than you - after all,this is her livelihood! - goon to seasoned agent.Local knowledge isparticularly criticalespecially in city settings.
  • 10. Tip #9An excellent agentis the mostimportant to youwhen buying ahome for the firsttime. They should haveexperience and should beable to guide you through thecomplexities of the processincluding lender info that youwill have to provide. The loanprocess has become muchmore demanding andcomplex in 2013.
  • 11. Tip #10See how theagents MLSlistings come up insearches. When listingin todays market, alllistings from small to bigshould have professionalphotos - this is the firstsign of a professional realestate agent whounderstands todaysmarket.
  • 12. Tip #11How respected isthebrokerage/agent.You want an agent that willnetwork and workcooperatively with otheragents. Seasoned agentstend to know the otheragents in the area andhave good workingrelationships with them.This tends to transforminto good transactions.
  • 13. Tip #12Check thereferences that anagent should beable to provideyou. Ask the other realestate agents youinterview if they know theother agent and if theyrespect them as a realestate agent.
  • 14. Tip #13Ask your agentwhere they live. Anagent that lives and workslocally will have their fingeron the pulse of the marketand be able to answerimportant questions aboutthe community. Theyshould at a minimum knowthe schools where theywork. This is especiallyimportant in large cities.
  • 15. Tip #14Ask "Can yourecommend serviceproviders who canassist me in obtaininga mortgage, makingrepairs on my home,and other things Ineed done?" Keep inmind here that a real estateagent should generallyrecommend more than oneprovider and shouldntreceive any compensation(ethical issues tend to arisewhen this happens).
  • 16. Tip #15Ask how long thereal estate agenthas been workingfull time. It is not thatnewer agents arentcapable, it just is a factor inmaking an informeddecision. Many"experienced" agents arenot always the best choiceeither. Especially if theyhavent kept up withtechnology.
  • 17. Tip #16Ask the agent ifthe real estateagent is a full timeagent. Is this her onlyjob? You shoulddemand a full timeagent.
  • 18. Tip #17Ask Who the agentis working for inthe transaction,the buyer or theseller (a real estateagent selling ahouse almostalways works forthe seller and tendto spin things asellers way)
  • 19. Tip#18Ask "How will youkeep me informedabout the progressof my transaction?How frequently?"Using what media?Again, this is not aquestion with acorrect answer, butthat one reflects yourdesires.
  • 20. Tip #19 • Dont expect an agent to call you instantly when you leave amessage, but do expect a call back within 24 hours or areasonable amount of time depending upon the situation.• Dont call your real estate agent after hours, past 9 pm or so.They have a life too.• This is your most important transaction of your life, aseasoned real estate agent does this everyday andunderstands the many problems that arise during the process.Try to keep the big picture in mind.• Your house / or the house you are buying is a commodity.Supply and demand within a neighborhood play an importantrole in pricing and timing of a sale. Try not to become overlyemotionally involved in the purchase/sale of the property.
  • 21. Tip #20See a fewproperties in thesame area on openhouse day, to getan idea about thehouse prices inyour selectedneighborhood. Thiswill help to keep youfrom being completelyblind-sided when yougo to an agent.
  • 22. Tip#21Work with a LocalMarket Expert. Thereare real estate agents whospecialize in working within aspecific community. Even ifyou have a real estate agentthat you like, you might bebest served by a real estateagent who knows the areawell, and can advise youabout any adverse localmarket conditions that anoutsider might not be awareof.
  • 23. Tip#22If you are a buyer,you want to workwith a BuyersAgents (alsoknown as a BuyerBroker.) This was you knowyour interests are protected inthe transaction. Likewise if youare a seller, you want to workwith someone that is experiencedin representing the seller andsecuring the most qualified buyerat the best net profit for you. Notall agents are experts in workingwith buyers or sellers, so youneed to ask specifics.
  • 24. Resource for Buying Property in Mumbai• flats in mumbai• residential projects in mumbai• property in mumbai• mumbai real estate