Selecting the agent you need is not so easy because you need to take into considerations several factors in order for you to ensure that the agent you are hiring is best suited for the job and will surely protect your interest to your real estate property investments.
But before we continue to discuss the common guide to agent's hunting, let us first try to differentiate what are the characteristics of an ideal real estate agent/agents and what type of real estate investment you want these agents to sell.
Remember, that you need to be strict and extra careful in your selection process because you will entrust hundred thousand pesos or millions worth of property investment to these people whom are believe to be knowledgeable and experience in the field of real estate.
Real Estate Agents' Qualification and Characteristics
To start with, Hopler Real Estate Blog enumerates characteristics and qualification that a real estate agent must at least satisfy in order to successfully be hired as a real estate agent or professionals.
Bear in mind that you will be hiring not just an ordinary agent, but somebody whom you can trust with your real estate properties.
Government regulating bodies consider agents as an accredited sales person who are fully aware of the rules and regulations as well as the policies of the real estate industry, real estate agent should be licensed professionals who have concrete grasp and should've mastered the real estate laws and procedures.
Real Estate Agent should know how to finish the real estate selling procedures and transactions so that none of the parties in the selling and buying of properties industry should waste resources and effort in dealing with their customers and real estate clientele.
There should be agent's personal involvement in the real estate transaction so that there will be an assurance that such an agent will be working for you and represent your interest well just like how you want them to be and so as to know that they will personally take care of your buyers, clients and customers.
An ideal real estate agent shall have a wide education about the real estate buy and sell transaction and shall have extensive knowledge and experience in the said field.
There should be an awareness that agents would only receive compensation and incentive from the real estate company they are working with or from his principal and not from any other person not specifically mentioned. It should come from a person who has direct control and supervision over him or from the company he as well represent.
Keep in mind that Real Estate Agents will be showcasing your homes and commercial properties to potential buyers and prospects so should be educated and knowledgeable of the real estate buyers' issue such as financing, turn over dates and the real estate market trends as well as rental information.
Going back, let's see what to look for to an ideal real estate agent? What are the common tips in selecting your best agent? These are common questions but before that, let's first speak of the two common products that these agents you'll select be selling.
Kinds of Real Estate Projects
Investopedia provides for the definition of real estate, the product that agents which will be sold by the agents that you will be choosing, it comprise of residential real estate which include undeveloped land, houses, condominium and townhouses and commercial real estate such as office building, warehouses and retail store building.
Hiring and Selection Process
Now that we are pretty much aware of the different important terms in the world of real estate now we can proceed with our Agent's Selection Process to wit:
First - You have to identify and gage the applicant's experience in the real estate industry, while it is true that an experienced real estate agent has the potential of selling properties, The Balance does not discredit the abilities and potentials of some newbies as they may have some potential connects and capable contacts.
Second - The next thing point of discussion is the knowledge of the agent about the product market prices. Prevailing market prices varies in different locations so it is important that agents will have a touch based experience about price trending and listing.
Third - Of course, most developers try to consider agents' plan of actions and strategies in selling properties. Normally, developers would like to know your marketing strategies and the campaign and advertising you normally apply in order to promote and sell real estate developments projects.
Fourth - An Interviewer of Real Estate Agents, the Project Director nor the Account manager, higher agents or the developer will ask if you still have some recruits or other manpower pool that you would like to work on with in this project.
Fifth - Real Estate Big Bosses or Human Resources check on the agent's wow skills or capabilities that makes him stun out and different from the other applicants who would like to be in the real estate hired agents' list. If questions like this are asked, The Balance informed that the company is looking for agent's skills or characteristics.
For agent, that will make a good seller, a review of documents related to field such as but not limited to agency disclosure, listings and sellers disclose should be done.
Six - The company hiring real estate agents would also want to know if you are telling the truth and would like to know your performance as an agent with other real estate company or company that you have been into. The idea behind this is the idea behind back ground check or character references. You should be able to provide somebody in the field who can vouch for you.
Seventh - Cancellation Rate as also a big factor in the real estate industry, the employer of course would like to see how strong your sales are. Of course, they will be shredding money and resources and so would like to be sure that sale transaction will push through. No real estate company will hire agents with high cancellation rate and bogus rider.
Eight - Most real estate HR's and other interviewers of other companies would like to ask you other details not covered in the interview. These are usually open ended question that lead the applicant in mentioning his other plus factors and qualification not specifically mentioned and discussed.
