Saw this heading in this week’s newspaper,
“Property agents rushed to get certified“
According to the new Estate Agents Bill, by October 22 this year, all property agents have to pass the industry exam and complete at least three transactions in the last two years.
My question is: Can meeting these two criteria guarantee that he/she is a professional agent?
First of all, what is your definition of a ‘professional’ agent?
Experienced in the industry? Honest and ethical in the deals? Understand all your ‘dream house’ requirements? Or capable of selling your property at the highest price?
Find someone you can ‘click’ with
People often ask around for recommendations. However, sometimes recommendations may not work.
Your friend likes agents who are efficient because time is money. But you may like to work with someone who will not rush you into making a hasty decision.
Personally, I like to work with people who are professional and honest, yet resourceful and can go straight to business.
Network with agents
Talk to agents showing houses in the same development.
If you don’t have a regular one, advertise your property in the paper. Put the magic word ‘owner’, with a contact number at the end.
Set aside some timeslots for ‘open house’ to meet the agents and their clients. Remember to ask for their namecards for future contact.
Look at the personality of the person first, before his title or real estate company. Sometimes a young agent may do a better job than an ‘experienced’ one.
Questions to ask
Questions that show whether the agent has done his homework:
- facts about the project
- recent transacted prices
- land development in the neighborhood
To test whether the agent can give sensible answers:
- comments about layouts
- current market sentiments
- market trends
Ask scenario questions:
- The tenant in one of my properties is defaulting on the payment. What can I do?
- What should I do if I need early completion of the sales transaction?
Trial and error
If you are using an agent for the first time, give him a small task to prove himself first.
You may want to delegate a task you are handling. Remember to give all the details and let the agent know your timeline.
When to ring the alarm
When: They say that they were ‘absolutely’ sure about something.
What it means: You should definitely raise your suspicion.
When: You don’t understand what they are saying or selling to you.
What it means: Most likely they don’t understand it themselves!
When: You feel there is no trust.
What it means: This gut feeling is most important. For without trust, even a generous offer sounds questionable.
Good luck in your searching!
Since 2006, my property agent has been helping me with all the leasing and selling of my properties. If you also need her help for your property matters, you can send me a request here.
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