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There are thousands of real estate agents online that you can choose from when it comes to locating your new condo. So how does one actually pick the right broker to fill their needs? In this article, we wish to highlight the things you need to look for when trying to determine which real estate company is going to be appropriate for you...
Big Franchises Or Local Brokers?
The first thing you're going to have to do is determine whether you wish to utilize one of the national chains of real estate companies, or use a smaller, locally held company. Both have pluses and disadvantages, so it is up to you to determine which will suit your needs the best.
Taking a look first at some of the huge real estate agents, the strongest benefit is the total number of townhomes they sell in each and every month. This gives them the advantage of a much bigger pool of townhomes for you to select from, as well as the fact that they will typically have more experience in negotiating the greatest price for you. However, this expertise can also be a disadvantage, as they may request a heftier percentage than smaller, brokers.
As for the smaller local agents - while they may not have the sheer numbers when it comes to open listings - as a general rule these smaller agents are more familiar with their local neighborhoods, often know the people whose townhomes they are trying to rent personally, and typically have greater time to spend on making sure that you find precisely what you are searching for. In addition, these privately held real estate agents usually take a smaller percentage on the vacation homes they deal - meaning fewer out of pocket expenses for you at closing time.
In your search for the right real estate broker to work with, there are two questions you need to ask before signing any sort of paperwork. The responses you find should assist you to make the decision much simpler than if you were to go into the process blinded. They are, in no particular order:
Do you charge an up-front fee for helping me find a condo? - The answer to this question should always be "no" unless you are warranted in writing that no commission will be made from your new condo lease.
What is your percentage rate? - Most good real estate agents will reveal what they will make off of a lease at your request. If they refuse, look for a broker that has no problem informing you know what their cut is. Knowing the percentage rate ahead of time will cut down on the risk of you being let down when it comes to purchasing your new condo.
Ask these two questions of any real estate broker you are thinking of working with to ensure that they are working for you, and not just for the commissions they will receive.
Robert is the owner of Flat Fee MLS articles. You can find more articles at flatfeeexperts.com.
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