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Estate agents play a vital role in the efficiency and ease of most real estate transactions. They are guides, advisers, companions, gurus, and partners to buyers, sellers, landlords and tenants alike. The strength of this relationship, however, is built on a foundation of open communication and transparency. When your estate agent is working off of lacklustre information, half-truths and muddled facts, the results can be disastrous for everyone involved.
For landlords and sellers, regulations and standard procedures generally ensure that misleading information gets weeded out early in the process, meaning that agents can market properties accurately and honestly. Any defects and shortcomings of a property are disclosed beforehand and the selling/renting price is clear from the get-go.
With tenants and prospective buyers, the grey areas begin to multiply rather quickly, as the individual’s word is all the estate agent relies on for much of the initial journey.
Be certain of what you are looking for
Tenants and buyers should consider the features they ideally want in their new home before getting in touch with an agent (or they should sit down and discuss these features thoroughly with an agent before the search begins). This is to ensure that the agent is able to perform thorough searches with meaningful consultation from day one. When the criteria for the search keep on changing, the agent will have to alter their approach continuously, wasting valuable time and resources in the process.
When you find a property based on under-defined criteria, you may soon find that what you thought was a dream property can quickly turn to a nightmare if you don’t know exactly what you are looking for. So, take the time to really think about what you want, let your thoughts simmer, and make sure you would still want the property in a few months. The gist is, do not rush the process.
Be honest about what you can afford
When looking to rent or buy, it is important to be upfront (and realistic) about what you can afford. By putting up a charade and searching for properties far above your financial means, you will only be pulling wool over your own eyes as the purchase/rental agreement process will force the facts to come out anyway. The result, however, is a substantial loss of valuable time for everyone. Rather be honest from the start and find the property you know you can afford.
Falling in love with a property that you cannot afford will result in you suffering the greatest loss as you are forced to watch what you’ve set your heart on go to someone else. The best advice is to find a property you love, in the price range you can afford, so that you can keep on loving your new real estate investment without having to worry about it crippling you financially.
So, whether you’re buying, selling, leasing, or renting, our property experts are here to help you make the most of your real estate transactions, promising transparent and honest communication throughout the journey.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)