Five signs your real estate agent is costing you time and money

Navigating the real estate market is daunting, especially in today’s landscape, where the average 30-year fixed mortgage rate falls at 7.1% nationwide.

Whether you are buying your first home or selling your third, the process has so much to navigate that it can end up costing you valuable time and money. 

However, the right knowledge and guidance from the right person will help you avoid these obstacles. Demetrios Sourmaidis, operations director for SquareFootHomes highlights the red flags to look out for when working with a real estate agent.

1) Communication red flags

Effective communication is one of the most critical aspects of a successful real estate transaction. Don’t overlook the importance of prompt and clear interactions with your agent, as this is a major red flag.

Not responding promptly leads to missed opportunities, leaving buyers and sellers at a disadvantage, missing out on potential good opportunities. Instead, prioritise communication when choosing your agent and ensure they are available, listen to your needs, and respond promptly. 

2) They have insufficient local market knowledge

The real estate market is complex and varies significantly from one neighbourhood to another. Hiring an agent who lacks knowledge of the local market often leads to mispricing your home or failing to recognize a good deal during home hunting.

A skilled agent will perform a Comparative Market Analysis (CMA) to help accurately assess a home’s value. To avoid this mistake, ensure you select an agent with a deep understanding of your specific real estate market and a track record for accurately pricing homes. 

3) Your real estate agent doesn’t have reviews

Failing to research an agent’s background is a common mistake that can cost you greatly! Reviews and referrals are invaluable resources that provide insights into their reputation and quality of service.

Always read through reviews, ask for referrals, and don’t be afraid to conduct interviews to ensure your agent has a solid reputation. Without a proper reputation, a real estate agent may be unable to negotiate effectively, potentially costing buyers more in purchase price. 

4) Your agent lacks integrity

An agent’s integrity and professionalism should never be compromised. Some agents prioritise their commission over their client’s best interest, which can lead to pushy and demanding behaviour, and may result in a more expensive property deal.

Trust your instincts. If something feels off about your agent’s approach, it’s time to look elsewhere. Look for an agent who demonstrates honesty and a genuine interest in helping you achieve your specific goals. 

5) Personal compatibility and chemistry is missing

Underestimating the importance of having an excellent personal relationship with your agent can lead to a frustrating experience. You and your agent must understand each other and work well together.

Looking for an agent you click with personally will make the process smoother and more enjoyable for both parties. Without trust, an agent may not fully advocate for the buyer’s financial interests, leading to less favourable deals. 

Avoid these five real estate agent warning signs

Avoiding these common mistakes will significantly enhance your real estate experience while saving you time and money. The key is to choose the right agent for you who is communicative, knowledgeable, and reputable.

Remember, a successful real estate transaction is not just about finding the right home or buyer, it’s also about navigating the process with the best possible guidance and support.

Author: Demetrios Sourmaidis is operations director for SquareFootHomes.