Most people have either a friend or relative who is a real estate agent. It stands to reason that you would want someone you know to sell your home for you. However, this idea may soon lose its sparkle.
The Aitken Home Team presents five challenges to hiring your friend to be your realtor:
1. – Your friend might be unfamiliar with your neighborhood.
Keep in mind that if your friend is spending most of his time working with clientele in metro Jacksonville, he may not have much knowledge of your suburban neighborhood. Demographics, school districts, traffic, crime rate, and other factors are key to pricing a home properly and knowing how to reach the market. You might find that you are doing most of the market research and this can be rather time-consuming. Don’t hire someone who doesn’t know the area even if they are your best friend from college. In the long run, you will be paying them for your time and efforts.
Related: “5 Reasons to Sell in Early 2018”
2. – Your friend might find if difficult to talk to you.
As a seller, it might be difficult for you to emotionally detach from your home and your realtor’s friend. For example, you and your friend might have different numbers in mind when it comes to pricing your house. Consider whether you are able to discuss comps and price tags without taking things personally. Also, your friend might find it difficult to be honest with you regarding the value of your home and could even elect to withhold his opinions altogether. This could be tremendously costly for you as a seller in the long run. It might be difficult for you and your friend to put feelings and emotions aside in order to achieve the best end result.
3. – Your friend might insult your decor.
Your friend might need to be rather blunt with you regarding the pink flamingo wallpaper adorning your kitchen. As a realtor, it is necessary to inspect properties through the lens of a buyer and you need to consider whether you can accept such criticism in the constructive manner in which it was intended. Also, your friend might feel too uncomfortable to shoot straight with you and you might find your house parked on the market for longer than necessary. Do you have the type of friendship where anything and everything can be spoken aloud to one another without risk of insult?
4. – Your friend might feel awkward if your home does not sell quickly.
Perhaps your friend indicated confidence that your home would sell within a week of going on the market. One month has passed without a single nibble. It is now time to talk about price reduction. One work: AWKWARD. You are feeling frustrated and a bit mislead and the last thing you want to do is pull more cash out of your pocket. The goal, after all, is to make money, right? You agree to a $10,000 price reduction and your home is sold the very next day. You both are feeling less than ecstatic. You are feeling let down and broken. Your friend is feeling questioned, embarrassed, and wondering if you will still be friends after closing. Enough said.
Related: “2018 Introduces Increased Interest Rates”
5. – Your friend deserves payment.
One of the unfortunate realities of life is that we have a habit of expecting our friends to do more for less. If you are considering asking your friend for a discounted commission rate, think again. The fact stands that just because your agent is your friend does not mean that the time and effort expended into listing and marketing your property with being of lesser quality. Your friend deserves full compensation. Unless the discount is offered, do not insult by asking your friend for money. Relationships are more important than cash any day of the week and a job well done is a job well done. Value your friend and his efforts!