Bayut Academy: Tips for home buyers when dealing with property agents
We spend a lot of time writing advice for agents on how to be a good buyer’s agent. However, potential home buyers and existing investors also have a hand in successful real estate transactions. This is why today we have listed a few tips for home buyers that can help build a trusting relationship between agents and investors to reach a fruitful property deal.
7 Tips for Home Buyers to have a successful deal
There are certain things that home buyers do that make it difficult for agents to offer the best service possible. The following seven tips for home buyers can serve as your guide on being a good and ethical buyer.
1. Avoid calling other agents
One of the first tips for home buyers is to remember that good real estate agents can be hard to find. However, if you do happen to find a good agent who is working on your behalf and has the right skills and expertise to help you make the best decision, avoid calling other agents. Good real estate agents know the best properties for sale in an area and have professional relationships with other agents and brokerages. If you find another property you are interested in, allow your agent to contact other agents on your behalf.
2. Refrain from looking at other properties without your agents’ knowledge
One of the most important rules for home buyers is to allow the agent a realistic turn-around time to show properties. Agents deal with multiple clients daily, and offering a realistic turn-around time benefits you as a home buyer to get the best deal. However, if you have found alternative properties that you are interested in, let your agent know in a professional manner. It’s essential to establish a trustworthy relationship with your property agent.
3. Have your finances in order before looking at properties
Having your finances in order before purchasing a new home is one of the most important rules for home buyers. It’s important to note that the real estate market is competitive, and good agents work hard to arrange viewings and provide accurate market data. This is why knowing your budget can help your agent get you the right kind of property. So before scheduling viewings, assess your needs thoroughly and get your financing in order.
4. Use the tools available to you
Once you have your budget, look at properties that make sense based on your actual finances. Avoid asking agents to invest time in inquiring about properties that are not in your interest or out of your budget. If you are curious about property prices that may be outside your range, online listings on property portals such as Bayut.com can help you.
5. Do not ask for a last-minute emergency viewing
Respect is a two-way street. Forcing agents into offering immediate viewings is one of the things home buyers should avoid. Maintaining a good relationship with your agent is one of the most important tips for buying a home. Forcing agents to change their schedule to accommodate you can cause some strain in property negotiations.
6. Trying to get an agent to submit a low-ball offer
A qualified buyer knows the market rate and has done enough research to understand what the current market will bear. If you truly love a home, make an offer that is fair to both parties and not insulting. If you lowball, you risk the seller refusing to deal with you even if you raise your price.
7. Avoid switching to agents who offer reduced commission charges.
Another essential home buying tip is to stick to the real estate agent who has worked hard to narrow down properties for you. If someone has worked hard, communicated with you, shown you properties, armed you with factual data, do business with them as they have invested the time to bring you the right property for you. It is unethical to switch to another agent who offers to drop commission while you are already working with someone.
With that, we conclude this list of home buyer tips. These tips will help you avoid the most common first time home buyer mistakes. If you follow these home buying tips, it can help to build a strong relationship with you and your real estate agent as well as aid in getting you a good deal for a property you love. You can also try these negotiating tactics for home buyers to get the best deal when buying a home.
We hope you enjoyed this article and hope it proves helpful when you decide to invest in your own home. If you are looking to invest in the property market in the UAE, keep an eye out for the Market Trends section. We post regular updates on property prices in all the popular areas across the country there.
If you want to start your career as a real estate agent, explore Bayut Academy, Bayut’s series of in-house workshops for real estate professionals in the UAE. Each session is curated to help agents accelerate their careers by developing relevant skills to help them stand out in this competitive market.
