Red Flags to Watch for When Selecting a Real Estate Agent
The property market in Denver, CO has not lost its heat. It is as good a time as any to buy or sell real estate in Denver. A good real estate agent can help you make your dream deal. How to find one is an important question. It is hard to miss the signboards of realtors spread all across the city, with their smiling faces and enticing offers.
To find the right one can be a daunting task as purchasing a property or selling your beloved home is not a decision you can take lightly. The Internet has also given real estate agents in Denver, CO a great platform to advertise their skills. Whether you are looking for your agent online, going through yellow pages or simply calling the number on the first signboard that caught your attention, there are some red flags to watch out for when selecting a real estate agent. Let us go through some telltale signs that a real estate agent in Denver CO might not be a good one.
Does Not Know Your Neighborhood
If an agent does not know the ins and outs of the real estate market in your particular area, you cannot expect to get a good deal. In many areas, the value of a property is different in different blocks and corners of the same neighborhood. A real estate agent who has not sold some properties in your area may find it hard to find the right buyers and the right financial returns for you. An agent with experience in your area may already be in touch with some buyers looking to buy property in your neighborhood.
Works Part Time
Whether you are a buyer or a seller, you want a real estate agent in Denver, CO who can be fully attentive and be available at all times to take advantage of the best possible offer before it loses its value. Someone who works part time may be good at his craft but may not have the time to show your property to every prospective buyer who is interested, reducing your chances of getting desired results. If you are a buyer you want someone who is on top of new listings and is able to show them to you as soon as they pop up.
Sets a Steep Asking Price
It is essential to have an idea of the prices of houses similar to yours before you commit to a real estate agent. The best way to do that is to get three or four realtors to estimate the value of your property. All of their estimates should be in the same ballpark if they know your neighborhood well. You have to stay away from the real estate agent who overprices your house just because he wants you to list your property with him. Overpricing a property will give a signal to your buyers that you are not realistic enough in your expectation. Your property will get ignored and you will not be able to sell.
Charges Lower Commission than the Market Norm
If a real estate agent in Denver, CO offers to charge a surprisingly low rate of commission if you agree to list your property with him, consider it a red flag. You might think this does not make much sense. However, think about it. Most property markets have a commission rate set anywhere between 5 to 7 percent to be split between buyer’s and seller’s agent.
If your agent lists a property at a lower commission rate, your property will not be seen by many buyers as the buying agents will have no incentive to show your property. If a commission rate asked by a realtor is too good to be true, stay away from him.
These are some of the most obvious red flags to watch out for when selecting a real estate agent in Denver, CO.