If you’re thinking of buying or selling a home, you’re better off not hiring a friend or family member to be your agent. Here’s why.
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When it comes to buying or selling a home, 90% of all buyers and sellers choose not to hire a friend or family member to represent them as their agent, and there’s a good reason why.
In fact, there are four reasons why you shouldn’t hire a friend or family member to buy or sell your next home:
1. They might have a biased perspective. While you do want someone who will look out for your best interests from beginning to end, you also need someone who’s willing to be honest with you. They should tell you, for example, that your unkempt front yard is what’s keeping buyers from making an offer, or that your budget to get that dream kitchen is unrealistic.
2. They may not be an expert. Let’s face it—someone who’s only been in the business for six months or only works part time doesn’t have the experience or expertise of an agent who’s been in the business for many years. Experienced agents will know about available homes before they even hit the market. They’ll also know certain details of comparable properties that have already sold that will give you an advantage when you list your home.
Anytime you make a big financial decision like buying or selling a home, it’s best to hire a real estate professional to help guide you through the process.
3. It can become a stressful situation. When you’re negotiating the terms of a contract, things can get emotional, and you need someone with an unbiased perspective who can help guide you to achieve your goal. Also, if you list your home with a family member or friend and you’re not satisfied with their performance, would you feel comfortable bringing that up with them? Will that cause problems within your family or circle of friends?
4. They’ll know about your personal business. If you’re getting a mortgage, for instance, they’ll probably know what your salary is and what your debts are. Those are the kinds of things you might not want discussed over Thanksgiving dinner.
If you have a friend or family member who expects you to hire them to buy or sell your next home, sit down with them well in advance of your hiring decision and tell them that you value your relationship with them and you don’t want to mix business with personal relationships. You may be surprised to hear that they share the same perspective.
As always, if you have questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.