Hiring Real Estate Agents with a License Pays Off
On 17-11-2017 | Read time about 5 Minutes
The term Agent has long stood the test of time in terms of the big T, TRUST. Quite a mouthful, isn’t it?
It’s just not about some tongue twisting line. TRUST is serious business. Real Estate is no exception to it.
In the online and e-commerce era, even the T factor has gone online. Buyers today, do their due diligence by Googling or Binging several keywords to explore the reliability of the products or services they’d like to purchase. Comparison of reviews, opinions and experiences of several products is possible at once, all leading to a price advantage. However, there is only so much money you are willing to put while purchasing online, isn’t it? Many high-value products do not just thrive on online reviews. Word of mouth and personal references are often sought out more seriously in transactions involving large moolah.
In such a scenario, how do you find a reliable partner who has the best of your interest in procuring you an expensive, luxury villa in the heart of a city that connects commerce of several countries, and lies in one of the most strategic geographic areas of the world? It may sound a little hard but a country that attracts vibrant cultures and businesses in its key cities, also has made it easy for you. With clear policies and laws in place, land and property dealing in the Emirates is transparent and easy to conclude. What you will need though is a good Real Estate agency represented by a well-rounded agent to take you through the property searches, financing options, home inspection and the most important of all, paperwork. In a seller’s market, you will need someone to represent your property in a professional manner, guiding you to get the best prices, use tact to conclude the deal through mutually beneficial negotiations and keep both parties (Buyer and Seller) happy.
What are the attributes of a professional agent?
During Pre-Sell: The agent meets you at a mutually agreed place, dressed neatly and organized with all the necessary information, printed in a docket. In the meeting, she understands all your must-haves and nice-to-haves in a property and notes them for her reference. You suggest your expected price for the property and she counters you with market reality and you mutually agree at a realistic, profitable pricing on the spot or a couple of days later. She also quotes the commission chargeable by her or the agency she represents. During negotiation of the agency commission, some agents willingly give rebates over their percentage. Other times, the client will request or demand for a reduced commission percentage. Whatever it may be, one needs to sign off on a verified document before onboarding a licensed agent / agency. The document will have the terms of engagement with the agency’s agent and also indicate all the agreed points of discussion regarding the property. Property description also needs to be documented to ensure the positioning is on the right track in a given market. It is possible that one surpasses all or some of these steps when they go through an agent referred by a trusted source. But knowledge empowers you to be in the know. No amount of caution is less when it comes to real estate dealings.
During Property Presentation: Every agent is different in engaging buyers. Some prefer open houses, some prefer guided tours, and some prefer thorough home inspections. The buyer experiences vary based on the number of properties they are willing to look and what their priorities are. If location is everything to a buyer due to good rents it is likely they give less importance to the aesthetics of the house. If it is a young family raising children, they are likely to be drawn to the amenities attached to the property. If it is a wealthy individual or couple, they most likely will look at the luxury aspects of the home. Not often are these people aware about the construction quality, parameters for a safe and robust building and value for money regarding interiors and fixtures. A good agent will draw their attention to these pitfalls and ensure they purchase a property worthy of their life’s earnings and not be conned by greed of a seller who is trying to offload a worthless property. On contrary, a poor building may get a professional representation from an agent who will look at the positive attributes of the building such as its potential to be a fixer-upper, plot size and location to make it saleable and get its money’s worth.
During Sale: This is a crucial time when both parties agree on the property but are trying to negotiate the final sale price. Finding short comings in the building is a common tact used to bring down the price. A smart agent will ensure that all the marbles are not on the floor yet. She will ensure there is some meat in the game until the last price is agreed upon. Ex: Not all homes are sold fully furnished. However it is possible for a seller to list his property at an agreed price with furnishing included. The Buyer may not be aware of this. The agent will withhold this information till the concluding part of the price agreement. When a price is getting to a closure, the agent will throw in the furnishing as a freebie and make both parties feel they are getting a good deal. This is not far from the truth. It is indeed a good deal but presented it in a way that makes two parties agree with no further ado.
Post Sale: This is the time when the agents needs to stick with the client till all loose ends are closed. All paperwork needs to be thoroughly examined and signed off by the buyer and seller. Mortgage calculation and financing options are looked at and ensured to have a smooth transaction during purchase of the property. The agent will ensure a clean dealing with the property owners and the land department by following all the required steps in registering property ownership and guiding through taxation. The agent signs off a Thank You card after receiving her commission to continue a long term relationship with her client. The possibility of the client looking to sell or buy another property is not too distant, isn’t it?
If you are someone who works, lives or visits Dubai with your family and looking to invest on a villa in a great neighborhood, don’t hesitate to contact one of our real estate agents.