Hiring the Wrong Estate Agent – Here is What Can Go Wrong
Working with the right estate agent is essential. Since buying a property is probably the biggest investment you will make it has many implications for your personal and financial future. This is why it’s so important to work with the right estate agent. Many buyers and sellers don’t understand how much can go wrong if they hire the wrong person or company. There could be serious problems if you work with the wrong agent and here are some reasons to choose wisely.
1. Registered and Licensed Agents
Many estate agencies have opened up all over Cyprus, however not all of them are licensed. Many do not have the qualifications they need or awareness of the current market or know how it
has changed over the years. It is required that an Estate Agent in Cyprus should be licensed, registered and bound by the codes of practice as stated by the Cyprus professional association of Real Estate agents. Licensed Real Estate agents like doctors and other professionals are regulated. If they are not licensed then you can not claim against the governing body if you have been misled in any way. If you choose to work with an unlicensed estate agent, then you will be on your own.
2. Unprofessional and Uneducated Advice
3. Choosing an Agent that is not based Locally
It is in your best interest to choose a local expert. Choosing an agent that lives and works in your local market is essential as they will best market your home and know what is on the market or coming on the market. There are some foreign agencies that are not licensed and not even based in Cyprus trying to sell homes and many times at higher prices than the market value. All good Cyprus estate agent will speak fluent English and many times other languages with ease.
A professional estate agent should take the time to listen and understand their client. The wrong estate agent isn’t going to listen to what you have to say, and may focus on what they want to achieve for themselves. This will not be a good start to any professional relationship and will make any transaction unpleasant. A real estate agent that doesn’t take the time to know your wants and needs can cause stress, complicate things and will not have your best interest at hear.
6. Inability to Negotiate
Many people believe they are good negotiators, but there are few that really are. Having a charismatic, knowledgable and experienced agent will be in a better position to able to get you what you as the client wants. There is a fine line when negotiating and the way in which you do so as not to offend or let the deal collapse. If you have an attainable deal then the agent needs to know how to achieve your goal and not what he or she wants to happen.
7. Knowing the Laws
Legal questions arise often during a real estate transaction. The most frequent questions are regarding capital gains tax, stamp duty, title deeds and other fees and procedures when buying or selling. Most agents will know all of this information off the top of their head, but when different or unique circumstances arise an established agent should have a network of trusted professionals they can go to for help or refer you to the right people so you are not left with unanswered questions.
8. The Experience won’t be Enjoyable
Buying or selling property can be a lengthy process so having someone on your side that you trust and can easily communicate with is crucial. Buying or selling a home is generally a positive thing whether it’s an upgrade, a money-saving downgrade, or a general lifestyle change you should work with someone who can help make it a pleasant experience.
We advise to choose your next real estate agent wisely. We welcome you to read our buyer and seller testimonials and feel free to contact us for a chat or email us with any questions you may have.
Buyer Testimonials: http://www.cyprus101.com/cyprus_buyers_testimonials/page_2552627.html
Seller Testimonials: http://www.cyprus101.com/cyprus_sellers_testimonials/page_2552628.html
Cyprus101 was established in 2006 and is now part of Bettabilt Homes who has been in business since 1983. Bettabilt Homes is a registered real estate and marketing company (Registration #560 & Licence #41/E) with an experienced, reliable and professional team. You can email us anytime at Cleo@Cyprus101.com or call 99 455 068.