Buying or leasing a property is an important decision. If you're buying a home, it may be the place you spend the rest of your life.
Buying or leasing a property is an important decision. If you're buying a home, it may be the place you spend the rest of your life. If it's for your business, your company's profitability could depend on that location. The agent is the man who shows you your options. Most people don't fully understanding the buying/leasing process, so they're forced to rely on him tremendously. Robert Bielsky, Founder and Chairman of Manhattan Commercial Realty and an expert in commercial real estate and lease renewals in New York City, offers 7 signs that it may be time to drop your real estate agent.
"Unfortunately, not all agents are created equal. In today's tumultuous real estate market, you need to partner with an agent who works tirelessly to get you the best deal. Just because your agent has a long record of sales or comes from a prestigious firm doesn't mean he's the right choice," shares Bielsky.
Here are seven signs that you should get rid of your real estate agent.
1. He gives away too much information.
All your information is important, not just your financial or personal data. For example, your agent should never tell the listing agent too much. Your agent should never reveal your motivations, budget, urgency, or even how much you liked the location. A good agent can negotiate without revealing factors that could make the deal less favorable.
2. He doesn't have time for you.
It's understandable that your agent can't spend 100% of their time with you, but he should still respond in a timely manner. If it takes him days to return your call, he has too much going on to work well for you. This is especially true if you're trying to communicate about putting in an offer or signing a lease. The agent should make you a priority if you're trying to close a deal. In real estate, timing is everything.
3. He's pushy.
Real estate can be fast-paced and cutthroat, but buying or leasing a new property can be a big decision. If your agent is pushy with you, he could bully you into taking on a property you don't really love, or doesn't meet your needs. Further, real estate is built on relationships. If your agent is aggressive with you, chances are he's pushy with others in the business. If people don't like him, they probably aren't giving him the best deals.
4. He insists on affiliates.
If your agent insists that you use a particular lender or service company for any of your pre-buying needs, be wary. It's likely that he's receiving a referral fee from that company. Since he's making money off the transaction, you can't be sure his recommendation is good. Maybe their service or rates really aren't that great.
5. He's a part-time agent.
A real estate license doesn't mean he does it for a living. Some part-timers are certainly capable, but unless he's an agent full-time, you'll never have his complete attention. As soon as his priorities change, he could leave you hanging. Further, part-time agents are usually inexperienced. He'll lack contacts, credibility with other industry people, and have a hard time securing bids.
6. He is unethical.
Like many professions, realtors are obligated to follow a national code of ethics. An unethical realtor might falsify reports or intentionally show you locations you'd never buy/rent to encourage you settle on a mediocre property. If the agent is willing to lie or manipulate, you can't be sure he isn't lying or manipulating you.
7. He doesn't listen.
As soon as your relationship begins, your agent should ask you a few very important questions. He should ask what you're looking for, when you want to move in, what type of area you prefer, and your budget and financing situation. If your agent shows you locations that don't meet your needs at all, chances are he isn't paying attention, either to you or to the locations. A good agent should know the spaces before he shows you.
A final word of advice: Once you've decided to discontinue your relationship with your agent, make sure to get a dissolution notice in writing. This keeps the agent from doing any work on your behalf after you've moved on and charging you fees or commissions.
Note to the media: Robert Bielsky, Founder and Chairman of mCr, is extremely mediagenic and can offer the best tips and advice regarding New York Real Estate. To schedule an interview with Robert Bielsky, Founder and Chairman, please contact Tasha Mayberry, Director Marketing and PR, at firstname.lastname@example.org or call direct 207.317.6099.
About Chairman Robert Bielsky
Mr. Bielsky holds a national reputation as a leader in the commercial real estate industry. His market expertise, creative deal making skills, and keen knowledge of the art of negotiation have maintained his position at the forefront of the industry.
As the founder and Chairman of Manhattan Commercial Realty he leads one of the most powerful negotiating teams in NYC. With his leadership mCr has maintained a strict dedication to tenant representation, and successfully negotiated over $1 billion in real estate transactions since its inception in 1982.