Buying or selling property is a huge financial decision to make. According to the National Association of Realtors, around 90% of all buyers and sellers hire an experienced professional to handle this process for them. The hard part here isn’t figuring out that you NEED a Realtor -- it’s figuring out who is the RIGHT Realtor for you.
Once your family and friends hear that you are looking to buy or sell, one of the first things you’re likely to hear is how you should either hire them or someone they know to do the job. This sounds like the perfect situation, but what people neglect to realize is how stressful a real estate transaction can really be. No matter how hard you try to keep it professional, adding family dynamics and history to an already highly emotional situation is not ideal for anybody.
Here are a few reasons why you might want to consider hiring someone with an outside point of view:
The initial thought when you choose to work with someone you know is that they’re going to be on your side through every decision you make -- sounds nice right? But is your family member willing to tell you all of the harsh truths you need to hear, regardless of how hard it might be? Are they going to be completely transparent and realistic about helping you stick to your budget? Are you going to be able to tell them exactly what you think without worrying about hurting their feelings?
Working with a relative sounds nice when you initially think about it -- but when things start to get tough, you might not want a personal relationship clouding your judgements on making such difficult decisions. Working with someone that only knows you from a business perspective is the ideal situation. They are going to tell you what you NEED to hear while keeping a level of professionalism that you simply cannot achieve with someone you know personally. You need a Realtor that is going to help you come up with logical decisions without a biased perspective, and take every necessary step with the honesty you need to achieve your real estate goals.
You might be super comfortable with your relative taking on the task of helping you buy or sell your home, but have you considered how much you’re really going to be sharing with them? There are a lot of personal details that come up between you and your agent, especially if you are trying to get a mortgage to purchase a home. Do you really want to share your personal finances, debt to income ratio, and other sensitive information with someone that you plan to see at every family gathering?
Working with an agent that has no personal connection with you is a lot less stressful because they are required to keep every bit of your information confidential. You never know what topics might be brought up at your next family gathering, so it’s best to play it safe and leave your sensitive information out of the potential scope of conversation.
Listen, your brother might have a friend that just got into real estate and he wants you to give him his first deal. Of course you want to help him out, but buying or selling a home is a huge deal, and is not something to be taken lightly. Here is the hard truth; working with a seasoned professional that has experience in the field is going to land you a much better deal than your newbie agent friend ever could! It’s always better to tell them you want to work with someone who has a little more experience than to let them take the reins and completely ruin the relationship with a stressful transaction.
If you already have a pretty good idea that someone you know is going to be expecting you to hire them as your agent, sit them down and have a conversation. Tell them that you value them and what they’re trying to do, but you don’t want to risk your relationship on a stressful real estate transaction.
There are a lot of things to consider, and so many decisions to make when buying or selling a home -- having to worry about whether or not you and your relative are in good standing is completely unnecessary. Most people will understand your point of view, but if you have to hurt their feelings a little bit to save the entire relationship from a highly stressful situation, you both will be much better off because of it!
Precision Home Group is based in Anchorage, and provides real estate services to Southcentral Alaska. We will keep you informed on current trends and market dynamics to help you make the best informed decision. If you are interested in purchasing a home, get in touch with our experienced real estate agents! Our team of experts will negotiate great deals for your home and help you navigate the buying or selling process every step of the way. If you are looking to get into a property that makes sense, or need help analyzing a potential property, reach out at 907-302-1011 or email at email@example.com.